If only in the future Bitcoin opens up to a bigger limit problems of this worry can be prevented. I'd have to start that web services with prepaid access are likely to game what you're expecting. In this case some banks actually do allow BTC exchange that'll bring new innovation to all users.
It sounds simple, but cryptocurrencies are still in early phases of development so it should take more time to see all of what is offered.
Topic: Bitcoin Bank - page 8. (Read 41207 times)
Bitcoin banks that make money from transfers internally,
How do you think and opinion?
I think you can use wallet to transactions with fellow users bitcoin users, it will be easier and more simple. Than using bitcoin banks that require a lot of verification? How do you think and opinion?
It has been thought by a lot if person to open a bitcoin, but the response is not too good, maybe because the people tired being controlled by the banking system, if we can think innovative way to build bitcoin bank which is different from fiat bank, then there will be a lot of people interested
Yes ,but thinking of that matter it would be hard not to govern or see who were the trusted ones who loans by not identifying a person who will loan or deposit bitcoins .So the point is we cant go with a bitcoin bank of being anonymous.If the bitcoin network has been taking over by the government then they may create unified identifier to find the people only from the Government side. Therefore, It 's not much difficult to handle in the financial institutions and payment sectors. Actually, bitcoin bank options have been already introduced in Switzerland. Hope it will be implemented in all the countries.
It has been thought by a lot if person to open a bitcoin, but the response is not too good, maybe because the people tired being controlled by the banking system, if we can think innovative way to build bitcoin bank which is different from fiat bank, then there will be a lot of people interested
Yes ,but thinking of that matter it would be hard not to govern or see who were the trusted ones who loans by not identifying a person who will loan or deposit bitcoins .So the point is we cant go with a bitcoin bank of being anonymous.
It has been thought by a lot if person to open a bitcoin, but the response is not too good, maybe because the people tired being controlled by the banking system, if we can think innovative way to build bitcoin bank which is different from fiat bank, then there will be a lot of people interested
I think bitcoin bank will be tricky to operate. Have you seen how bitcoin prices rise and drop in the market? I mean it would be little trick if someone is buying at x price and after few months price for bitcoins is y then bank will have to pay more, so I'm not getting how that one can be tackled. Bitcoin works all in virtual market and exchanges and I think that is the place for bitcoin rather than bank. Also that will make it less decentralised currency. 
If you are talking about making a bitcoin bank which operate like the fiat bank, then I would say nobody will interested because it will be control and regulated by the government and to ask people to invest their coin into bitcoin bank will be very difficult because the bitcoin world is a world without identity so if the coin being scammed then there will be no chance to get it back, so it is not that easy to gain trust from the people, I rather to hold my coin by myself rather than put my coin in the bank, it will be more secure
I don't think that will be the case
People still open both deposit and checking accounts in regular banks though they, first, have to disclose all their personal data to the bank, and, second, they have to actually walk to the bank office to open an account in the bank. That said, if some banks just allow to deposit bitcoins to their already registered clients (obviously, the latter won't have to disclose their identity since this identity is already known to the bank), there will be enough "volunteers" to try out that service. And still more so if the bank would offer some interest on Bitcoin deposits
If you are talking about making a bitcoin bank which operate like the fiat bank, then I would say nobody will interested because it will be control and regulated by the government and to ask people to invest their coin into bitcoin bank will be very difficult because the bitcoin world is a world without identity so if the coin being scammed then there will be no chance to get it back, so it is not that easy to gain trust from the people, I rather to hold my coin by myself rather than put my coin in the bank, it will be more secure
Bitcoin banks that make money from transfers internally,
How do you think and opinion?
How do you think and opinion?
I don't think something like this would work at all, though I would think a Bitcoin bank would be operating like a real bank in pretty much every other nature when it comes to things.
It'd be operating like a business as a bank so it would allow for people to deposit money safely and then would use this money to loan out to be able to make profits for themselves. With these loans people would probably be going through stringent checks and also have some sort of collateral to ensure that people weren't going to be able to scam.
I think it would work in theory, but when put into practice it would require a ton of trusts from people to be able to have faith in the bank to not just run away with everyones money. It's tough but it'd be possible with a lot of security.
Did anyone think at this? How would a bank work? How could you loan bitcoins and get interest for them in an economy with just 21 milion BTC limit?
There's no bitcoin banks for now, perhaps in future when the number of bitcoin in circulation is huge. Now I thinking only bitcoins bank we have is our Bitcoin wallets, where you store and save your bitcoins.
Bitcoin banks that make money from transfers internally,
How do you think and opinion?
How do you think and opinion?
If bitcoin bank will issue loans in bitcoins at a favorable interest, then I do not mind using such service.
Just need to very accurately choose the time when to take a loan, and when to give
Maybe it possible, but what was the possible collateral you offer, if the Bitcoin bank give a high amount of loans with fair interest how they can assure that you paid it in time? I don't think so if it is possible for now but we still hoping that it will be happen in the future.Just need to very accurately choose the time when to take a loan, and when to give
Let's assume that we can take loan in bitcoins from bank, first question is how do you plan to return that and in what time. I don't have salary in bitcoins, so I would need to payback that loan in my currency. With rise of btc price, my monthly rate can be higher each month and that can be real problem. How many of us here can afford loan in bitcoins?
Yes, banks will never work at a loss. For sure they will take a large commission for such a loan and a high interest for its use. And this means that the profit will eventually be received only by the bank
It has been explained many times already
And I explained it a few times as well. The real problem is not with you not being able to pay the debt. After all, no one is forcing you to borrow bitcoins (or any other money, for that matter) in the first place, and there are quite a few defaults even with fiat loans backed by crappy collateral (i.e. subprime mortgages). The true real problem is that borrowers will be inclined to intentionally default in case the Bitcoin price is set to rise exponentially since they would be able to buy what they pledged as collateral and still have some bitcoins left from the loan. In other words, it would be highly profitable to default
Let me add something. It may lead to situation that borrower is no longer interested in collateral. He will be like- "Go nigga confiscate my house, I will buy a new one!"
