No one in here would take on your offer, that's a bad idea anyway. Look at all the people that have bitcoin, they all have been storing their bitcoins in their own wallets and they don't even need to pay for it or anything like that, just need that they've got their attention to it, not click on suspicious links and be vigilant about their activities online and that they don't forget the seed phrase and they'd be good to go.
This idea is also the antithesis to what bitcoin is, a way to get away from banks, how can we get away from banks if we become banks ourselves?
Topic: Bitcoin Bank - Safely store your bitcoin - page 2. (Read 1081 times)
My idea would be to create a bank to safely store people's bitcoin and other crypto for people who just want to hold for a lot of time.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
I think this is not the reason bitcoin was created. If bitcoin should have a bank the people will help you to store your bitcoin that means their is no different between bitcoin and fiat. One of the reason why we have bitcoin is for freedom, you having access to it whenever you want. You can bank your bitcoin yourself by hodling it with a non custodial wallet that is very reliable. Bitcoin is personal and have nothing to do with any other person. They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
Besides, if there is a Bitcoin bank and you keep your funds with them, you will need to declare and explain everything you do with your Bitcoin. You make a deposit, you are asked about the source, you ask for a withdrawal, you are asked for a reason, and why would one want to go through all that if they can avoid them by storing them with themselves?
My idea would be to create a bank to safely store people's bitcoin and other crypto for people who just want to hold for a lot of time.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
Don't you think ETF's share the same concept as you, as the idea behind ETFs is to have a third party do the buying of actual Bitcoin on our behalf so as to remove the risk that comes with handling cryptos such as Bitcoin...I guess with the reputation they have they might get more clients, but doesn't hurt to give it a shot.They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
Btw , reading about your idea, this looks like a cat and mouse chase in the making as I see that so much effort has gone into the KYC process and all the data collection of users and not really investing in the platform itself to guarantee a secure platform... otherwise looking forward to seeing this idea brought to life.
It would compensate for people who want to hold for a lot of time without having security concerns.
I don't know about this, do we have platforms that take full responsibility of cryptos incase something happens 
To stay on-topic myself: why should someone trust your centralized custody, what safe custody expertise do you have and can prove it? What you propose is the opposite on many levels what Bitcoin stands for.
Bitcoin is unique and it gives everyone keys (private keys) to their bitcoin. They no longer have to rely on any custodian to store their money, in this case store in bitcoin.Idea from OP is simply against this strength of Bitcoin protocol. Without black swan events, people feel safe by storing bitcoins on centralized exchanges but if anyone experienced this market in times of Terra, FTX, Voyager, Celsius, Three Arrow Capital, they would have known about this risk.
Later, bank collapse in the USA. and some banks in Europe, would have given them more warnings.
To be fair, not all centralized platforms are useless or scams. Take a look at Coinbase, it was founded in 2012 and is still one of the good trading platforms to date. We should not equate them all as equally bad, and the problem is that some investors are abusing these centralized platforms, the exchange is a place to buy and sell, not a place for us to store bitcoin or cryptocurrency assets. We don't need to hate centralized services too much because I believe the majority of us are still using them to convert bitcoin to fiat and vice versa.
Regarding the OP's idea, I don't have anything outstanding and I also find it unfeasible when he charges so much for his service and not to mention his reputation.
To stay on-topic myself: why should someone trust your centralized custody, what safe custody expertise do you have and can prove it? What you propose is the opposite on many levels what Bitcoin stands for.
One or two people might believe it for some reason, but it's not going to have a big market here, given that knowledge about privacy and asset security among forum users is getting better and better.We often read "Not your key not your Bitcoin" which means there is no one else we can trust but ourselves... even the history of hacking of exchanges and wallets is the reason some people cannot trust centralized companies to secure assets.
With a personal wallet, someone can store it for free, with a hardware wallet you only need to buy it once to secure your assets for life.
Withdrawing assets or exchanging them into fiat is easier, no need to wait 3 months.
