Can We Expect A Legally Compliant Bitcoin Bank Soon? - page 2.

carter34

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Quote from: CryptoBry on May 21, 2019, 03:13:27 AM

Is this just a dream or is there a possibility that this can happen eventually maybe 10 or 20 years from now? Or maybe in the first place there is no need nor demand for this?

I envisage that time too. Maybe not from 10 years from now but starting from 20 years from now, then I will agree. So, there is a possibility for that, your question is not asked in vacuum therefore.

Why not 10 years from now Huh

The laws. It has to have some legal understanding that will not only bring more of adoption and usage but that will give rights to parties ; the banks, customers and government. This will give a backing to some remedies if there is defaulting parties.

Such laws will also stipulates the relationship between fiat issuing and bitcoin/crypto transactions too.

Lanatsa

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Quote from: Ridwan Fauzi on August 14, 2019, 08:43:54 AM

I doubt with it, because bitcoin was designed as a bank for their user. Every user can do these things easily without an organization or a party to manage it.

As done by this forum, some user can make a loan to other people and they will pay within the allotted time with consequences when someone who borrows late to pays then their account will have a negative trust.

Indeed!

With Bitcoin we are own banks where we can held up our assets without any need of third parties or services.This is what makes Bitcoin itself becomes popular and
an exceptional innovation.We don't need banks yet we are already get tired of it since in the beginning.

Ridwan Fauzi

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I doubt with it, because bitcoin was designed as a bank for their user. Every user can do these things easily without an organization or a party to manage it.

As done by this forum, some user can make a loan to other people and they will pay within the allotted time with consequences when someone who borrows late to pays then their account will have a negative trust.

Kemarit

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Quote from: ccryptopark on July 30, 2019, 05:45:50 PM

granted there are already BTC atms with proper AML compliance from cyber security firms like Ciphertrace so it would make sense that a bank is the next evolutionary step

It's different and there are no correlation or comparison with BTC ATM's and bank. I will assumed that BTC ATM are not even sponsored by any banks.

So I don't think that we can have a legally compliant Bitcoin Bank simply because those two is not a perfect combination. Crypto is supposedly a decentralised system with no central authority so how can a definition of a bank fit it? So it won't happened not even in the next 10 years. So it's either you go with the traditional banking system or style with crypto and hold your coins and your private keys and have full control of it.

jrrsparkles

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Quote from: ReiMomo on August 01, 2019, 06:21:18 AM

Quote from: diazepam666 on July 31, 2019, 08:41:57 AM

As a crypto users we need to praise the country which made the regulations which make safer transaction with bitcoin and given power to the citizens also to involved in the crypto industry. Countries banned the bitcoin should be think the future of their financial ecosystem.

ATM frauds using EVM enabled machines widely to steal the data of the customers and scamming them, I am not sure, is this federal reserve bank is sleeping or what to predent the users from the centralized banking scams.

Yes, cryptocurrency and blockchain technology gave the power to every individual work and handle their finance without third party interference. We really need to take some countries as a role model and make e-governance using a public blockchain. Estonia already made blockchain government and standing as forefront country in this world. Hope I wish my country also do the same soon. Nice answer as well.

More countries will allow blockchain technology to be implemented on their public sector in the near future but we cannot compare it with crypto currencies which is one of the application created using blockchain technology.

Even when we don't need the banks for transaction for cryptos there are 99% of people holding cryptos want to cash out their profits into fiat so banks will stay as long as people cashing out.

bitcoindusts

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Quote from: dothebeats on May 21, 2019, 03:27:51 AM

A dream, and a distant one at that. Fiat banks are already fully-operational, and can pretty much integrate the things you mentioned into their platform. Crypto-only banks would struggle to make its footing in the financial world and would be having a hard time to get some operational profit, knowing how limited their scope is and how little their target market is compared to commercial banks.

Also, bitcoins and crypto are aimed to make people their own banks without relying to third-party services, so..

And besides, there would be no point for crypto investors to store their cryptos in the banks if they will be charged for storing it there so they will find it difficult to find clients and I can’t figure out in my mind how they are going to give interests to crypto holdings since cryptos especially bitcoin are too volatile. It would be better to keep them safely in their own digital wallet with no other hands controlling it.

ReiMomo

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Quote from: diazepam666 on July 31, 2019, 08:41:57 AM

As a crypto users we need to praise the country which made the regulations which make safer transaction with bitcoin and given power to the citizens also to involved in the crypto industry. Countries banned the bitcoin should be think the future of their financial ecosystem.

ATM frauds using EVM enabled machines widely to steal the data of the customers and scamming them, I am not sure, is this federal reserve bank is sleeping or what to predent the users from the centralized banking scams.

Yes, cryptocurrency and blockchain technology gave the power to every individual work and handle their finance without third party interference. We really need to take some countries as a role model and make e-governance using a public blockchain. Estonia already made blockchain government and standing as forefront country in this world. Hope I wish my country also do the same soon. Nice answer as well.

diazepam666

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As a crypto users we need to praise the country which made the regulations which make safer transaction with bitcoin and given power to the citizens also to involved in the crypto industry. Countries banned the bitcoin should be think the future of their financial ecosystem.

ATM frauds using EVM enabled machines widely to steal the data of the customers and scamming them, I am not sure, is this federal reserve bank is sleeping or what to predent the users from the centralized banking scams.

veleten

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Quote from: ccryptopark on July 30, 2019, 05:45:50 PM

granted there are already BTC atms with proper AML compliance from cyber security firms like Ciphertrace so it would make sense that a bank is the next evolutionary step

there is a huge difference between an ATM and a bank and there is no evolving from a point of sales which , technically , ATMs are
and a full fledged bank , which is an institution , banking takes more than simply setting up a bitcoin vending machine
I already posted about the main banking principles and why a pure bitcoin bank is impossible
the main thing that is hampering introduction of legally complaint bitcoin banks - total legal grey zone surrounding bitcoin and cryptocurrencies
some countries ban it , other countries pretend it doesn't exist , only a few have laws that regulate it

ccryptopark

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granted there are already BTC atms with proper AML compliance from cyber security firms like Ciphertrace so it would make sense that a bank is the next evolutionary step

BitHodler

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Quote from: buwaytress on July 27, 2019, 04:53:25 AM

Even sooner really, if you take into account that today, we already have a handful of blockchain jurisdictions, with legal and banking frameworks being drawn up as we speak, that would allow for the creation of such a bank. It needs only political will, which should be fairly easy to obtain if there is enough financial backing. There are already private banks geared towards crypto, some are even now majority in crypto, it needs only a few to merge together to form a big Bitcoin banking conglomerate.

I do welcome developments that make it easier for businesses to actually provide their crypto related services to the users without having to worry about breaking the law, etc.

On the other hand, it's also interesting to see how people seem to discard what they initially liked about Bitcoin, which is that you no longer need a bank or any other greedy centralized financial institution.

The same applies how Bitcoin was seen as a payment tool because it was fast and cheap, and now it's just digital gold or an investment too-- either way, not what they initially praised Bitcoin for.

rodel caling

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In my own opinion and view about op dream to combine bitcoin into fiat bank is very harder because bitcoin is not stable currency control by the government unlike fiat is stable control by the givernment compare it to bitcoin because the cause of volatility fluctuations.
For me no need to combine fiat bank into bitcoin online wallet from our smart phone is look like an online banking system that they can use for payment etc. regulation for bitcoin is the key to resolve all the problem regarding this issue to,follow the law of every country.

buwaytress

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Quote from: Schirer on July 25, 2019, 03:59:19 AM

10-20 years from now it is a good possibility.
The banking sector just have to understand that most crypto currencies cant be tracked easily and their source be determined rather easily. This is the main reason banks are afraid from cryptos, they dont know how to track them and understand the money source.

Even sooner really, if you take into account that today, we already have a handful of blockchain jurisdictions, with legal and banking frameworks being drawn up as we speak, that would allow for the creation of such a bank. It needs only political will, which should be fairly easy to obtain if there is enough financial backing. There are already private banks geared towards crypto, some are even now majority in crypto, it needs only a few to merge together to form a big Bitcoin banking conglomerate.

goaldigger

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Bitcoin and bank still doesnt in a good terms till now and i dont think there are this what you called bitcoin bank existing anywhere. For now we still store our crypto in our wallet but not in a bank. Regarding loans , there are some people who are willing to lend crypto but with collateral. You can find them in the forum. Most of the transactions are man to man and there's no one to regulate it like banks.

bitart

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To become a legal bank in a country, you should comply with the local law.
If you want to be a bank, you should implement AML & KYC too.
Let's say, you (as a bitcoin bank) will implement these AML & KYC regulations somehow, and you identify every customer before you let them do a wire transfer or withdraw their money.
In this case you'll be a real legal bitcoin bank but only a few people will use your services because most of the people nowdays use bitcoin and other cryptos because the lack of AML and KYC...

Anthonypacker

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Schirer

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10-20 years from now it is a good possibility.
The banking sector just have to understand that most crypto currencies cant be tracked easily and their source be determined rather easily. This is the main reason banks are afraid from cryptos, they dont know how to track them and understand the money source.

Harlot

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The question is are they even allowed to have a bank which main currency is not their own fiat currency? I know some countries don't even allow other fiat currencies to have a bank based on their country. Cryptocurrencies are also on another level since we are talking about a unregulated kind of currency here which in terms of the authorities having control over it is lesser compared to their own fiat currency. I know some banks already send loans via Bitcoin in order to avoid transfer fees but I don't think that banks can be gully backed up by an unstable currency.

veleten

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bitcoin bank is an oxymoron itself
banking depends on several major principles and pure bitcoin "banking" contradicts many of them
take , for example , the principle of liquidity : this means that you should be able to convert asset into cash in a short time without a loss
bitcoin is volatile and its price is unpredictable , you cannot expect to keep your assets in bitcoin and gain profit - its a risk and very often a huge loss when you are selling in the wrong period of time
the principle of loans and investment - the loans in bitcoins will be converted into cash anyways , there is simply not enough places to accept bitcoins if you are starting your own business and buying all the necessary things for it etc.etc.
so far we can only dream about a bank that accepts and stores and allows to exchange bitcoins among other assets and fiat currencies equally and legally
and a pure bitcoin bank is something that would never happen , I'm afraid

imstillthebest

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Quote from: carlfebz2 on July 12, 2019, 10:54:49 AM

Quote from: bitcoindusts on July 07, 2019, 01:18:58 PM

Quote from: CryptoBry on May 21, 2019, 03:13:27 AM

In the bank you can file a loan with your bitcoin or crypto as the collateral. Maybe even have the facility where you can deposit your bitcoin under the bank's safety platform.

And what are you expecting to loan, fiat? If it is a bitcoin bank or cryptocurrency bank then they keep cryptocurrency so that will be another thing if you are expecting to take a loan in fiat and use your deposited cryptocurrency as collateral because you can just cash out your deposited cryptocurrency or else you will need to loan bitcoin and make other assets as collateral.

In overall read its a pure nonsense on what he do tries to pertain.Bitcoin bank or crypto bank is totally an impossible thing to have.Why would we need these ones yet we are our own banks.It might have some features that crypto no have but its always been good to the feeling that we do have the full control of our own coins if its being store with our own crypto wallets.We don't need banks. period.

the underlined sentence above is the reason why we still need a bitcoin bank . in bitcoin you cant loan inside the wallet that you use but on bitcoin banks you can make a loan in bitcoin of course if ever you need some bitcoin for emergency porpuses . bitcoin banks do also have a solid security compare to the old wallet that you use but the downside is that they are bieng controlled by a real person . i know this is the reason why someone will hate bitcoin banks .

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