Bank of Crypto? - page 4. | Bitcointalksearch.org

jcarlo

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Quote from: Abiky on October 18, 2019, 04:22:56 PM

Considering that most people nowadays often find it hard to store and protect their cryptocurrencies, it's best to delegate the responsibility to a middleman. A bank of crypto would fit the bill nicely, as people would be able to secure their cryptocurrencies without ever having to follow the necessary precautions to prevent hacks or theft. As long as the bank of crypto is highly regulated by the government, then it'll be here to stay for a long time. Still though, not everyone will agree to this as it greatly defeats the whole purpose of crypto and Blockchain technology. The idea of a bank providing crypto services would only prove to be viable for newcomers into cryptocurrency. People who're experienced in crypto, wouldn't need this in the first place.

Nonetheless, do you think that a Bank of Crypto will happen anytime soon? If so, why?

Abiky

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Quote from: nreal on November 01, 2019, 11:53:26 AM

If there is a proper cryptocurrency bank, it will conflict with the decentralized nature of cryptocurrencies, because the bank itself is a centralized organization. So having a cryptocurrency bank is not realistic.

Not at all. We have centralized exchanges which dominate the crypto trading industry. Yet, this hasn't resulted in a conflict with the decentralized nature of cryptocurrencies. This is true, because we have various alternatives for trading cryptocurrency. Decentralized solutions like DEXs and atomic swaps, are there in order to make crypto land a better place. If a "Bank of Crypto" emerges in the future, I wouldn't worry much about affecting crypto's decentralization since people will always have the choice of sending/receiving crypto their own way. The bank would prove to be useful for newcomers into cryptocurrency who don't know how Blockchain technology works. It would take care of securing people's crypto funds against hacks or theft. On the other hand, experienced users (like me) would simply use Bitcoin or other cryptocurrencies without the need for a bank.

Nonetheless, a Bank of Crypto would be something optional as it's not necessary for crypto to survive. Of course, this would bring massive adoption within the mainstream world if it becomes a reality. But most people often prefer to deal with crypto transactions themselves for true censorship-resistance. Just my thoughts Grin

sazonk

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Changing the game

crypto world actually does not need something like a bank, is it not enough with a wallet?
and of course every exchanger has a purse in the form of a wallet. And prepare a storage area that already has an external wallet which is very guaranteed for security.
We see a lot of cases of digital asset escapees that occur in an exchanger, and whether it will not happen also to the Bank?
the answer is Very potential

ShowOff

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Indeed, people who are experienced in crypto do not need a crypto bank to store its assets. But if all the countries have crypto banks I think both old and newcomers will also store their assets in the Crypto bank. There are now crypto banks though not all countries have them, crypto banks like Bitwala and Spot9 which are set by the federal financial Germany. Many investors keep their assets there.

enhu

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Its up to a user though. I don't think it will help me however to sleep at night knowing my coins are in the bank where they can access it. Its not going to be safe for your coin to be there, anyone can just send your coins to a wallet and God knows who can identify the owner so its lose forever. Its ironic that Satoshi meant bitcoin to be out of the central authority are being sent to a ban where the money that is suppose to be pass on for your sons and daughters can possibly disappear because they can just decide what to do with it.

Bim abk

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Quote from: ?? on ??

The crypto bank is still in the shadow of uncertainty in my country cryptocurrency is still illegal or not fully official, if one day this will happen then my dream has come true because in my country I want to follow technological sophistication so that it can facilitate online transactions through crypto banks I think the government is also looking at the crypto work procedures so that they can unite and work together in the future

but if there is a crypto bank then there will be a set in it and I think is inversely proportional to the decentralized nature of crypto. so think again about your expectations, because I think crypto would be better if it remained alone without institutions

[email protected]

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Quote from: arimamib on November 01, 2019, 01:41:35 PM

Quote from: target on November 01, 2019, 01:23:39 PM

If the government will have bank of crypto as planned, its only to see how much people have move their wealth to crypto and tax them. They will probably not let you physically get into this bank unless you have fully paid your tax and that means they will have to learn your wallet addresses. Imagine sending a ransom money to let you login to you wallet and this will recur every year.

therefore, crypto banks should not exist because they can eliminate the decentralized nature of crypto, and banks are third parties and they are certainly an institution that needs finance to pay for existing workers. just imagine if they make a fee every month in the form of a percentage of crypto, surely it will benefit them

indeed not necessary. even the function of the exchange is enough to replace the role of the bank. if there is it will only add transaction fees and taxes for crypto owners in the bank. like our money in the bank with transactions that require costs every time we make a transaction. now it seems that the banking system is completely controlled by the role of the exchange which is very helpful.

timmmers

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We already see that banks are adopting this technology. Bakkt or Revolut are good example that this is happening.
And why this is the future? People are too lazy to care about their finance so they will put their crypto into a bank, there will be protected, insured, so everything will be very tempting, but we know, that it is not a good solution.

arimamib

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Quote from: target on November 01, 2019, 01:23:39 PM

If the government will have bank of crypto as planned, its only to see how much people have move their wealth to crypto and tax them. They will probably not let you physically get into this bank unless you have fully paid your tax and that means they will have to learn your wallet addresses. Imagine sending a ransom money to let you login to you wallet and this will recur every year.

therefore, crypto banks should not exist because they can eliminate the decentralized nature of crypto, and banks are third parties and they are certainly an institution that needs finance to pay for existing workers. just imagine if they make a fee every month in the form of a percentage of crypto, surely it will benefit them

target

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If the government will have bank of crypto as planned, its only to see how much people have move their wealth to crypto and tax them. They will probably not let you physically get into this bank unless you have fully paid your tax and that means they will have to learn your wallet addresses. Imagine sending a ransom money to let you login to you wallet and this will recur every year.

IvugeoEvolutionCoin

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Quote from: Abiky on October 18, 2019, 04:22:56 PM

Considering that most people nowadays often find it hard to store and protect their cryptocurrencies, it's best to delegate the responsibility to a middleman. A bank of crypto would fit the bill nicely, as people would be able to secure their cryptocurrencies without ever having to follow the necessary precautions to prevent hacks or theft. As long as the bank of crypto is highly regulated by the government, then it'll be here to stay for a long time. Still though, not everyone will agree to this as it greatly defeats the whole purpose of crypto and Blockchain technology. The idea of a bank providing crypto services would only prove to be viable for newcomers into cryptocurrency. People who're experienced in crypto, wouldn't need this in the first place.

Nonetheless, do you think that a Bank of Crypto will happen anytime soon? If so, why?

I don't really think there will ever be any bank of crypto, it's crystal clear that it opposes the original purpose of crypto in the first place. Banks stand as middleman hence the p2p transactions in crypto will be a failure and also will you be trusting the bank with your private keys? That's way risky in my opinion.

Xcode7

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Quote from: nreal on November 01, 2019, 11:53:26 AM

If there is a proper cryptocurrency bank, it will conflict with the decentralized nature of cryptocurrencies, because the bank itself is a centralized organization. So having a cryptocurrency bank is not realistic.

I also have the same opinion the two things are very contradictory so I think it would be bad if it happened because the crypto and the bank are not in line will create confusion. so crypto will remain decentralized without the help of any bank

Pinkris128

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Quote from: Abiky on October 18, 2019, 04:22:56 PM

Considering that most people nowadays often find it hard to store and protect their cryptocurrencies, it's best to delegate the responsibility to a middleman. A bank of crypto would fit the bill nicely, as people would be able to secure their cryptocurrencies without ever having to follow the necessary precautions to prevent hacks or theft. As long as the bank of crypto is highly regulated by the government, then it'll be here to stay for a long time. Still though, not everyone will agree to this as it greatly defeats the whole purpose of crypto and Blockchain technology. The idea of a bank providing crypto services would only prove to be viable for newcomers into cryptocurrency. People who're experienced in crypto, wouldn't need this in the first place.

