Topic: Bitcoin traders are denied bank accounts globally by the banks- Satoshi Nakamoto (Read 194 times)

I don't think you need a bank for cryptocurrency, because if you use  trust wallet or meta-mask etc wallet you don't need a bank, because it's decentralized and you own it. You can use any decentralized wallet just like as  a bank

the difference between being a trader(investor) and being a service provider(exchange) is whom/why your doing wire transfers.

if your doing wire transfers to/from a service. then your the customer/investor.
if your providing a method for others to swap with you in and out. your a service provider(exchange)
 
for instance. a bitcoin node relays transactions but doesnt do it for commission/fee..
a LN router node provides a service to route payments for others for a commission/fee. so a LN node doing routing is a service provider

banks have now relaxed and allowed personal bank accounts to wire transfer to regulated exchanges and still be classed as personal use.
but if your doing loads of wire transfers to lots of people. you are not following the policy of a personal account and you need to establish yourself as a business account, then they will allow all them random wire transfers as long as you can explain whom(KYC)/why(AML) you are doing the transfers

Well, many people think that Bitcoin traders do not need fiat banking service if the merchants accept Bitcoin and pay fiat cash for bitcoin. That is fine for micro transactions. Those exchanges providing some facilities to Bitcoin traders they may have facilities from few Bitcoin friendly banks but it is very small numbers.

Every country there is a central bank and many commercial banks working under those Central banks. I understand that the banking families are in charge of those commercial banks as well as the central banks under mandate signed by the governments. The governments are formed by the financial elites to protect the interest of those financial elites. It is a well known fact that the central banks have debaced our money by quantitative easing. The truth is government supposed to work for the best interest of the public because government legitimise their government by the public votes but after they are ellected they mostly work for the interest of elites and for themselves, so the institution known as government is not trust able.

Now, if 'we' can manage create a banks that can provide intermediary financial services between the fiat banks and Bitcoin traders will be a better option. You cannot fight with a gang of armed forces when you yourself are unarmed. Therefore according to the logic and wisdom you must the nature and element of my topics and read it not just merely a proposal but read it with foredighted. We need to work hard Soulders to shoulders in Bitcoin community to win the battle fore sure. Cryptography has given us a roadmap to march ahead with Bitcoin army without machinegun but we have a long way to go to the promise land of decentralized financial full freedom with Bitcoin.

If the we are foredighted and work accordingly with one single vision and mission then one day Bitcoin will take us in the  complete victory after the fierce battle against Gog which mean rich elite. And we are Magog mean poor multitudes of people the 99.99 percentage.

Now, setting up a Crypto Bank will enable us to provide banking service to the unbanked people as well as to the Bitcoin traders. I am not necessarily speaking of just to setting up a simple commercial bank but a bank end up the days the governments globally will be relying to collect taxes and revenues from the public using Bitcoin and Blockchain. This will be the Bank of the central  banks. Even the elites will have no other options except using the Bitcoin and Blockchain for their personal and commercial banking.

It is paradigm, it is a mission. Many of you won't understand it like Bitcoin early days, many people had no clues to understand the Bitcoin protocol. What I need is please discuss about it ingelegently without verbal attack to each other in a civilised manner.

Thanks for discussion.


!)ruid

I agree with him that it is really difficult to set up a bank account once you have just stated that you are involved with crypto. A lot of friends of mine keep getting their bank accounts frozen because of the violation of terms by which they are struggling to open an account. We really should have a bank that accepts these kinds of activities, but I am pretty sure that if a country legalized bitcoin, banks will not be a problem, but for countries that are still in the middle, I believe it would be difficult to have a bank that accepts these kinds of activities because the government will not allow it.

I think you may have misunderstood the very point of Bitcoin. And that is to "Be Your Own Bank".

Fiat is the money 2.0 and Bitcoin is the money 3.0. Big update. Soon nobody will want to own Money 2.0 because Money 3.0 is better. So you see, Bitcoin banks are a bit of a bad idea because you are using the old system of trust rather the new system, which is to verify (not trust).

For the people who don't trust themselves with not giving away their seed phrase to every internet site that asks for it, I guess you could do KYC on a registered crypto-exchange like Binance and just leave your money in the hands of a third party - Which is a dumb thing, but you will be able to recover your funds when you inevitably lose your password. There is also Decentralized Finance you can use with other Blockchains.

You could put your trust into banks or you can put your trust into yourself. The best thing you can do for yourself is to think about investing more fiat into Bitcoin. Thats my subjective opinion though, I am no banker.  



Literally who? I have never heard of Satoshi Nakamoto referred to as Moses Goldman.

Why should you set up a bank? Isn't it another way of centralization that we all have been avoiding?

The solution is already right in your presence (P2P) if banks refused to open account for cryptocurrency users then we make use of the p2p service, no restriction nothing itching and you get your transaction done in a lesser couple of minutes or seconds. Let me remind you, even though you try set up a bank, the government frustration that will be mounted on you will be too much to make it function, whereas you're an entity everyone knows and can be identified, so why taking a whole risk of using your bank that can be halted anytime either by you or the government.

what is needed is to get out of the old scheme not only in the technological execution offered by bitcoin also in the way of thinking, it seems that both things go together in those who use or know bitcoin but it is not always like that.

