Saving bitcoins - page 31. | Bitcointalksearch.org

bravehearth0319

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Quote from: vaxo_nba on February 10, 2017, 01:50:58 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 will throw it back to you the question, Do you like Bitcoin bank? as for me, I don't like that because as a bitcoin fanatic we are the one who is Bitcoin bank already. For me I'm not in favor in bitcoin bank.

BitcoinPC

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First of all it is impossible, Have you hear that any bank is here who deposit bitcoin, because i don't think any bank deposit the bitcoin. Secondly, it is only possible when you convert your bitcoin into fiat currency and then use it for bank. But i think if you hold you bitcoins as it is better for fiat currency and also bitcoin give you more profit than bank deposit.

zPanda

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BTC does not run on that system, in addition, there are no inflationary measures since there is no central bank.

HabBear

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I wasn't responding to the OP, I was responding to someone else's incorrect response!

Quote from: RoommateAgreement on February 11, 2017, 11:11:32 PM

Quote from: HabBear on February 11, 2017, 10:55:58 PM

Quote from: Xester on February 10, 2017, 02:27:32 AM

Quote from: vaxo_nba on February 10, 2017, 01:50:58 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?

Its sad to say but there are no bitcoin banks existing online.

Wow this isn't true! There are several bitcoin banks online - Coinbase, Circle, Xapo!

OP is talking about a bank that is giving him profit and none of these have that. and besides Circle was mostly about buying bitcoin and it has stopped that too!
the best term to describe these services is "an account to hold bitcoin" and nothing more.

And in this world the place where we have an account to hold pounds/dollars/euro/bitcoin is called a bank. If we want to talk about why bitcoin banks don't pay interest, let's talk about that...that's what the OP started this discussion on.

PhilPrime

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Quote from: Juggy777 on February 11, 2017, 11:58:50 PM

Strange question really when a Google search would have told you, there is no such bank that accepts Bitcoin. Or maybe walk to your bank and figure it out. I don't think there is anything in service section also that could help you. For the time being I would suggest store your coins in a wallet. Make sure you have your keys with you and do not tell anyone how much Bitcoin you have as it increases chances of risk of hack. Maybe in future some service what you want may come up.

Have point,there is no way now that bank relates in bitcoin other than sending and cashing out our money, about saving it is only opt for us to store it in our wallet on our preferred sites or ways.

Juggy777

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Strange question really when a Google search would have told you, there is no such bank that accepts Bitcoin. Or maybe walk to your bank and figure it out. I don't think there is anything in service section also that could help you. For the time being I would suggest store your coins in a wallet. Make sure you have your keys with you and do not tell anyone how much Bitcoin you have as it increases chances of risk of hack. Maybe in future some service what you want may come up.

frendsento

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Quote from: vaxo_nba on February 10, 2017, 01:50:58 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?

There is no such thing as legitimate bitcoin bank that are existing all over the web if you found any I am pretty sure that Is just one of they HYIP scam sites that are floating all around the web ! If you really want to invest in a bank better convert your bitcoin to fiat and make a traditional transaction with a reputed bank , your money will be safe there .

eann014

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Saving bitcoins is good nowadays because we cannot say there will be a chances that bitcoin and grow and make a high currency. This is good that we need to start to earn bitcoin.

PhucS

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This is a really interesting question, but I have not seen any bank that accepts Bitcoin or bank of Bitcoin. I find it unreasonable because Bitcoin is inconsistent with the bank. Bitcoin is freedom for everyone, and the banks do not like that, it is subject to the management of the government. Furthermore the payment of interest rates is difficult because of prices Bitcoin are unstable, if the Bitcoin price increases, banks will be at a disadvantage. If you want to earn more you can store and wait for it to rise. Another way is that you can convert Bitcoins to cash and send it to the bank to raise interest rates every month

Vorth

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Its good to know that you plan to save bitcoin but to sound tgat you will save in the bank, I guess there is no such thing as saving bitcoin in the bank, and even I do not heard about that one. Because knowing the fact of earning profit buy using saving bitcoin is good. Profit comes that easy if the total increase of bitcoin continue. And so, better save it to your online wallet or desktop wallet and in the future you will gonna have double or tripple amount or it. It is just like holding your coin in time or also another option is to invest it to some other website but be awae of scams out there

deisik

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Quote from: Catmony on February 11, 2017, 11:23:56 AM

Why you want to save bitcoin in bank? If you don't love privacy and don't love to have full control over your wealth than there is no any point on using bitcoin

I guess profits make some point

A lot of people are involved with Bitcoin just because it gives them an opportunity to trade and earn certain profits. Even if you just aim at long holding bitcoins (whatever your reasons might be), it still makes sense to trade at least some part of your coins (taking advantage of price volatility). Regarding Bitcoin banks specifically and why they can be useful and beneficial, I assume saving bitcoins in a bank could be handy too, since, most likely, you will be able to keep there bitcoins as well as fiat and thus effortlessly convert between currencies and withdraw money whenever you need. CoinsBank seems to be going this way, though they started as an exchange (Bit-x)

fitty

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Quote from: RoommateAgreement on February 11, 2017, 11:11:32 PM

Quote from: HabBear on February 11, 2017, 10:55:58 PM

Quote from: Xester on February 10, 2017, 02:27:32 AM

Quote from: vaxo_nba on February 10, 2017, 01:50:58 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?

Its sad to say but there are no bitcoin banks existing online.

