Bitcoin savings account? - page 5. | Bitcointalksearch.org

Casdinyard

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Quote from: sumit513 on June 25, 2017, 10:56:53 PM

Is there any upcoming project that would act like a bitcoin savings account?

Even if that bitcoin savings account exist, I will not go with it. Like I'll never entrust my bitcoin to that. Whoever knows what will possibly happen.
I'll just trade my btc, and that's a good shot.

~Bitcoin~

legendary

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A big no and if there are any i think all of them willbe just another scam. Interest on bitcoin savings is not possible because there is no way for those services to earn from bitcoin deposits like bank earn from loans. There are few p2p lending platform that claims to give you interest but dont trust them.

DOGE12321

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I am pretty sure that Yobit.net offers this feature. Once you deposit you should attain interest for 0.2% for a minimum investment of 0.01BTC.

Another site that offers interest is safedice.com. You can invest part of your Bitcoin balance to the site bankroll for other players to bet against. Your profit will be calculated according to your stake in the bankroll. While in the long-term, you should make a sustainable profit from the house edge, it is possible for you to also lose in the short term because of the variance.

slowlii

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Quote from: sumit513 on June 25, 2017, 10:56:53 PM

Is there any upcoming project that would act like a bitcoin savings account?

To me, you don't need any saving account because a saving account has nothing to do with you. You can easily create a secure paper wallet and start to save your bitcoin from today.

Kotone

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Quote from: sumit513 on June 25, 2017, 10:56:53 PM

Is there any upcoming project that would act like a bitcoin savings account?

I think there will be few sites to save bitcoinss. But many of them is not true and they will only scam you. If you really want to save it , invest it in trading site buy some coins and make it until it has profit or save it and hold it in your online wallet that will be good . In that case you will be able to monitor it.

freebutcaged

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Quote from: Luke2939 on June 26, 2017, 07:15:18 AM

I don't think there is anything such as a bitcoin savings account. What you are asking is for a bitcoin bank which does not exist as of now. And it doesn't make much of a sense to have a bitcoin bank as that would lead to centralization and bitcoin aims to decentralize money.

Taking abut banks, there is a project known as Polybius which aims to be a crypto funded bank. The ICO is still going on. And is about to hit their target. Check ico.polybius.io

You had to bring up a scam ICO into this? do you really think if these kinds of ICOs were legitimate and profitable all of the smart and rich

Investors would've let you and I to even see a single coin? even with exchanges such as Liqui and Yobit paying a high interest rate they could

Close the investment at any time claiming that there is no more new investors so we're sorry to inform you that you are officially fucked, Russian

Kind Wink

.

Quote from: audaciousbeing on June 26, 2017, 07:28:01 AM

Quote from: sumit513 on June 25, 2017, 10:56:53 PM

Is there any upcoming project that would act like a bitcoin savings account?

There is already a project for that if you are comfortable to the interest they are paying and that is freebitco.in. Its a site that have been on the space for quite an amount of time through their faucet platform and other ways such as gambling and lottery platforms. So, you are good to trust them with your money and get your interest even though might be small.

Did you even read at least 3 first posts here mate or just had to repeat like the parrot that you are? freebitcoin, I wonder how would they earn

From bets if it's really a provably fair? I guessed it myself, the house edge is very high.

deisik

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Quote from: squatz1 on June 26, 2017, 01:07:28 PM

Well, if you wanted a savings account I know there is some stuff like this when it comes to the Chinese wallets. Though I wouldn't think this would be safe, nor one of the best options with the current insane amount of volatility with Bitcoin so I'd avoid this entire thing all together. If you want something that's going to act like a savings account (NO INTEREST THOUGH) you should be using the BTC-VAULT from Coinbase, which is going to force you into leaving the Bitcoin there for a set amount of time with the only recourse being you AND ANOTHER DESIGNATED EMAIL approving the transaction.

So, BTC-VAULT from coinbase is really going to be it

I'm curious if there are folks who are considering that seriously?

