Topic: Bitcoin bank, Necessary? - page 2. (Read 813 times)
ING bank is working on a custodial service for its customers. I've spoken to several people having their ING bank accounts frozen due to suspicious behaviour (which all turned out to be false/unfounded). Nothing is stopping them from freezing your bitcoins.
Bitcoin bank totally ruins the fundamentals on which Bitcoin is based. Bringing in a third party is absolutely not required. Bitcoin is itself a bank. We don't need someone else to look after the identities and keeping the transaction log. That won't make sense.
I am completely against the idea of having Bitcoin bank.
This is like jeopardizing the basic idea of bitcoin.
I am completely against the idea of having Bitcoin bank.
This is like jeopardizing the basic idea of bitcoin.
I don't think the government will set up a Bitcoin bank to monitor its users. Btc being decentralized, so it must remain. I don't think anyone can change that. I see that all sorts of things are trying to get the government involved in the crypto market. In my country, starting this year, the government wants to tax the profits from the BTC. I think this is impossible, just using a decentralized system.
Bitcoin is probably a system that is created to have secured funds and transactions that don't need any third parties as stated in the white paper. But the decision is still upon us, because we could rely on third parties to have wallets where don't really have the private keys on us. But taking the banks seriously by holding our bitcoins is like having fiat currencies that is transitioned to be digital. It isn't healthy at all and might just expose our funds to risk. In bitcoin, we are our own bank.
Bitcoin is againest traditional banking system and there is no need for bitcoin bank. In crypto community everyone has full control over his funds or you may say everyone has complete bank at his disposal.
I don't literally use bank now, I think even there will be some bitcoin bank I will not use it too. There's no need for physical bank as there already online crypto banks that can be use, as well our wallet can act as our bank already.If you earn cash and are able to pay with cash you don't ever need a bank. When you get a lot of money just buy a safe.
Bitcoin works this way by being your cash but easier to store than real acash and immune to damage like fire/water. You don't need banks for something like that.
You are the bank with bitcoin. You and everyone else that makes up the network and keeps it secure. There is no need for a bank. A bank just means someone else has control of your funds. What would the advantage of a bank be? To stop you from making mistakes? It cannot be undone not even with a bank can undo a transactions come to the address. It's better to use gold as a bank and store of value. That way you won't have to worry about inflation either.
Your poll answers your question correctly. There is no point in your argument and logic unless you are a hacker and wants to hack more than what a normal person holds. We are the community who wants our money to be decentralized and want to have our money in our pockets and freedom to spend them anywhere in the world.
Decentralized nature is the beauty and attraction of this market. A tax free, control free system that would work on our wish without the third party involvement. It would progress more in the way it is. It do not need any authority, banks, taxes, nothing. Crypto users do not want to change its nature and they want to enjoy the status of freedom the crypto offers them. 
If there any kind of illegal activities involved in that transaction then if there is bitcoin bank exist over there then some kind of transactions may be stop by the bank.
Sounds like a joke. Bitcoin is a decentralized coin. If it becomes centralized then what is the point? you mean to say the coin should loss its unique property?
i agree with the statement that there are a lot of "banks" in crypto nowadays. and something tells me that more and more will bring their money to them 
what/can you elaborate the thoughts here?
We know that Bitcoin is a decentralized coin. If we use Bitcoin under bank then it will be a centralized coin. At this stage, government is not able to get tax from it. Government is unable to handle it because of it's decentralization. Then why we will use Bitcoin under bank? If it happens, then Bitcoin will lose it's independence quickly.
Bitcoin is againest traditional banking system and there is no need for bitcoin bank. In crypto community everyone has full control over his funds or you may say everyone has complete bank at his disposal.
I don't literally use bank now, I think even there will be some bitcoin bank I will not use it too. There's no need for physical bank as there already online crypto banks that can be use, as well our wallet can act as our bank already. they still have to test the system they will use, cannot clearly analyze whether it will function safely or not. However, users will also have other usage options outside their system, so there is no problem, they just want to take precautionary measures from things that trigger large losses, and it is certain that there are always tax interests for that.
We dont need bitcoin bank because we can save our bitcoins or any other altcoins in our on virtual wallet. The idea having a bank is just for formality and also if you are going to store coins that can be seen and can be touch in order to protect these from bad people but here in crypto world those coins cannot be stolen unless the bad guys hack your account. 
they still have to test the system they will use, cannot clearly analyze whether it will function safely or not. However, users will also have other usage options outside their system, so there is no problem, they just want to take precautionary measures from things that trigger large losses, and it is certain that there are always tax interests for that.
There are already Bitcoin banks - Xapo, Coinbase, big exchanges, payment middlemen - they all offer to store your Bitcoins and provide additional services like fast conversion between fiat and Bitcoin, Bitcoin payment cards and so on. And they do have KYC and can freeze your accounts if the state tells them to. The reason why they exist is because a lot of people are into Bitcoin only for investment, so they don't care about its values and gladly trade their control for some perceived convenience of having a third party manage your coins. It's an open question how Bitcoin ecosystem will look in the future - whether people will start opening their eyes and using their own wallets, or more newbies will be joining and using such "banks".
Your poll answers your question correctly. There is no point in your argument and logic unless you are a hacker and wants to hack more than what a normal person holds. We are the community who wants our money to be decentralized and want to have our money in our pockets and freedom to spend them anywhere in the world.
Bitcoin is againest traditional banking system and there is no need for bitcoin bank. In crypto community everyone has full control over his funds or you may say everyone has complete bank at his disposal.
I agree there has been an increase in crypto related crimes. But we don't need a bank to stop that. Bitcoin has emerged as a currency which gives you complete anonymity and control over your money and frees you from the third party. I don't understand the need of incorporating a third party again. You are responsible for your own money, take decision wisely. You don't need a third party To do that.
As we see how the bank performs now, and now that we were able to do it thru our own hands, why we should let it take away by having bitcoin bank. As much as possible I wanted bitcoin to be this way in use, no more regulation and restrictions, it's enough for some KYC but not anymore regulations as much as possible. Though some prefers it for adoption.
In bitcoin you could be your own bank. For what you will need another one? Self custody is a future
Actually the purpose of banking is to protect the people's money savings and also to gain profit in traditional banking's lending business. The people's savings on their bank will be the money that we can lend on the bank and then if we pay they will also give them an interest and that will serve as the profit.
I agree there has been an increase in crypto related crimes. But we don't need a bank to stop that. Bitcoin has emerged as a currency which gives you complete anonymity and control over your money and frees you from the third party. I don't understand the need of incorporating a third party again. You are responsible for your own money, take decision wisely. You don't need a third party To do that.
In bitcoin you could be your own bank. For what you will need another one? Self custody is a future
No need because that's what Bitcoin was made for, to not use banks anymore for the storage of one's wealth/money, and OP there's no need for centralization of Bitcoin. It's already okay to where it is currently at. Probably banks will need one's personal identity before they can even hodl a certain amount of Bitcoin or do some transactions with it. I already saw and experience these through online crypto wallets, so no I ain't buying that.
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