Bitcoin cryptocurrency banks needed. - page 4.

eaLiTy

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Quote from: Jimmymark on March 16, 2019, 08:33:14 PM

I am one of them that support cryptocurrency banks.
Why I supposed is because not all cryptocurrency uses can store there cryptocurrency safely and need support.
Most people don’t know about cryptocurrency wallets or have never used cryptocurrency but want to know more.

Most important factor here is if you have a lot of cryptocurrency and store on a ledge or pc what would happen if something goes wrong. Like the Canadian cryptocurrency exchange where the owner dead and investors lost there crypto because he was the only one with access to the legal.
If this was stored in a bank and was in control of cryptocurrency bank manager then this would have been avoided.

You have cited the extreme case scenarios when the coins are stored in a third party wallet or exchange and still you are rooting for crypto currency banks which is really strange, let us assume that a private bank in created, who will hold the wallet, the owner who started the bank like the Canadian exchange did, so what happens when he dies, you will insure the entire investment and compensate everyone, i am not sure which insurance will take that risk, if you are talking about government controlled or public sector crypto banks, i really do not think we will see that anytime soon nor we do not need those. The idea of the technology is to have full control over your asset and not with the third party.

Johnzky

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Banks that run by crypto rules and regulations?If does then i will agree on this but if just like what the fiat banks i will disagree
I have been abused by banks ever since thats why i converted all my money here in this market and hoping to have multiple profit compared with bank depositing

Jimmymark

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Quote from: LeGaulois on March 18, 2019, 08:32:21 AM

Quote

I am one of them that support cryptocurrency banks.
Why I supposed is because not all cryptocurrency uses can store there cryptocurrency safely and need support.
Most people don’t know about cryptocurrency wallets or have never used cryptocurrency but want to know more.

That's why the web-based wallets like Coinbase are good enough for beginners. Difficult to make it more user-friendly than that. If they can't handle their username/password correctly they shouldn't go to the www.
Once someone gets experience with BTC, he could become interested to use another type of wallet (one that he will really have full control over with his private keys).

Quote

Most important factor here is if you have a lot of cryptocurrency and store on a ledge or pc what would happen if something goes wrong. Like the Canadian cryptocurrency exchange where the owner dead and investors lost there crypto because he was the only one with access to the legal.
If this was stored in a bank and was in control of cryptocurrency bank manager then this would have been avoided.

You don't make sense, If I have "a lot of cryptocurrencies stored on a Ledger device or PC" why should I care of what happened to this Canadian exchange. My coins aren't stored there. So, what?

Something sure is that we don't need crypto banks if they're controlled by the same cartel

Yes. That exchange does not affect me. But answer are still missing one of the biggest questions is. Good forbid if wallet or ledger hold passed away, then what happens to there wallet fund gone with him.
This is why I used this exchange guy. As reference. If something happens to the wallet holder wouldn’t have he or she wanted love one to take these funds or just die with him.

There are a lot of questions that need to be answered and implemented.
These need to be look in to, banks are not what bitcoins are about, I know this but still having fund on a ledger and hoping one day you will be able to pass this on before you pass away or any other bad scenarios happen. Is not forward thinking.
I wanted to find out what members think about bank or any other function which can hold investor fund and transfer over in a bad scenario, like a will.
Thank you for reply.

LeGaulois

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Quote

I am one of them that support cryptocurrency banks.
Why I supposed is because not all cryptocurrency uses can store there cryptocurrency safely and need support.
Most people don’t know about cryptocurrency wallets or have never used cryptocurrency but want to know more.

That's why the web-based wallets like Coinbase are good enough for beginners. Difficult to make it more user-friendly than that. If they can't handle their username/password correctly they shouldn't go to the www.
Once someone gets experience with BTC, he could become interested to use another type of wallet (one that he will really have full control over with his private keys).

Quote

Most important factor here is if you have a lot of cryptocurrency and store on a ledge or pc what would happen if something goes wrong. Like the Canadian cryptocurrency exchange where the owner dead and investors lost there crypto because he was the only one with access to the legal.
If this was stored in a bank and was in control of cryptocurrency bank manager then this would have been avoided.

You don't make sense, If I have "a lot of cryptocurrencies stored on a Ledger device or PC" why should I care of what happened to this Canadian exchange. My coins aren't stored there. So, what?

