Topic: Do you agree with idea "Bitcoin bank" ? - page 88. (Read 142276 times)
The idea of the bitcoin bank may not be very appealing for most people here because most people here are not idiots that don't know how to deal and hold their own bitcoin, but outside of internet forums most people are clueless and they will like the idea of other third party managing their money and not having to stress about losing your private keys because you forget the password or something like that, so yes i think there is still a strong niche for that bankster idea on bitcoin.
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.
agree with the bitcoin bank
Why not we consider coinsbank services (and other similar services) as a bitcoin banking service ? And why we are still expecting our central banks to adopt bitcoins ?
In my understanding people are looking for easy cash out for their bitcoin, that is the reason they are expecting their regular bank to adopt bitcoins. But in long term perspective, we are going to use bitcoin and there will be no need to sell them to get the benefits of them.
In my understanding people are looking for easy cash out for their bitcoin, that is the reason they are expecting their regular bank to adopt bitcoins. But in long term perspective, we are going to use bitcoin and there will be no need to sell them to get the benefits of them.
I don't understand how people will get easy cash out of their bitcoin if their regular banks accept bitcoins? By interests? I don't think banks would pay any easy cash to bitcoin holders and even if they do they wont give them much, maybe about 1% a year and that is really nothing at all.
To say that Bitcoin banks would be useless just because they would provide basically the same options as web wallets do is naive at best. Should Bitcoin banks emerge for real, that would most likely be our regular fiat banks now accepting Bitcoin. The first thing that comes to mind immediately is closing the wide gap between fiat and Bitcoin. They would effectively combine in one place the functionality provided by exchanges (i.e. buying and selling bitcoins for fiat) with that of web wallets (i.e. easy transactions, most likely free of charge altogether)...
And this advantage would come about just through their existence as such
Why not we consider coinsbank services (and other similar services) as a bitcoin banking service ? And why we are still expecting our central banks to adopt bitcoins ?And this advantage would come about just through their existence as such
In my understanding people are looking for easy cash out for their bitcoin, that is the reason they are expecting their regular bank to adopt bitcoins. But in long term perspective, we are going to use bitcoin and there will be no need to sell them to get the benefits of them.
The fact that CoinsBank has the word "bank" in its name doesn't in the least mean that it is a real bank (Bitcoin or otherwise). If we are expecting Bitcoin to become a major currency (which is unlikely to happen, just in case), then banks could accept money (which would be bitcoins) from folks into deposit accounts and issue loans as well as deposit certificates (which could be used as paper money for offline transactions). That's what real banks essentially do, and that's where genuine Bitcoin banks (and not a certain CoinsBank which is in fact just an exchange) would be different from web wallets...
I hope this helps to clarify how such banks could be useful in the future
To say that Bitcoin banks would be useless just because they would provide basically the same options as web wallets do is naive at best. Should Bitcoin banks emerge for real, that would most likely be our regular fiat banks now accepting Bitcoin. The first thing that comes to mind immediately is closing the wide gap between fiat and Bitcoin. They would effectively combine in one place the functionality provided by exchanges (i.e. buying and selling bitcoins for fiat) with that of web wallets (i.e. easy transactions, most likely free of charge altogether)...
And this advantage would come about just through their existence as such
Why not we consider coinsbank services (and other similar services) as a bitcoin banking service ? And why we are still expecting our central banks to adopt bitcoins ?And this advantage would come about just through their existence as such
In my understanding people are looking for easy cash out for their bitcoin, that is the reason they are expecting their regular bank to adopt bitcoins. But in long term perspective, we are going to use bitcoin and there will be no need to sell them to get the benefits of them.
no i don't as it is bad idea, bitcoin don't need bank at all
With Bitcoin people are their own bank, but they are just looking at the fact that regular banks pay out interest on the money they store there, and take for granted that exactly the same will be the case with Bitcoin banks. I think it's pure greed. If that's the only reason, then they can store their coins on certain exchanges where they get interest as well. No difference.
But what about the exchanges that require data verification, is it that also make your identity uncovered ?
To say that Bitcoin banks would be useless just because they would provide basically the same options as web wallets do is naive at best. Should Bitcoin banks emerge for real, that would most likely be our regular fiat banks now accepting Bitcoin. The first thing that comes to mind immediately is closing the wide gap between fiat and Bitcoin. They would effectively combine in one place the functionality provided by exchanges (i.e. buying and selling bitcoins for fiat) with that of web wallets (i.e. easy transactions, most likely free of charge altogether)...
And this advantage would come about just through their existence as such
no i don't as it is bad idea, bitcoin don't need bank at all
With Bitcoin people are their own bank, but they are just looking at the fact that regular banks pay out interest on the money they store there, and take for granted that exactly the same will be the case with Bitcoin banks. I think it's pure greed. If that's the only reason, then they can store their coins on certain exchanges where they get interest as well. No difference.
But what about the exchanges that require data verification, is it that also make your identity uncovered ?
no i don't as it is bad idea, bitcoin don't need bank at all
With Bitcoin people are their own bank, but they are just looking at the fact that regular banks pay out interest on the money they store there, and take for granted that exactly the same will be the case with Bitcoin banks. I think it's pure greed. If that's the only reason, then they can store their coins on certain exchanges where they get interest as well. No difference.
But what about the exchanges that require data verification, is it that also make your identity uncovered ?
actually we don't need to have a bank for bitcoin because we already have a banks to ourselves which is our personal wallets we don't need anything to manage and secure our finances in bitcoin and it is much better to do it on our own because we don't need to consider a service fee of that bitcoin bank .
