Topic: Bitcoin cryptocurrency banks needed. - page 5. (Read 1014 times)

It may be a long time before that happens because of all the regulation and compliance mess up there is with having to deal with cryptocurrencies. Just now, banks are already starting to evade crypto — and even have been trying to tarnish its image by discouraging their users and spreading propaganda. But I’d have to agree that citizens have more trust for already reputable banks and will be more confident with the use of crypto if it were to be associated.

But I think that in time, it may be possible for crypto banks to exist or co-exist with other financial institutions. When the time comes that the reputation of crypto is no longer so vague, more people will begin engaging.

I am against big banks and crypto
Crypto are  currencies like any other currencies
Small banks accepting crypto why not
Big banks are money creators  thanks debt rising
Crypto appear like an alternative to big banks
We much more need functional online financial services what will support crypto and insured exchanges

I am another one that would support the idea to grab the masses and bring them to Bitcoin. Most people is lazy by nature this days, what do they want? They want to pay for a service so that they are relaxed, especially in developed countries where that is pretty easy to do.

Private wallets are a lot better for people who is interested about learning how to use the stuffs, even when programmers already worked a lot to make those wallets pretty easy to do there is still some learning involved, even if it's not much at all.

It will definitely be needed, both ideas should have a place from my point of view.

Looking at the vote all have so far voted NO banks which is good to know but still same have stated need to change the way we store funds. Still there are lots more to talk about regarding this topic.

Which I will share my ideas soon.
Still the poll is open until 22march so anyone can vote and leave comments for all to see.

Thank you

I dont think so.
I am against to this kind of idea.

Why? First of all we are trying to avoid the third party.
Wallets are user friendly now and even android smartphones can install one with just a little of reading and clicks, account could be created easily.

Crypto banks. You are just repeating history. At the end of that line they will just thank you for making them more money. They will have access to your funds to invest it more then they will just give a little to you.
Aint that the same with what is happening now.

Crypto currencies specially bitcoin is made for a change. A new kind of payment and a way for a currency to be used. And not just with plastic cards anymore where the owner of the banks is the only one who will get richer.

Hahaha...that one got me Anyways I'm with you also. Campaigning for crypto banks will even make it more riskier for us. Firstly it is very dangerous if you don't study the space and keep your money anyhow. Not talking about banks that keep on collapsing and freezing monies everyday. And moreover, it shall also lead to scammers being on the rise again.
So we just have to stick to the plan and be more cautious

anybody who understands what bitcoin stands for and is not here JUST for the profit will surely vote no to this question. we have all seen the issues with the banks and the corruptions that follow. and it doesn't only limit to them, you can see Coinbase and things that they have been doing recently which has made a lot of people so mad enough for them to close their accounts with this service which looks more like a bank rather than a regular exchange.

I am glad to see that so far 100% of people voted against the need of such banks. If people want to learn more about cryptos and start using them, there are many online tutorials, and it's really not that hard, so banks are not required here. As for losing cryptos - well, it's always your choice and responsibility where and how to store your money. If you're afraid to lose it, just go for reputable online wallets. And besides, the bank can also go bankrupt or something like that, so your money is not really safe there.
I just watched "The Big short" yesterday, and it made me hate the banks even more. The same ones that are now trying to kill the crypto market made lots of people lose their money, and then collected taxes of the citizens to make sure that they (the banks) still stay in charge and super rich.

Well I don't accept your reason given above for the introduction of crypto currency bank because of of just one incident that happened to an exchange in Canada. Saving crypto currency in an exchange we all know is very risky and not just because of that incident we should start clamuring for crypto currency bank.

I think it's better to have the existing banks now to accept cryptocurrency, not to create a bank only for the cryptocurrency. Banks nowadays are trusted and there are many investors here and there so it's more essential for a bank to upgrade their system and accept cryptocurrency. It will just fail to have a bank that is exclusive for cryptocurrency only, not all the time, cryptocurrency will hype your daily life. I personally don't want banks since I can't keep my money/bitcoin here in online wallet or hardware wallets.

