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Topic: Saving bitcoins - page 24. (Read 32703 times)

legendary
Activity: 3458
Merit: 1280
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March 15, 2017, 02:33:46 PM
"Saving bitcoin in banks"? Well, that doesn't sound right, compares to what I know about bitcoin. I haven't seen or heard about any banks that offiacially accept bitcoin in their bank system, so how would you do this when bitcoin is not banks' favour? You can save your bitcoin in all kinds of wallet, you know Grin

It doesn't sound good because it is against the core values of bitcoin. Bitcoin is a decentralised crypto currency which should remain free from any third party interference. Sender and receiver should be whole and sole authorities to involve in the transaction. I am not against bank or some institutions wishing to provide services against deposited funds but it should not be the main wallet to hold bitcoins

I tend to disagree with your position

In this case (i.e. in the case of Bitcoin banks) there is no third party whatsoever. When you buy things or pay for services with bitcoins, would you consider the seller as a third party? Obviously, not. But it is basically the same with a Bitcoin bank. You don't use it to transfer the money (since you can transfer bitcoin directly), you use the bank as an end-point of sorts. It is not an intermediary. You offer them bitcoins while they offer you percentage on your coins, as simple as it gets. Where is a third party here?

I respect everyone's opinion. The bank would not keep our funds with them (nothing wrong here) as they are supposed to pay interest to the fund depositors.

They will lend our funds to someone else (currently web wallet service providers are not doing this) so my funds will be in the hands of someone else so instead of trusting some single entity (like blockchain.info) I have to trust multiple people (borrowers of banks whom I don't even know). Bank would be third party in this case

As to me, this doesn't change anything in the end

They wouldn't be a third party in respect to you by any definition. Basically, they are one part or side (aka counterparty) in the contract between you, on the one side, and them, on the other. There is no third party in this case (apart from the Bitcoin blockchain itself). It doesn't matter what they do with your bitcoins later (if they do anything at all) and to whom they lend your money (if ever), this is irrelevant and inconsequential to the issue in question. Here's an example to better understand the matter. When you open a deposit account in a regular bank, the bank will obviously be your counterparty in the deposit agreement between you and them (I guess that should go without saying), but government which prints the money which you put in the bank will be a third party in this case since they can devalue the money at any moment (hence comes the idea of a third party risk)
member
Activity: 112
Merit: 72
March 15, 2017, 02:21:38 PM
If I decided to save bitcoins in bank, how will deposit rate be changed compared to dollar or other currencies? Will it have much lower percent?

I don't think bitcoin would need a saving right now and even if fiat money and bitcoin are both currencies there are a lot of different things in both of them compare to bitcoin fiat money can be store in a solid vault and would wither when time passes but bitcoin don't have any that is why bitcoin doesn't need a bank to be stored and be save by it, I think the one that need saving are fiat currencies because of the value of bitcoin right now many people would want to but Bitcoin.

You can put the paper wallet or the private key backup/ hardware wallet to bank for more security.  Bank function is not limited in storing money.  They function as vault to important documents and expensive or rare items too.

In case a bank fails nobody will ensure you that your money or documents will be kept safe inside the safes. People here are looking for ways to get rid of them, not buying a currency that isn't controlled by Governments and give it to them basically as a gift in case they fail. I'm looking for ways to stay away from them, and Bitcoin is like my refuge. I see no point in printing a paper wallet to store it in a bank unless you're a trader that doesn't want to have the currency for daily usage.
sr. member
Activity: 1400
Merit: 283
March 15, 2017, 02:09:03 PM
That's a good question.  Due to the design of bitcoin, it is a bit difficult to "loan" them (remember that banking is effectively a loan where the bank pays you interest).

