Bitcoin Banks Are Coming. Should That Make You Nervous?

dentolas

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arcs-chain.com

well, in the end, a web wallet is nothing more than a crypto bank, as you are trusting someone to take care of your funds, same as centralized ex wallets...
Bitcoin banks are comming and surely this won't be the only thing with name "bitcoin something" to be aimed at the general people. With mass adoption, a lot of people will be joining crypto and so the players have to prepare ways of taking advantag of it...
banks won't go peacefull into the night Grin

Wingleness

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Quote from: Drysprinkles291 on November 11, 2018, 04:39:38 PM

This article on https://blockexplorer.com/news/bitcoin-banks-are-coming/ made me wonder... Bitcoin was designed to operate outside the banking system, right? It was created so that you don’t have to trust a bank or third-party. So how does it works if we get Bitcoin banks?

The blockchain technology is able to accommodate any form if integration thus banking system adopting will surely ensure investor can buy into Bitcoin directly with fiat and vice versa, which will build more confident in the long run.

Fretcy

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Bitcoin was created by the intention to avoid unwanted burden given to the laymen, as excess cost for transactions and also to support the ordinary class people without much stress and give a speedy transaction without a third party interference's all over the world and give support those who have no access with bank but banks means it is a centralized one and so the transaction will be too costly for the poor and needy .

aoluain

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Quote from: LeGaulois on November 12, 2018, 05:02:55 AM

As long the crypto community doesn't give the power to someone (it can be a bank or whatever) to have most of the control over Bitcoin and altcoins we are fine. If banks are coming to cryptos it depends how they do it. If it's by offering services or investments or cryptos wallets,... There are many cases banks could be active in.

The reality is banks are already in the cryptos and/or blockchain industry. JPS Morgan, BOA are few of them (JPS Morgan has its own blockchain infrastructure "Aurora"). It doesn't matter so much, banks are in the gold industry as well, so?

It will be difficult to avoid using a bitcoin bank i the future for the majority
of people. Bitcoin usage is moving away from being a currency to being
a sort of investment so i would imagine a lot of 'investors' would have no
problem using banks.

So on my point i see bitcoin banks being part of the bitcoin and crypto
future scene. Its not something i can see myself getting involved in though,
Im happy to control my own bitcoin.

btyco

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With bitcoin you are your own bank so there isn't a huge demand for a bitcoin based one. We just need more companies like coinbase that allows simple fiat to crypto exchanges

Pursuer

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Where is my ring of blades...

in a way this was expected to happen and in fact I expect that in the future a lot of banks start accepting bitcoin and treat it as they treat fiat because they wouldn't want to be left behind. although bitcoin has never needed them and will never do but they are still services that are looking for money.

besides what do you think Coinbase is if not a bitcoin bank? so this is not exactly a new thing!

Maysummer

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Quote from: Drysprinkles291 on November 11, 2018, 04:39:38 PM

This article on https://blockexplorer.com/news/bitcoin-banks-are-coming/ made me wonder... Bitcoin was designed to operate outside the banking system, right? It was created so that you don’t have to trust a bank or third-party. So how does it works if we get Bitcoin banks?

Any exact time? I don't think we can trust this post because It is hard to see Bank accept bitcoin and use it in banking system.

LastHope99

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Hate banks? Then don't buy Ripple Grin

LeGaulois

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Top Crypto Casino

As long the crypto community doesn't give the power to someone (it can be a bank or whatever) to have most of the control over Bitcoin and altcoins we are fine. If banks are coming to cryptos it depends how they do it. If it's by offering services or investments or cryptos wallets,... There are many cases banks could be active in.

The reality is banks are already in the cryptos and/or blockchain industry. JPS Morgan, BOA are few of them (JPS Morgan has its own blockchain infrastructure "Aurora"). It doesn't matter so much, banks are in the gold industry as well, so?

Kikeeping

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Quote from: Drysprinkles291 on November 11, 2018, 04:39:38 PM

This article on https://blockexplorer.com/news/bitcoin-banks-are-coming/ made me wonder... Bitcoin was designed to operate outside the banking system, right? It was created so that you don’t have to trust a bank or third-party. So how does it works if we get Bitcoin banks?

that's only exchange where you can invest your bitcoin into the bank and converting to fiat. actually, when bank interested with bitcoin and do centralization, that is not be system where bitcoin are decentralization system

Assface16678

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★Bitvest.io★ Play Plinko or Invest!

Quote from: Teawhalee on November 11, 2018, 04:47:17 PM

I think this is just to serve as a means where people will easily trade their coins and convert to fiat at anytime they like. This is really one of the things that crypto need to bring more liquidity to the tradeable coins and the entire market.

I agree. There is no need for people to get worried. But then if the bitcoin banks will perform in such a way that it has a high fees and such we can say that it is not a good idea at all. We can see that it is effective if it performs just like a non for profit seek. But then there is already blockchain therefore no meed to look for more.

burky156

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I have just read the news and i believe that it would be huge steps for the bitcoin and cryptocurrency markets! Mastercard and Bank of America are biggest companies/establishment in the world. So if they would go to this market i am sure that they have seen the profit. So i can say that it would reflect everything in very positive way. I feel really happy and relax after i read it..

Dana-pasar

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not nervous, that's exactly what is awaited, because bitcoin is growing even better than before.

jademaxsuy

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Quote from: Drysprinkles291 on November 11, 2018, 04:39:38 PM

This article on https://blockexplorer.com/news/bitcoin-banks-are-coming/ made me wonder... Bitcoin was designed to operate outside the banking system, right? It was created so that you don’t have to trust a bank or third-party. So how does it works if we get Bitcoin banks?

Well this will be same as storing your bitcoins in a hardware wallet but in a more secure way if you will going to give your bitcoin in a bitcoin bank if ever there will be. But, If I were going to choose I will not use bitcoin banks to stored bitcoin for it seems like it has more risk than you do it in your own.

rina aulia

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The pros and cons responses must be there for any changes regarding the upcoming Bitcoin Bank, I see this as good news because there are already parties who maintain and guarantee security in storing balances on cryptocurrency trading

raidarksword

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As decentralized system as bitcoin and to be used on bank's centralized system would not be possible to do so, if forced then it would not last long. Since bitcoin was created as decentralized and away from the banks' control it would create chaos on what system would be taken and prioritized of what system to be used with.

mundorafael8

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I think it is an excellent idea! im not nervous at all.

smartbitcoininvestor

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A bank is a place to hold your money. It is a place where you can ask for a loan and they will give you money for a mortgage or a car. What you are referring to is likely a bank that will serve as an exchange for your Bitcoins.

SimonJones

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Quote from: Drysprinkles291 on November 11, 2018, 04:39:38 PM

This article on https://blockexplorer.com/news/bitcoin-banks-are-coming/ made me wonder... Bitcoin was designed to operate outside the banking system, right? It was created so that you don’t have to trust a bank or third-party. So how does it works if we get Bitcoin banks?

No, I am not nervous, rather I am happy because things will become much easier than what it is now.

pooya87

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it is true that bitcoin was created so that it doesn't need any third party (aka banks) to operate. but also you are forgetting that bitcoin has another feature called censorship resistance. in a way that means that anybody can use bitcoin! even banks. so when you say a "bitcoin bank" is coming, that means anybody is free to start a service with bitcoin, and a bank as a service provider is no exception.
it won't change anything for bitcoin though. in fact i always expect something like to happen but also i wonder how long would it take for it to fail.

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