Topic: Is there an actual Bitcoin bank yet? - page 5. (Read 6188 times)
Coinbase for all intents and purposes.
itBit well at least I thought it was.
A bank doesn't mean centralization. A central bank means centralization.
If you run a bitcoin related business, you will see that a lot of traditional banks don't accept your money because of regulatory issues. For all these companies, a bitcoin bank would make sense.
Also if you see how many regulations for ATMs exist in some countries: A Bitcoin related bank could easily run a lot of those.
Cold storage is, in some jurisdictions, highly (over-)regulated. With a Bitcoin bank, this would be easier.
There is a lot of possibilities for a bank without being a threat of decentralization or the basic idea behind Bitcoin. This mainly depends on the concept of such a bank.
But if you think about traditional banking as we know it - then I agree: No need.
If you run a bitcoin related business, you will see that a lot of traditional banks don't accept your money because of regulatory issues. For all these companies, a bitcoin bank would make sense.
Also if you see how many regulations for ATMs exist in some countries: A Bitcoin related bank could easily run a lot of those.
Cold storage is, in some jurisdictions, highly (over-)regulated. With a Bitcoin bank, this would be easier.
There is a lot of possibilities for a bank without being a threat of decentralization or the basic idea behind Bitcoin. This mainly depends on the concept of such a bank.
But if you think about traditional banking as we know it - then I agree: No need.
Some local townships offer 'local money' that only 'local banks' would accept. They are more of coupons with value but the concept is similar. I believe Germany classified BTC as a private currency. So that is also similar. The problem comes in with the FED when the 'local currency' becomes usable in a greater and greater amount of places challenging the traditional currency. The bad replaces the good.
A bank doesn't mean centralization. A central bank means centralization.
If you run a bitcoin related business, you will see that a lot of traditional banks don't accept your money because of regulatory issues. For all these companies, a bitcoin bank would make sense.
Also if you see how many regulations for ATMs exist in some countries: A Bitcoin related bank could easily run a lot of those.
Cold storage is, in some jurisdictions, highly (over-)regulated. With a Bitcoin bank, this would be easier.
There is a lot of possibilities for a bank without being a threat of decentralization or the basic idea behind Bitcoin. This mainly depends on the concept of such a bank.
But if you think about traditional banking as we know it - then I agree: No need.
If you run a bitcoin related business, you will see that a lot of traditional banks don't accept your money because of regulatory issues. For all these companies, a bitcoin bank would make sense.
Also if you see how many regulations for ATMs exist in some countries: A Bitcoin related bank could easily run a lot of those.
Cold storage is, in some jurisdictions, highly (over-)regulated. With a Bitcoin bank, this would be easier.
There is a lot of possibilities for a bank without being a threat of decentralization or the basic idea behind Bitcoin. This mainly depends on the concept of such a bank.
But if you think about traditional banking as we know it - then I agree: No need.
Bitcoin is a decentralized currency managed by peer-to-peer technology (P2P2), without a central authority. All functions such as Bitcoin issuance, transaction processing and verification are carried out collectively by the network, without a central supervisor or agency to oversee operations. We don't need banks
But some people is not going to want to be their own banks, because they don't want to take responsability for it, so they will want to have the possibility of puting their wealth in the hands of a 3rd party, thats why Xapo exists, technically that would be a Bitcoin bank.
Bitcoin is a decentralized currency managed by peer-to-peer technology (P2P2), without a central authority. All functions such as Bitcoin issuance, transaction processing and verification are carried out collectively by the network, without a central supervisor or agency to oversee operations. We don't need banks
If there's a BTC bank which could help you finance a new house, that's certainly good. But besides that, banks are totally useless to BTC users, individuals and businesses alike.
the answer to this question is most probably a no. bitcoin is a cryptocurrency, so logically there is no need for a bitcoin bank.
if at all there would be a bitcoin bank then it would be charging more rate for the transactions. and bitcoin is against it.
bitcoin offers transactions at lower rates compared to that of official banks . it is like a speciality of bitcoin.
people tend to use bitcoin rather than real banks. it provides them a ease to use and they are comfortable with it.
if at all there would be a bitcoin bank then it would be charging more rate for the transactions. and bitcoin is against it.
bitcoin offers transactions at lower rates compared to that of official banks . it is like a speciality of bitcoin.
people tend to use bitcoin rather than real banks. it provides them a ease to use and they are comfortable with it.
Yes,
Every wallet.dat file is a bitcoin bank. The interest earned is directly proportional to the amount of people using BTC so it can grow and shrink in value. How secure the bank is, is completely up to you.
Give the history so far, IF, someone held your bitcoins for you and paid a small percentage in interest. Say, 0.5% (like a bank, LOL), they would've done very well for themselves.
Every wallet.dat file is a bitcoin bank. The interest earned is directly proportional to the amount of people using BTC so it can grow and shrink in value. How secure the bank is, is completely up to you.
Give the history so far, IF, someone held your bitcoins for you and paid a small percentage in interest. Say, 0.5% (like a bank, LOL), they would've done very well for themselves.
My impression was that the Bitcoin processing system was mostly a means to avoid the need for a central bank like the Federal Reserve. This way, control of money creation is taken away from any one specific entity.
