Do you agree with idea "Bitcoin bank" ? - page 60.

malikusama

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Quote from: 1Referee on February 15, 2017, 06:06:16 AM

Quote from: malikusama on February 15, 2017, 05:56:42 AM

Its a useless and stupid idea, people prefer bitcoins because of its decentralization and easy payment methods with very low transaction charges as compared to fiat. If bitcoin bank will began to established then there will be no difference between fiat and bitcoins and probably bitcoin will face a huge decline in its market value.

No. Bitcoin banks are nothing more than a service such as Coinbase that is offering people an online wallet platform. I don't see why people don't seem to understand that. It's just a service which you can choose to use or not. It won't have any negative impacts on Bitcoin at all. You must know how many people there are that don't care a single bit about decentralization. They probably don't even know what it really means.

If they are offering people an online wallet platform then it is acceptable but i don't think so there is any need of these platforms as already we have variety of wallets which are more convenient.

1Referee

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Quote from: malikusama on February 15, 2017, 05:56:42 AM

Its a useless and stupid idea, people prefer bitcoins because of its decentralization and easy payment methods with very low transaction charges as compared to fiat. If bitcoin bank will began to established then there will be no difference between fiat and bitcoins and probably bitcoin will face a huge decline in its market value.

No. Bitcoin banks are nothing more than a service such as Coinbase that is offering people an online wallet platform. I don't see why people don't seem to understand that. It's just a service which you can choose to use or not. It won't have any negative impacts on Bitcoin at all. You must know how many people there are that don't care a single bit about decentralization. They probably don't even know what it really means.

malikusama

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Its a useless and stupid idea, people prefer bitcoins because of its decentralization and easy payment methods with very low transaction charges as compared to fiat. If bitcoin bank will began to established then there will be no difference between fiat and bitcoins and probably bitcoin will face a huge decline in its market value.

delliaerd

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Quote from: PhilPrime on February 14, 2017, 08:23:44 PM

Quote from: Maskedman on February 14, 2017, 06:31:48 PM

No, I do not agree with this idea. This is the contrary of what Bitcoin was designed to be. It was designed so that your wallet is your own bank. You owns nothing to no one and this is better.

Right there is no need for banks, bitcoin proves its ability to do things that bank can do, plus that its free transactions and we can manage our own wallet.

Our Own wallet was enough for us. using bitcoin bank can make us pay an administration fee per month. bitcoin decentralization system prevents the gathering of funds that can be monopolized by some people, big capital is a great power that can make or break a country's economy, so it is very dangerous if the money collected in the bank misused by the bad guys.
so I think the same as you, I do not agree with the idea of bitcoin bank.

Jewell

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Quote from: artows21 on February 14, 2017, 04:14:58 PM

I disagree with the idea of a bitcoin bank because nobody is going to give money to a bank and pay tax on it. And who will manage it? I don't think this will work.

yes i also disagree. i do not like to be fell in the log process again which we have experienced in local banks. bitcoin do not need to any bank. bitcoin wallet is the best system so far. i think the only need it to make it more secure by improving the security system of it.

PhilPrime

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Quote from: Maskedman on February 14, 2017, 06:31:48 PM

No, I do not agree with this idea. This is the contrary of what Bitcoin was designed to be. It was designed so that your wallet is your own bank. You owns nothing to no one and this is better.

Right there is no need for banks, bitcoin proves its ability to do things that bank can do, plus that its free transactions and we can manage our own wallet.

Maskedman

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No, I do not agree with this idea. This is the contrary of what Bitcoin was designed to be. It was designed so that your wallet is your own bank. You owns nothing to no one and this is better.

artows21

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I disagree with the idea of a bitcoin bank because nobody is going to give money to a bank and pay tax on it. And who will manage it? I don't think this will work.

rickadone

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Quote from: Ewinsane on February 14, 2017, 02:34:07 PM

Quote from: mamaita on February 13, 2017, 08:14:26 PM

bitcoin create its own bank strongly agree, if can be reproduced branches in every country that a lot of users, let them find it more convenient to the real bank of bitcoin, it could add to the confidence of the people who will join the bitcoin users.

i agree with you that bitcoin created its own bank like we can save our bitcoin in our online wallet or other type wallet and i think save your bitcoin in your own online wallet is much more better than bank because bank has a high fess and charges.

Yes, any cryptocurrency online system is a bank itself for them because every user of cryptocurrency has its own wallet and every user can access its wallet by himself and send and receive bitcoin and we can exchange it online so I too say there is no need of any bank for cryptocurrency or for bitcoin which is only such currency that I am currently using.