Now, that's more on the theoretical side of things.  In practice, a major problem with loans in Bitcoin are the volatile price.  If the price rises suddenly, it could become more difficult to pay back interest; or alternatively if the price takes a heavy drop, the investor may lose money as what he is paid is less valuable now than it was at initial investment.
why is it difficult? it is the same as lending money. when someone files for a loan, bank reviews their application takes a collateral and gives the loan and then takes it back on intervals.
and price is no matter, because they lend bitcoin and receive bitcoin. and this can only happen in the future when mass adoption happened and price is already high and stable.

it is like lending USD and then USD price going down versus another currency!! that has no effect on how lending goes.

Quote
Bitcoins are not fiat, and therefore, can not be continuously printed.  Because of this, no one can guarantee to indefinitely keep paying out interest on loaned coins.  A horribly exaggerated example, just to make a point, is that if I somehow had 20,000,000 bitcoins in a bank, they could never pay me more than 1,000,000 total in interest just because of the limited supply.
bad example. if someone has 20 mil coins it means bitcoin is dead since 1 person controls all the supply and nobody takes a loan Cheesy
I think it's not a good idea because there's no bank that can handle a lot of bitcoin,because if you have more bitcoin there are also more  interest so that no banks will approved you to save your bitcoin in there bank.Bitcoins have different value so that when you save your money in the bank they can't handle it because the interest of bitcoin will increase.
A part from that bitcoin has an unstable value which means that as it could go up it could go down, and banks will not risk losing millions of dollars if the bitcoin fails and gows down.
sr. member
Activity: 882
Merit: 260
March 15, 2017, 02:01:21 PM
That's a good question.  Due to the design of bitcoin, it is a bit difficult to "loan" them (remember that banking is effectively a loan where the bank pays you interest).

Now, that's more on the theoretical side of things.  In practice, a major problem with loans in Bitcoin are the volatile price.  If the price rises suddenly, it could become more difficult to pay back interest; or alternatively if the price takes a heavy drop, the investor may lose money as what he is paid is less valuable now than it was at initial investment.
why is it difficult? it is the same as lending money. when someone files for a loan, bank reviews their application takes a collateral and gives the loan and then takes it back on intervals.
and price is no matter, because they lend bitcoin and receive bitcoin. and this can only happen in the future when mass adoption happened and price is already high and stable.

it is like lending USD and then USD price going down versus another currency!! that has no effect on how lending goes.

Quote
Bitcoins are not fiat, and therefore, can not be continuously printed.  Because of this, no one can guarantee to indefinitely keep paying out interest on loaned coins.  A horribly exaggerated example, just to make a point, is that if I somehow had 20,000,000 bitcoins in a bank, they could never pay me more than 1,000,000 total in interest just because of the limited supply.
bad example. if someone has 20 mil coins it means bitcoin is dead since 1 person controls all the supply and nobody takes a loan Cheesy
I think it's not a good idea because there's no bank that can handle a lot of bitcoin,because if you have more bitcoin there are also more  interest so that no banks will approved you to save your bitcoin in there bank.Bitcoins have different value so that when you save your money in the bank they can't handle it because the interest of bitcoin will increase.
hero member
Activity: 1190
Merit: 534
March 15, 2017, 01:45:39 PM
"Saving bitcoin in banks"? Well, that doesn't sound right, compares to what I know about bitcoin. I haven't seen or heard about any banks that offiacially accept bitcoin in their bank system, so how would you do this when bitcoin is not banks' favour? You can save your bitcoin in all kinds of wallet, you know Grin

It doesn't sound good because it is against the core values of bitcoin. Bitcoin is a decentralised crypto currency which should remain free from any third party interference. Sender and receiver should be whole and sole authorities to involve in the transaction. I am not against bank or some institutions wishing to provide services against deposited funds but it should not be the main wallet to hold bitcoins

I tend to disagree with your position

In this case (i.e. in the case of Bitcoin banks) there is no third party whatsoever. When you buy things or pay for services with bitcoins, would you consider the seller as a third party? Obviously, not. But it is basically the same with a Bitcoin bank. You don't use it to transfer the money (since you can transfer bitcoin directly), you use the bank as an end-point of sorts. It is not an intermediary. You offer them bitcoins while they offer you percentage on your coins, as simple as it gets. Where is a third party here?

