Build a Bank Of Bitcoin - page 23. | Bitcointalksearch.org

BeGoods

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Quote from: Mbah Tyo on February 18, 2017, 07:17:14 AM

you are sure it will work, because to build a bank that takes huge amounts of money and takes a lot of branches to facilitate its customers,
I hope you succeed

to create a bank. I think you need a solid team so that you can create a good bank and has a name in public. if you do not want to work hard as a do promotion. you will not be able to make a bitcoin bank

Nimbulan

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Quote from: Mbah Tyo on February 18, 2017, 07:17:14 AM

you are sure it will work, because to build a bank that takes huge amounts of money and takes a lot of branches to facilitate its customers,
I hope you succeed

pff it is not so simple in my opinion, first of all the bank has to attract customers by some way or another, i mean why would anyone choose to use it? also i dont think anyone will use it as with bitcoin you can be a bank to yourself

phr0stbyt3

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Quote from: NEWGOODOUBLE on February 15, 2017, 07:44:51 PM

Quote from: lovesybitz on February 15, 2017, 03:53:19 PM

I don't like bitcoin bank, Even the community in bitcoin world don't like it too, because we are decentralized not centralized. if we do that we are breaking and changing the good meaning of bitcoins.

true, I think the presence of bitcoin bank, then they can exert control to each customer or user of bitcoin, but I think with bitcoin bank. it will help the government to believe in bitcoin

I don't think that there any way that the government is gonna believe in bitcoin. It is obvious that by now most the government's are aware of bitcoin's potential but they will still not like bitcoin because they cannot control the price of it so technically even if someone decides to build a bitcoin bank the government won't issue any sort of license as that will create more awareness of bitcoin which most government agencies doesn't want that to happen.

blackhawkeye1912

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Quote from: deadsilent on February 10, 2017, 01:07:18 AM

You know, wallets can be your own bank. It doesn't make sense to me if you are making a bank for bitcoin. I haven't seen any bank like this. Why dont you make a wallet with unique features? Bank means you need to get under the government control which bitcoin users dont want to be involve with.

I'm kind a little bit confuse of why he is going to build his own bank, Honestly, as a bitcoin fanatic we must understand that by keeping Bitcoin in our own wallet is obviously we are the bank of our own BTC. isn't common sense only, its logic isn't? I think that guy is like to implement the segwit which is not in favor to us for sure.

deisik

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Quote from: BrewMaster on February 17, 2017, 10:37:48 AM

Quote from: NEWGOODOUBLE on February 17, 2017, 10:06:29 AM

Quote from: wxa7115 on February 16, 2017, 01:21:27 PM

Quote from: valta4065 on February 13, 2017, 09:59:40 AM

I don't even see the point.
Only 3 uses to a bank:
-keeping your property safe -> useless if you have your own wallet
-keeping up with inflation through the 2% you'l earn a year -> ridiculous compared to BTC inflation
-having your money accessible at all time through credit card -> digital currency hello?

I think the number 1 reason that you give is probably the reason a bank of bitcoin could happen, if you have some knowledge of computers then securing your coins yourself is very easy but for the average person that only knows how to use instagram and facebook it may be harder and then they may decide to use an additional service for it.

but when bitcoin bank offers guaranteed security. precisely wallet offering better terms to provide high security such as authentication and without control by anyone ?

no bank can offer you more security than you can achieve on your own while using bitcoin with cold storage.
and i strongly disagree with the need to be a computer expert in order to achieve the security.
it is not that hard to make a cold storage such as paper wallet and run a wallet on an air-gap system for signing,... and there are lots of walk throughs to read for this

Things are obviously not that simple

There may be a lot of walk-throughs how to make a cold wallet but until you get the hang of the whole process you will most likely make a mistake at some step as with everything else you do for the first time. But with Bitcoin, that may cost you dear since doing something wrong may lead to heavy losses. If you are careful you will of course learn how to do it right without losing a lot, but in this case it is no particularly different from just becoming an expert in anything else, which is what you strongly disagree with (i.e. "the need to be a computer expert in order to achieve the security")

Mbah Tyo

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1st of May

you are sure it will work, because to build a bank that takes huge amounts of money and takes a lot of branches to facilitate its customers,
I hope you succeed

HabBear

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Quote from: bit-emperor on February 09, 2017, 07:52:11 PM

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 ?

How does the loan part work? There's no recourse for stealing bitcoin! It would require serious collateral to be put up for the loans. And if so much collateral were needed it wouldn't be advantageous for a borrower to use the bitcoin bank for this purpose. It would be "cheaper" for them to go to a fiat bank, where collateral isn't needed for a personal loan.

