Bitcoin bank, Necessary? - page 4. | Bitcointalksearch.org

kryptqnick

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Quote from: crypto advisor world on January 24, 2020, 04:25:59 AM

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 donâ€™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 accountâ€™s details and the person who access the account. If all holders gives them details then it will be it safe or not?

I am not sure about this. Bitcoin does not need a bank, because Bitcoin is what shows that the bank is unnecessary. In a way, Bitcoin is the bank. Moreover, Bitcoin stands again centralization, so making it centralized via organizing a single bank responsible for stuff is betrayal. At the same time, I believe that some banks will start to allow people to keep their Bitcoins there and perhaps even open Bitcoin bank accounts. I am also pretty sure that some people would even do that because it gives someone to blame in case something happens, the feeling of safety and other benefits like when you have to prove you have money for visa/credit or something else, you can make a Bitcoin bank statement.

YuginKadoya

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Bitcoin can not be controlled by anybody so the bank is not Necessary, Bitcoin can do it all by itself it is a decentralized technology that need not anybody, Apparantly Bitcoin will be the future it can also become a great currency of the future but restraining it in a form of a centralized bank it not a guaranteed shot to happen, Maybe it can be processed by banks but it can not be controlled or be taken by banks as a tool for themselves.

Sendoku

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Either you're a troll or you have no clue about how Bitcion works and what it was created for. The funniest thing about your thread is a nickname though Cheesy

rijaljun

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Quote from: crypto advisor world on January 24, 2020, 04:25:59 AM

In that case all the government make bitcoin bank in future, they will ask for all accountâ€™s details and the person who access the account. If all holders gives them details then it will be it safe or not?

Not about safe or not, Bitcoin is invented to give people a full of freedom where they can control their own money, create their own transaction and hide themselves.

In case there is a bitcoin bank, there must be an entity that control our activity and it must be no longer decentralized.

btccashacc

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I Just don't get it why do people have to use Bank? I mean why do people think that bank should be integrated with bitcoin while Satoshi created bitcoin in the first place to eliminate the 3rd party in this case is Bank. Using bitcoin meaning that you are controlling your money not another party, well basically you are the bank, your responsibility is to make sure that you're keeping your private key safe, that's all.

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Quote from: Martin Nicol on January 24, 2020, 04:31:47 AM

Quote from: crypto advisor world on January 24, 2020, 04:25:59 AM

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?

Owning a bitcoin probably need the private key required to access your bitcoin in a secure wallet. Now, if there is a bank of bitcoin, do you think your private key is safe anymore? That's the difference of a centralized and decentralized cryptocurrency. Don't trust any banks be your own bank.

imstillthebest

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Quote from: hotmom on January 24, 2020, 10:48:45 AM

No, we don't need another banking system. Otherwise, what's the point?

whats the point of cryptos ? but cryptos did say that they are bank ? i heard cryptos was formaly introduced as a currency or a payment method but people push and say that it can be also good to use as a bank , idk why . bank because it gives interest or returns simillar to banks ? but not all times and it also risky because the money you put can go down as well but anyways if there are bank for gold and fiat then why not for bitcoin and cryptos ?

Colt81

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I don't think we need banks to store our bitcoins to keep it safe and secured because we can store our bitcoins in our bitcoin wallets, which it is also safe and secured, so what is the point of storing our bitcoins in banks if it is more easy to store all of our bitcoins to ourselves.

tippytoes

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Quote from: BeManga on January 24, 2020, 10:55:12 AM

in terms of storing our bitcoin, I don't think we need a bank
because our own wallet is already like a bank

And that is the reason why we don't need a bitcoin bank. We can already manage our own bitcoin without the help of third party. And others are right, there's no point of this bitcoin creation if there will be a centralized bitcoin bank. And by the way, do bitcoin users or owners really want to have one? I guess not.

