Topic: Bitcoin Bank - Safely store your bitcoin - page 4. (Read 1305 times)

You obviously don't know why we have Bitcoin and why Bitcoin was created in the first place, I will advice you to check Bitcoin whitepaper and the message that was included in the first Bitcoin block that was mine.


Some believe there different context to this message of Satoshi but everything explained about this makes Bitcoin superior to the Banks but from your explanation you want to make Bitcoin looks like the Banks. The Bitcoin was never designed to be like the banks but was created to make you be your own Bank, and how do you achieved that, by having your own key on your hands.

With your private keys and your Bitcoin on your wallet, you will be your own bank, with your key you control your own transaction which makes you censorship resistance of any person, organizations or even the government, with your keys comes freedom. Never give your Bitcoin to any person and never trust anyone with your Bitcoin, Not your keys not your Bitcoin.

Try to explain how the concept of the bank you meant about the storage of bitcoin and other crypto to be far safer in the intersection for a long time. Besides requiring verified identity, we also need costs to be incurred and it is not at all attractive.

Similarly, KYC and some people really avoid about personal identity because people want to look more anonymous. The way you mean is very complicated and I'm sure people will choose a path that is easier to use a special wallet that does not require KYC. In my opinion Bitcoin cannot be interested in the bank but we need a storage wallet so that the assets are safer and most importantly we don't need to store bitcoin to third parties because there are many ways to store safer.

The risk of using centralized exchanges to store your coins is not in that it goes against the decentralized nature of BTC, but that it puts the coins you store in there at risk. Centralized exchanges confiscate people's funds for any reason at all and they also use customers' money to fund their own businesses, and so they can lose it at anytime and lead to exchange to bankruptcy.

Before you create this thread, did you forget that bitcoin is a decentralized currency? Why will you be the one to createa place where people will store their bitcoin wallets? It has been in the industry for a long time now, and no one complains about that. People have been using their wallets for 10 years now, and nothing happens unless you, as the holder, misplace your private key and another person sees it and packs your money? If not, I don't think it will be important for people to pay you so that you can create a place where they will store their bitcoin when there are wallets to do that.

However, do you think people will trust you on this? Because when it comes to bitcoin investment or any other cryptocurrency investment, high security is required, and anybody who believes I think you can get access to their investment, so that is why nobody will trust you on this. I think you should focus and do something different in the crypto space.

It would be much more profitable to keep money in the bank instead of depreciating it due to inflation but to convert that money into bitcoins. Keeping money in bank is very risky in my country so I can't agree to keep money in bank for now. So I took the long term holding plan by converting my savings into bitcoins and keeping them in the wallet.

April is still far but you are here fooling around . Not only that the idea is risky because we are handing out our Bitcoins to a random stranger, but we also have to pay a lot and then give our sensitive details, just like that. I think that's a suicide, haha and I don't think people on their right minds are going to agree to do all of that thinking that they can now store their coins safely and hassle-free.

Anyway, this idea is not new and I already heard a couple of OP's who promote it before but I haven't heard any updates from them. I guess it's safe to say that all of them have failed. Bitcoin is already our own bank and there is no need for a real bank on it. The ones that only need that are the fiats. Period.

There are a lot of things that don't make sense according to the OP's idea as you mentioned but those things can change later through customer feedback. I won't rely on that and hastily conclude that his ideas and plans will definitely fail. What I want to know is whether he really has the bravery and qualifications to do this, or he just comes up with an idea but has no knowledge about it.

Many people object to OP's idea of creating a centralized service but let's see how centralized exchanges have been and still exist. So our hasty conclusion that he will fail because this is a centralized project is not convincing enough.

This post should be ranked next to impossible because if I understand what OP is talking about it would mean he is envisioning a Bitcoin bank, just like fiat bank.

BTC being decentralized for one should give the whole idea of what it is and how it is a currency of anonymity that promises great store of value in the future, but everyone must have the responsibility of keeping their coins safe in a wallet with private keys.

It may take some time to become aware of how to be safe with the practice of keeping your BTC secure from hackers, scammers, market volatilities as well, but having become a member here, overtime with more engagement you should be able to learn which method works best.

Although for large BTC investments some may opt to use brokers that specialize in securing the crypto and profer advise on the best way to stay safe and invest or trade to make profit.

By the way, the genesis of this idea--that people want a service to keep their Bitcoin safe rather than doing it themselves--is the same phenomenon I wrote about in the Anon Paradox: that most people do not want to take on the challenge of keeping their wealth protected. Most people don't own a safe, a gun, and are trained to use those things. Most people would actually be terrified knowing their their life savings could be lost or stolen while keeping it physically on their own person.

(And the paradox here is that for small amounts that people are comfortable with losing, they do want to handle that themselves in order to keep anonymity).

This plan is certain to fail, I really dont believe OP can even maintain the security of "that bank" with the way how he thinks about the idea.
What guarantees can be provided if the bank is hacked? Why do we have to wait 3 months for withdrawal? this is not a multi level marketing lol.
$127 + $350 + 2% of the deposit value = this is a robbery, not a bank.

