Bitcoin Bank not at all necessary as bitcoin is a decentralized cryptocurrency. Government will never accept bitcoin as it is decentralized. It is not legalized in most of the countries. Wallets are safer as it is peer to peer transaction. As bitcoin is volatile banks will never accept bitcoin in banks.
It will surely not be accepted by many countries who not legalised or care too much in crypto. But people who are not aware in crypto or bitcoin maybe needs some bitcoin ba ko or atleast ATM for some proof or assurance that they think they will see if there is a physical building they can go to. However, it's still impossible to happen so the mass adoption that is needed in crypto. 
Topic: Bitcoin bank, Necessary? - page 3. (Read 840 times)
Bitcoin is a decentralized monetary system, while a bank is a centralized institution. The concept of Bitcoin contradicts the concept of banks. But since we live in a capitalist society, I think that there will be attempts to create banks for storing bitcoins. Already, some banks in some countries provide similar services.
I also think that way, over time hopefully Bitcoin will be made specifically to have its own bank to be able to save it, and certainly safer, and there will be more in other countries that will make it, so that even though more bitcoin we can buy and have as much we can buy, but of course it will be safer and easier to use it as a transaction and others.
Cryptocurrency greatly limits the need for banks. Banks may still have a role in a post-fiat society, by offering full reserve loans backed by law enforcement should a person default, so their assets can be repo'd, but beyond that, banks would be pretty antiquated in a world that has competing price-stable, decentralized cryptos.
Bitcoin is a decentralized monetary system, while a bank is a centralized institution. The concept of Bitcoin contradicts the concept of banks. But since we live in a capitalist society, I think that there will be attempts to create banks for storing bitcoins. Already, some banks in some countries provide similar services.
Bitcoin can be the future bank all over the world. It might be similar value of World Bank.
Now a days there are so many big transactions are done with crypto currency. If people don’t want to tell globally about their transactions they may use crypto in big number of amount in a single transaction, and nobody else can recognize that why and what they do transfer.
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.
In that case all the government make bitcoin bank in future, they will ask for all account’s details and the person who access the account. If all holders gives them details then it will be it safe or not?
That is not in line with the principle of bitcoin. Bitcoin is decentralized then you advise the Bank to ask for each user's ID so that it can be monitored for every transaction.
Bitcoin already has its own bank, Blockchain. Security on the blockchain is very good, including the security of your account which is protected by private key, 2FA, and others.
Bitcoin already has its own bank, Blockchain. Security on the blockchain is very good, including the security of your account which is protected by private key, 2FA, and others.
I think bitcoin bank is not really necessary in which I am being neutral to the both parties if having a main bank for bitcoin or not. At the first place, people are using bitcoin or other cryptocurrencies to make larger transaction without even noticing the world banks or even the country banks nor don't need any legal papers to transact high amount of business and etc. This is just one on the many reason why people are making transaction using bitcoin, besides it is more convenient it is also more faster than the usual transaction, that's why I think bitcoin bank is not necessary because if there will be a bitcoin bank then we need to submit initial papers to that bitcoin bank in order to make or start a larger transaction.
bitcoin bank is not necessary. When we are all talking of bitcoin is decentralized. having a bitcoin bank that holds crypto-asset means it is under control of some sort of authority that is equivalent to being centralized. However, I do not think we can have a decentralized crypto bank because the bank is a bank and it will always be subjected to some sort of centralization and in the world today where many people are afraid of putting their crypto on the private wallet, exchange platform, etc. It is obvious using a crypto bank will involve a whole lot of risk especially during this period when many crypto projects are disappearing with the fund of investors. In fact, up till this present moment, I have not seen any project about crypto bank that became successful. It is either they end-up with another product or turn to scam. The Denaro project scam is still fresh in my memory.
In that case all the government make bitcoin bank in future, they will ask for all account’s details and the person who access the account. If all holders gives them details then it will be it safe or not?
basically we have to look at the origins of banking, when before forming it into a bank, for what and its purpose ..!Not as easy as we imagine in the body shape called the Bitcoin Bank.
There is a difference between banks and Bitcoin.
I mean, a type bank in the form of a business entity, meaning to collect all money from the public which is called savings or credit for the prosperity of the wider community.
While Bitcoin is in the form of exchanges and the like, to make money for the people.
For example, gold in exchange will be money, that's physical.
