Do you agree with idea "Bitcoin bank" ? - page 99.

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Quote from: richardsNY on December 02, 2016, 01:37:21 PM

People getting a financial gain such as interest over the coins they save there is the only reason. I can't think of anything else that people may find so interesting, that they throw away their full control over their coins. You said loans, but there are several other ways of how you can get a Bitcoin related loan. Think about certain Bitcoin lending sites, the community that you can ask for a loan, etc. No need for a service that is saying to be a "Bitcoin bank".

These lending sites are a disguise for scammers. The community where you can ask for a loan is not very much different from your circle of close friends where you can ask for a fiat loan as well. But that doesn't somehow make banks obsolete. A real Bitcoin bank will require you, as a borrower, to provide liquid collateral, and I don't think that they are going to consider altcoins as one such. In this way, they would protect the bitcoins they themselves might receive to deposits from Bitcoin users...

Personally, I think it is only a matter of time till real banks start offering Bitcoin related services (e.g. deposits and loans)

Quote from: Harlot on December 05, 2016, 02:05:30 PM

Yup the point of a bank's business is loaning money that you owned

Banks don't need deposits to give out loans. But that wouldn't work with Bitcoin

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Quote from: upsidedown75 on December 05, 2016, 02:05:06 PM

Quote from: Rastaman2016 on December 05, 2016, 01:43:01 PM

Quote from: Argwai96 on December 05, 2016, 12:55:15 PM

Bitcoin is sign of freedom and decentralization, having a bank with DB of all the customers, stupid idea.

I like the idea of decentralization bitcoin, but it seems to me that the idea of bitcoin bank eliminates the idea of decentralization.

But I guess there are a lot of possibility to have bitcoin banks even with btcoin's core concept of being decentralised. Yes banks will act how our debit card providers are working right now like just to faciliate us only with the conversion part of bitcoin into fiats. Banks will simply accept bitcoin deposits and may give option to withdraw in bitcoins.

Without control of all the ideas probably go to pieces. While only a small number of people are involved. And when bitcoin will go to the masses, then the bank can not do without.

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Quote from: Mirconome on December 05, 2016, 12:50:53 AM

Quote from: richardsNY on December 02, 2016, 01:37:21 PM

Quote from: GregH37 on December 02, 2016, 01:13:08 PM

Quote from: crairezx20 on November 30, 2016, 01:21:50 PM

Quote from: amiryaqot on November 30, 2016, 12:50:26 PM

I don't understand the idea of bitcoin bank who will hold the funds which is totally against the spirit of bitcoin, everybody love bitcoin because of freedom so that I'm against this idea, very hard to understand why would we give our coins to 3rd party without any security about our funds, investment in bitcoin is better than this idea.

You have the point and i think we have already use the wallet as our bank.. and i think we dont need bitcoin bank except for ATM or any bitcoin machine that can withdraw and deposit bitcoin instantly.. will be a good idea to spread worldwide than bitcoin banks..

We are using it anonymously so if there is bitcoin bank i think they need our identity in order to be member of that bank..

The difference is that you may ‘get a loan’ or ‘get interest’ with banks as well which our bitcoin wallets can’t provide. Bitcoin Bank is against the basic concepts of bitcoin but that is what people want the “bank” to be I assume. When bitcoin hits main stream of adoptions, people may start forgetting to demand for bitcoin banks.

People getting a financial gain such as interest over the coins they save there is the only reason. I can't think of anything else that people may find so interesting, that they throw away their full control over their coins. You said loans, but there are several other ways of how you can get a Bitcoin related loan. Think about certain Bitcoin lending sites, the community that you can ask for a loan, etc. No need for a service that is saying to be a "Bitcoin bank".

I do not understand the essence of bitcoin bank. Although there are already some banks in bitcoin information. Just the very foundation of decentralized bitcoin tells a different story. Therefore, it is not that clear.

Yup the point of a bank's business is loaning money that you owned and they are the ones earning from it, However in the Bitcoin world their are thousands of people who are willing to loan their Bitcoin in an exchange for interest. The problem is this people who loan can't hold a big amount of Bitcoin unlike banks who can handle billions of dollars. For me just go to a Fiat bank if you will loan that big of amount.

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Quote from: Rastaman2016 on December 05, 2016, 01:43:01 PM

Quote from: Argwai96 on December 05, 2016, 12:55:15 PM

Bitcoin is sign of freedom and decentralization, having a bank with DB of all the customers, stupid idea.

I like the idea of decentralization bitcoin, but it seems to me that the idea of bitcoin bank eliminates the idea of decentralization.