And you really care about chasing an idea that's going to earn you 1% interest on your funds? The idea is penny wise, pound foolish.

panju1

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Quote from: NEWGOODOUBLE on February 17, 2017, 10:06:29 AM

Quote from: wxa7115 on February 16, 2017, 01:21:27 PM

Quote from: valta4065 on February 13, 2017, 09:59:40 AM

I don't even see the point.
Only 3 uses to a bank:
-keeping your property safe -> useless if you have your own wallet
-keeping up with inflation through the 2% you'l earn a year -> ridiculous compared to BTC inflation
-having your money accessible at all time through credit card -> digital currency hello?

I think the number 1 reason that you give is probably the reason a bank of bitcoin could happen, if you have some knowledge of computers then securing your coins yourself is very easy but for the average person that only knows how to use instagram and facebook it may be harder and then they may decide to use an additional service for it.

but when bitcoin bank offers guaranteed security. precisely wallet offering better terms to provide high security such as authentication and without control by anyone ?

If the government decides to seize your bitcoins, what use would the security provided by the bank be to you? Unless they provide reasonable interest rates, most people won't take the risk.

wxa7115

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Quote from: BrewMaster on February 17, 2017, 10:37:48 AM

Quote from: NEWGOODOUBLE on February 17, 2017, 10:06:29 AM

Quote from: wxa7115 on February 16, 2017, 01:21:27 PM

Quote from: valta4065 on February 13, 2017, 09:59:40 AM

I don't even see the point.
Only 3 uses to a bank:
-keeping your property safe -> useless if you have your own wallet
-keeping up with inflation through the 2% you'l earn a year -> ridiculous compared to BTC inflation
-having your money accessible at all time through credit card -> digital currency hello?

I think the number 1 reason that you give is probably the reason a bank of bitcoin could happen, if you have some knowledge of computers then securing your coins yourself is very easy but for the average person that only knows how to use instagram and facebook it may be harder and then they may decide to use an additional service for it.

but when bitcoin bank offers guaranteed security. precisely wallet offering better terms to provide high security such as authentication and without control by anyone ?

no bank can offer you more security than you can achieve on your own while using bitcoin with cold storage.
and i strongly disagree with the need to be a computer expert in order to achieve the security.
it is not that hard to make a cold storage such as paper wallet and run a wallet on an air-gap system for signing,... and there are lots of walk throughs to read for this.

You don't need to be a computer expert, but most people are used to just install an application and that is it, they don't know how to use a computer, I have seen people login in their emails and then just close the window not realizing you can easily open the browser and then restore the previous session and now you can see their email, that is the kind of people I’m talking about.

BrewMaster

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Quote from: NEWGOODOUBLE on February 17, 2017, 10:06:29 AM

Quote from: wxa7115 on February 16, 2017, 01:21:27 PM

Quote from: valta4065 on February 13, 2017, 09:59:40 AM

I don't even see the point.
Only 3 uses to a bank:
-keeping your property safe -> useless if you have your own wallet
-keeping up with inflation through the 2% you'l earn a year -> ridiculous compared to BTC inflation
-having your money accessible at all time through credit card -> digital currency hello?

I think the number 1 reason that you give is probably the reason a bank of bitcoin could happen, if you have some knowledge of computers then securing your coins yourself is very easy but for the average person that only knows how to use instagram and facebook it may be harder and then they may decide to use an additional service for it.

but when bitcoin bank offers guaranteed security. precisely wallet offering better terms to provide high security such as authentication and without control by anyone ?

no bank can offer you more security than you can achieve on your own while using bitcoin with cold storage.
and i strongly disagree with the need to be a computer expert in order to achieve the security.
it is not that hard to make a cold storage such as paper wallet and run a wallet on an air-gap system for signing,... and there are lots of walk throughs to read for this.

NEWGOODOUBLE

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Quote from: wxa7115 on February 16, 2017, 01:21:27 PM

Quote from: valta4065 on February 13, 2017, 09:59:40 AM

I don't even see the point.
Only 3 uses to a bank:
-keeping your property safe -> useless if you have your own wallet
-keeping up with inflation through the 2% you'l earn a year -> ridiculous compared to BTC inflation
-having your money accessible at all time through credit card -> digital currency hello?

I think the number 1 reason that you give is probably the reason a bank of bitcoin could happen, if you have some knowledge of computers then securing your coins yourself is very easy but for the average person that only knows how to use instagram and facebook it may be harder and then they may decide to use an additional service for it.

but when bitcoin bank offers guaranteed security. precisely wallet offering better terms to provide high security such as authentication and without control by anyone ?

Xenophoto

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Quote from: Reid on February 16, 2017, 06:56:32 AM

I would not. First is I dont know you.
Second are many questions.
1. Would you rely on the bitcoin price as it grows also?
Example: If I stored 1 bitcoin to you now and the price is $1018 then suddenly it goes up by $2000 does that mean you my store bitcoin in your also have that price? You might lose some money with that.
2. How much is the interest? Is that interest going to grow according to the price of bitcoin?

1. Probably so, because your 1BTC is still 1BTC despite the fact that the price has increased. If you can only withdraw $1018, then that's not a bitcoin bank at all. It's simply a fiat bank that's uses bitcoin to receive/send.

