Do you agree with idea "Bitcoin bank" ? - page 114.

BeGoods

legendary

Activity: 1372

Merit: 1008

Quote from: stadus on October 23, 2016, 05:11:43 AM

Quote from: croutonhexagon on October 23, 2016, 04:41:21 AM

In one sense it would be good because having bitcoin bank will make the coin popular and some other guy would start using it. But in one sense it would be bad because having bitcoin bank will make the network untrustworthy because bitcoin is decentralized and automated but bank will make it insecure but if they make it automated then it would be welcoming.

If we will make you idea possible, I have a big question for you, who will manage the bitcoin bank?

That's the question that is hard to answer since banks are centralized and we are decentralized, so it should be the interest for everyone here and since we do not know each other how can we trust a person, literally bank is a business of trust.

of course that manage the bank is a third party such as the exchange, bitcoin bank also has a boss and owner. and certainly no more decentralized bitcoin when you use bitcoin bank. it's a bitcoin existing deficiencies in the bank, but of course there is an excess of bitcoin bank, as profit from interest, you can request a loan bitcoin, etc.

BeGoods

legendary

Activity: 1372

Merit: 1008

Quote from: wxa7115 on October 24, 2016, 12:12:41 PM

Quote from: calkob on October 19, 2016, 01:38:12 PM

I dont see the point in a bitcoin bank, surly it is not going to be that hard in the future to secure your own bitcoin via apps, and be your own bank, also banks cant be trusted they will start to loan more bitcoin than they have in store and then will be back to square one.

But if you use a third party app on top of bitcoin in order to secure your coins then that is basically a bank, securing your coins right now is not that hard by following some simple principles.

yeah that banks are third parties who may be in the trust, you can not assume they are not reliable just because they lend money or bitcoin to someone? because that's how they make a profit? certainly they have certain criteria for borrowers, so they do not carelessly give a loan to someone,

lol3c

hero member

Activity: 518

Merit: 500

Quote from: Felimon on October 26, 2016, 08:43:55 AM

If you make bitcoin a bank, sooner or later, there will be people who exploit the use of bitcoin bank and will start charging fees for everything, just like a regular bank does. Where does this leave us?

Yeah it's nothing good about a bitcoin bank. Not only do we have to pay more unreasonable fees for it but also does it make bitcoin become just like other currencies, and what's the point of all of this.

iqlimasyadiqa

legendary

Activity: 1596

Merit: 1011

Quote from: Felimon on October 26, 2016, 08:43:55 AM

If you make bitcoin a bank, sooner or later, there will be people who exploit the use of bitcoin bank and will start charging fees for everything, just like a regular bank does. Where does this leave us?

yes it is a nice thought. sooner or later bitcoin BANK will be created. and someday will be more and more users. bitcoin require guarantees and legality .bitcoin BANK is the answer of all available means.

wxa7115

hero member

Activity: 2702

Merit: 704

Bitcoin is GOD

Quote from: Westfiled on October 25, 2016, 01:37:01 PM

Quote from: buddu on October 25, 2016, 12:53:08 PM

I don't agree on any such idea which will take us again towards centralization where our wealth will be in control of any institution. There are so many ways to get interest or invest money in but Bitcoin offers unique features and options. I will keep using Bitcoin freely without putting them in hands of such banks just to get little profit.

The bitcoin bank is not a centralisation. There will thousands of banks, that mean each can be a full node. No centralisation.

Banks are not centralization? Even if what you said is true and it began that way, eventually some banks will get absorbed by the most successful ones until you have just a few banks that are in bed with each other.