No third party can provide you with a better security and safety for your coins than a good old paper wallet. While your funds at Coinbase may be vaulted, encrypted and insured at that (and whatnot), you are still taking what is called a third party risk (whether you like it not). If the US government chooses so, all your coins will be confiscated under some pretext (or even without any pretext at all) in a matter of minutes. If you don't care about interest, you should keep your coins in your wallet in your pocket, figuratively speaking

sonicwave

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Quote from: LeGaulois on June 26, 2017, 02:19:23 PM

A Bitcoin saving account will need to give you a percentage yearly but from where this extra money will come from? From others people who deposited later like you. Unless the company is generating revenues but in this case better for the company to keep the profits instead share it so they won't need people depositing bitcoin in a saving account.

Is this the actual thing Bitcoin Savings account? Is it more dangerous to have your wallet and there to store your Bitcoin the best time and prices. Maybe I'm in something wrong and do not understand.

LeGaulois

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A Bitcoin saving account will need to give you a percentage yearly but from where this extra money will come from? From others people who deposited later like you. Unless the company is generating revenues but in this case better for the company to keep the profits instead share it so they won't need people depositing bitcoin in a saving account.

Xavofat

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Quote from: ulhaq on June 26, 2017, 12:44:42 PM

This is rubbish. Interest exists because people need capital to start enterprises, so they borrow money, and have to pay back interest on it, a portion of which goes to the lender (you). So it does make sense, even in a decentralized currency.

It bloody well doesn't. These would require trusting someone else with your coins/private keys. Bitcoin brings sovereignty because you have full control over your funds, something which digital fiat money (in a bank) can't give you. You are supposed to own Bitcoin in the same way that you own cash - personally, with no third party trust.

yooper

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Quote from: evermarkets on June 26, 2017, 07:07:58 AM

Are you interested in a savings account because you want a purely riskless way of earning more BTC, or would you be open to a relatively low (but not zero) lending agreement with potentially higher interest?

I ask since I'm a developer working in the space from a finance background, and have been evaluating some projects in the latter (lending) space.

Putting your money in a saving account should inherently be more of the latter but, at least in the US, the FDIC will back you up with the full faith of the US gov't to the tune of $250k USD, making it the former. Not sure how the equivalent in BTC would look like (nor would we want one, possibly?).

fwiw .... coinbase also had FDIC insurance on the fiat wallets.

squatz1

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Well, if you wanted a savings account I know there is some stuff like this when it comes to the Chinese wallets. Though I wouldn't think this would be safe, nor one of the best options with the current insane amount of volatility with Bitcoin so I'd avoid this entire thing all together. If you want something that's going to act like a savings account (NO INTEREST THOUGH) you should be using the BTC-VAULT from Coinbase, which is going to force you into leaving the Bitcoin there for a set amount of time with the only recourse being you AND ANOTHER DESIGNATED EMAIL approving the transaction.

So, BTC-VAULT from coinbase is really going to be it.

ulhaq

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Quote from: audaciousbeing on June 26, 2017, 07:28:01 AM

Quote from: sumit513 on June 25, 2017, 10:56:53 PM

Is there any upcoming project that would act like a bitcoin savings account?

There is already a project for that if you are comfortable to the interest they are paying and that is freebitco.in. Its a site that have been on the space for quite an amount of time through their faucet platform and other ways such as gambling and lottery platforms. So, you are good to trust them with your money and get your interest even though might be small.

What happens when freebitco.in gets hacked and all the bitcoin is stolen?

Quote from: Luke2939 on June 26, 2017, 07:15:18 AM

I don't think there is anything such as a bitcoin savings account. What you are asking is for a bitcoin bank which does not exist as of now. And it doesn't make much of a sense to have a bitcoin bank as that would lead to centralization and bitcoin aims to decentralize money.

This is rubbish. Interest exists because people need capital to start enterprises, so they borrow money, and have to pay back interest on it, a portion of which goes to the lender (you). So it does make sense, even in a decentralized currency.