I think the issue isn't clear cut. For us, who already are here online, who are used to using cashless payments, who know how to use Bitcoin - we don't w want banks, crypto or fiat. But we have to use them. I still need to sell my Bitcoin to pay my bills. And to be honest, even 90% of the spends I make are to merchants who actually only want to settle in cash/fiat.

So until we're in an age where Bitcoin is a currency more people are willing to accept, not simply hold, yeah we need those bridging banks. Sad but a necessary current need.

yes I agree but most people are not formally with safeguards this. If any reason can be a problem. Just was asking for a backup plan.

If anyone has idea for backup.

The key takeaway of bitcoin is enabling people to be their own bank, so creating a bitcoin bank solely for keeping other people's assets in hopes of a few % interest per annum is already killing the idea. Also, the ethos of bitcoin and cryptocurrencies is revolving in being trust-less and decentralized, and again, having a bank defeats that. Why would anyone who can already keep their own assets safe wish to have another party hold the assets for them? Entrusting it to some other people heightens the risk of their assets being lost in the void, and in order to avoid such scenarios, better keep your assets yourself and just be extra careful handling it.

That way I don’t understand KYC, this is like a bank anyway. Some exchange say need KYC which is fine but I don’t want to send my detail to random exchange just to trade.

So why did people converted from banking investors to cryptocurrency when we will go back to what we’ve. done before?we are now here in crypto world because banks didn’t treat us fair and now another banks for crypto?No i am not supporting this because being a crypto holder we will be responsible for our crypto assets and we can took care of those in many option but not with banks.we need to have a solely access on our coins and tokens,thats my stand and woll never be changed

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.

you shouldn't introduce a lot of complexity and lots of issues just because you want to solve something that can be solved in a much easier manner. for example in this case to add a bitcoin bank just to solve this (or similar things) is not a good idea simply because we already have simpler methods.

you can already do this with regular banks you don't need a "bitcoin bank" there are lots of them that offer safety deposit boxes where you can store your private keys or seed phrases that you write on a piece of paper or on a metal!
you can also use the multi signature features of bitcoin to share the ownership of funds with others like your wife.

Cryptocurrency is not meant to be controlled your money by someone else rather it has to be controlled by yourself only.
If we have crypto banks than what will be the difference in traditional banks?


I'm not supporting... not at all!


If those who can't store their cryptocurrency then they should not get involved in it. If they still want to get in then they should learn how to take control of their own assets.
"Learning" is the main key to get into it and "learning" is like a sea...there is no end. Remember "Knowledge is power"!


Users should store their cryptocurrencies where they are able to control their wallets by private keys. No matter if they get an issue with their pc, they can restore their wallet and recover the funds. Another thing is, does not install wallet in system drive, this is what I do and I suggest.

Regarding the Canadian exchange logic you mentioned, my anwser is as below
Users can share their private keys, passwords with their Father, Mother, Brother, Sister, Wife, Children (if matured) and teach them how to get access to the wallet and do transactions. In this way, I think your cryptocurrencies will never get lost. I have shared my private keys, wallet passwords, exchange passwords with my brother and wife, they have access to my all resources... I trust them blindly, so it is not an issue for me.

Canadian Exchange case is different here. I'm not talking about it here.

Why not making somebody close to your heart, aware of crypto-ways? Teach somebody how it works, where, when and why to use it. Tell the tale and enlighten your kinds or wife, maybe parents etc. If you scared they will spend all irresponsibly then simply create a puzzle that governs the password and hide it somewhere. Just like the map to the treasure. Nothing really changed.    

So far your poll says it all, five against null in favour of "don't need". That also was my vote.
You see the case is how banks handle the deposits. I'm more than sure, they will at some point issue the IOU notes.
Basically making fiats of crypto once again, just like it was with the gold and all other precious stuffs.

One of the difference between Fiat and crypto is, fiat is centralised and crypto is not. I do not find the need for any crypto bank as such. I am against custodial exchanges just because they hold our funds with private key then banks is a big "NO".

If you find any loop hole in the technology then give ideas to improve it instead of going back to centralised version. Those who have not used wallets/ exchanges will read and learn on there own.