HoshiPost

newbie

Activity: 38

Merit: 0

Quote from: clickerz on October 18, 2016, 12:19:10 PM

Quote from: iv4n on October 18, 2016, 12:09:38 PM

Why would I use bank for my bitcoins? I also think that this idea is stupid, and I don`t know how banks are planning to get into bitcoin community. That will be tricky for them, what can they offer to me (or us) to open bitcoin wallet in some bank, pay monthly account maintenance, what can they do for me, that I can`t do myself?
Only one thing fall on my mind and that is high saving rate. I opened some saving calculator and for example best bank in my country offer if I save in my currency 1 000 000 dinars for one year (that is 9 000 dollars) I can earn 90 000 dinars (850 dollars).
If I save in foreign currency, for example dollars, 10 000 dollars for one year will bring me 396 dollars. Which is joke, so how big interest they can offer for bitcoin to I be attracted to save my bitcoins in some bank?

Same sentiments here. What "bitcoin bank" really do? We will deposits our bitcoin to him?

If that happens,the real essence of bitcoin will be lost I think. People wants to hold or store their bitcoin,where they can spend anytime.

I will never agree with a bitcoin bank you know and that is not nice because lots of people dont think that is an good idea because lots of people dont trust banks with their bitcoins and that
is such a big problem for this world.

Senor.Bla

sr. member

Activity: 280

Merit: 253

Quote from: Felimon on October 26, 2016, 08:43:55 AM

If you make bitcoin a bank, sooner or later, there will be people who exploit the use of bitcoin bank and will start charging fees for everything, just like a regular bank does. Where does this leave us?

people would have to go to banks that do not charge or do it by themselves. or else you will have to make more money to use the services. as bank will not be able to create bitcoin they will not be able to give more loans then they have in store and they still have to pay the employs. so they will have to charge you. so, yes you will have to pay more or learn to do it on your own.

Felimon

full member

Activity: 238

Merit: 100

If you make bitcoin a bank, sooner or later, there will be people who exploit the use of bitcoin bank and will start charging fees for everything, just like a regular bank does. Where does this leave us?

Senor.Bla

sr. member

Activity: 280

Merit: 253

Quote from: Mastsetad on October 26, 2016, 06:31:20 AM

Quote from: rosablu on October 26, 2016, 05:01:24 AM

I also think that a btc bank would turn btc into a non-reliable currency.

Except being an unreliable currency there would be no difference between bitcoin and other ordinary currencies, now almost every bitcoin users think that they have a financial freedom because they are their own bank and they don't need any third person to get involved in their monetary decisions and if a bank is introduced that freedom would be snatched.

it would chance nothing for you if you would not use it. just because there is a bitcoin bank does not mean you have to use it. you will be able to still be your own bank. and if a bank fucks up, then they will have to close. since they can not print money. maybe the best thing to teach people is to let some banks fail and let them lose all there money. until they do it on there own.

Mastsetad

sr. member

Activity: 672

Merit: 250

Quote from: rosablu on October 26, 2016, 05:01:24 AM

I also think that a btc bank would turn btc into a non-reliable currency.

Except being an unreliable currency there would be no difference between bitcoin and other ordinary currencies, now almost every bitcoin users think that they have a financial freedom because they are their own bank and they don't need any third person to get involved in their monetary decisions and if a bank is introduced that freedom would be snatched.

ABCbits

legendary

Activity: 2870

Merit: 7490

Crypto Swap Exchange

Quote from: ajun96 on October 25, 2016, 05:50:49 PM

Quote from: Wandering Soul~ on October 25, 2016, 05:13:09 AM

I also think that it's not a good idea because bitcoin is anonymous and decentralized and you will be denying the concept of bitcoin itself if you will establish bitcoin banks. And the thing that I also love about bitcoin than banks is, There is no any strict rules and regulation.

I think it's for the bitcoin bank is not a problem because no one requires you to use bitcoin bank. people are free to use it or not. but the fact that the bank could give profit to you in addition to safely store your bitcoin, you do not need to invest, you just need to keep it in the bank and make a profit, when the price rises you could sell it also

How could you say bank could give you profit and secure your bitcoin? They can't offer interest rate since bitcoin isn't inflated currency & it's not secure if inside people/hacker gain access to private key.
Also, this bank will fee you for service usage so you will lose your bitcoin over time.