I do not think that by setting-up a decentralized bank would solve the issue- in fact, it can be resolved relatively easier depending on the exchange regulations per country.

The problem with banks is that they seem to doubt the authenticity of the funds coming from your wallet. They often flag or at least question the veracity of the funds coming from them as they are heavily regulated. Fortunately, there are local exchanges that offer services in order to get your cash. In addition, I think you can also submit extra KYC documents in order to bypass such regulation.

The Reserve Banks will never give you a license and authority to operate, if you want to go against the mainstream agenda of the global Banking system. They have the authority to allow you to operate within their regulatory framework that will protect their interest.

Once you breach those "requirements" to operate your Bank, they will fine you or they will cancel your approval to operate the Bank. The governments of this world and some "Puppet Masters" are controlling the financial system... so you will not succeed, without their support. 

And how would that happen? If you are setting up a crypto bank, it will still have to abide the law of the country where you will be incorporating the bank. For an individual with no foreign work history, is extremely difficult to set up a foreign bank account and it's like an invitation guven to the income tax department to open an investigation.

Bitcoin doesn't need a bank! If we can find a way to make micro payments through bitcoin and a merchant ready to accept it. If you open up a crypto bank, you will only be serving a very minor percentage of the crypto community. There's no global solution available due to the tight regulations around banking all over the world.

I'm going to take your thread the same way I take your personal text, as a joke.

If you are half serious, explain me one thing: Bitcoin traders, those who are dedicated to buy and sell bitcoin depending on their expectations of it going up or down, how come:

1) don't already have a bank account? In order to be able to buy moderately significant amounts of Bitcoin, they have somehow had to be able to convert fiat to Bitcoin.
2) What do they need a bank account for?

if your admitting to your bank that you are a bitcoin trader with multiple random people you do not know, then you are admitting that you are a payment processor(EU law) or a MSB(us law)... trading between lots of people makes you a financial business essentially, which means you have to declare yourself as a business and have a business account. thus pushes you into the fiat regulations of such money service processors/businesses

yep many people that think they can just 'decentralise' exchanging have it all wrong. as soon as your bank sees that you are doing many many transfers out with lots of random people.. and then many transfers in with a completely different bunch of random people,  the bank will flag you as being either an unregistered money service processor/business or a money launderer, so you have to then legitimise yourself by becoming a business

if however you are just using one single central exchange or maybe just a couple they would deem that as your personal investment use which would be more tolerated in many countries to be done on a personal account

in short. those thinking of being 'decentralised exchanges' using a personal(emphasis) account.. but not wanting the regulation of declaring themselves as an exchanger. think again, your bank will see all the random wire transfers into/out-of your personal account and want you to establish yourself as a business by limiting your services they offer to you in your personal account, until you do so. so just dont try over-doing things on a personal account

There are already a lot of banks that are crypto-friendly. I believe that this is just the beginning, where most of the banks are still strict when it comes to cryptocurrency because they know there is some part that for them, cryptocurrency is a competitor.

Another thing is alternatives, there are some decentralized exchanges now too, and BitMaxz said, P2P is also a good alternative.

For sure in the future, once Bitcoin is more popular and global accepted, I believe there are some times that we don't need banks at all.

Lets see:

Quontic Bank: https://www.quontic.com/bitcoin-rewards-checking/

Ally Bank talking about Coinbase: https://www.ally.com/do-it-right/trends/weekly-viewpoint-april-16-2021-coinbase-crypto/

Goldman Sachs (although they are more a brokerage they do have full banking): https://www.cnbc.com/2022/03/21/bitcoin-options-goldman-sachs-announces-otc-crypto-trade-with-galaxy-digital.html

USAA actually has coinbase integrated into their app: https://www.usaa.com/inet/wc/account_management_coinbase_landing?akredirect=true

NURI: https://nuri.com/


If you can't find a crypto friendly bank you are not trying and just want to sit around and complain.

-Dave

Actually, Bitcoin doesn't need a bank you can have a wallet that you can use as a bank that is decentralized no one control it except you, unlike banks that are actually centralized and monitored by the government.
Another thing is Bitcoin can be exchanged without banks there are many exchanges right now to exchange Bitcoin into FIAT. Or you can sell Bitcoin on P2P sites.

I search a bit and I think there are some banks that support Bitcoin not globally only a few countries that support Bitcoin.

And I think the reason why they do not support Bitcoin is that they don't want all people to know about Bitcoin. Banks are business that needs people's money to save on their banks and use them to give a loan to someone and profit. And I don't like their very small interest per annum.

Many Bitcoin traders are finding difficulties opening  bank account in their own countries. It is a big problem and it need to be discussed to find a solution.

The Bitcoin traders need banking service from the banking industry without discrimination. If the fiat banks continuously deny the Bitcoin traders bank account then I must have a solution, so all the Bitcoin traders can accelerate the Bitcoinu businesses to progress rapidly.

The solution to this problem is 'we' need to setup a bank, let's discuss and support me, I on the way to set up a Commercial Crypto Bank.

 Does bitcoin community globally need a bank ?

Moses Goldman aka
Satoshi Nakamoto