But I guess there are a lot of possibility to have bitcoin banks even with btcoin's core concept of being decentralised. Yes banks will act how our debit card providers are working right now like just to faciliate us only with the conversion part of bitcoin into fiats. Banks will simply accept bitcoin deposits and may give option to withdraw in bitcoins.

staff_1307

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No, I do not like this idea because, just one of the advantages Bitcoin is that it is independent of the banks all your money belongs only to you.

olubams

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I actually voted I dont know/ I am not sure because I really dont understand the function a bank wants to perform in the sense that anytime I log in into my blockchain, I am always welcomed with the fact that this is my bank of what use will another bank work for me?

Another is the fact that this "bank" will it pay interest on my deposit? or will it loan out my money out?who will serve as a guarantee that my money is secure among other unanswered questions. Until that is settled, I dont see the usefulness.

Quote from: Argwai96 on December 05, 2016, 12:55:15 PM

Bitcoin is sign of freedom and decentralization, having a bank with DB of all the customers, stupid idea.

Rastaman2016

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Quote from: Argwai96 on December 05, 2016, 12:55:15 PM

Bitcoin is sign of freedom and decentralization, having a bank with DB of all the customers, stupid idea.

I like the idea of decentralization bitcoin, but it seems to me that the idea of bitcoin bank eliminates the idea of decentralization.

Argwai96

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Bitcoin is sign of freedom and decentralization, having a bank with DB of all the customers, stupid idea.

wutard

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Quote from: BitHodler on December 05, 2016, 11:41:36 AM

Quote from: frankmb on December 05, 2016, 07:18:57 AM

Bitcoin made me my own bank, when storing btc on other sites/wallet providers it doesn't give any interest and not all of them gives the private keys. I just keep my btc safe with me and will not trust a 3rd party provider with to much of my coins.

That's the best way to look at this whole "Bitcoin Bank" thing. People are finally their own bank where they can control every aspect of their financial situation.

There is no need for a third party to hold our coins where we don't know what they are doing with them. They might use them to trade and invest in all kinds of risky projects.

Another thing of importance is that when you're using a wallet service that doesn't give you the private keys, then directly avoid using it and switch to one where they do give you the private keys.

It's beyond insane that you store your coins somewhere, and you aren't given the private keys, while you must rely on the site working properly at the time you want to access your coins.

What exactly will be engaged in bitcoin bank, and what features will perform. If, indeed, will also work as real banks, it is not something that we need to be.

BitHodler

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Quote from: frankmb on December 05, 2016, 07:18:57 AM

Bitcoin made me my own bank, when storing btc on other sites/wallet providers it doesn't give any interest and not all of them gives the private keys. I just keep my btc safe with me and will not trust a 3rd party provider with to much of my coins.

That's the best way to look at this whole "Bitcoin Bank" thing. People are finally their own bank where they can control every aspect of their financial situation.

There is no need for a third party to hold our coins where we don't know what they are doing with them. They might use them to trade and invest in all kinds of risky projects.

Another thing of importance is that when you're using a wallet service that doesn't give you the private keys, then directly avoid using it and switch to one where they do give you the private keys.

It's beyond insane that you store your coins somewhere, and you aren't given the private keys, while you must rely on the site working properly at the time you want to access your coins.

rapazev

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and why would someone be against this type of service? and like has been said, it's exactly what xapo, coinbase and others are offering.
people need to understand that they aren't obligated to use this service(this is the main advantage of bitcoin, you are almost obligated to use banks to use fiat).

yet, a few user dont know sh*t about technology and they fear to use bitcoin because of that. Banks could help these people.

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Quote from: frankmb on December 05, 2016, 07:18:57 AM

Bitcoin made me my own bank, when storing btc on other sites/wallet providers it doesn't give any interest and not all of them gives the private keys. I just keep my btc safe with me and will not trust a 3rd party provider with to much of my coins.

I agree with you . that bitcoin gives us an exceptional service. we have full access without any deletions. we are free of any embarrassing, we can get anything with bitcoin. This is a remarkable thing. bitcoin bank will make us powerful.

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Quote from: agamasrori on December 05, 2016, 02:02:23 AM

Quote from: lilit on December 05, 2016, 01:33:25 AM

If a bunch of people with computers moschny represent bitcoin management system, the bitcoin bank but in fact will be the same. Just what is the difference between these banks and bitcoin bank.

Yes, it will the same. Bitcoin was created to avoid centralization and bank monopolize so why must we create another centralization. I really dissagree with bitcoin bank idea.

Me too, I don't find the idea of having bitcoin bank promising, banks will just create another problem for bitcoin and its users. The main purpose of bitcoin is to give people freedom of money as it doesn't require paying tax and it isn't limited to any country, which means that it can be used internationally. And one thing for sure that bitcoin banks will make bitcoin no longer bitcoin like we know today.

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Quote from: saiha on December 05, 2016, 08:53:32 AM

Quote from: Zadicar on December 05, 2016, 08:12:51 AM

Quote from: saiha on December 05, 2016, 08:08:13 AM

Quote from: Zadicar on December 05, 2016, 07:10:26 AM

Quote from: saiha on December 05, 2016, 02:07:42 AM

Quote from: agamasrori on December 05, 2016, 02:02:23 AM

Quote from: lilit on December 05, 2016, 01:33:25 AM

If a bunch of people with computers moschny represent bitcoin management system, the bitcoin bank but in fact will be the same. Just what is the difference between these banks and bitcoin bank.

Yes, it will the same. Bitcoin was created to avoid centralization and bank monopolize so why must we create another centralization. I really dissagree with bitcoin bank idea.

I have too views for this, first is positive for this bitcoin bank idea. If banks will adopt bitcoin, then that will make the demand of bitcoin higher which can lead to price increase.

Negative, in a way first with its regulation, we are going to be taxed if we will use banks service associated to bitcoin.

And we are not anonymous anymore because they will require us our identities.

These are the two possible effects that will surely happen when theres a bitcoin bank and i would rather choose not to have it because it will expose of our identity especially when do hold huge amounts of bitcoin. I dont like to be taxed by the government and id like to have full control of my money and i wont entrust it to bitcoin banks.

I hate that we will be taxed too because that is the main reason why we are into bitcoins just to avoid the taxation of the government.

Identity requirements by the banks are required because that is implemented by the law but still we are in bitcoin which doesn't those things just to be able to use it.

This is why im here on bitcoin world because i like its anonymous features on which you could able to transact without any trace.Having tax really pisses me off as we all know government do impose high taxes on our income and assets.

Most of us are pissed off with the taxation of government and if that is going to happen in bitcoins for sure many will just hold their bitcoins.

Since there is a tax, there are some bitcoin users that wants to hold their bitcoin forever and will just wait for a one time selling of bitcoin.

In able to save the taxation of government to our bitcoins.

Not just your friends, but everyone would be upset about the fact the tax administration does not provide any benefit to the majority of citizens. So, I am indeed happy that the government withdraw the tax for all citizens so that the interests and public facilities can be built. Yet it is not enough efeisien to provide assistance in public facilities, because in fact only a few groups of parts that can be enjoyed .. And you are one of those who have thought or strategy might be seen can never be done .sebab your way is something that is not right or just going to make our economy weaker

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Quote from: Zadicar on December 05, 2016, 08:12:51 AM

Quote from: saiha on December 05, 2016, 08:08:13 AM

Quote from: Zadicar on December 05, 2016, 07:10:26 AM

Quote from: saiha on December 05, 2016, 02:07:42 AM

Quote from: agamasrori on December 05, 2016, 02:02:23 AM

Quote from: lilit on December 05, 2016, 01:33:25 AM

If a bunch of people with computers moschny represent bitcoin management system, the bitcoin bank but in fact will be the same. Just what is the difference between these banks and bitcoin bank.

Yes, it will the same. Bitcoin was created to avoid centralization and bank monopolize so why must we create another centralization. I really dissagree with bitcoin bank idea.

I have too views for this, first is positive for this bitcoin bank idea. If banks will adopt bitcoin, then that will make the demand of bitcoin higher which can lead to price increase.

Negative, in a way first with its regulation, we are going to be taxed if we will use banks service associated to bitcoin.

And we are not anonymous anymore because they will require us our identities.

These are the two possible effects that will surely happen when theres a bitcoin bank and i would rather choose not to have it because it will expose of our identity especially when do hold huge amounts of bitcoin. I dont like to be taxed by the government and id like to have full control of my money and i wont entrust it to bitcoin banks.

I hate that we will be taxed too because that is the main reason why we are into bitcoins just to avoid the taxation of the government.

Identity requirements by the banks are required because that is implemented by the law but still we are in bitcoin which doesn't those things just to be able to use it.

This is why im here on bitcoin world because i like its anonymous features on which you could able to transact without any trace.Having tax really pisses me off as we all know government do impose high taxes on our income and assets.

Most of us are pissed off with the taxation of government and if that is going to happen in bitcoins for sure many will just hold their bitcoins.

Since there is a tax, there are some bitcoin users that wants to hold their bitcoin forever and will just wait for a one time selling of bitcoin.

In able to save the taxation of government to our bitcoins.

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Quote from: saiha on December 05, 2016, 08:08:13 AM

Quote from: Zadicar on December 05, 2016, 07:10:26 AM

Quote from: saiha on December 05, 2016, 02:07:42 AM

Quote from: agamasrori on December 05, 2016, 02:02:23 AM

Quote from: lilit on December 05, 2016, 01:33:25 AM

If a bunch of people with computers moschny represent bitcoin management system, the bitcoin bank but in fact will be the same. Just what is the difference between these banks and bitcoin bank.

Yes, it will the same. Bitcoin was created to avoid centralization and bank monopolize so why must we create another centralization. I really dissagree with bitcoin bank idea.

I have too views for this, first is positive for this bitcoin bank idea. If banks will adopt bitcoin, then that will make the demand of bitcoin higher which can lead to price increase.

Negative, in a way first with its regulation, we are going to be taxed if we will use banks service associated to bitcoin.

And we are not anonymous anymore because they will require us our identities.

These are the two possible effects that will surely happen when theres a bitcoin bank and i would rather choose not to have it because it will expose of our identity especially when do hold huge amounts of bitcoin. I dont like to be taxed by the government and id like to have full control of my money and i wont entrust it to bitcoin banks.

I hate that we will be taxed too because that is the main reason why we are into bitcoins just to avoid the taxation of the government.

Identity requirements by the banks are required because that is implemented by the law but still we are in bitcoin which doesn't those things just to be able to use it.

This is why im here on bitcoin world because i like its anonymous features on which you could able to transact without any trace.Having tax really pisses me off as we all know government do impose high taxes on our income and assets.

saiha

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Activity: 840

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Quote from: Zadicar on December 05, 2016, 07:10:26 AM

Quote from: saiha on December 05, 2016, 02:07:42 AM

Quote from: agamasrori on December 05, 2016, 02:02:23 AM

Quote from: lilit on December 05, 2016, 01:33:25 AM

If a bunch of people with computers moschny represent bitcoin management system, the bitcoin bank but in fact will be the same. Just what is the difference between these banks and bitcoin bank.

Yes, it will the same. Bitcoin was created to avoid centralization and bank monopolize so why must we create another centralization. I really dissagree with bitcoin bank idea.

I have too views for this, first is positive for this bitcoin bank idea. If banks will adopt bitcoin, then that will make the demand of bitcoin higher which can lead to price increase.

Negative, in a way first with its regulation, we are going to be taxed if we will use banks service associated to bitcoin.

And we are not anonymous anymore because they will require us our identities.

These are the two possible effects that will surely happen when theres a bitcoin bank and i would rather choose not to have it because it will expose of our identity especially when do hold huge amounts of bitcoin. I dont like to be taxed by the government and id like to have full control of my money and i wont entrust it to bitcoin banks.

I hate that we will be taxed too because that is the main reason why we are into bitcoins just to avoid the taxation of the government.

Identity requirements by the banks are required because that is implemented by the law but still we are in bitcoin which doesn't those things just to be able to use it.

rajasumi2

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Not totally .tbh i do not agree with bitcoin bank at all .when i can secure all my wallets in ur cold storage then why go to a bank and let the whole world know about the whole balance i have .its better to keep in a wallet which is better and see how it s growing .kudoos

frankmb

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Bitcoin made me my own bank, when storing btc on other sites/wallet providers it doesn't give any interest and not all of them gives the private keys. I just keep my btc safe with me and will not trust a 3rd party provider with to much of my coins.

1Referee

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Quote from: lilit on December 05, 2016, 01:33:25 AM

Just what is the difference between these banks and bitcoin bank.

Essentially, there is no difference if you strictly look at the fact that it's not you, but a different entity that is in control of your money/coins that you have stored there. But if you look at regulations, support from governments, etc, then something calling itself a Bitcoin bank is by far nothing compared to a real bank.

If you want to have some sort of a clue as to what can be seen as a Bitcoin bank, then the following examples are very close;

- Exchanges offering some sort of a wallet/payment service where you can also earn interest over you coins.
- Blockchain.info
- Xapo
- BitPay
- Coinsbank (previously known as BIT-X) This comes very close to the first mentioned option.

And surely there are more, but these are very common in the industry.

Topic: Do you agree with idea "Bitcoin bank" ? - page 99. (Read 142276 times)