BeManga

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Quote from: crypto advisor world on January 24, 2020, 04:25:59 AM

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 donâ€™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 accountâ€™s details and the person who access the account. If all holders gives them details then it will be it safe or not?

in terms of storing our bitcoin, I don't think we need a bank
because our own wallet is already like a bank

hotmom

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No, we don't need another banking system. Otherwise, what's the point?

Accountsell

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Quote from: crypto advisor world on January 24, 2020, 04:25:59 AM

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 donâ€™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 accountâ€™s details and the person who access the account. If all holders gives them details then it will be it safe or not?

I do not think bitcoin banks are necessary. Bitcoins are a digital currency so how would banks help us in storing bitcoins. They would need large cold storages in order to store bitcoins of the peoples but it is not really necessary.
We peoples can use and store bitcoins so why do we need to rely on banks?

Mikky.Crypto

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It sounds like a useless idea. Cryptocurrency is free from banks and other regulations.

tsaroz

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There are already banking going around bitcoin. It has been used both as a currency and collateral. People are getting paid interest in bitcoin or being made pay in bitcoin for loans. As well bitcoin are used as collateral for USD or other loans. There are insurance of and in bitcoin. There are hedges that use bitcoin. Though we still need more banking options in bitcoin to increase its adoption.

Duzter

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Even now people go to banks for withdrawal and deposits without using the deposit machines or the ATMs. This is all because of the lack of knowledge about banking process. Likewise there will be people around the world, when a bitcoin bank is started it'll benefit such people who wish to use and benefit out of bitcoin. This also serves as a promotion to the bitcoin, because it doesn't have any promotion particularly.

iamaruf

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Quote from: crypto advisor world on January 24, 2020, 04:25:59 AM

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.

Do you have any knowledge about bitcoin? How bank will stop transactions? Bank cannot do anything.Bitcoin is decentralised and open source. If you donâ€™t have any idea then search what is decentralised and centralized.if after sending your bitcoin you can't do anything.

BrewMaster

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There is trouble abrewing

when steam engine was invented the stables (for horses) became obsolete and there wasn't any need for it. you can still build one and hold horses there but they won't be used for transportation.

with bitcoin, the need for banks no longer exists. you can create a bitcoin bank and get some fools in (like what Coinbase is doing) but it is only limited to those fools and has no other usages.

moviebuff777

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A government Bitcoin bank would defeat the purpose of Bitcoin because the intent of it is to allow us to use and store our money without relying on any government or business.

However I could see a regular bank providing cryptocurrency services to customers as a way to make it more accessible to people that arenâ€™t computer savvy.

kolonel_x

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Quote from: DabsPoorVersion on January 24, 2020, 05:18:21 AM

Having a bitcoin bank will only give us the same experience we currently have right now with our fiat. Bitcoin was created to bypass everything that restricts us from using fiat. If bitcoin bank will be created and will fall in the hands of the government or any private institution, this will only remove our freedom of using bitcoin in any terms we want.

It will be difficult for us if there are bitcoin banks because most banks are managed directly by the government and that there is oversight, so the purpose of p2p bitcoin again in there is a bitcoin bank.
Many people will have a hard time if this really happens I hope bitcoin will continue to be recognized in various countries not controlled by the government it will be difficult in my opinion.

poptok1

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Bobby Fischer was right

I don't think it is necessary however the fact that mainstream zio-banks are not trying to persuade people in to crypto-services with them, is quite mysterious and in fact, suspicious to say the least. I think it could work reasonably good, definitely in favour of the clients, without doubt embracing banks with additional safety features. This must be the exact reason why they retain themself from going "full" crypto, they don't care about clients, their safety and convenience, all they need is to fracture the sh#t out of reserves they don't have and take unrightful control over as much real wealth, goods and land as possible.
Bitcoin prevents fracture reserve systems from emerging, it is incompatible although usury friendly even with it's limited cap.
There's just one problem, people would notice very fast, how usury is fraudulent in nature and banking position of power could be changed forever.

Topic: Bitcoin bank, Necessary? - page 4. (Read 840 times)