Rinder

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I do understand some people arent able to protect their data, and this make their bitcoins vulnerable, but we are our own banks already. This question and interest is because people do wanna some real bank to provide loans and interest at bitcoin deposits, if those banks would accept bitcoin i know some people will trust them, isnt a bad thing as long the interest banks will pay is a fair % but this is also bad because a single company can try to manipulate the market.

Ewinsane

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Quote from: mamaita on February 13, 2017, 08:14:26 PM

bitcoin create its own bank strongly agree, if can be reproduced branches in every country that a lot of users, let them find it more convenient to the real bank of bitcoin, it could add to the confidence of the people who will join the bitcoin users.

i agree with you that bitcoin created its own bank like we can save our bitcoin in our online wallet or other type wallet and i think save your bitcoin in your own online wallet is much more better than bank because bank has a high fess and charges.

deisik

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Quote from: South Park on February 14, 2017, 12:49:08 PM

Quote from: deisik on February 12, 2017, 01:04:36 AM

Quote from: South Park on February 11, 2017, 06:04:00 PM

That is actually my fear, I disagree profoundly with the idea of such a service but I'm sure that if such a service saw the day light people will accept it immediately and then we will have the same problem we had with gold, the banks will hoard bitcoin and then lend it with interest and probably find a way to create fractional banking

Could you explain what you mean by the same problem that we (allegedly) had with gold? If you refer to banks accepting gold for storage and then issuing gold receipts which were used as money and whose total value by far exceeded the amount of real gold in bank vaults (which led to bankruptcies and massive bank-runs), with Bitcoin it might not work out since you can always trace the history of every bitcoin in existence. If you just mean lending out bitcoins, then I can't possibly see how it is related to gold. On the other hand, if they demand interest should be paid on loans (which is logic), folks may demand interest on their deposits as well

In short, I don't see anything particularly dangerous or ominous in that activity

I was referring to the bolded part, my fear is that banks create some sort of blockchain over the blockchain, basically you deposit bitcoins with them and then they issue some sort of banking bitcoin that they can print at will and this becomes the currency of choice of the people, that way bankers will pull the same trick they did on gold and will be able to bury bitcoin as they did to gold, I do not know how viable that is, but that is my fear

That has been discussed before

And before Bitcoin (and even before full-fledged fiat issued by commercial banks in the system with a Central bank) folks didn't have much choice. They had to use either gold directly (gold coins, more specifically) or gold receipts which they received in exchange for their gold. Today, people are free to use whatever they want (to a certain degree), so banks will be interested to provide tools which would allow to check if they don't issue more paper bitcoins (so-called bitnotes) than they have real "physical" bitcoins in their underground "vaults"

South Park

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Quote from: deisik on February 12, 2017, 01:04:36 AM

Quote from: South Park on February 11, 2017, 06:04:00 PM

Quote from: richardsNY on February 10, 2017, 04:15:17 PM

Quote from: South Park on February 10, 2017, 03:13:29 PM

Quote from: Zadicar on February 10, 2017, 12:54:44 AM

Quote from: delliaerd on February 10, 2017, 12:20:46 AM

Quote from: Bitcoin0916 on February 09, 2017, 10:19:31 PM

Quote from: t2yax on February 09, 2017, 08:37:42 PM

I agree with bitcoin bank. We can have a securities with it, we are not going to be afraid on losing our money. We all know that we have the fear on losing our own money. I suggest to have a bitcoin bank, where we can store our own money. Instead of wallet address, we should have the unique account number, for us to store our bitcoin.

I disagree, the existence of the bitcoin surely there must be a different thing. The presence of the bitcoin bank will limit the transaction we do, surely this would have an impact on high cost. In addition, when we made the wallet of course must be through the bank and require legal data. So I conclude that bitcoin bank and fiat money is same and I will leave bitcoin.

Yes, bitcoin Bank is useless, I think even online wallet is save enough. I also Think that if transaction of bitcoin become controled by bank, people Will leave bitcoin. we have our own wallet, if we need to save large amount of bitcoin, we only need to choose the right type of bitcoin wallet. I think hardware wallet is the savest one.
I like bitcoin because no one can control my money or steal it. So I do not like bitcoin bank.

It is really useless since we do have lots of wallets either online or offline and if theres a bitcoin bank then what would be the purpose of those wallets? Then for sure people would still use them even banks will come out but they will not last for sure because people will mainly like to hold their own money without exposing their identity and they have the full access on it.

While this is true, don't underestimate the laziness of people, if they somehow think that securing their coins is too difficult you can bet a bank will seize the opportunity and say they can secure your coins for a price and then bitcoin banks will become a reality.

It's a fact that the average person can't handle the responsibility of taking care of its own money. It's fairly easy to assume that if such a service happens to launch, that people will jump on it. If it offers people whatever level of insurance, then it will give them even more confidence as they then take for granted that their coins are safe. It's a weird way of thinking, but that's how simple people are. If they are able to generate interest over their coins, then it will give these people even more incentive to sign up.