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: ajun96 on October 25, 2016, 05:50:49 PM

Quote from: Wandering Soul~ on October 25, 2016, 05:13:09 AM

I also think that it's not a good idea because bitcoin is anonymous and decentralized and you will be denying the concept of bitcoin itself if you will establish bitcoin banks. And the thing that I also love about bitcoin than banks is, There is no any strict rules and regulation.

I think it's for the bitcoin bank is not a problem because no one requires you to use bitcoin bank. people are free to use it or not. but the fact that the bank could give profit to you in addition to safely store your bitcoin, you do not need to invest, you just need to keep it in the bank and make a profit, when the price rises you could sell it also

If people would really think it's safe to have a third party store your coins for a silly reward in return, then they don't know anything.

Let's say you get 3% annually, would you really put your coins at risk for such a low amount? Think good. Really?

And if you are being offered an even higher amount, then the likeliness of it turning into a scam with go through the roof.

Safest option is to continue hodling your coins where you will enjoy seeing the price go up. Best of this is that you have all coins under your own control.

rosablu

newbie

Activity: 30

Merit: 0

I also think that a btc bank would turn btc into a non-reliable currency.

sambaevida

newbie

Activity: 45

Merit: 0

I think that the existence of a btc bank (and by bank I mean a traditional one, the one we're used to) would be an oxymoron, since one of the main advantage of btc is being a decentralised currency that doesn't need a mediator. if the concept of bank changed radically in the future, maybe we could have a btc bank.

dunfida

legendary

Activity: 3122

Merit: 1140

If bitcoin bank would be controlled by the government then its a big NO for me hence building a bank to a particular country would really need governments approval and for sure they would not like to let this thing to happen because bitcoin can be controlled by anyone and government really dont like that on bitcoin and for sure those bitcoin banks would not be there at all and if there would be a bank your coins would be already controlled and you are being identified.

_Miracle

hero member

Activity: 912

Merit: 661

Do due diligence

I like coinbase and having a little coin in there, linked to a shift card.
BUT
in general I don't like storing anything of value with a 2nd or 3rd party.
Places that offer to sell you precious metals and store them "for you", our US banks are insured (to some degree).
So that being said: I'd would prefer to control most of my coin.
Bitcoin is much easier than cash or "real" goods to transport and secure.

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: BlackPanda on October 25, 2016, 06:36:39 PM

I strongly agree . because with the bitcoin BANK will make bitcoin market becomes more reliable. more and more investors entering. This can make it bitcoin be increased.

That's just nonsense. If you start up a Bitcoin bank, then it's just the name that says it's a bank, while in reality it's just a service that is similar to what blockchain.info is offering. You can store your coins there, use their service to send and receive Bitcoins, etc. Perhaps that as extra feature you can ask for loans, or as bonus receive a certain amount of interest on your coins. But this interest has to come from somewhere. In this case it's the same as regular banks. They will use/invest your coins/money to generate a certain amount of profit where you get your promised interest rate, and they keep the profits. Believe me, this will only attract rookies. People with a normal understanding of what's happening will avoid it at all cost.

arcanaaerobics

sr. member

Activity: 364

Merit: 250

Quote from: BlackPanda on October 25, 2016, 06:36:39 PM

I strongly agree . because with the bitcoin BANK will make bitcoin market becomes more reliable. more and more investors entering. This can make it bitcoin be increased.

So why not you use another fiat currency?

Isn't because it have a bank controlling that will increase the marketcap...

BlackPanda

legendary

Activity: 1414

Merit: 1001

I strongly agree . because with the bitcoin BANK will make bitcoin market becomes more reliable. more and more investors entering. This can make it bitcoin be increased.

Samadur

sr. member

Activity: 287

Merit: 250

If we consider that the same bitcoin currency like any other and is the medium of exchange for goods, then why not create a bank of bitcoin. Perhaps it would create real conditions for the promotion of bitcoin.

Topic: Do you agree with idea "Bitcoin bank" ? - page 114. (Read 142276 times)