I believe that one of the sole purpose why satoshi brought about the idea of Bitcoin was to create an alternative  decentralised currency where there would be no third parties as the bank normally do, but from your idea, it seems you'll be in control of users funds and control the withdrawal system, of which a lot of people won't buy such ideas. Moreover the fees you placed for withdrawal it's much even the procudure is stressful, a lot of people won't want to undergo such stres just to withdraw their money, it just like queuing in the  bank for withdrawal, which can be very stressful.

 Maybe you should consider reducing your charges for deposit and withdrawal, then people might consider banking their crypto in your dream App, also if you make the withdrawal process less stressful, i guess it might be considered as well. Come to think of it, there are many exchanges with wallets where people could save their crypto currencies without passing through much stress of paying huge fees if they fail to hold for a long time.

 A lot of things could make people consider their choice of saving for a long time, especially emergency and health issues etc, so i think you should consider that and maybe retrace your ideology, well I'm not trying to discourage you, it's just my honest opinion.

We can't verify if the idea or his plan is good not until he operate this plan and make it last for at least a year or two without having any issue. But expect that there's a lot of doubts or criticism knowing that he plans to launch a crypto bank which people don't trust since what they commonly believe is not your keys not your coins so scamming is possible to happen and they are just been so careful trusting their funds to any platform.

But he could try to make this planned project to launch since who know he became a big institution where people could able to trust and he should expect that it will take a lot of time before he can get the full trust of people. To convince them to use his bitcoin bank project.

Well said, to know if your idea is good or not, OP should build it, don't give up your dreams or plans just because of people's opinions. Like centralized exchanges, thousands of people complain and criticize them, but millions still use them, they still have a large customer base. Many investors even use them not only to trade but also to store their bitcoins even though this goes against the decentralized nature of bitcoin.

OP, the use of CEX is not encouraged or supported, but as you can see, they are the largest growing entity in the market.

Same here as can't  comprehend op is deviating from the main objective of creator of the BTC for at any time it happens that one person can store, access of keeping others BTC it will be very easy to be control by any government or group of individuals,  which may not work well with the plan of BTC pioneer.

Not your keys; not your coins, why would someone lose custody of their funds, lose their privacy and lose the security of their funds by storing it in a 'BTC bank'. We already have enough to worry about with people who store their funds in centralized exchanges and deposit it in lending and earning platforms, and now you come up with this idea that is far more risky and should never be developed. If you want to store BTC for the long term, use a hardware wallet or an airgapped wallet.

Not a problem, you should try to create your own Bitcoin banks, just like someone creates Wrapped Bitcoin, centralized entity creates Bitcoin ETFs, people who create their own centralized exchanges etc. All of them exist despite decentralization is the most important thing in Bitcoin and it no one forbid to use those fake/centralized entity over real Bitcoin. So, in order to know if your idea is good or not, you need to build it.

Makes sense. Asking for personal info goes against the privacy vibe of Bitcoin. Being your own bank with a secure wallet and private key sounds more in line with the crypto spirit. Plus no worries about potential bank hacks or data breaches. Keep it simple and in your own hands

This is one of the worst ideas I have ever read about storing bitcoin. Do you know that to start with, bitcoin promotes the anonymity of its users, and here you are going to ask the user who is to deposit his or her bitcoin for their personal data, including their passport, which is not safe at all? 
 
Any Bitcoin user who is willing to start their bitcoin holding journey doesn't need to be lazy at all. All you need is to have your private key or wallet phrase safe. Keep it to yourself. You can be your own bank, have your own volt, which only you will have access to, and the wallet will also be saved in a different location.
 
Saving your bitcoin in a bank poses a greater threat because the bank will upload that data into a cloud, which they believe is safe, and the more bitcoin the bank starts holding, the more it will attract attention. Hackers can penetrate such a database and make away with everyone's holdings, so the bank won't be able to repay all those bitcoins to the depositor; rather, they will file for bankruptcy.

Very well said. Satoshi didn't make Bitcoin for us to just entrust it back to the banks. Yeah, the idea seems to be a business potential trend but we don't have to avail such service when we can do it on our own.

It defeats the purpose of having Bitcoin when you have everything on your hand and then, you're going to go with handling fees and other fees that you have to pay upon availing the service.

I don't buy into this service because that's entirely not what Bitcoin is all about. There could be those people that are scared to death on how to keep their Bitcoins and might avail this kind of service but hopefully, they learn on their own that they shouldn't entrust their Bitcoins with anyone.

Great joke. If I could, I would downvote your merit for making similar statements.

No need for bitcoin bank. Those who are concerned about the security of bitcoin storage are upgrading their skills to solve this problem (looking for solutions) and using various technical methods, such as hardware wallet devices. Those who are not satisfied with this go to traditional banks.

The combination (as proposed by you) of bitcoin and banks looks like complete absurdity and madness, because bitcoin was created to save us from dependence on banks.