Topic: Bitcoin Bank - Safely store your bitcoin - page 6. (Read 1081 times)
We love Bitcoin because we could be our own bank when it's been held on a non-custodial wallet. So it doesn't make sense to store your bitcoin with banks and hand over ownership of your bitcoin to them. It's the same as when you are storing your bitcoin on an exchange or custodial wallet. Your funds aren't secured until you hold them in a non-custodial wallet. I don't like how the traditional banking system works. They always ask questions when you deposit and withdraw your funds there. Crypto is not the same as fiat; Bitcoin is decentralised, and that's why it's become much more popular.
This is basically the service brokers like Binance and Coinbase offer, but they offer it for a lot less money than you are proposing here.
You are not inventing warm water, I have seen similar things, including the atrocity of paying insurance for your bitcoin and in that idea "hunting fools" proposals.
Thank you for bringing this bad example of ideas that you should never even consider, bitcoin in essence is the complete opposite of what you are planning.
On the other hand, the business model is not the best in the idea of bitcoin, and that is already damning.
Thank you for bringing this bad example of ideas that you should never even consider, bitcoin in essence is the complete opposite of what you are planning.
On the other hand, the business model is not the best in the idea of bitcoin, and that is already damning.
Having a wallet where you store Bitcoin is already a bank in my opinion and there is no third party who is running the wallet. You should just create a wallet like electrum and store your btc their and you won't have a problem selling it when the time comes unlike storing it in an exchange where it may happen to you about not being able to withdraw your funds because of you breaking their rules when the truth is you didn't break them at all. Your idea is that many people doesn't like in the first place because of providing a document before you can create an account or to withdraw the funds. You should check the link about KYC.
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.
Why in this world I have to pay 100 and 300 to deposit and withdraw my own crypto? And where is the concept of be your own bank in this model?
If you are going to make it possible then good luck for you but I don't even think for a second this can be real.
without having security concerns.
Your idea is the security concern. 
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.
There are already several wallets that offer very good security. Whey would anyone trust you with their bitcoins?They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
They lose their anonymity, their bitcoins are now controlled by a third party and they have lesser security, in addition, they need to pay for all these.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.
This is ridiculous. 
This idea might make sense to people who keep their coins on exchanges because they believe it’s safe and convenient, but for the rest of us, it is a terrible idea. You’re advocating for more Kyc and government restrictions. Bitcoin doesn’t need a bank. Bitcoin was created to cut the third parties and make direct p2p transactions possible. OP do you have a problem with self custody? Cause it sounds like you can’t live with the idea of being solely responsible for your own money.
~
It would compensate for people who want to hold for a lot of time without having security concerns.
It would compensate for people who want to hold for a lot of time without having security concerns.
Without having security concerns? Surely you understand how absurd that sounds? What more security concerns could you possibly build into a system than requiring people to give up ownership of their money and entrust it in custody to some shady third party? Honestly, if someone wants long-term crypto storage, they have far better options - like hardware wallets. Your idea, frankly, creates more problems than it solves.
sounds like a nightmare waiting to happen.
the good thing about Bitcoin is that you can be your own bank, so I don't really see the point of using a third-party service if you yourself can take the necessary amount of security and precaution to safely store your Bitcoin. while I understand that some people are not tech savvy and still want to invest in Bitcoin and this kind of service could help them, but, if they are going to invest a significant amount in Bitcoin and plan to hold it for a long time they should learn how to properly store their Bitcoin safely and not rely on a third-party service.
the good thing about Bitcoin is that you can be your own bank, so I don't really see the point of using a third-party service if you yourself can take the necessary amount of security and precaution to safely store your Bitcoin. while I understand that some people are not tech savvy and still want to invest in Bitcoin and this kind of service could help them, but, if they are going to invest a significant amount in Bitcoin and plan to hold it for a long time they should learn how to properly store their Bitcoin safely and not rely on a third-party service.
Op I don't need to read everything in your thread. Your caption and the content of your thread is wrong. Op I must tell you, you brought a very wrong idea to the forum and that will not even included in the plan of bitcoin even in the future. Well what you saying is not far from centralized exchanges so you can save your coins in the central exchange platform but remember once you do that the coins will never be your custody again but the owners of the exchange will be in control of your coins. But if you are referring to bitcoin to be saved in bank then lock this thread because that will never happen in any day.
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.
2%+ fee. Seems pretty damn expensive. Pretty dang easy to safely store bitcoin yourself for free once you know what you are doing.
Besides there have for a long time been services like this. I'm thinking of one that I think starts with an X, maybe its a Swiss company. I forget exactly, but its been around for like a decade for HNWI to store massive amounts of bitcoin for them. But really it's not hard to take a few precautions to safely secure your own bitcoin, no matter how much you own. That's one of the beautiful things about Bitcoin! Use secrecy, encryption, and redundancy. That's all you need.
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.
Own Bitcoin private keys and have your own bank. Not your keys, not your bitcoins.
By that, who needs your custodian Bitcoin bank as they will not have keys, not have coins?
Quote
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
They can store their bitcoin by themselves, being non-custodian without any service fee, and without KYC.Why KYC is extremely dangerous - and useless
Quote
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.
Waiting three months for withdrawal, damn no one will use your service.It would compensate for people who want to hold for a lot of time without having security concerns.
Being non custodian, people can send their bitcoin permissionless and don't have to wait 3 months like your service.
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.
you should know that Bitcoin cannot be stored in banks but wallets don't get it confused. It's a digital currency and not fiat. I don't understand what the use of this, when we have centralized exchanges that has same function like you have stated. But have to know that the best way to store your Bitcoins is by your self, in non custodial wallets and offline. Don't store your coins with third parties NOT YOUR KEY NOT YOUR COINS. With this idea you've stated, peoples funds might be at risk as it's not even secured or safe way to store for a long term. 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.
Jump to: