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.
Topic: Do you agree with idea "Bitcoin bank" ? - page 89. (Read 142276 times)
no i don't as it is bad idea, bitcoin don't need bank at all
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 guess that it is assumed that Bitcoin banks would speculate with the bitcoins that people put into accounts open in these banks. Strictly speaking, that's what many banks actually do but not in the way you think it. They can't predict where the price will be tomorrow, but they can still be earning through conversion as well as arbitrage operations in absolutely the same manner as any exchange out there does it (e.g. by front-running the orders of their clients)...
In fact, banks can do it even more efficiently since there is no transparency, no order-books and trading history
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.
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 guess that it is assumed that Bitcoin banks would speculate with the bitcoins that people put into accounts opened in these banks. Strictly speaking, that's what many banks actually do but not in the way you think it. They can't predict where the price will be tomorrow, but they can still be earning through conversion as well as arbitrage operations in absolutely the same manner as any exchange out there does it (e.g. by front-running the orders of their clients)...
In fact, banks can do it even more efficiently since there is no transparency, no order-books and trading history
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.
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.
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.
You overlook a few things. And you certainly forget about the transaction fees. Since Bitcoin banks will be competing with web wallets, we should expect that they will pay the fees for their clients too. Folks across the forum are already complaining about the fees being too high in dollar terms, I meet such complains every other day. If you transact a lot, you will save on fees a handsome amount, and in fact people are already saving that much transacting through such web wallets...
If the price is going to rise further, the fees will be killing Bitcoin
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.
It's very weird, so many people here and in real life are complaining about how banks are working against their customers, that they don't trust banks with their money anymore as they are gambling with it on the financial markets, but still they don't appreciate Bitcoin for the features that it offers them. These people will continue being a slave of a system that will never change. Or these people simply don't trust themselves with the money that they have, that's also a possibility. Bitcoin offering people freedom doesn't mean they must convert their entire wealth to Bitcoin. They probably don't realize that you can also just have like 10-20% of your wealth into Bitcoin. Or they don't trust Bitcoin either as they don't know how it works.
There's no need of Bitcoin banks.
Bitcoin wallets are / can be made very secure. Bitcoin banks won't enhance security. Bitcoin banks can on the other hand make your Bitcoins vulnerable to scam or leaks by the owner of Bitcoin bank.
Only benefit I see would be easy Bitcoin loans and interest on Bitcoin with lower risk than BTCjam.
Bitcoin wallets are / can be made very secure. Bitcoin banks won't enhance security. Bitcoin banks can on the other hand make your Bitcoins vulnerable to scam or leaks by the owner of Bitcoin bank.
Only benefit I see would be easy Bitcoin loans and interest on Bitcoin with lower risk than BTCjam.
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 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 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 .
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't stop those banks if they are seeing that bitcoin has the potential to bump their services for the people. And that's for sure to happen that they will charge us for using their service and its up to us if we will avail their bitcoin banking services. But since there are already exchange sites, we can be our own bank with it.
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't stop those banks if they are seeing that bitcoin has the potential to bump their services for the people. And that's for sure to happen that they will charge us for using their service and its up to us if we will avail their bitcoin banking services. But since there are already exchange sites, we can be our own bank with it.
Isn't exchanges the same as bitcoin bank? we deposit our bitcoin there and we transact using bitcoin exchanges, so I think there is no need to have a bitcoin bank, besides, it would just be a hassle for us to go there if there is really a physical bank. Hacks here and there are common, who knows, they might use it as an alibi too to make money.
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You can also save bitcoin on exchanges, only that they don't give interest and you just wait for the time to give you interest.
Exchanges are secure too, and I think if there is a bitcoin bank, they would offer the same security as what exchanges offers, except if they will be producing physical coins customized just for you where you can store your bitcoin so it is away from the internet, that would sound great!
Loans isn't too hard to implement, exchanges could do that if they want, it isn't a problem really.
You can also save bitcoin on exchanges, only that they don't give interest and you just wait for the time to give you interest.
Exchanges are secure too, and I think if there is a bitcoin bank, they would offer the same security as what exchanges offers, except if they will be producing physical coins customized just for you where you can store your bitcoin so it is away from the internet, that would sound great!
Loans isn't too hard to implement, exchanges could do that if they want, it isn't a problem really.
store bitcoin on exchanges? have you forgotten about MtGox, Cryptsy, Bter, Bitfinex, .... exchanges who claimed to be hacked and all their users lost their money? and by the way bter.com gave profit to their users but it was dust profit and they stole 7700BTC in the end.
also about loans they are doing it but it is actually hard to do because there is still a lot of room for scamming.
You are correct here, all those exchanges was hack as they claimed and leave their clients empty handed. Though I store my bitcoin on some exchanges for trading only but not the idea to store in exchanges like a bank. I do not agree this btc bank idea as we have also our own wallet that acts as a bank where we have control over it.
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You can also save bitcoin on exchanges, only that they don't give interest and you just wait for the time to give you interest.
Exchanges are secure too, and I think if there is a bitcoin bank, they would offer the same security as what exchanges offers, except if they will be producing physical coins customized just for you where you can store your bitcoin so it is away from the internet, that would sound great!
Loans isn't too hard to implement, exchanges could do that if they want, it isn't a problem really.
You can also save bitcoin on exchanges, only that they don't give interest and you just wait for the time to give you interest.
Exchanges are secure too, and I think if there is a bitcoin bank, they would offer the same security as what exchanges offers, except if they will be producing physical coins customized just for you where you can store your bitcoin so it is away from the internet, that would sound great!
Loans isn't too hard to implement, exchanges could do that if they want, it isn't a problem really.
store bitcoin on exchanges? have you forgotten about MtGox, Cryptsy, Bter, Bitfinex, .... exchanges who claimed to be hacked and all their users lost their money? and by the way bter.com gave profit to their users but it was dust profit and they stole 7700BTC in the end.
also about loans they are doing it but it is actually hard to do because there is still a lot of room for scamming.
And how about the bitcoin bank? how will they keep your coins? isn't it the same as how the exchanges keep our coins when we deposit it to them? I would only believe in bitcoin bank if they would do what I've mention above, that is way safer if they do that, but if their concept is the same as the exchange, I'll go with the exchange, they are far more experienced when it comes to managing bitcoin than bank when it really materialize.
I don't know much about bitcoin bank but i think it is not too important but the transactions will be more guaranteed and fast. Although in storage aspect we can use bitcoin wallet by free.
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You can also save bitcoin on exchanges, only that they don't give interest and you just wait for the time to give you interest.
Exchanges are secure too, and I think if there is a bitcoin bank, they would offer the same security as what exchanges offers, except if they will be producing physical coins customized just for you where you can store your bitcoin so it is away from the internet, that would sound great!
Loans isn't too hard to implement, exchanges could do that if they want, it isn't a problem really.
You can also save bitcoin on exchanges, only that they don't give interest and you just wait for the time to give you interest.
Exchanges are secure too, and I think if there is a bitcoin bank, they would offer the same security as what exchanges offers, except if they will be producing physical coins customized just for you where you can store your bitcoin so it is away from the internet, that would sound great!
Loans isn't too hard to implement, exchanges could do that if they want, it isn't a problem really.
store bitcoin on exchanges? have you forgotten about MtGox, Cryptsy, Bter, Bitfinex, .... exchanges who claimed to be hacked and all their users lost their money? and by the way bter.com gave profit to their users but it was dust profit and they stole 7700BTC in the end.
also about loans they are doing it but it is actually hard to do because there is still a lot of room for scamming.
This is crazy, with bitcoin bank of course will same like traditional money. too many rules if there is a bank, an example is if we want to make a wallet that requires tax reports. bitcoin should differ so much that like, if the same as regular money could certainly be abandoned.
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