Topic: Build a Bank Of Bitcoin - page 2. (Read 26506 times)
Need regulation by country first to build a bank of bitcoin, many people interested for saving money in bank of bitcoin than have keep saving at bank usually using cash money and have lower price every day.
if i build a bank of bitcoin that operating like a traditional fiat money bank when people can save the money and get interest for their saving and also people can get a loan from my bank but the fiat money is change for bitcoin, the question is would you guys trust me to save your bitcoin on my bitcoin bank that i want to build ?
It defeats the whole purpose of the blockchain which aims to eliminate the need for a third-party consensus in handling every transactions.
The blockchain technology was created for the purpose of putting every transaction in a public ledger which can be seen by all people in a public ledger, which each steps of the transaction being absolute and unalterable. On the other hand, banks have control over the transactions and we create a fiduciary relationship between them in storing our money.
If a bitcoin bank were to be created, there needs to be someone who oversees the transaction, which again defeats the whole purpose of creating the blockchain.
Banks have begun to adopt the blockchain technology for the efficient functioning of their services.
Already there were few financial service renders who function completely with cryptocurrencies.
There isn't any bank to function completely on bitcoin for some security reasons, and hacks.
When a bank operates on bitcoin it is responsible for all the funds of the people, as hacks are
common with bitcoin and other cryptocurrencies.
Maybe in future we might see such bitcoin banking services similar to the traditional banking.
Already there were few financial service renders who function completely with cryptocurrencies.
There isn't any bank to function completely on bitcoin for some security reasons, and hacks.
When a bank operates on bitcoin it is responsible for all the funds of the people, as hacks are
common with bitcoin and other cryptocurrencies.
Maybe in future we might see such bitcoin banking services similar to the traditional banking.
if i build a bank of bitcoin that operating like a traditional fiat money bank when people can save the money and get interest for their saving and also people can get a loan from my bank but the fiat money is change for bitcoin, the question is would you guys trust me to save your bitcoin on my bitcoin bank that i want to build ?
It would be very difficult to entrust someone to save all of your bitcoin because nowadays there are a lot of hackers who could easily steal all of our bitcoin that was save on your bitcoin bank. So it will be better we should save each others bitcoin in our own wallets for good safety. if i build a bank of bitcoin that operating like a traditional fiat money bank when people can save the money and get interest for their saving and also people can get a loan from my bank but the fiat money is change for bitcoin, the question is would you guys trust me to save your bitcoin on my bitcoin bank that i want to build ?
There is no way you can make any money without fractional reserve system. Simply it means you can play with more btc than in your possesion. Bitcoin by design is tobuild to fight and win with this broken system so my answer is: why would i trust you if i can be bank myself?
It means involving third party for the management of your funds for some interest. There are already many wallets providing the same service. But most of them give interest to the depositor by trading the principal. If you are thinking about lending the depositor amount and then making margin through the difference of interest between lender and depositor, then you need to take care of the credit risk which could be a humongous task in itself.
I think this is not essential anymore as bitcoin wallets can always be our bank.
what about the traditional offline wallets . they can also be your own bank because some of them offers interest rates when you save on them but why there are still banks ? you can ask that here on bitcoin , we still also need a bitcoin bank because a wallet cant do all the service alone . banks still have other use or purpose that cant be find anywhere .by the way , i can see that last reply from this thread was on dec 2018 , that was a bit long . nice digging for the ones that digs this .
I think this is not essential anymore as bitcoin wallets can always be our bank. But in terms of identity and knowing your customer side, it would be very nice to have a bank that will verify all the information of their clients. In that way, frauds can also be prevented and scammers might be traced as well.
if i build a bank of bitcoin that operating like a traditional fiat money bank when people can save the money and get interest for their saving and also people can get a loan from my bank but the fiat money is change for bitcoin, the question is would you guys trust me to save your bitcoin on my bitcoin bank that i want to build ?
In my opinion people will not be interested since bitcoin price is not stabled and beside there's a lot of way to make bitcoin secure. 
how can we do banking with bitcoin? if we can be the bank on our own wallet?
Unless Bitcoin has its own value on the bank and once deposit it converts to FIAT right away!
But if we will just be having a bank to store bitcoin then what is the essence of that?
Remember that banks has their limit on paying customers if they declared bankruptcy and we dont want to be on their line.
Unless Bitcoin has its own value on the bank and once deposit it converts to FIAT right away!
But if we will just be having a bank to store bitcoin then what is the essence of that?
Remember that banks has their limit on paying customers if they declared bankruptcy and we dont want to be on their line.