The role of a regular bank in offering a service for protecting people's money and giving interest in exchange for offering others the possibility of taking loans stimulates the economy. The problem is when the loans go out of control, if I understand correctly.
Sure, Bitcoin allows us to do transactions directly wit each other all over the world without the need for banks and credit card companies. But this doesn't give me a practical means of borrowing money for interest so that I can buy a car or a house or start a business, unless I am lucky enough to find people willing to lend it to me. Also, if I wanted to invest my money, I don't necessarily know how to go about it on my own. Even though a lot peeps don't like the idea, these are services that banks seemed pretty useful for.
If people are worried about out of control loans and speculation, then I suppose they would just have to be careful to put their money with a company that guarantees a fixed percentage/amount of liquidity.
The role of a regular bank in offering a service for protecting people's money and giving interest in exchange for offering others the possibility of taking loans stimulates the economy. The problem is when the loans go out of control, if I understand correctly.
Sure, Bitcoin allows us to do transactions directly wit each other all over the world without the need for banks and credit card companies. But this doesn't give me a practical means of borrowing money for interest so that I can buy a car or a house or start a business, unless I am lucky enough to find people willing to lend it to me. Also, if I wanted to invest my money, I don't necessarily know how to go about it on my own. Even though a lot peeps don't like the idea, these are services that banks seemed pretty useful for.
If people are worried about out of control loans and speculation, then I suppose they would just have to be careful to put their money with a company that guarantees a fixed percentage/amount of liquidity.
ohh everybody who holds the bitcoin is actually running own bank..
)
)apparently this isn't good for everybody, seeing how many are losing they money because they have not a very good security or they can't handle the fact that they are the only owner of their treasure
ohh everybody who holds the bitcoin is actually running own bank..)
)True that's why a lot of people like it you own your own money.
ohh everybody who holds the bitcoin is actually running own bank..)
) Does anybody offer an insured solution for storing coins that pays interest? The closest thing I can think of is Circle, but I don't think they pay interest.
Well, BTCPop.co offers some insurance for loan you provide...but the insurance is not 100% of losses and also is based on the risk factor of the loan. They do have some pooled funds that work similar I suppose to a mutual fund that allows for greater diversification. While it's not a bank and is a full out p2p lending site, the fact they have insurance features at all and are partnered with a collecion agency means it's probably the closest you'll come to earning interest and hedging the risk. But then I think that's really what Bitcoin and furthermore, p2p lending is all about, shifting the control of money and lending to the population at large.
While Circle is obviously a decent place to store Bitcoin, I think it should be noted that Circle is making efforts or has already made implemented altering accounts to be USD based. This means, while your funds are stored in Circle, they likely might be tied to the USD index rather than the value of Bitcoin. But I'm not sure on the specifics.
Bitcoin bank? i don't think people would like to put their bitcoin into other people's control. Its really risk. They can scam your money to claim the bitcoin was hacked.
There are risks with everything. There is a risk in keeping your (fiat) cash under the mattress - some people are fine with that risk; there are risks with keeping your (fiat) cash in a bank.
Generally I would say, most people consider that the risk of using a bank for (fiat) cash is the more acceptable risk - thanks to regulation, deposit protection schemes and, probably, experience.
In the same way there are risks associated with keeping your Bitcoins on your personal computer, in a paper wallet or in a "Bitcoin bank".
I do not see why some people, given the right model and the right assurances, and the right experience, would not prefer and choose to keep their Bitcoins in a bank.
Once that option becomes viable, the great thing will be the ability to choose.
I am in talks with some of India's biggest Authorities to start a Bank for Bitcoins, namely "BitBank"...
I know this name has already been used somewhere, but we guys are planning to introduce it in a very big and better way here in India...
We know we have very better market here and we can gain good amount of customers here for it, also the %s will be lower than what people offer at lending sites...
I know this name has already been used somewhere, but we guys are planning to introduce it in a very big and better way here in India...
We know we have very better market here and we can gain good amount of customers here for it, also the %s will be lower than what people offer at lending sites...
I would currently only trust coinbase or circle to store bitcoins.
But they do not pay interest.
I would currently only trust coinbase or circle to store bitcoins.
I believe itbit has a new York banking license. But a bitcoin bank isn't required to pay you interest.
at current rates - no one pays you interest on a current account 
Well there are couple well reputable exchanges which offer classic interest rate on your deposited BTC.
Regarding lending, there are also several companies which do BTC lending. So, all in all, there s no classic BTC bank but there are several proxies.
Regarding lending, there are also several companies which do BTC lending. So, all in all, there s no classic BTC bank but there are several proxies.
Which exchanges are these? I doubt that I can trust an exchange to keep my BTC in it to receive interest, no matter how much interest they offer me.
You never know when they happen to get "hacked" and lose all the BTC. I don't know what lending sites you're talking about but I know only of BTCjam and I again don't want to use them and give out no collateral loans to unknown people over the internet.
I myself not know of any sort of bank or any other institution that can be trusted enough to keep bitcoins to receive any sort of interest, I'd rather keep mine in my cold storage.
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