Quote

Isn't %4.08 annually very much stupid and low? fuck mate if I were to give my money to a bank locally I'd received %18 annually, this is just lame.

There is no guarantee whatsoever to secure our coins correct?

18% in your currency is not going to amount to much because of inflation. Return on a currency = interest PLUS inflation.

mrcash02

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Quote from: freebutcaged on June 26, 2017, 01:50:04 AM

Quote

Yes, there is this feature on FreeBitco.in. The site is working since 2013, very good site (faucet, Dice game, rewards and now investment).

They pay 0.01% interest daily, 4.08% annualy interest. Balances over 30.000 satoshis are credited every day in random hours.

Isn't %4.08 annually very much stupid and low? fuck mate if I were to give my money to a bank locally I'd received %18 annually, this is just lame.

There is no guarantee whatsoever to secure our coins correct?

18% annually at banks you will earn interest in fiat, not BTC, what means your money is losing price within time, exactly the oppost by starting a BTC investment. For who just keep their money on the wallet, 4.08% annually is better than nothing...

The only guarantee is the reputation of the site and its owners, like any other online decentralized investment.

audaciousbeing

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Quote from: sumit513 on June 25, 2017, 10:56:53 PM

Is there any upcoming project that would act like a bitcoin savings account?

There is already a project for that if you are comfortable to the interest they are paying and that is freebitco.in. Its a site that have been on the space for quite an amount of time through their faucet platform and other ways such as gambling and lottery platforms. So, you are good to trust them with your money and get your interest even though might be small.

Luke2939

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I don't think there is anything such as a bitcoin savings account. What you are asking is for a bitcoin bank which does not exist as of now. And it doesn't make much of a sense to have a bitcoin bank as that would lead to centralization and bitcoin aims to decentralize money.

Taking abut banks, there is a project known as Polybius which aims to be a crypto funded bank. The ICO is still going on. And is about to hit their target. Check ico.polybius.io

xFiber

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You could just make a paperwallet and store some bitcoin on there on a monthly basis. You won't get interest on your bitcoin but the price will most likely keep going up if you hold onto them. I think right now that would be your best option. Same goes for a hardwallet ofcourse.

Xavofat

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Did you see that ludicrous display last night?

Step 1. Join this lovely currency to save yourself from banks.

Step 2. Create a bank.

Yeah, really sounds like a great idea doesn't it?

evermarkets

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Are you interested in a savings account because you want a purely riskless way of earning more BTC, or would you be open to a relatively low (but not zero) lending agreement with potentially higher interest?

I ask since I'm a developer working in the space from a finance background, and have been evaluating some projects in the latter (lending) space.

Putting your money in a saving account should inherently be more of the latter but, at least in the US, the FDIC will back you up with the full faith of the US gov't to the tune of $250k USD, making it the former. Not sure how the equivalent in BTC would look like (nor would we want one, possibly?).

freebutcaged

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Quote from: AicecreaME on June 26, 2017, 04:06:17 AM

Quote from: sumit513 on June 25, 2017, 10:56:53 PM

Is there any upcoming project that would act like a bitcoin savings account?

Just keep on saving your bitcoin in your wallet and then you could make enough profits every time that bitcoin price would PUMP, and not just profits, but bigger profits more than you could ever imagine. Investing your money into bitcoin if you don't know how to earn bitcoin is a great idea too, because they have the same benefits on you.

That is just a shitpost mate, enough already who the hell wants to hold Bitcoins idling in wallets and rot? people need something safe, secured

And with a worthy interest rate, IMO Bitcoin should give this to us as well now that it has delivered us from banking regimes. I take it if you invest

In yoshit you could get %6 monthly and %72 annually, why the fuck would I waste my time and invest in freebitco.in while I can get a lot more

Else where? though if they are really paying 0.2 interest daily on BTC deposits.

Topic: Bitcoin savings account? - page 5. (Read 4323 times)