Topic: Cryptocurrency Banks: needed? - page 2. (Read 857 times)
I am still confident about my opinion about it and I believe that since crypto is based on the blockchain technology which relies on the principle of decentralization, it would kill the core values of it if we are making such banks mandatory but if someone is not comfortable in handling his responsibility then there should be some mechanism for him to manage his funds through third party authorities. If he is ready to bear the risk involved in that option.
For bitcoin and any other decentralized coin I don't think that a centralized system is needed in order to take care of the coins. When a coin is given out by a company, then we already have a centralized system.
But in general I do not see what services a crypto bank can offer. Interests with cryptocurrencies that will not happen. Storing the coins is something everybody can do. What else is there?
But in general I do not see what services a crypto bank can offer. Interests with cryptocurrencies that will not happen. Storing the coins is something everybody can do. What else is there?
There are many project which were based on crypto bank,and they have got a good community but going as a official bank is really difficult.bank will use blockchain technology to enhance security for fund but having a bank especially for crypto is really difficult to get approval maybe in future.
I don't think that they are needed or required for the cryptocurrencies because what is the reason for creating a wallet and having a hardware wallet if the banks are there also for crypto? It will be just centralized and that is what don't want to happen because we are here in cryptocurrencies because we want decentralization and based on my experience, the hardware wallets are already good for having our own banks.
I would be happy with a crypto bank bank as it would be a useful halfway house. The thing is your money is insured and ringfenced in a real bank, so no matter if you are scammed or hacked they will give it to you back.
So I would keep a portion still in my wallets but also a portion in the crypto bank.
So I would keep a portion still in my wallets but also a portion in the crypto bank.
Thinking of certain investments in the project where they are planning to arrange a cryptocurrency bank! And I saw discussions about cryptocurrency banks and their "place" in our crypto-future, and, which is even more interesting, noticed that there is quite a number of those who are of the opinion that there is no need for cryptocurrency banks at all. Well, guys, we can discuss that forever, but how do you imagine then the communication with the so-called real world for the sake, e.g., of making deposits or obtaining a loan? How can the whole system function properly without cryprocurrency banks, which are anyway somewhere on the border between the real and crypto worlds?
This is good so that our digital currencies will be 100% safe for sure. If our coins are in the banks it will be 100% secured, will earn monthly interest , will be covered by insurances and other benefits that can be found in fiat banks in which this could be possible without replacing paper money. We all knew that our wallet alone are so vulnerable from the hackers but thru the crypto banks we are in good hands that even it the banks will be hack at least our coins are insured than keeping it alone.
I have to say, the idea is really great. But, making it happen isn't that easy. The problem that a project of such kind, can threaten the cryptocurruncy. It can give some sides (people), the power to have a bit of control on bitcoin, which will allow them to affect it in any way they want. Also, what is make bitcoin special , is the fact that it is untrceable. In any transaction, both sides can send as much as they want without knowing anything about each other. However, if such a bank exists, it will need a loan guarantee in order to give you the money. Which is , in bitcoin's case a bit hard in my opinion. We like it or not, the reason bitcoin behind bitcoin's creation is its "anonymity" .
This means our bitcoin will become centralization. As beginning of this crypto developing people are aware that decentralization which Blockchain bring are become new fresh thing that offers financial freedom investing. While few times ago, some news even reported that banks interesting to studying how Blockchain technology works and chance to implemented it, then why we should retreat back.
A "bitcoin bank" is completely meaningless: if you own the private key, YOU are the bank.
And if you let some exchange to manage your private key...well, they are the bank. If they fail, your money are gone.
May be in the future you'll can trust your bitcoin to someone that will borrow them. Who knows?
And if you let some exchange to manage your private key...well, they are the bank. If they fail, your money are gone.
May be in the future you'll can trust your bitcoin to someone that will borrow them. Who knows?
Well if that crypto currency banks are safe, then maybe for me it is still needed.Because our wallets are not really safe.So if we have banks for our crypto currency, then that is still appreciated because in my case I still need it.
Are you sure that your wallet is not safe? as long as you have your own private key you are safe with your wallet.There's a many wallet that can we stored safe like paper wallet and hardware wallet, why we should have that crypto currency bank for sure they will manipulate us about with our holding crypto currency or like bitcoin. For me blockchain wallet or hardware wallet is safe as long as no body knows with my private key.
Well if that crypto currency banks are safe, then maybe for me it is still needed.Because our wallets are not really safe.So if we have banks for our crypto currency, then that is still appreciated because in my case I still need it.
Now bitcoin is absolutely not suited for the banking system. In conditions of high volatility may not be any Bank. Fiat money, like stability. Show me a suicide bomber who is willing to take a loan in bitcoins. No one can predict the price of bitcoin a year from now. In order to take out a loan you need to have a plan to pay it back. In this situation, you may forever remain a debtor. The cost of bitcoin could grow much more than your income. Are you ready to go into slavery to the Bank?