I respect everyone's opinion. The bank would not keep our funds with them (nothing wrong here) as they are supposed to pay interest to the fund depositors.

They will lend our funds to someone else (currently web wallet service providers are not doing this) so my funds will be in the hands of someone else so instead of trusting some single entity (like blockchain.info) I have to trust multiple people (borrowers of banks whom I don't even know). Bank would be third party in this case.
hero member
Activity: 854
Merit: 500
March 15, 2017, 12:45:21 PM
If I decided to save bitcoins in bank, how will deposit rate be changed compared to dollar or other currencies? Will it have much lower percent?

I don't think bitcoin would need a saving right now and even if fiat money and bitcoin are both currencies there are a lot of different things in both of them compare to bitcoin fiat money can be store in a solid vault and would wither when time passes but bitcoin don't have any that is why bitcoin doesn't need a bank to be stored and be save by it, I think the one that need saving are fiat currencies because of the value of bitcoin right now many people would want to but Bitcoin.

You can put the paper wallet or the private key backup/ hardware wallet to bank for more security.  Bank function is not limited in storing money.  They function as vault to important documents and expensive or rare items too.
wtf?? The bank? Are you out of your mind? Bitcoin is created for the decentralized system and now you want to put your money into some centralized such as bank. Damn it. You are crazy dude.
legendary
Activity: 3458
Merit: 1280
English ⬄ Russian Translation Services
March 15, 2017, 11:52:31 AM
"Saving bitcoin in banks"? Well, that doesn't sound right, compares to what I know about bitcoin. I haven't seen or heard about any banks that offiacially accept bitcoin in their bank system, so how would you do this when bitcoin is not banks' favour? You can save your bitcoin in all kinds of wallet, you know Grin

It doesn't sound good because it is against the core values of bitcoin. Bitcoin is a decentralised crypto currency which should remain free from any third party interference. Sender and receiver should be whole and sole authorities to involve in the transaction. I am not against bank or some institutions wishing to provide services against deposited funds but it should not be the main wallet to hold bitcoins

I tend to disagree with your position

In this case (i.e. in the case of Bitcoin banks) there is no third party whatsoever. When you buy things or pay for services with bitcoins, would you consider the seller as a third party? Obviously, not. But it is basically the same with a Bitcoin bank. You don't use it to transfer the money (since you can transfer bitcoin directly), you use the bank as an end-point of sorts. It is not an intermediary. You offer them bitcoins while they offer you percentage on your coins, as simple as it gets. Where is a third party here?
sr. member
Activity: 1190
Merit: 253
March 15, 2017, 09:34:27 AM
If I decided to save bitcoins in bank, how will deposit rate be changed compared to dollar or other currencies? Will it have much lower percent?

I don't think bitcoin would need a saving right now and even if fiat money and bitcoin are both currencies there are a lot of different things in both of them compare to bitcoin fiat money can be store in a solid vault and would wither when time passes but bitcoin don't have any that is why bitcoin doesn't need a bank to be stored and be save by it, I think the one that need saving are fiat currencies because of the value of bitcoin right now many people would want to but Bitcoin.

You can put the paper wallet or the private key backup/ hardware wallet to bank for more security.  Bank function is not limited in storing money.  They function as vault to important documents and expensive or rare items too.
hero member
Activity: 1190
Merit: 534
March 15, 2017, 09:17:39 AM
"Saving bitcoin in banks"? Well, that doesn't sound right, compares to what I know about bitcoin. I haven't seen or heard about any banks that offiacially accept bitcoin in their bank system, so how would you do this when bitcoin is not banks' favour? You can save your bitcoin in all kinds of wallet, you know Grin

It doesn't sound good because it is against the core values of bitcoin. Bitcoin is a decentralised crypto currency which should remain free from any third party interference. Sender and receiver should be whole and sole authorities to involve in the transaction. I am not against bank or some institutions wishing to provide services against deposited funds but it should not be the main wallet to hold bitcoins.
legendary
Activity: 3038
Merit: 1169
March 15, 2017, 09:15:40 AM
If I decided to save bitcoins in bank, how will deposit rate be changed compared to dollar or other currencies? Will it have much lower percent?

I don't think bitcoin would need a saving right now and even if fiat money and bitcoin are both currencies there are a lot of different things in both of them compare to bitcoin fiat money can be store in a solid vault and would wither when time passes but bitcoin don't have any that is why bitcoin doesn't need a bank to be stored and be save by it, I think the one that need saving are fiat currencies because of the value of bitcoin right now many people would want to but Bitcoin.
sr. member
Activity: 1190
Merit: 253
March 15, 2017, 09:09:30 AM
If I decided to save bitcoins in bank, how will deposit rate be changed compared to dollar or other currencies? Will it have much lower percent?

Your plan is not going to be happen because dude, at the present there is no online bank that accepting bitcoin so far. What's the essence of saving your bitcoin in the bank outlet, it's a kind of move of stupidity. You can save bitcoin without any assistance of any bank, your the who can take manage your own bitcoin and save it and keeping it your private key and phrase password.

It seems you have not read a bank that is accepting Bitcoin since 2016, I do not know if they are still accepting the Digital currency but I have articles that stated it is accepting Bitcoin.  Here are the articles that tells about this bank that accept Bitcoin.  Take note even though the bank is small ,it  is a fully licensed international Bank.

https://bitcoinmagazine.com/articles/global-digital-bank-wb-starts-accepting-bitcoin-deposits-1466103194/
https://www.entrepreneur.com/article/278501
sr. member
Activity: 1246
Merit: 255
Leading Crypto Sports Betting & Casino Platform
March 15, 2017, 09:08:12 AM
Saving of bitcoin is simpler and possible with the use of different bitcoin wallets available. Something good with it is the bitcoin being in our own hands. We can profit with the price difference taking place often without making investment.
legendary
Activity: 1526
Merit: 1179
March 15, 2017, 09:03:38 AM
"Saving bitcoin in banks"? Well, that doesn't sound right, compares to what I know about bitcoin. I haven't seen or heard about any banks that offiacially accept bitcoin in their bank system, so how would you do this when bitcoin is not banks' favour? You can save your bitcoin in all kinds of wallet, you know Grin

As far as I know there are just banks that are still planning to do so. But with the implementation there is zero for it. Still I do believe also in the future that there will be banks that will be able to accept bitcoins from their depositors and will manage to adopt bitcoin for their services. As of now, our wallets are good to be called as our banks.
Can you point me towards one or more banks that are "planning" to accept Bitcoin in one way or another?

I find it very hard to believe that banks are seriously even considering to implement Bitcoin alongside their regular activities.

What I can see become reality is that one of the current existing wallet services/exchanges start offering bank related features. We're definitely not far away from this to happen.

In some cases this has already become somewhat of a reality, but so far none of the exchanges or wallet services have put all features into one place.
hero member
Activity: 1092
Merit: 500
March 15, 2017, 08:51:12 AM
If I decided to save bitcoins in bank, how will deposit rate be changed compared to dollar or other currencies? Will it have much lower percent?