Bitcoin is not physical, it cannot be touched by the public, which is called digital money (electronic).
So, it is quite impossible if Bitcoin Bank was formed for now, many countries have not recognized Bitcoin as legitimate money that is traded publicly.
Only as a digital tool in the form of exchange, to make legitimate money, from each country.
Bitcoin Bank not at all necessary as bitcoin is a decentralized cryptocurrency. Government will never accept bitcoin as it is decentralized. It is not legalized in most of the countries. Wallets are safer as it is peer to peer transaction. As bitcoin is volatile banks will never accept bitcoin in banks.
I think the Bank is not feasible for this purpose because Bitcoin is a decentralized currency so how could you link up with this cryptocurrency in Bank, people usually involved in this system only for this reason that no one control over this platform, not only that but also Bitcoin banking idea is not much suited. but If you think about the reserve aspect then the matter is different, I think Bank would be used for the security purpose, At first, we have to focus on the secure wallet system, for me, It's enough to make Bitcoin safe and sound. so from my perception, the Bitcoin bank is not important anymore.
Bitcoin can be the future bank all over the world. It might be similar value of World Bank.
Now a days there are so many big transactions are done with crypto currency. If people don’t want to tell globally about their transactions they may use crypto in big number of amount in a single transaction, and nobody else can recognize that why and what they do transfer.
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.
In that case all the government make bitcoin bank in future, they will ask for all account’s details and the person who access the account. If all holders gives them details then it will be it safe or not?
I don't know why the need when we are a bank of our own and besides we all want decentralization here and anonymity, so why push for this kind of program, it's a direct conflict from our interest, I don't think it will be supported if there are plans to set up one, and if you look at the poll many are against it.
I think, to use bitcoin we don't need a bank, because that will make it even more complicated. a flowering system and a complicated alr will make us think twice about saving in the bank.
bank is not necessary, there are centralized services that acts just like bank, for example coinbase that hold so many bitcoins from it users I think that could be considered as bank equivalent at this point and honestly having bank for crypto sounds stupid. the point of crypto is to get away from bank and this idea is simply like trying to go against that ideal.
Bitcoin was created to eliminate third parties. Having your funds on Coinbase is basically doing exactly what Bitcoin was made to combat. Coinbase is some kind of modern banking system, it's a centralized wallet. The point in using Bitcoin is being your own bank.. as it's always said, not owning your private keys/seeds = not owning your Bitcoin. With that being said, if you don't eliminate third parties, you're not going to support what Bitcoin was made for. In fact, you're just moving from the actual banking system to the modern one.
bank is not necessary, there are centralized services that acts just like bank, for example coinbase that hold so many bitcoins from it users I think that could be considered as bank equivalent at this point and honestly having bank for crypto sounds stupid. the point of crypto is to get away from bank and this idea is simply like trying to go against that ideal.
Bitcoin can be the future bank of the world? The existence of it is that so we can manage for our own so we don't need a bank. I don't know why would we even have a bitcoin bank if its existence is to cancel each other. It is not necessary, you take care of your wallet, I will take care of mine, it is that easy.
I chose neutral because I wasn't sure the bank would be able to create a system that could control coins that were able to move in decentralization, there would be many loopholes of problems they would face. not really needed because of these complicated things, fluctuations in bitcoin prices will also confuse the system, because so far they have facilitated the system with a currency / asset that has a measured value.
I do not think so. And it is the main point of cooperation with everybody.
There is no point in storing bitcoin in banks as I know, bitcoin is decentralized and I don't know why we should hold them in banks instead on our personal wallets, We're not talking here about physical money, It's just virtual money, which it's can be able to hold of yourself online, so bitcoin banks are really unnecessary as people who use bitcoin wants to be anonym and not sharing personal stuffs.
In my opinion, a bitcoin bank as an organizational add-on is absolutely not needed. A decentralized cryptocurrency does not need centralized management. This contradicts the very nature of bitcoin.
Bitcoin can only cooperate with the existing banking system for the convenience of its use by people. Banks can provide services for exchanging bitcoin and other cryptocurrencies for ordinary currency, as well as provide for various combinations of its practical use with their bank payment cards.
Bitcoin can only cooperate with the existing banking system for the convenience of its use by people. Banks can provide services for exchanging bitcoin and other cryptocurrencies for ordinary currency, as well as provide for various combinations of its practical use with their bank payment cards.
Jump to: