Crypto bank | Bitcointalksearch.org

Bibite

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Quote from: GMPoison on January 03, 2017, 02:50:37 PM

Quote from: Bibite on January 03, 2017, 02:40:31 PM

Quote from: Fabricus on January 03, 2017, 01:43:22 PM

Quote from: GMPoison on January 02, 2017, 08:30:48 PM

Define "crypto bank". Technically exchanges like Coinbase could be considered "crypto banks", no?

For me a crypto bank would be something like an exchange but much easier for the general public and it would have to be compatible with the banking services like SWIFT, SEPA, etc. (both for deposit and payment, like the direct debit to pay your taxes / bills Wink

).

A mix with banks and exchanges
It will be great
Like you can send and receive crypto and get it converted in the bank system with the fiat equivalent

One day I don't think fiat will exist. If BTC is still volatile two decades from now and BTC is used around the globe as the primary currency, maybe we'll use fiat to set prices for things as we do now. Then when we go to purchase items or sell items, we determine how many BTC to buy/sell for depending on the fiat price that was set for the item. But that's all fiat will be, a way to set prices. Other than that, it will be dead. That of course is an extreme of what could happen, what I want to happen.

I think you are right, it is totally possible.
It remember a little when they started to introduce us the €, supermarkets were displaying 2 prices; 1 in the old currency and 1 in euo
I can easy imagine tht with Bitcoin
Grin

Babayega31

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Quote from: Fabricus on January 03, 2017, 01:37:21 PM

Quote from: tigerwood0432 on January 02, 2017, 02:29:52 PM

Quote from: Fabricus on January 01, 2017, 03:58:39 AM

The way is see a "crypto bank" is actually like an exchange... a centralised hub to do things in relation with the centralised system (direct debit, debit card, etc.) based on the most beautiful decentralised system / currency ;-)

Bitcoin debit cards already exist (load/unload in bitcoin and withdraw at ATM machine) , just follow my signature you will get 25% discount on your btc debit card)

Right about the credential.. but believe I've tried many banks, sending them as much credential as you like as soon as you say the word "BITCOIN" they shut the door on you ;-)

Thats not right to shut the door for us, because the opportunity for us is there already all we have to do is to explain to those banks the assurance that bitcoin has, for me converting bitcoin to fiat currency is the right option to do before saving your crypto currency to bank. In my country only one bank do have an optional crypto converted withdrawal transaction through cash out and hopefully in the future years they will fully adopt bitcoin as cryto bank option of deposits to make more convenience for us users who spend this kind of currency.

GMPoison

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Quote from: Bibite on January 03, 2017, 02:40:31 PM

Quote from: Fabricus on January 03, 2017, 01:43:22 PM

Quote from: GMPoison on January 02, 2017, 08:30:48 PM

Define "crypto bank". Technically exchanges like Coinbase could be considered "crypto banks", no?

For me a crypto bank would be something like an exchange but much easier for the general public and it would have to be compatible with the banking services like SWIFT, SEPA, etc. (both for deposit and payment, like the direct debit to pay your taxes / bills Wink

).

A mix with banks and exchanges
It will be great
Like you can send and receive crypto and get it converted in the bank system with the fiat equivalent

One day I don't think fiat will exist. If BTC is still volatile two decades from now and BTC is used around the globe as the primary currency, maybe we'll use fiat to set prices for things as we do now. Then when we go to purchase items or sell items, we determine how many BTC to buy/sell for depending on the fiat price that was set for the item. But that's all fiat will be, a way to set prices. Other than that, it will be dead. That of course is an extreme of what could happen, what I want to happen.

Bibite

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Quote from: Fabricus on January 03, 2017, 01:43:22 PM

Quote from: GMPoison on January 02, 2017, 08:30:48 PM

Define "crypto bank". Technically exchanges like Coinbase could be considered "crypto banks", no?

For me a crypto bank would be something like an exchange but much easier for the general public and it would have to be compatible with the banking services like SWIFT, SEPA, etc. (both for deposit and payment, like the direct debit to pay your taxes / bills Wink

).

A mix with banks and exchanges
It will be great
Like you can send and receive crypto and get it converted in the bank system with the fiat equivalent

Fabricus

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Quote from: GMPoison on January 02, 2017, 08:30:48 PM

Define "crypto bank". Technically exchanges like Coinbase could be considered "crypto banks", no?

For me a crypto bank would be something like an exchange but much easier for the general public and it would have to be compatible with the banking services like SWIFT, SEPA, etc. (both for deposit and payment, like the direct debit to pay your taxes / bills Wink

).