That is actually my fear, I disagree profoundly with the idea of such a service but I'm sure that if such a service saw the day light people will accept it immediately and then we will have the same problem we had with gold, the banks will hoard bitcoin and then lend it with interest and probably find a way to create fractional banking

Could you explain what you mean by the same problem that we (allegedly) had with gold? If you refer to banks accepting gold for storage and then issuing gold receipts which were used as money and whose total value by far exceeded the amount of real gold in bank vaults (which led to bankruptcies and massive bank-runs), with Bitcoin it might not work out since you can always trace the history of every bitcoin in existence. If you just mean lending out bitcoins, then I can't possibly see how it is related to gold. On the other hand, if they demand interest should be paid on loans (which is logic), folks may demand interest on their deposits as well

In short, I don't see anything particularly dangerous or ominous in that activity

I was referring to the bolded part, my fear is that banks create some sort of blockchain over the blockchain, basically you deposit bitcoins with them and then they issue some sort of banking bitcoin that they can print at will and this becomes the currency of choice of the people, that way bankers will pull the same trick they did on gold and will be able to bury bitcoin as they did to gold, I do not know how viable that is, but that is my fear.

Termich

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Yeah - that's a great idea. A bank.
Do your best to help governments control bitcoin easier.
Why don't we just start a petition and first offer them all of our data, biometrics. It's not like they already have invaded our privacy enough.

BitHodler

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Quote from: Tyrantt on February 14, 2017, 05:57:35 AM

Why on Earth would someone be even thinking of a "bitcoin bank"? I mean, if you know just a little about bitcoin, you'd see that it's completely not needed...

It's a common thing that people always look for that exact one thing they don't have right now. If they have to throw away the benefits of Bitcoin's decentralized nature to get that one thing, then they will definitely do so.

Especially when they get rewarded for it in form of a certain interest rate over their stored coins. Then it will give them even more incentive to jump on board of what might be named a Bitcoin bank.

deisik

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Quote from: virasog on February 14, 2017, 04:17:25 AM

Quote from: mkmdoc on February 12, 2017, 06:40:32 AM

I here the news about bitcoin bank is opened in Austrian capital Vienna, But firstly they are operating bank with buying and selling bitcoin, make easier and safer than other in-person options. But this digital currency outlet is being managed by Bit Trust block chain. https://www.rt.com/business/376977-austria-first-bitcoin-bank/

This is not a bank i guess. Its sort of an exchange where people buy and sell bitcoins. Obviously you need a service which gives you opportunity to buy and sell the coins but we cannot name it as as bank. Bank deal with the govt. approved currencies and they keep the people deposits and dont sell it

There is no single definition that would strictly define what a bank is

The "scientific" definition comes down to saying that a bank is a service which lends money. On the other hand, many people think that a bank is mainly about processing payments. In this manner, Bitcoin is a bank in its own right since it is as much a money as a payment system (hence "be your own bank"). If you ask me, our regular banks allowing to open accounts in Bitcoin would pretty much cut it as Bitcoin banks as well, even if they don't lend these bitcoins directly

NEWGOODOUBLE

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Quote from: TravelMug on February 13, 2017, 02:02:15 PM

In bitcoin design, you are your own bank, so I don't agree with the "Bitcoin" bank idea. That's why people are going on bitcoin because you control your own money not the bank

bitcoin bank with the tagline "you be own bank" will disappear because by being a customer at the bank bitcoin identity will be discovered and you've got control of a third party

OrangeII

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Quote from: plijxirn on February 14, 2017, 03:56:47 AM

No I do not think that we need something like that because of the fact that its something that is not needed for us right now.

Well, we must have confidence that bitcoin will be something better, and bigger than the bank. for now, bitcoin might not need it, because with the bitcoin itself, the conditions facing banks is threatened. maybe they want to work together to make the bank more in the notice.

Tyrantt

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Why on Earth would someone be even thinking of a "bitcoin bank"? I mean, if you know just a little about bitcoin, you'd see that it's completely not needed...

epitome

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Quote from: mamaita on February 13, 2017, 08:14:26 PM

bitcoin create its own bank strongly agree, if can be reproduced branches in every country that a lot of users, let them find it more convenient to the real bank of bitcoin, it could add to the confidence of the people who will join the bitcoin users.

Why would anyone invest in a bank when you can have complete control over your money while using bitcoin. So the notion of creating a bank for bitcoin is just absurd as i would not want anyone to have authority over my assets when i have the chance to save it myself.

Topic: Do you agree with idea "Bitcoin bank" ? - page 60. (Read 142276 times)