In fact, we are given freedom and even simple things are free, but why is OP giving something that doesn't show excellence in the service they are trying to offer?
To stay on-topic myself: why should someone trust your centralized custody, what safe custody expertise do you have and can prove it? What you propose is the opposite on many levels what Bitcoin stands for.
Bitcoin is unique and it gives everyone keys (private keys) to their bitcoin. They no longer have to rely on any custodian to store their money, in this case store in bitcoin.Idea from OP is simply against this strength of Bitcoin protocol. Without black swan events, people feel safe by storing bitcoins on centralized exchanges but if anyone experienced this market in times of Terra, FTX, Voyager, Celsius, Three Arrow Capital, they would have known about this risk.
Later, bank collapse in the USA. and some banks in Europe, would have given them more warnings.
OP, what's the point of opening a thread with your proposal and not responding to replies at all so far. Your idea has flaws and probably most of them have been addressed by others here. Is it only me who finds it an annoyance that thread starters, especially newbies, abandon their threads for whatever reason?
To stay on-topic myself: why should someone trust your centralized custody, what safe custody expertise do you have and can prove it? What you propose is the opposite on many levels what Bitcoin stands for.
To stay on-topic myself: why should someone trust your centralized custody, what safe custody expertise do you have and can prove it? What you propose is the opposite on many levels what Bitcoin stands for.
Why make a Bitcoin bank if you have a full authorization with your bitcoins, you can sell, trade, and invest at any time without having the KYC, restrictions to hold, minimum withdrawals, etc like other banks doing, also the use of the bitcoin will neglect with those rules those proposals not applied with the real use of the bitcoin itself. Your idea is creative but it's not applicable as you expect.
That's what I don't understand because we can control our bitcoins ourselves through the Electrum wallet or hardware wallet that we will use. I don't see the logic why putting it in the bitcoin bank if we ourselves are the bank of the bitcoin we hold, right?
If we put it in the bank, we have removed or ignored the existence of bitcoin's decentralization, which has its features. The government is powerless to control it, so we will do it anyway. It's just common sense, right?
So why do centralized exchanges exist today, and by the way, are you using them? It is true that using centralized services to store bitcoins is not a good idea because we have abandoned banks for bitcoin also because we do not like centralization. But centralized exchanges and services still have a large number of customers using their services.
Centralized exchanges are there for you to trade your coins and not to store it, it is easy to understand this. After trading on centralized exchanges, the funds should be moved into your self custodial wallet, i know that there are a lot of people who still store their funds in exchanges, but they are doing it wrong and that is why they make up the victims of ftx, celsius, Genesis, 3AC, mt. Gox, etc, who are still waiting to recieve some portion of their money back. If people do not want to be a part of these victims, they should use self custodial wallets to store coins.I understand what you're saying, but you also acknowledge that even though storing assets on centralized exchanges is risky, many people are still doing it. And what I'm trying to say is that just because we don't like centralized services and we're trying to protest the OP from implementing his idea isn't right. Some people still need centralized services, which means the OP should still try implementing his plan. Don't stop him just because we don't like his ideas, and OP shouldn't give up on his dreams just because of people's opinions.
In the past, cryptocurrencies were not recognized and regulated by the government, so there were quite a few scams happening, but things are gradually changing and bitcoin ETFs is the start of it all. I know this will gradually take away the decentralized nature of the cryptocurrency market but it is inevitable and once there is government regulation, scams will also decrease. Things are changing and we should adapt and not use historical data to judge the future.
My idea would be to create a bank to safely store people's bitcoin and other crypto for people who just want to hold for a lot of time.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
It's either you are new to Bitcoin and don't know the relevance of Bitcoin yet or you know about Bitcoin but you haven't use it before that's why you are saying meaningless solutions for Bitcoin storage. Like don't you know that Bitcoin is decentralized and by that it means that nobody controls it and nobody hold anyone private keys. If you give your Bitcoin to any person and they run away, that means your Bitcoin is gone because no private keys to your Bitcoin and you can't spend it.