Fabricus

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Quote from: tigerwood0432 on January 02, 2017, 02:29:52 PM

Quote from: Fabricus on January 01, 2017, 03:58:39 AM

The way is see a "crypto bank" is actually like an exchange... a centralised hub to do things in relation with the centralised system (direct debit, debit card, etc.) based on the most beautiful decentralised system / currency ;-)

Bitcoin debit cards already exist (load/unload in bitcoin and withdraw at ATM machine) , just follow my signature you will get 25% discount on your btc debit card)

Right about the credential.. but believe I've tried many banks, sending them as much credential as you like as soon as you say the word "BITCOIN" they shut the door on you ;-)

aolley

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Quote from: Blitzboy on December 28, 2016, 08:05:50 AM

As far as I know, there is no such thing called bitcoin-friendly bank as well as bitcoin-based bank. Because bitcoin is designed to create freedom in money for people by eliminating third parties with the help of blockchain technology and it's doing just fine, why would we need someone to go against that? Besides, banks don't prefer the idea of bitcoin as it can make fiat money to lose balance, so it's no point in getting a bitcoin bank.

There is no reason banks can't use bitcoin though, and if they use an off-chain ledger like most every crypto business does then there is no transparency anyway. All the more reason people shouldn't trust anything that doesn't give them control of their secret keys.

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Quote from: GMPoison on January 02, 2017, 08:30:48 PM

Define "crypto bank". Technically exchanges like Coinbase could be considered "crypto banks", no?

Maybe, but the thing is they do not give interest on our deposits like the banks does and they have no insurance on our deposits. I don't their can be a bank like system implementation in real life because in the first place, bitcoin is decentralized.

It's two different system that cannot run or merge as one. We can call any exchanges as bank as we need them to trade our bitcoins into fiat.

GMPoison

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Define "crypto bank". Technically exchanges like Coinbase could be considered "crypto banks", no?

mrkevio

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Quote from: CryptoVzla on January 02, 2017, 03:52:59 PM

Quote from: beerlover on January 02, 2017, 02:57:51 PM

Quote from: BingoDog on December 30, 2016, 01:55:15 PM

At the moment there is no bitcoin or another cryptocurrency based bank. Many people don't support this idea because they think existing of bitcoins bank would ruin it but in general I don't think this is such a bad idea because more financial bitcoin related services would be available to the users.

The reason why there is still no crypto banks, is because people are still not ready for the crypto currencies yet, all the people are using fiat and trying to change the way they are used to pay with a new thing is something really hard, so maybe when crypto currencies start becoming something they we use every day crypto banks will become a thing.

Or probably crypto banks will exist when countries develop their own cryptocurrency

Maybe, but I don't see any sense in creating your own cryptocurrency if it's going to have no difference between that one and the paper money. There are more disadvantages than advantages by the way. Even if it's going to be easier to use, keep in mind that we will have absolutely everything controlled. So you will have to probably pay taxes even for a buck that you received as a gift from your parents. I don't see any pros when it comes to a cryptocurrency created by governments. If that is the case, I would totally prefer paper.

CryptoVzla

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Quote from: beerlover on January 02, 2017, 02:57:51 PM

Quote from: BingoDog on December 30, 2016, 01:55:15 PM

At the moment there is no bitcoin or another cryptocurrency based bank. Many people don't support this idea because they think existing of bitcoins bank would ruin it but in general I don't think this is such a bad idea because more financial bitcoin related services would be available to the users.

The reason why there is still no crypto banks, is because people are still not ready for the crypto currencies yet, all the people are using fiat and trying to change the way they are used to pay with a new thing is something really hard, so maybe when crypto currencies start becoming something they we use every day crypto banks will become a thing.

Or probably crypto banks will exist when countries develop their own cryptocurrency

beerlover

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Quote from: BingoDog on December 30, 2016, 01:55:15 PM

At the moment there is no bitcoin or another cryptocurrency based bank. Many people don't support this idea because they think existing of bitcoins bank would ruin it but in general I don't think this is such a bad idea because more financial bitcoin related services would be available to the users.

The reason why there is still no crypto banks, is because people are still not ready for the crypto currencies yet, all the people are using fiat and trying to change the way they are used to pay with a new thing is something really hard, so maybe when crypto currencies start becoming something they we use every day crypto banks will become a thing.

tigerwood0432

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Quote from: Fabricus on January 01, 2017, 03:58:39 AM

The way is see a "crypto bank" is actually like an exchange... a centralised hub to do things in relation with the centralised system (direct debit, debit card, etc.) based on the most beautiful decentralised system / currency ;-)

Bitcoin debit cards already exist (load/unload in bitcoin and withdraw at ATM machine) , just follow my signature you will get 25% discount on your btc debit card)

shinratensei_

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Quote from: Fabricus on December 27, 2016, 11:40:51 AM

Q1: Banks are usually not huge fans of crypto related businesses but I suppose that the big startups around (Kraken, Bitfinex, Polo, etc.) all have bank accounts but my question is: which banks are 'Bitcoin friendly' (or at least Bitcoin tolerant) to start a business with? To specify my question, if I'd like to create a Bitcoin based startup, where should I look at (I'm in Europe)?

Prove your credentials and they will be being friendly to you. Simple.
Look at the tier list in kraken.