However, the situation as mentioned by you may not arise if borrower takes loan for immediate consumption as in 80/100 cases occurs.
If bitcoin bank will issue loans in bitcoins at a favorable interest, then I do not mind using such service.
Just need to very accurately choose the time when to take a loan, and when to give
Maybe it possible, but what was the possible collateral you offer, if the Bitcoin bank give a high amount of loans with fair interest how they can assure that you paid it in time? I don't think so if it is possible for now but we still hoping that it will be happen in the future.Just need to very accurately choose the time when to take a loan, and when to give
Let's assume that we can take loan in bitcoins from bank, first question is how do you plan to return that and in what time. I don't have salary in bitcoins, so I would need to payback that loan in my currency. With rise of btc price, my monthly rate can be higher each month and that can be real problem. How many of us here can afford loan in bitcoins?
Yes, banks will never work at a loss. For sure they will take a large commission for such a loan and a high interest for its use. And this means that the profit will eventually be received only by the bank
If bitcoin bank will issue loans in bitcoins at a favorable interest, then I do not mind using such service.
Just need to very accurately choose the time when to take a loan, and when to give
Maybe it possible, but what was the possible collateral you offer, if the Bitcoin bank give a high amount of loans with fair interest how they can assure that you paid it in time? I don't think so if it is possible for now but we still hoping that it will be happen in the future.Just need to very accurately choose the time when to take a loan, and when to give
Let's assume that we can take loan in bitcoins from bank, first question is how do you plan to return that and in what time. I don't have salary in bitcoins, so I would need to payback that loan in my currency. With rise of btc price, my monthly rate can be higher each month and that can be real problem. How many of us here can afford loan in bitcoins?
It has been explained many times already
And I explained it a few times as well. The real problem is not with you not being able to pay the debt. After all, no one is forcing you to borrow bitcoins (or any other money, for that matter) in the first place, and there are quite a few defaults even with fiat loans backed by crappy collateral (i.e. subprime mortgages). The true real problem is that borrowers will be inclined to intentionally default in case the Bitcoin price is set to rise exponentially since they would be able to buy what they pledged as collateral and still have some bitcoins left from the loan. In other words, it would be highly profitable to default
Seems like none of you know what you are talking about not even back then in 2010 it doesn't make any sense to put your bitcoins in a bank while their value is increasing over time and it's wrong to assume anyone can start a bank unless they are using something very valuable as collateral like gold/ land which in turn requires a government involvement.
No body will trust you even a penny if you're not backed by government, after launching a bank then you need to deal with the fiat equivalent of bitcoins deposited and change the balance of clients accordingly when price goes up or drops and recalculate the interest rate base on fluctuations which would be a heavy duty but it's doable by using bots, and when people think more than they do by relying on others they'll see it's actually much more profitable if they just buy bitcoins off the market and hold as long as they would've waited to receive interests on their bank deposits.
And since bitcoin is not a physical currency and it's been secured by cryptography mechanism there is nowhere safer than your own wallet addresses if you are concerned about theft/ hack.
No body will trust you even a penny if you're not backed by government, after launching a bank then you need to deal with the fiat equivalent of bitcoins deposited and change the balance of clients accordingly when price goes up or drops and recalculate the interest rate base on fluctuations which would be a heavy duty but it's doable by using bots, and when people think more than they do by relying on others they'll see it's actually much more profitable if they just buy bitcoins off the market and hold as long as they would've waited to receive interests on their bank deposits.
And since bitcoin is not a physical currency and it's been secured by cryptography mechanism there is nowhere safer than your own wallet addresses if you are concerned about theft/ hack.
If bitcoin bank will issue loans in bitcoins at a favorable interest, then I do not mind using such service.
Just need to very accurately choose the time when to take a loan, and when to give
Maybe it possible, but what was the possible collateral you offer, if the Bitcoin bank give a high amount of loans with fair interest how they can assure that you paid it in time? I don't think so if it is possible for now but we still hoping that it will be happen in the future.Just need to very accurately choose the time when to take a loan, and when to give
Let's assume that we can take loan in bitcoins from bank, first question is how do you plan to return that and in what time. I don't have salary in bitcoins, so I would need to payback that loan in my currency. With rise of btc price, my monthly rate can be higher each month and that can be real problem. How many of us here can afford loan in bitcoins?
If bitcoin bank will issue loans in bitcoins at a favorable interest, then I do not mind using such service.
Just need to very accurately choose the time when to take a loan, and when to give
If they do like this then it is a good move, and people like to take bitcoin loan in the bank. But how they collect interest is matter, because the BTC price will increase and decrease so how they calculate the loan interest. And this business will work out in a real world? I think it is profitable for users and loss for Bank. Just need to very accurately choose the time when to take a loan, and when to give
If bitcoin bank will issue loans in bitcoins at a favorable interest, then I do not mind using such service.
Just need to very accurately choose the time when to take a loan, and when to give
Maybe it possible, but what was the possible collateral you offer, if the Bitcoin bank give a high amount of loans with fair interest how they can assure that you paid it in time? I don't think so if it is possible for now but we still hoping that it will be happen in the future. Just need to very accurately choose the time when to take a loan, and when to give
If bitcoin bank will issue loans in bitcoins at a favorable interest, then I do not mind using such service.
Just need to very accurately choose the time when to take a loan, and when to give
Just need to very accurately choose the time when to take a loan, and when to give
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