I will advice you, don't keep your Bitcoin in any platform that doesn't have private keys, it means you are losing ownership of your Bitcoin if anything happen tomorrow, in fact I will advise you to get a hardware wallet and put your Bitcoin there, it's as simple as that and not difficult thing to do but you need some money to get them and they are affordable.
Talking about creating a bank to safely store people's bitcoin, how about those people who have been storing most of their asset's in crypto wallet?and those assets has been there for a very long time. And is save and secured reason been that those crypto wallet has a passphrase which is also known as private key if you don't disclose this private key to anyone there's no way anybody will have access to your wallet either.however bank have the access to do whatever thing they wish to do in your account reason is because bank doesn't have private key, that is to tell you that crypto wallet is even more secured than bank.
Bitcoin was born from a desire for decentralization, a rebellion against the perceived inefficiencies and regulations of traditional financial institutions. Imagine a revolution against a centralized monarchy, advocating for individual liberty.
This core principle – bypassing third parties – makes Bitcoin attractive for those seeking financial freedom. Non-custodial wallets, as you mentioned, offer a way to hold Bitcoin without relying on banks. This empowers individuals, especially those in regions with limited access to traditional financial systems.
However, the complete absence of regulation is a double-edged sword. While it fosters individual control, it also creates a Wild West atmosphere susceptible to scams and illegal activities. Imagine a society without laws – freedom can quickly devolve into chaos.
This core principle – bypassing third parties – makes Bitcoin attractive for those seeking financial freedom. Non-custodial wallets, as you mentioned, offer a way to hold Bitcoin without relying on banks. This empowers individuals, especially those in regions with limited access to traditional financial systems.
However, the complete absence of regulation is a double-edged sword. While it fosters individual control, it also creates a Wild West atmosphere susceptible to scams and illegal activities. Imagine a society without laws – freedom can quickly devolve into chaos.
My idea would be to create a bank to safely store people's bitcoin and other crypto for people who just want to hold for a lot of time.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
I think this is not the reason bitcoin was created. If bitcoin should have a bank the people will help you to store your bitcoin that means their is no different between bitcoin and fiat. One of the reason why we have bitcoin is for freedom, you having access to it whenever you want. You can bank your bitcoin yourself by hodling it with a non custodial wallet that is very reliable. Bitcoin is personal and have nothing to do with any other person. They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
My idea would be to create a bank to safely store people's bitcoin and other crypto for people who just want to hold for a lot of time.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
It's either you are new to Bitcoin and don't know the relevance of Bitcoin yet or you know about Bitcoin but you haven't use it before that's why you are saying meaningless solutions for Bitcoin storage. Like don't you know that Bitcoin is decentralized and by that it means that nobody controls it and nobody hold anyone private keys. If you give your Bitcoin to any person and they run away, that means your Bitcoin is gone because no private keys to your Bitcoin and you can't spend it.
I will advice you, don't keep your Bitcoin in any platform that doesn't have private keys, it means you are losing ownership of your Bitcoin if anything happen tomorrow, in fact I will advise you to get a hardware wallet and put your Bitcoin there, it's as simple as that and not difficult thing to do but you need some money to get them and they are affordable.
When I read the title of this trade I thought it would be some nice content but here it's not. This is the worst proposal I have seen in BTT.
What's the difference between your proposal and a centralised exchanges? Infact a centralised exchange is even better than yours because they don't charge as much as you want to charge for holding a coin (my assets) for me.
Why will I keep my bitcoin with someone in the first place? That's against my doctrine, I'm a privacy advocate and why will I like to give someone who I don't know my bitcoin when a self custodian wallets exist. Every terms stated here is absolutely ridiculous in my perspective so I wouldn't patronize that.
What's the difference between your proposal and a centralised exchanges? Infact a centralised exchange is even better than yours because they don't charge as much as you want to charge for holding a coin (my assets) for me.