I think that Bitcoin or better to say crypto banks will appear sooner or later. They will be specialy regulated and they will offer crypto related services. The market for such services stil exists but there is no adequate regulation and the risk is still too big that is why banks still hesitate.
how can we do banking with bitcoin? if we can be the bank on our own wallet?
Unless Bitcoin has its own value on the bank and once deposit it converts to FIAT right away!
But if we will just be having a bank to store bitcoin then what is the essence of that?
Remember that banks has their limit on paying customers if they declared bankruptcy and we dont want to be on their line.
Unless Bitcoin has its own value on the bank and once deposit it converts to FIAT right away!
But if we will just be having a bank to store bitcoin then what is the essence of that?
Remember that banks has their limit on paying customers if they declared bankruptcy and we dont want to be on their line.
I think that Bitcoin or better to say crypto banks will appear sooner or later. They will be specialy regulated and they will offer crypto related services. The market for such services stil exists but there is no adequate regulation and the risk is still too big that is why banks still hesitate.
how can we do banking with bitcoin? if we can be the bank on our own wallet?
Unless Bitcoin has its own value on the bank and once deposit it converts to FIAT right away!
But if we will just be having a bank to store bitcoin then what is the essence of that?
Remember that banks has their limit on paying customers if they declared bankruptcy and we dont want to be on their line.
Unless Bitcoin has its own value on the bank and once deposit it converts to FIAT right away!
But if we will just be having a bank to store bitcoin then what is the essence of that?
Remember that banks has their limit on paying customers if they declared bankruptcy and we dont want to be on their line.
if i build a bank of bitcoin that operating like a traditional fiat money bank when people can save the money and get interest for their saving and also people can get a loan from my bank but the fiat money is change for bitcoin, the question is would you guys trust me to save your bitcoin on my bitcoin bank that i want to build ?
It seems that I am very difficult to believe. If you want to build a bitcoin bank, I need to know in advance about the system that you built and know the bank's office. If not transparently no one would believe it and people thought this was a scam.
As most people already mentioned, a bank in the sense of a trusted authority that controls your coins seems a step backwards. However, holding a savings account with a bitcoin "bank" could be a nice thing to have: I would earn interest X% and the bank would lend at X+Y% to cover lending costs and make a profit.
I'm not sure how exactly the ownership of these savings could work. Perhaps the coins would be outright sent to the bank and some token distributed in return (which could create a separate market) or a 1 of 2 key setup.
I'm not sure how exactly the ownership of these savings could work. Perhaps the coins would be outright sent to the bank and some token distributed in return (which could create a separate market) or a 1 of 2 key setup.
if i build a bank of bitcoin that operating like a traditional fiat money bank when people can save the money and get interest for their saving and also people can get a loan from my bank but the fiat money is change for bitcoin, the question is would you guys trust me to save your bitcoin on my bitcoin bank that i want to build ?
I won't trust you or anyone with my digital asset such as Bitcoin. This is because it is something I can simply manage on my own without requiring someone's assistance to bank them. 
By modifying traditional bank for BTC, a BTC bank may be established. But it is impossibe to establish such a bank officially because it will be unlawful and no country let the bank is located in their territories.
In my opinion. the bank system for crypto currencies is very vulnerable to fraud and now the digital wallet system is able to facilitate crypto users to store their assets safely. we can manage digital wallets by ourselves so they don't involve other people. if you want to make a bank for crypto currency then you must have a high value of trust in customers and have a very good security system.
if i build a bank of bitcoin that operating like a traditional fiat money bank when people can save the money and get interest for their saving and also people can get a loan from my bank but the fiat money is change for bitcoin, the question is would you guys trust me to save your bitcoin on my bitcoin bank that i want to build ?
a good idea for the development of crypto currencies but it all depends on the legality of the government maybe with legality will make investment safer of course 
very good advice for building a bitcoin bank, for now maybe in my country it is still too far away for that to happen because it is related to the legality of the government but I am sure that in the future along with the development of technology and advancement, it will certainly be better
Why are people so determined to make a bitcoin bank? won't that only reveal your identity as a bitcoin user? and of course all your money is under their control. I myself do not expect this much, but if the bitcoin bank really wants to be made of course it needs approval from the government, and that is not easy.. 
if in Indonesia build a bank specifically bitcoin I would be very happy, bitcoin is very good to develop, I hope in Indonesia many open babk to talk and also bitcoin is acknowledged by the public, if bitcoin has been recognized by the community surely bitcoin will grow and will be more advanced
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