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 many scams, hacks around crypto world. No matter how high security they offers, there is still a chance of losing their money. The ppl, as ordinary Joe, are still fear to use their service. Probably govs or some instituations need to step in this area, regulate their operation and secure the fund in this so called bitcoin banks. Ppl will be comfortable to deposit their real bitcoin in these banks. 
Topic: Is there an actual Bitcoin bank yet? - page 6. (Read 6188 times)
It kind of depends on your definition of a bank. If you want a place to store BTC in a third party, then a web wallet could be a bank. On the other hand, if you think of a bank in the traditional sense, then I don't think there are any. There is no way for the bank to make money for interest. These things could also be scams.
Banks operate on the 3-6-3 principle: Borrow money at 3%, lend it out at 6%, and be on the golf course at 3pm.
Why could this not work with bitcoin? I do see the drawbacks of having someone else store the coins, but I don't see how interest couldn't be paid.
I haven't really kept up with what's going on in the banking side of the Bitcoin ecosystem, but I was talking with an acquaintance about Bitcoin and he mentioned something about an actual Bitcoin bank. A quick search yields results that are all over the place, so I'm turning to the members of this forum to see if anybody has any info. 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. Any insight would be much appreciated.
Ouch man I was looking over your first posts... I hope you didn't sell them all under $7.50!
Eventually there will be some BTC banks.
Does anybody offer an insured solution for storing coins that pays interest?
Do I presume correctly that you aren't looking to receive interest on the USD value of the coins but instead are looking for interest paid on the bitcoin balance instead? (i.e., with 1 bitcoin deposited you always end up with more than 1 bitcoin after interest is paid and principal returned).
That type of investment probably won't happen. Commodity money (yes, even Bitcoin) has a carrying cost. So instead of earning interest you have demurrage ( http://en.wikipedia.org/wiki/Demurrage_%28currency%29 )
Similarly, you won't see banks where you deposit gold and earn interest on that capital. (Well, except for the draft proposal by the government of India: http://timesofindia.indiatimes.com/business/india-business/Gold-monetisation-schemeInterest-on-deposits-to-be-tax-exempt/articleshow/47342494.cms, which would be crazy because most of those people would never get their gold back).
But I can see the reason you want something like this ... you believe bitcoin will rise in price so rather than sell your coins you give them to someone else to hold who will give them back to you at a later time plus a little interest on top. But derivatives can help with this somewhat (i.e., give you a way that with a 1 bitcoin investment if the exchange rate does rise you end up with more than 1 bitcoin at a later time.)
Bitcoin bank? What for?
I hate banks.
I hate banks.
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.
Yeah the closes I have seen to banking with bitcoin is this.
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.
I haven't really kept up with what's going on in the banking side of the Bitcoin ecosystem, but I was talking with an acquaintance about Bitcoin and he mentioned something about an actual Bitcoin bank. A quick search yields results that are all over the place, so I'm turning to the members of this forum to see if anybody has any info. 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. Any insight would be much appreciated.
How many bitcoiners do you think would want to be involved with a bank...
Very well said jacktheking.
In fact, whole purpose of bitcoin is decentralization, to stay anonymous and financial freedom for its user, how I see it.
If official banks will start using bitcoin, I will not trust them and will prefer to stay anonymous, even pay more for exchange fees just to avoid banks.
I enjoy my freedom with BTC, ad if need bitcoin fast and cheaper, I can just go to BTC ATM in my city and that's all
In fact, whole purpose of bitcoin is decentralization, to stay anonymous and financial freedom for its user, how I see it.
If official banks will start using bitcoin, I will not trust them and will prefer to stay anonymous, even pay more for exchange fees just to avoid banks.
I enjoy my freedom with BTC, ad if need bitcoin fast and cheaper, I can just go to BTC ATM in my city and that's all
My advise to you is to never trust a bank with your Bitcoin. Bitcoin is anonymous in a way that it is hard to track where your Bitcoin go. The 'bank' can just run off after you deposit your Bitcoin in their storage. If you are keen to earn interest, check the lending section. You might get more profit than putting physical money into physical bank.
Also, as others said, it make Bitcoin more centralized and defect the purpose of decentralization.
Also, as others said, it make Bitcoin more centralized and defect the purpose of decentralization.
I haven't really kept up with what's going on in the banking side of the Bitcoin ecosystem, but I was talking with an acquaintance about Bitcoin and he mentioned something about an actual Bitcoin bank. A quick search yields results that are all over the place, so I'm turning to the members of this forum to see if anybody has any info. 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. Any insight would be much appreciated.
In order for a bank to pay you interest on your savings they need to be making profit out of your savings.
And to make profit out of your savings they lend it out for a much higher interest to get your savings interest and of course their huge profit.
wow! that would be great if there will be a bitcoin bank.
i think there has been a bitcoin bank but its just an online bank
i think there has been a bitcoin bank but its just an online bank
there was an attempt that will operate in new york, it was announced in the legal seaction, it was said to be the first bitcoin bank
to be honest this will only turn bitcoin to be more centralized, i don't see the point
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.
I would say that Coinbase is a bank of sorts and it doesn't offer interest, just security up to this point. While most here would say that you should be your own bank and I agree with them, there needs to be trusted third parties for average type folks to feel safe in holding bitcoins. More of this will and is coming and long time folks need to hate on it less and less and embrace these third parties to help newer folks to become comfortable w/ keeping their coins. Otherwise, adoption is limited severely and news about this stuff will suffer.
A bank does not necessarily imply the existence a central bank. It could just be an independent business where Bitcoin deposits and loans are made. There is already, after all, a Lending section in this forum, so the concept of lending bitcoins should not be alien to anyone.
Bitcoin is designed to be Decentralized, why should back to Centralization?
The point of bitcoin is to be "against the banks", look at some of the core principles and its opposite of bank. Transparency, you actually OWN the money, you manage it. Operating a bank that pays interest would part users from their btc, and the bank would likely run away with the money, because who has the time and money to pay interest for free.
If that is your logic, banks should be running away with fiat as well.
Another thing, it is much more difficult to run away with several million dollars of physical cash, and much easier to run away with several million dollars of Bitcoin, since Bitcoin is digital, and cash is physical. Face to face transactions of banks also makes it more difficult for the scammer to hide, than it is for a digital bank for Bitcoin.
Is there an actual Bitcoin bank yet?
Yes, and it's called the internet. No forms to fill out, no monthly fees, no questions asked, freely available to anyone with internet access.
Asking if there is a bank for Bitcoin is like asking if there is a Fax machine for sending email. You theoretically could, but who cares?
The point of bitcoin is to be "against the banks", look at some of the core principles and its opposite of bank. Transparency, you actually OWN the money, you manage it. Operating a bank that pays interest would part users from their btc, and the bank would likely run away with the money, because who has the time and money to pay interest for free.
If that is your logic, banks should be running away with fiat as well.
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