2. I don't know about OP but why should the interest grow according to the price of bitcoin? If the interest was initially 5%, then it should stay as that regardless of how much bitcoin grows or declines.

bncbnc

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Quote from: wxa7115 on February 16, 2017, 01:21:27 PM

Quote from: valta4065 on February 13, 2017, 09:59:40 AM

I don't even see the point.
Only 3 uses to a bank:
-keeping your property safe -> useless if you have your own wallet
-keeping up with inflation through the 2% you'l earn a year -> ridiculous compared to BTC inflation
-having your money accessible at all time through credit card -> digital currency hello?

I think the number 1 reason that you give is probably the reason a bank of bitcoin could happen, if you have some knowledge of computers then securing your coins yourself is very easy but for the average person that only knows how to use instagram and facebook it may be harder and then they may decide to use an additional service for it.

i think in present modern time compare is one of the most important factor of our life. i think even the backward countries have the facilities of computer and internet. therefore i do not think that computer and internet can make any trouble.

wxa7115

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Bitcoin is GOD

Quote from: valta4065 on February 13, 2017, 09:59:40 AM

I don't even see the point.
Only 3 uses to a bank:
-keeping your property safe -> useless if you have your own wallet
-keeping up with inflation through the 2% you'l earn a year -> ridiculous compared to BTC inflation
-having your money accessible at all time through credit card -> digital currency hello?

I think the number 1 reason that you give is probably the reason a bank of bitcoin could happen, if you have some knowledge of computers then securing your coins yourself is very easy but for the average person that only knows how to use instagram and facebook it may be harder and then they may decide to use an additional service for it.

deisik

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Quote from: maku on February 16, 2017, 10:59:18 AM

Face it guys - idea of bitcoin bank is idiotic. We don't need bank to hold our bitcoins, we don't need another parasitic 3rd party.
The only reason people want this "bitcoin bank" to happen is they want to collect accrued interests.
But you tell me how it would work with unstable nature and volatility of BTC? Because I can't really grasp it

You are not alone who can't grasp that idea

Banks are earning interest by lending out the money they attracted to deposits (in fact, the fiat banking systems as of today don't work like this anymore but still), so Bitcoin banks could only accrue interest on Bitcoin deposits via interest received from folks that borrowed bitcoins from the banks. But as it has already been noted many times, this system simply can't work given the volatility of Bitcoin prices that we have today (and this likely won't change in the future). So the only real way they could provide interest is by investing the deposits in something profitable. But in that case, they will be just money management companies (like mutual funds), not banks (and I'm not even talking about the unpredictable nature of their investments)

Tyrantt

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Need some spare btc for a new PC

I'd have no need to trust you because I wouldn't use that bank even if it was already out there, because unlike fiat, I don't need to store my bitcoin under a mattress, I am my own bank. I may not have interest as other banks offer but there are a lot of other thinks that simply abolish the need for a bitcoin bank. That's just my thoughts...

MoneyIsDebt

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Quote from: lovesybitz on February 15, 2017, 03:53:19 PM

I don't like bitcoin bank, Even the community in bitcoin world don't like it too, because we are decentralized not centralized. if we do that we are breaking and changing the good meaning of bitcoins.

i think this is the advantage of the bitcoin that it has no such policies of the tax elusion and i does't has such transaction fees like other physicals banks have so, i think non of its user wants this. we have access to our wallet we can check the withdraw amount and deposit amount. what else we want from a online currency

maku

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Face it guys - idea of bitcoin bank is idiotic. We don't need bank to hold our bitcoins, we don't need another parasitic 3rd party.
The only reason people want this "bitcoin bank" to happen is they want to collect accrued interests.
But you tell me how it would work with unstable nature and volatility of BTC? Because I can't really grasp it.

wuvdoll

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Quote from: Erza on February 16, 2017, 10:10:37 AM

What is this really about? Is it to build a bank full of bitcoin or bitcoin bank? If this is about bitcoin bank, I think this is really good enough since it will be accept on everywhere more over on some country there is already some bitcoin ATM which is really helpful. Mean while if this is about bank full of bitcoin, not all people gonna accept this since the price is pretty high for now and there is not a guarantee that bitcoin price will be this high forever

What you mean by bank full of bitcoins ?

People here are believing that setting up a bitcoin bank is a stage where bitcoin get legalized so that they will be able to use bitcoins everywhere at the same time they will get huge profits from what they have saved.

In my view, there is no need of a bitcoin bank. Already we are doing perfect without it.

Erza

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What is this really about? Is it to build a bank full of bitcoin or bitcoin bank? If this is about bitcoin bank, I think this is really good enough since it will be accept on everywhere more over on some country there is already some bitcoin ATM which is really helpful. Mean while if this is about bank full of bitcoin, not all people gonna accept this since the price is pretty high for now and there is not a guarantee that bitcoin price will be this high forever

Topic: Build a Bank Of Bitcoin - page 23. (Read 26546 times)