You're absolutely right, but the main intention of people liking the idea of a so called Bitcoin bank is more the financial gain aspect in form of interest over the coins that they store there. Bitcoin offers people the ability to be their own bank and avoid dealing with third party services, but people are easily putting that fantastic benefit away just in return for a shitty interest rate. It's insane to have another entity to control your coins for a full year in return for just a 2-3% interest rate. Even if it was 10%, I still wouldn't store my coins there.
actually there's also a good side behind this bitcoin bank they can also give you a very secured service for your finances and 1referee is right there will be some people who liked this idea because their intention is to gain from the interests but for sure it will only go to the service fee and the transaction fees .
Storing bitcoin in the bank is not really a good idea because the bank would just take the advantage of bitcoin, since the bitcoin's price is always fluctuating which it is fluctuating good right now which is almost $800. This fluctuation is a good thing in the bank because they would get a bigger profit from it and they might scam us and run with our bitcoin if they think that there are many investors or someone storing in their banks, that is why having a bitcoin bank is not really good.
I do not see why the high fluctuation is a good thing for banks. You will have to explain this more. All i can see is that there is no way of predicting where the price will go and banks will also have this problem.Bitcoin banks would almost certainly earn from currency conversion operations. That's what many if not all web wallets are doing right now just like regular fiat banks do. With higher price fluctuations they would be able to set bigger spreads (i.e. difference between the prices at which they will sell and buy a currency), and in this way they will earn more. Fiat banks are notoriously known to increase spreads whenever currency volatility increases. Further, high volatility itself will also make more people look for quick profits through such operations (aka "buy low, sell high")...
In absolutely the same manner as it happens without any banks around
We have already our own bank which is our wallets, either it could be hot or cold. I'd rather choose to keep my bitcoins with myself so that I am the only have a full control of it. I can manage it everyday and make profit from the price fluctuations if I do so.
actually we don't need to have a bank for bitcoin because we already have a banks to ourselves which is our personal wallets we don't need anything to manage and secure our finances in bitcoin and it is much better to do it on our own because we don't need to consider a service fee of that bitcoin bank .
You're absolutely right, but the main intention of people liking the idea of a so called Bitcoin bank is more the financial gain aspect in form of interest over the coins that they store there. Bitcoin offers people the ability to be their own bank and avoid dealing with third party services, but people are easily putting that fantastic benefit away just in return for a shitty interest rate. It's insane to have another entity to control your coins for a full year in return for just a 2-3% interest rate. Even if it was 10%, I still wouldn't store my coins there.
actually there's also a good side behind this bitcoin bank they can also give you a very secured service for your finances and 1referee is right there will be some people who liked this idea because their intention is to gain from the interests but for sure it will only go to the service fee and the transaction fees .
actually we don't need to have a bank for bitcoin because we already have a banks to ourselves which is our personal wallets we don't need anything to manage and secure our finances in bitcoin and it is much better to do it on our own because we don't need to consider a service fee of that bitcoin bank .
You're absolutely right, but the main intention of people liking the idea of a so called Bitcoin bank is more the financial gain aspect in form of interest over the coins that they store there. Bitcoin offers people the ability to be their own bank and avoid dealing with third party services, but people are easily putting that fantastic benefit away just in return for a shitty interest rate. It's insane to have another entity to control your coins for a full year in return for just a 2-3% interest rate. Even if it was 10%, I still wouldn't store my coins there.
actually there's also a good side behind this bitcoin bank they can also give you a very secured service for your finances and 1referee is right there will be some people who liked this idea because their intention is to gain from the interests but for sure it will only go to the service fee and the transaction fees .
no i don't as it is bad idea, bitcoin don't need bank at all
With Bitcoin people are their own bank, but they are just looking at the fact that regular banks pay out interest on the money they store there, and take for granted that exactly the same will be the case with Bitcoin banks. I think it's pure greed. If that's the only reason, then they can store their coins on certain exchanges where they get interest as well. No difference.
i think bitcoin through on internet is much more good than bank because Bank get a high fees and the government is also apply tax on our balance and online wallet has too much lower fees and our bitcoin is much more safe and its feel like as our bitcoin in our control when i keep my bitcoin in wallet .
we can handle and fully control our bitcoin when we put our bitcoin in bitcoin wallet. yeah it's more free in bitcoin wallet rather than in bitcoin bank and maybe every transaction in bitcoin bank will take a little more expensive than in usuall.
no i don't as it is bad idea, bitcoin don't need bank at all
With Bitcoin people are their own bank, but they are just looking at the fact that regular banks pay out interest on the money they store there, and take for granted that exactly the same will be the case with Bitcoin banks. I think it's pure greed. If that's the only reason, then they can store their coins on certain exchanges where they get interest as well. No difference.
Storing bitcoin in the bank is not really a good idea because the bank would just take the advantage of bitcoin, since the bitcoin's price is always fluctuating which it is fluctuating good right now which is almost $800. This fluctuation is a good thing in the bank because they would get a bigger profit from it and they might scam us and run with our bitcoin if they think that there are many investors or someone storing in their banks, that is why having a bitcoin bank is not really good.
I do not see why the high fluctuation is a good thing for banks. You will have to explain this more. All i can see is that there is no way of predicting where the price will go and banks will also have this problem.
I agree with the idea but only if the bank is going to be kept for atleast the next 20 years when bitcoin will half; with the halving you'd reap the fruits of your investments because of the increase in bitcoins price else then there's no need to have a bitcoin bank because you're better off trading with it.
no i don't as it is bad idea, bitcoin don't need bank at all
With Bitcoin people are their own bank, but they are just looking at the fact that regular banks pay out interest on the money they store there, and take for granted that exactly the same will be the case with Bitcoin banks. I think it's pure greed. If that's the only reason, then they can store their coins on certain exchanges where they get interest as well. No difference.
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