Something sure is that we don't need crypto banks if they're controlled by the same cartel

Jimmymark

newbie

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Bitcoin should be decebtralized and having user keep there anonymous right, so if when you use bitcoins for transaction. Why the hell do exchange or anyother places ask KYC, this just kills the whole process.

If KYC should be suppied then I want a large company or bank which I can trust.
Please leave you vote. and comment if possible.
Thank you Grin

proTECH77

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Quote from: ?? on ??

I imagine crypto banks could be beneficial for distributing crypto to the general population. A small percentage of people have the tech knowledge and willingness to emerge themselves into a whole new system like bitcoin.

Definitely what you could see as beneficial to crypto by imagine crypto Banks is much farther than the truth of the dogma behind the technology. Involving the Banks to have access to cryptocurrency will defeat the true meaning of decentralization thereby empowering the government to control our freedom with no transparency and anonymity. Regulation is what the system need to work fine with Banks and not the Banks being in charge.

Sandus_Cryptolover

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Quote from: timerland on March 17, 2019, 04:27:31 AM

I believe banks are always centralised right? So far, I have never heard/seen a decentralized bank (except bitcoin). I'm assuming a bank would be in custody of your cryptocurrencies, which is one of the main issues crypto is trying to solve? That you are in control of your own funds, and you can send them and receive them anyway you'd like.

I guess exchanges are the sort of crypto banks, and they are regarded as usually unsafe. You can get your assets frozen quite quickly, and they randomaly demand KYC for no apparent reason.

Pursuer said it very well.

I often wonder the reason for such KYC process on exchanges knowing well that blockchain technology itself preaches anonymousity of users' data to avoid hacking. I believe more decentrealized exchanges will help address such unruly processes of centralized exchanges adequately.

shesheboy

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Quote from: Argoo on March 18, 2019, 12:00:08 AM

I do not see any special need for the existence of cryptocurrency banks, because I have little idea how they will work in practice.

If there are crypto banks we can cash in and withdrew crypto easily but i dont get you , why do you say that crypto banks are not useful ? Nowadays , crypto banks are now already existed on most countries and for sure that the number of these kind of banks can soon increase because crypto users are always demanding for it .

However this kind of banks can cause a little conflict from the standard/traditional banks because they think that this are a threat to their business . they might feel threatend with it imo .

Ozero

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I think that the question whether cryptocurrency banks are needed or not should be given by the people themselves. It is necessary not to interfere with the creation of such banks, and only the demand for its services must decide whether they exist or not. Someone can continue to do without the services of such banks, and someone wants to use its services. This is the right to choose users of cryptocurrency. It is necessary to provide them with such a right. If there is no demand for such banks, they will simply cease to exist.

Argoo

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I do not see any special need for the existence of cryptocurrency banks, because I have little idea how they will work in practice. However, the bank is voluntary. If someone wants to use his services, why not allow it. On the contrary, to show the uselessness of such banks, they need to be created so that they work and go bankrupt. So let yourself be created. I think there will be no harm for cryptocurrency.

BeGoods

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Quote from: Jimmymark on March 17, 2019, 12:51:26 PM

Quote from: ?? on ??

You know ones wallet or exchange is same thing as cryptocurrency bank right? I don't see the need for the specific Bitcoin bank when we have already have some thing similar to that. Go back and check the usefulness of a bank and see that the desktop or Android wallet that we already have has given us the same use.

sure I understand this 100% right here.

But like to know what happens if the guy with the fund something happens. How will he or she pass on the fund to loved one. Banks are done automatically with legal help. But cryptocurrency will be lost for ever.

Like the cannadan exchange guy that died and exchange investor lost there fund because he was the only one with access to the wallet.

The existence of a physical cryptocurrency bank will make crypto more popular in the surrounding environment and certainly will make crypto look more official and trusted, of course it will help user transactions as well. regardless of the risk, but this idea is good to be realized..

gilangIDR

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Quote from: ?? on ??

They would have to be insured but the entire point was that it was a system where there was no trust needed. You don't need to trust a bank to keep it safe.

When cryptocurrencies can be developed much better, we don't need a conventional bank. All transactions can be carried out by cryptocurrencies. But before that all there must be a regulation that regulates everything, for me cryptocurrencies are a technological advance in the digital financial system and that is needed to support much better technological progress.