It seems you have it backwards, banks will love to do that, after all they are already giving loans to anyone that ask so people can be their slaves for the rest of their lives, bankers are probably having mixed feelings, in one hand bitcoin affects their business but in the other hand they could lend it and earn fortune as well, the ones that have no need for a bank is everyone else but people are so used to the way things work they may decide to use bitcoin banks anyway.
In my opinion i don't really believe that there is any need for crypto currency bank to come into existence to further compound the middle men that Bitcoin or blockchian is traying to fight against. With the advent of Bitcoin we have choose to be our own bank and there is no need for any crypto currency bank to come into existence for i don't see any need for it.
What would be the best possible creation, a bank dedicated to cryptocurrencies or that banks begin to accept and transfer cryptocurrencies through their network systems?
the purpose of crytpo currency is to get rid of banks precisely so we do not need it
Banks will always be required on a basic level to provide loans and liquidity to longer term assets. Every business needs cash flow, crowd funding is a positive force but I doubt it will be the only one that provides funds even in a distributed crypto economy.
Banking is just a label, many firms provide funding to others in various ways. I think it will be a positive to see more companies providing a kind of assurance to various deals, the old merchant banks helped to ensure contracts were secure for transactions. The bank gets a cut and the participants feel more able to continue normal business with various parties. It should at least be an option, however BTC is lacking revenue streams from facilitated micro economies and I think that is the bedrock to an overall economy and greater business involvement.
I have to say, the idea is really great. But, making it happen isn't that easy. The problem that a project of such kind, can threaten the cryptocurruncy. It can give some sides (people), the power to have a bit of control on bitcoin, which will allow them to affect it in any way they want. Also, what is make bitcoin special , is the fact that it is untrceable. In any transaction, both sides can send as much as they want without knowing anything about each other. However, if such a bank exists, it will need a loan guarantee in order to give you the money. Which is , in bitcoin's case a bit hard in my opinion. We like it or not, the reason bitcoin behind bitcoin's creation is its "anonymity" .
It's more profitable to take the credit in Bank Fiat to buy bitcoin. The price growth of the cryptocurrency is far ahead of the interest on the loan. I don't recommend to do it. It is very risky. But from a mathematical point of view it is. Why take a loan in the crypto Bank? How to pay the debt on this loan? I do not believe that the idea of creating a crypto Bank is now feasible. 
There's a possible advantages and disadvantages if cryptocurrency banks will exist. In its good side if this banks will make transactions faster and the ease and safe saving of cryptocurrency. In the bad side, banks are needed to ruled under the constitutions of the government which mean this will be regulated and taxes will be deduct from it (maybe good for the economy, i think this is not bad afterall). We will never tell this possibilities until this banks will establish.
if applied to the crypto currency system I think of course it is likely there will be interference from the government because the bank is a financial center like a central fiat fiat in general where there will be a system or a rule that will be applied by the government. and certainly there would be no more freedom that the crypto currency would have as it always is because everything is in control of the government. and of course this will shut down the systemic decentralized system of the crypto currency so that it will no longer be of any decentralization from crypto itself.
Banks for cryptocurrency must necessarily exist, look at the world history of money, long ago paper money did not exist at all and there were commodity relations, then entered pieces of paper that were provided with gold or other valuables, the same thing is happening now, the world financial system is changing, if banks now do not enter this process, then their function in the cryptoworld will be taken by more forward-looking and progressive institutions.
I have to say, the idea is really great. But, making it happen isn't that easy. The problem that a project of such kind, can threaten the cryptocurruncy.
It can give some sides (people), the power to have a bit of control on bitcoin, which will allow them to affect it in any way they want. Also, what is make bitcoin special , is the fact that it is untrceable. In any transaction, both sides can send as much as they want without knowing anything about each other. However, if such a bank exists, it will need a loan guarantee in order to give you the money. Which is , in bitcoin's case a bit hard in my opinion. We like it or not, the reason bitcoin was created is its "anonymity".
It can give some sides (people), the power to have a bit of control on bitcoin, which will allow them to affect it in any way they want. Also, what is make bitcoin special , is the fact that it is untrceable. In any transaction, both sides can send as much as they want without knowing anything about each other. However, if such a bank exists, it will need a loan guarantee in order to give you the money. Which is , in bitcoin's case a bit hard in my opinion. We like it or not, the reason bitcoin was created is its "anonymity".
I think having a crypto currency bank is a good idea especially now that there are lot's of new coin out in the circulation, another is that most online wallet we have has a very high transaction fees which is very annoying while is we have banks they will be the one who do our transactions which might reduce or eliminate transaction fees.
How would a bank eliminate the fees if the bank also has to use blockchain while transferring money from one address to the other? Do you want crypto trades to be done off chain to reduce the cost? Lightning network is doing it without the need for banks. If you want banks to start managing transfers virtually without blockchain then you got yourself a centralized fiat system not cryptocurrency.
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