Topic: Cryptocurrency Banks: needed? - page 4. (Read 794 times)

You are right which when we do tend to read up the whitepaper on just on bitcoin alone we would really able to say that it is really a contradiction on what its actual purpose. Keeping it on our wallet would be more better than entrusting our coins into those banks and whats the use of those banks? Just for security? We wont need that service and come to think of that they are just making out of money for sure.Those institutions wont build up for nothing.

I think it would be useful to have a bank that would provide safety to trading with cryptocurrencies.

So that it would be as easy as it is nowadays to invest in stocks. Just transfer from your normal deposit account to your trading account, instantly be able to use it, and have access to the market through that account.

If that would be possible, I would use that instantly. It would make the entire process so much easier.

A project of that magnitude would be difficult to pull off though.

Well, a bitcoin bank is just a philosophical contradiction,  because bitcoin was create just to allow people to not depend from banks.
But actually any online wallet that keep you private key is practically a bank!
Probably, they will start to offer typical bank services.

Btw, I don't trust them at all, and I prefer to keep my private key under my control.

I guess not anymore because it may only results to confusion since we already have the banks feature in our online wallet we currently used besides having a crypto currency banks may only lead to putting control over ownership of cryptos and having so much regulations which I don't think people will like. Let's just support our online wallets since they are very helpful and convenient to use.

Im not saying I don't trust myself, I hold my private keys, but not everyone trusts themselves, therefore there is a need for "crypto banks", like it or not, otherwise why isn't Xapo filling for bankruptcy? get real, there is a market there, a huge one actually.

We think it would be great. What do you think about instant loans secured by BTC?

We don't need a bank, we already have our own bank it's called "wallet" a decentralized bank, actually cryptocurrency was created to take control over your money not giving access to a 3rd party that you called Bank. I just don't get it why do we have to need it while there are so many advantages by holding your money on your own private bank, at least your money will not be taxed and the bank can't freeze it or even lock it you have ultimate control over it.

If you think about it bitcoin is already a decentralized bank in which each user hold his own coins in their own private bank, so why do we need centralized banks or even decentralized banks when we are already in one? This is what the bankers are fearing, they understand that bitcoin will completely destroy their business model if they cannot stop it before it becomes massive.

At first glance I think using a bank to hold crypto is not aligned to the crypto purpose. One of the points of crypto being decentralized, is to empower it's users and make them independent from centralized institutions like banks. You can be your own bank and control your money. But then I imagine a world in the futures, where all we have is bitcoin. I don't know if I would feel comfortable in keeping access to all my economies by holding a private key. Not saying this is not secure, but this could incentive criminals to try to get that key from me, and then transfer all my savings to their accounts.

Since crypto is suppose to be private as well, I would probably never see my money again. If my coins were on a safe place, this would not be possible. Even with online bank transfers, it would not be possible for someone to come to my house and force me to transfer all my funds to another account since the bank would not authorize this without me confirming the transaction.

Then we have loans services that banks offer. We don't really need banks for this though, since we have lending platforms emerging like Salt for example. But even though banks are not needed for this, we will need some sort of lending platform.

So maybe banks are not needed, but increased security (to store our private keys, not for the network itself), and lending platforms will probably be required.

i think we should have that. but its too risky. maybe the government are thinking too. what if they will build a crytptocurrency bank. then it should be published worldwide so all of this cryptocurrency holders around the world would be aware of it. bitcoin should have a bank although no one owns it. cause all of the people in this world have an knowledge about bitcoin right. we should have it cause we want to become decentralized too.

The purpose of creating the bank is that the purchase of the virtual currency is times faster than other currency transactions and can be performed without an intermediary.

The world's first Bitcoin bank opened in the capital of Austria. The Bitcoin-Bank financial institution, dubbed the virtual currency, enables its customers to exchange euros at Bitcoin and vice versa, as well as receive a variety of currency information.

Bitcoin has survived without banks or financial institution so I don't think they are needed in anyway. It might further create conflict of interest or may start controversies if bitcoin will be entrusted to banks.

This is a horrible idea, and goes against the whole principle of cryptocurrencies. But I do agree that there will be cryptocurrency banks (which undermine the whole concept), because you simply cannot the the average person be responsible for their own finances. People already dick around with their cryptocurrencies way too much, and so far we have mainly tech savvy people on board. I can't even dare to imagine the Average Joe jumping along...

For this it could opinions divided cuz if we look how normal banks do dont think that this crypto bank will do anything different maybe it could be even worse. And on top of that who will be the first one to open it what will it be like, will it allow credit loans like real one even can it be purchasing cars or house/apartment. This for me opens so many questions with so little answers.

Maybe we could wait little with this idea, concept for this i believe is good, but we could always expect to see something that we didnt wanted to see.

I don't mind having one in the industry and i think different class of business equipped with blockchain or cryptocurrency will be good for this cryptocurrency market as long as this cryptocurrency banks will secure its investors and having less to non scam issue because financial institution like that will work if they get the trust of the community.

I don't think so, banks aren't needed, for every example you've given it's only a preference, it's not a must.



You can get loans from other people, you can get leans here on the forum. Well you not trusting yourself is kind of your own problem, you don't need to leave it for someone else to keep it for you but you'd like to.


No, crypto banks are not needed, because in some way you already have a crypto bank. There's nothing you can't do right now with crypto that a bank would be able to provide.

For me personally? No. If we look at how the average person doesn't want, or at least doesn't care, to be fully responsible for its own funds, then yes. This is a market based on supply and demand, and as long as people think centralized services offer them the usability and convenience they are looking for, it automatically means that the demand is definitely there, and the services offering all this as well. I have no doubt that Coinbase, which more or less can be seen as a Bitcoin bank already, will at some point offer actual bank-like features to capitalize on their significant market position. I however like to see more services end up doing this, because at current rate, Coinbase is going to dominate this market with iron fist....

Well the entire crypto world started from the idea that we don't want anymore banks, taxes and so on so why should we think at a cryto bank....there is no need for it

To my opinion yes, we need some kind of cryptocurrencies banks. I think the gap on the market that we have now because of Bitcoin debit cards withdrawal cleary shows that. The first financial institution that establish Bitcoin bank and all related services will have great success.
And existance of Bitcoin bank doesn't mean Bitcoin centralization, these could be two totaly different things.