Wow this isn't true! There are several bitcoin banks online - Coinbase, Circle, Xapo!

OP is talking about a bank that is giving him profit and none of these have that. and besides Circle was mostly about buying bitcoin and it has stopped that too!
the best term to describe these services is "an account to hold bitcoin" and nothing more.

Yeah, and besides these are just wallets. They are only used to store Bitcoins. They cannot be classified as banks because they do not offer loans or interest on the coins you are storing. They are just making profit from fees and the fluctuations of bitcoins.

Now if you want to store in the bank. You should convert first bitcoin into fiat then put it in the bank.

RoommateAgreement

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Quote from: HabBear on February 11, 2017, 10:55:58 PM

Quote from: Xester on February 10, 2017, 02:27:32 AM

Quote from: vaxo_nba on February 10, 2017, 01:50:58 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?

Its sad to say but there are no bitcoin banks existing online.

Wow this isn't true! There are several bitcoin banks online - Coinbase, Circle, Xapo!

OP is talking about a bank that is giving him profit and none of these have that. and besides Circle was mostly about buying bitcoin and it has stopped that too!
the best term to describe these services is "an account to hold bitcoin" and nothing more.

HabBear

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Quote from: Xester on February 10, 2017, 02:27:32 AM

Quote from: vaxo_nba on February 10, 2017, 01:50:58 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?

Its sad to say but there are no bitcoin banks existing online.

Wow this isn't true! There are several bitcoin banks online - Coinbase, Circle, Xapo!

None of these banks offer interest on savings. They don't have to. It doesn't make sense for them as a company to offer interest. The reason fiat banks offer interest is because they use the savings to give out loans with that money - the interest on the savings is always less than the interest on the loaned money, the difference is their profit.

Giving out loans with bitcoin is very difficult, it's risky, since the the transactions are final and somewhat anonymous. So the online bitcoin banks don't offer loans, therefore there's no need or incentive to pay interest on savings.

The benefit online bitcoin banks provide is the extreme ease of accessing the bitcoin market. It's so much easier than trying to convert fiat to bitcoin via other methods.

erickkyut

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Quote from: bitbob82 on February 11, 2017, 06:30:51 PM

Quote from: positivezero on February 11, 2017, 03:16:49 PM

Quote from: vaxo_nba on February 10, 2017, 01:50:58 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?

Well as far as i know in my country, there are no banks that accepts bitcoin, correct me if im wrong but you can keep you bitcoin own your own so that if the time will come, if theres a bank accepts bitcoi already then thats the time to give actions. I know sooner or later, bitcoin bank/s would be created, haha theres no harm to wait

although in my area and may be in most of the area banks are not accepting bitcoin. but i think that if banks will start accepting bitcoin even still people will not be using their service. because online wallet system is the best option with them to use for depositing and withdrawal of bitcoin.

It is the same in our country. There is no banks that acceot bitcoin deposits. I think the OP of this thread is refereing to keeping your bitcoin in your online wallet if you want to save it. Ther effect of this in your bitcoin is that, if the value of bitcoin in the future is high, you will earn from your saved bitcoin.

bitbob82

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Quote from: positivezero on February 11, 2017, 03:16:49 PM

Quote from: vaxo_nba on February 10, 2017, 01:50:58 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?

Well as far as i know in my country, there are no banks that accepts bitcoin, correct me if im wrong but you can keep you bitcoin own your own so that if the time will come, if theres a bank accepts bitcoi already then thats the time to give actions. I know sooner or later, bitcoin bank/s would be created, haha theres no harm to wait

although in my area and may be in most of the area banks are not accepting bitcoin. but i think that if banks will start accepting bitcoin even still people will not be using their service. because online wallet system is the best option with them to use for depositing and withdrawal of bitcoin.

justdimin

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Quote from: bob123 on February 11, 2017, 11:24:04 AM

Actually there is a Bitcoin Bank.. its called "Bitcoin Crypto Bank"..

About what you are talking about ? May I have its link ? Just having a word "bank" will not mean they are offering a banking services. Coinsbank is a trusted services still they are not actual bank nor bitcoin based bank.

Quote from: bob123 on February 11, 2017, 11:24:04 AM

The highest "Interest rate" would be probably if you loan your coins

It means we ourselves will be able to run a banking system by lending out bitcoins and almost every feature of a bank is covered by a bitcoin wallet.

positivezero

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Quote from: vaxo_nba on February 10, 2017, 01:50:58 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?

Well as far as i know in my country, there are no banks that accepts bitcoin, correct me if im wrong but you can keep you bitcoin own your own so that if the time will come, if theres a bank accepts bitcoi already then thats the time to give actions. I know sooner or later, bitcoin bank/s would be created, haha theres no harm to wait

boybugs18

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if bitcoin bank will be created and they will open a staking service some bitcoin will be idle for years and I think price of each will be higher than the usual as staking will just let bitcoin sit on the wallet for long and bitcoin will not circulate enough leading to shortage of available bitcoin in the market.

Dudeperfect

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Even if there are no banks right now accepting or maintaining bitcoin (there is some news about it but still they are working on it), Few portals are giving interests on bitcoin deposits which is around 0.003% a day or something like that figure. I don’t think it’s worth at this rate because there is always risk associated with the exchange and we can lose all of our funds. Alternatively, we can directly lend bitcoins in Bitcointalk lending section or third parties like btcjam etc to earn interest on it.

Topic: Saving bitcoins - page 31. (Read 32749 times)