Your plan is not going to be happen because dude, at the present there is no online bank that accepting bitcoin so far. What's the essence of saving your bitcoin in the bank outlet, it's a kind of move of stupidity. You can save bitcoin without any assistance of any bank, your the who can take manage your own bitcoin and save it and keeping it your private key and phrase password.
hero member
Activity: 2996
Merit: 600
March 09, 2017, 10:07:56 AM
"Saving bitcoin in banks"? Well, that doesn't sound right, compares to what I know about bitcoin. I haven't seen or heard about any banks that offiacially accept bitcoin in their bank system, so how would you do this when bitcoin is not banks' favour? You can save your bitcoin in all kinds of wallet, you know Grin

As far as I know there are just banks that are still planning to do so. But with the implementation there is zero for it. Still I do believe also in the future that there will be banks that will be able to accept bitcoins from their depositors and will manage to adopt bitcoin for their services. As of now, our wallets are good to be called as our banks.
hero member
Activity: 1260
Merit: 557
Leading Crypto Sports Betting & Casino Platform
March 09, 2017, 10:00:58 AM
"Saving bitcoin in banks"? Well, that doesn't sound right, compares to what I know about bitcoin. I haven't seen or heard about any banks that offiacially accept bitcoin in their bank system, so how would you do this when bitcoin is not banks' favour? You can save your bitcoin in all kinds of wallet, you know Grin
hero member
Activity: 910
Merit: 525
March 09, 2017, 09:52:51 AM
If I decided to save bitcoins in bank, how will deposit rate be changed compared to dollar or other currencies? Will it have much lower percent?
It is really good question to discuss here and I hope we will get the answer soon. As I know there is no bitcoin bank has been built right now in the world. Bitcoin is not as same as dollar, but talk about saving all kind of money will be have each interest its self depend on many factors like inflation, central bank interest rate, supply and demand, and many more.
I really don't have ideas with this question, but soon in the future when bitcoin has it bank, I am pretty sure we will back to this thread.
sr. member
Activity: 406
Merit: 250
March 09, 2017, 08:32:06 AM
If I decided to save bitcoins in bank, how will deposit rate be changed compared to dollar or other currencies? Will it have much lower percent?

I have a question for you, what is reason for you to save your own bitcoin in bank? Since you know that you are a bitcoin enthusiast, where you are the one who can keep your own password and the private keys to your bitcoin. Isn't is a kind of stupidity to give your own private key in the banks. And for you able to know we don't have any online bank who accepted bitcoin nowadays.

OP might think that if we save bitcoin in the bank would like save fiat in the bank and we can earn interest on it. But as we know now, there is no bank that accepts bitcoin, but if any I personally would be happy if the store bitcoin in the wallet that I've had. Why should involve the bank if we can keep our own bitcoin, on the other hand we are also investing. Although the number of our bitcoin will not increase, but if the price of bitcoin up then we can benefit if sold it. Thank you
legendary
Activity: 1147
Merit: 1007
March 09, 2017, 08:29:02 AM
If I decided to save bitcoins in bank, how will deposit rate be changed compared to dollar or other currencies? Will it have much lower percent?

I have a question for you, what is reason for you to save your own bitcoin in bank? Since you know that you are a bitcoin enthusiast, where you are the one who can keep your own password and the private keys to your bitcoin. Isn't is a kind of stupidity to give your own private key in the banks. And for you able to know we don't have any online bank who accepted bitcoin nowadays.

there's no need for bank , it will not be needed for bitcoin wallets alone can do bank works, wallets alone can transfer and protect our bitcoin Without any charges or with minimal charges only. So we better find more secured and trusted wallet that can protect and ensure that our bitcoin will be safe . Ensure also our transactions with convenience. Better invest bitcoin t store in wallet  than storing in bank.
hero member
Activity: 1092
Merit: 500
March 09, 2017, 08:22:55 AM
If I decided to save bitcoins in bank, how will deposit rate be changed compared to dollar or other currencies? Will it have much lower percent?

I have a question for you, what is reason for you to save your own bitcoin in bank? Since you know that you are a bitcoin enthusiast, where you are the one who can keep your own password and the private keys to your bitcoin. Isn't is a kind of stupidity to give your own private key in the banks. And for you able to know we don't have any online bank who accepted bitcoin nowadays.
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