Nonetheless, do you think that a Bank of Crypto will happen anytime soon? If so, why?

Cryptocurrency does not need a "bank" if you will going to ask me. I personally believe that it will defeat the purpose of decentralization of cryptocurrency if there will be a "Bank of Crypto". I do not also fully trust the government with anything with numbers because I experienced it first hand how dirty do some of its official works. Nevertheless, I believe that the use of block chain tech will help our society grow more.

nreal

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If there is a proper cryptocurrency bank, it will conflict with the decentralized nature of cryptocurrencies, because the bank itself is a centralized organization. So having a cryptocurrency bank is not realistic.

Eugenar

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Quote from: Ararbermas on October 31, 2019, 11:03:05 PM

There's no banks for crypto because it's just a transparent currency wherein not the same with fiat that has a real figure. And it's impossible to happen even in the future because you know crypto currency are not illegal in other country ,so even some of the countries accepted it there's no way they will make a banks just for it. Because it's still can cause bad things in the community in my own opinion.

On the other hand, even if we do everything for cryptocurrency to become the worlds currency, banks will not surrender, they have already established so many branch all over the world, and they are big already. What we can do right now is to choose the crypto depending on us, and not considering how banks will react. If all of us will choose crypto, there's no way banks can interfere.

Cimmy_revenger

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Everything can be happen , until this time I'am just see Projects MONACO or now crypto.com
This wallet available debit card support digital asset cryptocurrency.

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Quote from: Ararbermas on October 31, 2019, 11:03:05 PM

There's no banks for crypto because it's just a transparent currency wherein not the same with fiat that has a real figure. And it's impossible to happen even in the future because you know crypto currency are not illegal in other country ,so even some of the countries accepted it there's no way they will make a banks just for it. Because it's still can cause bad things in the community in my own opinion.

There are already so called cryptocurrency banks actually, both online and physical. Although the idea of a bank for cryptocurrency is ironic because cryptocurrency is basically created with the design to counter the banking system, it cannot be avoided because many physical banks are now joining the community, and have in fact made necessary changes already to make themselves open for the crypto development. In addition to this, there are also apps, sites, and crypto products that are offering services similar to that of the banks.

Ararbermas

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There's no banks for crypto because it's just a transparent currency wherein not the same with fiat that has a real figure. And it's impossible to happen even in the future because you know crypto currency are not illegal in other country ,so even some of the countries accepted it there's no way they will make a banks just for it. Because it's still can cause bad things in the community in my own opinion.

albrots

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it is very difficult to realize a crypto bank. At present some countries are still unclear about cryptocurrency rules. Because Cryptocurrency is very volatile so it will be very risky. To secure crypto assets, you can use hardware wallets such as Ledger, Trezor, keepkey, archos and many others. Bankc Crypto is still difficult to apply at this time.

AhGo.Wu

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Quote from: Abiky on October 18, 2019, 04:22:56 PM

Considering that most people nowadays often find it hard to store and protect their cryptocurrencies, it's best to delegate the responsibility to a middleman. A bank of crypto would fit the bill nicely, as people would be able to secure their cryptocurrencies without ever having to follow the necessary precautions to prevent hacks or theft. As long as the bank of crypto is highly regulated by the government, then it'll be here to stay for a long time. Still though, not everyone will agree to this as it greatly defeats the whole purpose of crypto and Blockchain technology. The idea of a bank providing crypto services would only prove to be viable for newcomers into cryptocurrency. People who're experienced in crypto, wouldn't need this in the first place.

Nonetheless, do you think that a Bank of Crypto will happen anytime soon? If so, why?

It might be an good idea as it promotes crypto adoption...

Bear in mind that when people choose to trust crypto bank to store their crypto, they have the consent to do so.

It's their choice whether to give up the control, so I still think the purpose of crypto still remain.

Topic: Bank of Crypto? - page 4. (Read 2190 times)