Quote from: Fabricus on December 27, 2016, 11:40:51 AM

Q2: Is there such a thing as a 'Bitcoin based' bank? To put it differently, is it possible to get rid of banks totally? The idea would be to have a blockchain based system capable of dealing with SEPA (direct bank debit) or things like that, just like Paypal but based on cryptos?

Try to focussing on " Be your own bank", If you're visiting the blockchain.

Source: Blockchain.info

CryptoVzla

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Quote from: Fabricus on January 01, 2017, 03:58:39 AM

The way is see a "crypto bank" is actually like an exchange... a centralised hub to do things in relation with the centralised system (direct debit, debit card, etc.) based on the most beautiful decentralised system / currency ;-)

That's right i hope that Decentralized Exchanges fix that because right nowi'm a bit worried about this pump. If one of the biggest Exchanges gets "hacked"... Back to 500$ for sure

Mastsetad

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Quote from: ethereumhunter on January 01, 2017, 11:48:06 AM

if the crypto bank is like traditional bank then i think we don't need the crypto bank, but if the crypto bank can give us the other benefit than just ordinary bank, then maybe crypto currencies user will use this to save their coins in that bank. but for applying this, i think we need more preparation before its ready for the user.

I don't think if there will be a crypto bank then it would be any different from ordinary fiat banks as a bank is always a bank, we cannot get anything else from them but just some % of interest annually which is not really appreciable at all, so we may get that from crypto bank too.

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Quote from: Bitcoinpro on January 01, 2017, 11:03:23 AM

B

Quote from: BitcoinHodler on December 28, 2016, 07:54:24 AM

how about coinbase?

it can be seen as a bitcoin bank. and although i dislike the idea generally but coinbase or other services similar to that offer all the features that makes them a bank.

for example you make deposits there, they hold all the funds and you only have an account as you have with a bank. and they offer ways to deposit money and turn it into bitcoin and vice versa.

the only thing missing is issuing debit cards, and giving annual profit.

Coinbase is a scam

How you can say that coinbase is scam.. honestly i am using coinbase as wallet but i still not experience any issue about that site..
Maybe for those who are using credit card to deposit i just heard before but i think the issue was solved..
I am still using coinbase for other transaction activity the sad part is you can not use it for gambling..

ethereumhunter

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if the crypto bank is like traditional bank then i think we don't need the crypto bank, but if the crypto bank can give us the other benefit than just ordinary bank, then maybe crypto currencies user will use this to save their coins in that bank. but for applying this, i think we need more preparation before its ready for the user.

Bitcoinpro

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Quote from: BitcoinHodler on December 28, 2016, 07:54:24 AM

how about coinbase?

it can be seen as a bitcoin bank. and although i dislike the idea generally but coinbase or other services similar to that offer all the features that makes them a bank.

for example you make deposits there, they hold all the funds and you only have an account as you have with a bank. and they offer ways to deposit money and turn it into bitcoin and vice versa.

the only thing missing is issuing debit cards, and giving annual profit.

Coinbase is a scam

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Quote from: equator on January 01, 2017, 04:23:20 AM

Quote from: davis196 on January 01, 2017, 03:08:51 AM

Quote from: Fabricus on December 27, 2016, 11:40:51 AM

Hi everyone,

I've been a reader of that wonderfull forum for a while and I'm jumping in for the first time Wink

I've searched that topic deeply for days and days, found some interesting things about that (even here) but no clear answer so I'm starting a new thread to get as detailed informations as possible (many thanks in advance Wink

).

I actually have two questions:

Q1: Banks are usually not huge fans of crypto related businesses but I suppose that the big startups around (Kraken, Bitfinex, Polo, etc.) all have bank accounts but my question is: which banks are 'Bitcoin friendly' (or at least Bitcoin tolerant) to start a business with? To specify my question, if I'd like to create a Bitcoin based startup, where should I look at (I'm in Europe)?
Q2: Is there such a thing as a 'Bitcoin based' bank? To put it differently, is it possible to get rid of banks totally? The idea would be to have a blockchain based system capable of dealing with SEPA (direct bank debit) or things like that, just like Paypal but based on cryptos?

Many thanks in advance for any enlighted answer you may provide Tongue

Those questions are asked many times here and i can`t seem to find any good answers too.

I don`t know anything about "bitcoin friendly" banks.

Bitcoin is an anti-bank currency.

Bitcoin was created to get rid of Banking system, in bitcoin the users are the bank and the wallet are bank accounts, Bitcoins give freedom from heavy transaction charges, fast service and high security.

That's true bitcoin has evolved as an alternate solution for banking, so such a bank with cryptographic currencies is not necessary. As mentioned even the heavy transactions that is not possible with banking can be made by bitcoin. This itself a strong proof that bank with crytocurrencies is not necessary right now. In future things might change according to the growth experienced.

Topic: Crypto bank (Read 3807 times)