Why will I keep my bitcoin with someone in the first place? That's against my doctrine, I'm a privacy advocate and why will I like to give someone who I don't know my bitcoin when a self custodian wallets exist. Every terms stated here is absolutely ridiculous in my perspective so I wouldn't patronize that.
Why make a Bitcoin bank if you have a full authorization with your bitcoins, you can sell, trade, and invest at any time without having the KYC, restrictions to hold, minimum withdrawals, etc like other banks doing, also the use of the bitcoin will neglect with those rules those proposals not applied with the real use of the bitcoin itself. Your idea is creative but it's not applicable as you expect.
The most important benefit of bitcoin is that it is not associated with banks and is thus safer for people. They have more control over bitcoin in comparison to fiat which is controlled by banks. What you are suggesting is just opposite of this and thus people will not appreciate this.
There are already exchanges where you can store and trade bitcoins. But I suggest you to use hardware wallets to store bitcoin so that you have full control over it.
There are already exchanges where you can store and trade bitcoins. But I suggest you to use hardware wallets to store bitcoin so that you have full control over it.
What you suggest makes more sense than what the OP suggested because perhaps he doesn't know that Bitcoin holders can actually get full control when they store them in a hardware wallet. Meanwhile, money is very different from Bitcoin, especially if the money has been put into a bank which is generally controlled by the bank. And let's say there is a person who doesn't keep his money in the bank but keeps it in his own house, I think it won't be very safe and won't be more useful if the money isn't used for more important things like investments and so on.
The most important benefit of bitcoin is that it is not associated with banks and is thus safer for people. They have more control over bitcoin in comparison to fiat which is controlled by banks. What you are suggesting is just opposite of this and thus people will not appreciate this.
There are already exchanges where you can store and trade bitcoins. But I suggest you to use hardware wallets to store bitcoin so that you have full control over it.
There are already exchanges where you can store and trade bitcoins. But I suggest you to use hardware wallets to store bitcoin so that you have full control over it.
So why do centralized exchanges exist today, and by the way, are you using them? It is true that using centralized services to store bitcoins is not a good idea because we have abandoned banks for bitcoin also because we do not like centralization. But centralized exchanges and services still have a large number of customers using their services.
Centralized exchanges are there for you to trade your coins and not to store it, it is easy to understand this. After trading on centralized exchanges, the funds should be moved into your self custodial wallet, i know that there are a lot of people who still store their funds in exchanges, but they are doing it wrong and that is why they make up the victims of ftx, celsius, Genesis, 3AC, mt. Gox, etc, who are still waiting to recieve some portion of their money back. If people do not want to be a part of these victims, they should use self custodial wallets to store coins. How do you secure coin and and your responsible to customer if hacker stole bitcoins?
Why we need coinbank while we can save everything in our own method? Just buy hardware wallet, send coin to HW, and keep your HW. As easy as that right?
Why we need coinbank while we can save everything in our own method? Just buy hardware wallet, send coin to HW, and keep your HW. As easy as that right?
So why do centralized exchanges exist today, and by the way, are you using them? It is true that using centralized services to store bitcoins is not a good idea because we have abandoned banks for bitcoin also because we do not like centralization. But centralized exchanges and services still have a large number of customers using their services. So, I think there's nothing wrong with the OP having an idea and wanting to implement it.
Perhaps you and I, many people will not use OP's services but there will be others who will as long as OP can make them satisfied and trustworthy. This is a business idea so we shouldn't dash OP's hopes just because we don't like it.
My idea would be to create a bank to safely store people's bitcoin and other crypto for people who just want to hold for a lot of time.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
I'm surprised because we come to Bitcoin to fulfill our freedom that is not given by other people, but when that freedom has been achieved by holding Bitcoin then we hand over control again to other parties? What is the point? There are still other options that do not burden us with additional costs, let alone months, just to access what is our right. The option you offer seems less effective for me personally, because having complete control teaches us to really look after it at all times, check Bitcoin at all times, use it if necessary. I am my own bank and have complete control over Bitcoin holdings. They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
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