Questat

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Not literally bank, we need an insurance system that will secure our funds and that should be facilitated by the exchange.
They will be force to have that in their system if the government will regulate them, if they will not comply they will be penalized.
The problem with crypto is that we lack regulation that is why it's risky for investors.

We have seen a lot of exchange getting hack, and that shows they are vulnerable since they have the money, it could be from inside or outside, the example was from an insider so that's hard to detect and only strict regulation might prevent them from doing it.

ralle14

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Quote from: Jimmymark on March 17, 2019, 12:51:26 PM

But like to know what happens if the guy with the fund something happens. How will he or she pass on the fund to loved one. Banks are done automatically with legal help. But cryptocurrency will be lost for ever.

Like the cannadan exchange guy that died and exchange investor lost there fund because he was the only one with access to the wallet.

You already knew its lost unless there's a message left by the owner on how to recover the wallet. If you want a cryptocurrency bank just for this I think it's not worth it.

This is just a rare scenario though and if you're afraid no one could retrieve it then prepare in advance.

Caladonian

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Quote from: Jimmymark on March 17, 2019, 12:51:26 PM

Quote from: ?? on ??

You know ones wallet or exchange is same thing as cryptocurrency bank right? I don't see the need for the specific Bitcoin bank when we have already have some thing similar to that. Go back and check the usefulness of a bank and see that the desktop or Android wallet that we already have has given us the same use.

sure I understand this 100% right here.

But like to know what happens if the guy with the fund something happens. How will he or she pass on the fund to loved one. Banks are done automatically with legal help. But cryptocurrency will be lost for ever.

Like the cannadan exchange guy that died and exchange investor lost there fund because he was the only one with access to the wallet.

And that's also the reason why most of the investors already learned from that and begin to make their love one's aware with this investment currency, I'm also not in favor of creating specific bank for this sole purpose, I still believe that crypto was made to be your own bank by storing it inside a safe wallet that you have full control.

It's only time can tell and conclude if such things still needed or we can stick to what we already enjoying right now.

Jimmymark

newbie

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Quote from: ?? on ??

You know ones wallet or exchange is same thing as cryptocurrency bank right? I don't see the need for the specific Bitcoin bank when we have already have some thing similar to that. Go back and check the usefulness of a bank and see that the desktop or Android wallet that we already have has given us the same use.

sure I understand this 100% right here.

But like to know what happens if the guy with the fund something happens. How will he or she pass on the fund to loved one. Banks are done automatically with legal help. But cryptocurrency will be lost for ever.

Like the cannadan exchange guy that died and exchange investor lost there fund because he was the only one with access to the wallet.

Leonardo7

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I don't like your ideology of a Cryptocurrency bank. Why would a centralized system be in custody of my fund? If you don't have control over your private key, just forget about it, that fund is as good as not yours, should anything goes wrong with the bank or whatsoever wallet. Have control over your private keys and forget a third party trustee.

Jimmymark

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Quote from: atraay on March 17, 2019, 09:35:43 AM

Banks are not needed for payments and calculations, crypto will cope with this itself.
The main function of banks is to accumulate investors' money through deposits and transfer them to other sectors of the economy through loans.
But crypto does not work yet with this. The reason is the wild volatility. Stablecoins exist but so far in relation to fiat currencies only. And it is unclear so far what to do with this all.

correct but what I am saying is not for transferring fund I mean for holding funds some investor don’t use regular just hold for long term investment porpoises so would be good for these guys. Holding funds in exchange can be dangerous if exchange get hacked or exchange closes down.

atraay

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Banks are not needed for payments and calculations, crypto will cope with this itself.
The main function of banks is to accumulate investors' money through deposits and transfer them to other sectors of the economy through loans.
But crypto does not work yet with this. The reason is the wild volatility. Stablecoins exist but so far in relation to fiat currencies only. And it is unclear so far what to do with this all.

veleten

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on one hand cryptocurrency banks defeat the purpose of cryptocurrency itself
why use cypto if you can have a much better fiat features in this area - liquidity ,speed etc.
but on the other hand sometimes it could be beneficial to start new projects in crypta ,thus increasing the adoption
and cryptocurrency banks in the meaning of places where people could get a cryptocurrency loan to start their business , should exist in some form
maybe called differnetly , because we associate banks with your regular solid stone building with a vault

this why I voted not sure , there are pros and cons and it is worth discussing

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