Build a Bank Of Bitcoin - page 27. | Bitcointalksearch.org

Vaccinus

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Quote from: Theb on February 11, 2017, 02:02:35 PM

That is not the real question. The real question is will you earn from your bank and still function as a bank that gives interest to your customers? Of course the answer will be a Big NO, because the #1 reason is that Bitcoin is volatile and a currency that is Volatile won't be attractive to people who are asking out loans from your bank. In return you won't earn anything from it.

not entirely true, it might works for short term interest, and to compensate you can increase the interest to higher level than bank, because bitcoin si more unstable as you said

Quote from: Xester on February 12, 2017, 01:37:19 AM

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 ?

As long as our bitcoin is secured and we will be earning some profits then I will be glad to join. But in order for me to join you must have several branches all over the world otherwise it will be useless placing our bitcoins n your bank if we cannot access it on the other parts of the globe. For me its a great idea, this is the kind of bank people are dreaming of.

lol dude bitcoin travel on internet you can access from where you want this is not a problem, look at chinese they can use bitcoin despite their big restriction to the majority of website outside of their country

mace15

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I dont think this would happen to have a bitcoin bank. And, government will approve this kind of services. As before will approve this kind of services offers, there's a need of processes and regulations. So, its not easy to build bitcoin bank and not easy to trust this kind of service, since bitcoin may save online.

Xester

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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 ?

As long as our bitcoin is secured and we will be earning some profits then I will be glad to join. But in order for me to join you must have several branches all over the world otherwise it will be useless placing our bitcoins n your bank if we cannot access it on the other parts of the globe. For me its a great idea, this is the kind of bank people are dreaming of.

geopolisch

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Quote from: densuj on February 12, 2017, 01:24:22 AM

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 ?

Actually build a bank of bitcoin is good ideas like your explaining about it,
the problem if you are really want build bank of bitcoin will needs good reputation,
unfortunately your are newbie and don't have reputation on here.
The people will not trusted in you with put their bitcoin on your service,
please don't offense it is the fact must be known.

Only the befits will prove whether the idea of bitcoin bank is good or not. Because I do find any extra benefits by having a bitcoin banks. We are already getting all the benefits (what a bank could offer) from bitcoin wallet itself or some third party specialized services.

There are lot of practical of complications on building a bitcoin bank and its reputation hence sticking with current system would be more convenient for many bitcoiners imho.

densuj

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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 ?

Actually build a bank of bitcoin is good ideas like your explaining about it,
the problem if you are really want build bank of bitcoin will needs good reputation,
unfortunately your are newbie and don't have reputation on here.
The people will not trusted in you with put their bitcoin on your service,
please don't offense it is the fact must be known.

emezh10

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Quote from: thunderbitz2717 on February 11, 2017, 02:39:12 PM

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 ?

Agree I am not in favor too. because you can hold your bitcoin in your own so building a bank is not a good way to have an income. what if the price will drop and someone wants to withdrew their money you will loss. Bitcoin itself is a bank so no need to build an bitcoin bank because you will loss after all. Why you need to create a bitcoin bank when bitcoin itself is a big bank.

I am not in favor about in bitcoin bank, why? it can be a tools by the government to enter in bitcoin world to control it. as we all know that all banks in the whole world was controlled by the government of each country, That's why bitcoin was anonymous and decentralized so that not anyone can control bitcoin even it is the most powerful or strong influence in the whole world still bitcoin cannot be control.

wxa7115

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Bitcoin is GOD

Quote from: Aamir1 on February 11, 2017, 01:32:12 PM

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 ?

If you ask me, i would probably not give away my bitcoins to any third party for keeping them for just getting a really small amount of money as interest every year. I don't need to do that at all. I have my money safe and i don't need anything extra out of it. It is already growing and i can have some investments if i want my bitcoins to grow. So i feel, it wont work out in my opinion.

Don’t underestimate greed in people, if they hear even something as small as 2 or 3% by year you can be sure there is going to be enough gullible people sending their money to whatever investment product they are investing, but the problem is if the bank becomes a scam, something very likely, then you are never going to see your bitcoins again.

thunderbitz2717

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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 ?

I am not in favor about in bitcoin bank, why? it can be a tools by the government to enter in bitcoin world to control it. as we all know that all banks in the whole world was controlled by the government of each country, That's why bitcoin was anonymous and decentralized so that not anyone can control bitcoin even it is the most powerful or strong influence in the whole world still bitcoin cannot be control.

Theb

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That is not the real question. The real question is will you earn from your bank and still function as a bank that gives interest to your customers? Of course the answer will be a Big NO, because the #1 reason is that Bitcoin is volatile and a currency that is Volatile won't be attractive to people who are asking out loans from your bank. In return you won't earn anything from it.

Aamir1

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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 ?

If you ask me, i would probably not give away my bitcoins to any third party for keeping them for just getting a really small amount of money as interest every year. I don't need to do that at all. I have my money safe and i don't need anything extra out of it. It is already growing and i can have some investments if i want my bitcoins to grow. So i feel, it wont work out in my opinion.

Mometaskers

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If there's one thing that I would like in a bitcoin bank, then it would be the insurance. I only have a small amount of money, small enough to not warrant buying a hardware wallet (I use online, not familiar with the software wallets). What if somehow the exchange got hacked, how will I get my bitcoin back? With a bank at least, I would get an insurance, provided the bitcoin bank operates pretty much the same as traditional bank.

I suppose it would be just like the bank I use except that instead of fiat it operates mostly on bitcoin, with fiat being sold or bought like how banks handle foreign currency. That being said building a bank is no easy task and I don't believe anyone can single-handedly build one without at least founding a company first. And there would be all the government regulations as well as a large start-up capital to get everything of the ground.

xSkylarx

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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 ?

Well of course at first people will surely doubt it,
And also building a bank with bitcoin I think it would be pretty much against bitcoin,
Because bitcoin was born for the anonymity of all of it's user so if you are going to build a bank so they would have to submit their true information.

IamNotAnonymous

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Quote from: ImHash on February 10, 2017, 12:46:04 AM

With which back up gold reserves you planning to secure your funds? with what arm forces are you going to enforce the law upon any arising issues?
You think operating a bank is like copy pasting the source code and build a wallet and then create a sh*t coin?
Who are you guys and where you come from another planet?

There is a another way. GRB Trust of Satoshi Nakamoto will back up.

pinkflower

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Quote from: ASHLIUSZ on February 10, 2017, 02:27:12 AM

With the price fluctuations happening with bitcoin it is really a hard to function by paying interest to the users similar to the traditional banking. With banks a common interest is paid to the users but with bitcoin if interest is paid depending on the price of bitcoin people won't be benefitted much. This keeps them to follow traditional banking than the bitcoin banking system.

Yeah theres also that problem. If some bank is dealing only with Bitcoin now they would be having a board meeting right now discussing how fiat is a better currency for them to use. They will see their capitalization sink or go up by 20% on a weekly or monthly basis.

PhucS

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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 ?

You've got a good idea, it is very commendable but I think to build a bank of Bitcoin, I think it is quite difficult and must depend on many factors. First, you must ask for permission and consent of the State to you can do it. Second, the banks subject to the management of the State and the goverment, if you build Bitcoin bank then of course it will depend on the State. This is not true to the nature of Bitcoin, it is free and not subject to any management of the organization or individual. Users will have to pay taxes and many people certainly will not like this. Third, the current Bitcoin prices remain volatile, it is still fluctuating, paying interest to customers and manage is difficult.
Your idea is great, but I think you need to change it.

hase0278

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It was a nice idea OP that you will build a bank of bitcoin but I don't think that many users will use it since they store their bitcoin mainly on their wallets and exchanges and sell it when the price got high. It might be easier to profit on price movements for others than to invest it in bitcoin bank. IMO you should forget about the idea of building a bitcoin bank for now OP since there are only a few that will use it.

cotton ball

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Blockchain able to make it happen. The trust of customers with accurate technology required to establish a physical bank, doesn't need to make a lot of units, it takes only 3-5 banks in each country that adopts Bitcoin.

Supposedly normal bank could inject bitcoin to be a part of digital currency (of course with government regulations and cooperation with blockchain), the most difficult task is to remove the anonymous user data. Transparency of customer data is needed to prevent all the problems that will arise.

Loans come from circulation flow of taxes, interest rates, and savings/deposit customers. If you are able to create a stable circulation, nothing is impossible.

btcjoin14

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Quote from: Amph on February 10, 2017, 02:30:54 AM

Quote from: Immakillya on February 09, 2017, 09:07:39 PM

I dont think this will click. Bitcoin is not meant for bank. Its not the purpose of bitcoin. Bank is centralized while bitcoin is decentralized system. We dont want our identity revealed. Plus, no banks ever done this before, afaik. Why dont you build an exchange rather than this? Exchange/lending service, that would be great.

funny thing is that while what you say is true, everyone is still using an exchange to trade(and hold their funds which is against what bitcoin is by your logic, because they are centralized

i think a bitcoin bank could help bitcoin adoption greatly for those that are newcomers to this world, in fact with the introduction of coinbase in the past, which is the best bitcoin bank you can get now, the adoption did increased

Now that I think about it Amph you're actually right lol. That's a very interesting concept.

Bitcoin is meant to be carried by an individual not a group of individuals. I mean an exchange that hold Bitcoin isn't really viewed as a bank because we know how exchanges usually end...they usually disappear like Cryptsy, Mintpal, MtGox, etc.

Now if a very large bank company like Bank of America integrates a sub-bank that focuses on bitcoin holding and interest then they might survive a bailout if there was a worse case scenario. Having a online market exchange would be a huge game-changer as well, then they could earn money on trading fee's along with the transaction fee.

Of course this is all speculation.

LeGaulois

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And if you give money to people for a loan, where the money will com from ? From the others customers. And if the others customers come to you to ask their BTC, what will you giVe them, since you used their funds for a loan? BTC from others users, and the circle continue with no end. For using this system no i won't trust. If people want to leave banks for bitcoin there is some reasons.

wxa7115

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Quote from: coynedterm on February 10, 2017, 02:53:43 AM

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 ?

Nice idea , but think yourself why people will addict toward you bank money of bitcoin and for what service you will give 2-3% profit per year .
Once Suppose you get success to start your bank of bitcoin and also suppose thousands of people invested in your bitcoin bank but what you will do if the people will ask for the profit of interest .
I mean you should have idea to increase the amount of the money that have made deposit by the people in your bank .
It is not much easy as you are thinking , It needs a very big thinking to develop with big amount of money to invest and big range of advertisment also .Which is not easy for a simple person .

Banks pay you interest for allowing them to use your money to loan your money to other people and then they create banking money and with it fractional reserve banking but that is not directly possible with bitcoin since they cannot print bitcoin at will, so they will probably need to create some bitcoin certificates to do that.

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