Topic: Bitcoin Bank - page 5. (Read 41207 times)

If someone establish a bank we should put in mind that it talks about money,  we need to trust in each other. Putting our account on dangers.

No need to have literally "bank" because your account is already your bank and you are sure enough of what is happening to your every bitcoin because you are the one already managing it. Yeah in other sides it a good idea also but who needs it when you are already dealing with less hassle things right

No need to have literally "bank" because your account is already your bank and you are sure enough of what is happening to your every bitcoin because you are the one already managing it. Yeah in other sides it a good idea also but who needs it when you are already dealing with less hassle things right

MyBitcoin.com is a de facto bitcoin bank.  And it is clearly useful to many people.

Actually there is a very good reason for Bitcoin-backed banks to exist, issuing their own digital cash currency, redeemable for bitcoins. Bitcoin itself cannot scale to have every single financial transaction in the world be broadcast to everyone and included in the block chain. There needs to be a secondary level of payment systems which is lighter weight and more efficient. Likewise, the time needed for Bitcoin transactions to finalize will be impractical for medium to large value purchases.

Bitcoin backed banks will solve these problems. They can work like banks did before nationalization of currency. Different banks can have different policies, some more aggressive, some more conservative. Some would be fractional reserve while others may be 100% Bitcoin backed. Interest rates may vary. Cash from some banks may trade at a discount to that from others.

George Selgin has worked out the theory of competitive free banking in detail, and he argues that such a system would be stable, inflation resistant and self-regulating.

I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash. Most Bitcoin transactions will occur between banks, to settle net transfers. Bitcoin transactions by private individuals will be as rare as... well, as Bitcoin based purchases are today.

I personally don't like any entity having control over my coins, but there are enough people that see value in such initiatives. But the main thing is that current exchanges and wallet services are already some sort of a bank. You can earn interest over your coins, you can get loans, you can get a debit card, etc. That being said, there is already a bank that allows people to view their Coinbase balance within their banking environment -- it's a first step.

I think bitcoin bank is a very nice idea. If there’s bitcoin bank it may help all people who use bitcoin because it can help them to loan and to withdraw instantly.Laslty, i hope someday all banks in the world will accept bitcoin.

Bitcoin can replace the need for bank deposits and bank accounts.
It can overcome bank transactions...but..

If more and more people say that bitcoin is not a solution for micropayments, then you'll have to convert you bitcoins via a...upsie  Bank!
Also , there is no way people would be able to take loans via the current blockchain.
And good luck getting your money back from a  bad loan.

yeah idea of bitcoin bank is useless because bitcoin have already secured wallet and other system is already stable then we do not need any bank , and bank is just a wastage of time we can easily buy anything by bitcoin on internet so bitcoin is much more better than banks.

Actually there is a very good reason for Bitcoin-backed banks to exist, issuing their own digital cash currency, redeemable for bitcoins. Bitcoin itself cannot scale to have every single financial transaction in the world be broadcast to everyone and included in the block chain. There needs to be a secondary level of payment systems which is lighter weight and more efficient. Likewise, the time needed for Bitcoin transactions to finalize will be impractical for medium to large value purchases.

Bitcoin backed banks will solve these problems. They can work like banks did before nationalization of currency. Different banks can have different policies, some more aggressive, some more conservative. Some would be fractional reserve while others may be 100% Bitcoin backed. Interest rates may vary. Cash from some banks may trade at a discount to that from others.

George Selgin has worked out the theory of competitive free banking in detail, and he argues that such a system would be stable, inflation resistant and self-regulating.

I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash. Most Bitcoin transactions will occur between banks, to settle net transfers. Bitcoin transactions by private individuals will be as rare as... well, as Bitcoin based purchases are today.

I am agree that the idea of bitcoin bank has no sense. We all can be our own banks, just with such moment that we can't take credits in bitcoin on this sources where we hold our coins.

So why some other says that be your own bank? if we are going to entrust our bitcoin to them, because I also do believed that it does not make sense at all, because we are really the bank of our own bitcoin due to its decentralization not centralization which is the bank itself was like that.

I think this is not quite so

Web wallets can pretty well cut as Bitcoin banks. Indeed, if you consider as bank only institutions that loan out money, this is next to impossible with Bitcoin due to its devastating volatility. On the other hand, some of our regular banks aren't involved in loaning money, especially banks established by large corporations specifically to process payments and nothing more. So this is not a prerequisite for a bank, at least, in these days. Further, web wallets now issue payment cards which what most fiat banks do. They don't pay interest but in today's perverted world, banks even demand you to pay for just keeping your money their (welcome to negative interest rates). As you can see, there is not much which separates web wallets form what can be considered as a bank nowadays

This topic has a thread before. Not even sure now why OP created another one. This has long been debated and no real winner has emerged, I think there are more people not in favor of this and those that are. This is really why there have been no real attempt to create a bitcoin bank that has surfaced since bitcoin's inception