Bank? Sorry, do you mean the bank here is like a bank fiat money like the dollar store?
I guess none of the banks that accept Bitcoin for the bank accommodated them or accept Bitcoin storage. Storage bank Bitcoin is your own, that through you with Bitcoin wallet which you hold yourself.
Maybe you can save your Bitcoin with the Bitcoin wallet you own and use that have a better level of security.
Topic: Saving bitcoins - page 33. (Read 32749 times)
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 not based on your decision. there should first be a bank that offers such services that you can use. and that is not going to happen in the near future since bitcoin is such an small fish for banks to start getting involved with.
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 guess they'd be the same , it depends how you save it there; I will suggest you save on your desktop wallet and have the private keys saved on a pen drive or printed on a paper and then save it in a safe at the bank. With that u think you wouldn't be liable for any % deductions. 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?
The question is there's a bitcoin bank? I never heard that before. But If there's a bitcoin bank I think the percentage of increase is low. Low because our bank in my country has 1% profit only. So I think it is the same here in bitcoin. It's more profitable if you keep your bitcoin, and convert it when the price increase.
Yeah saving bitcoins and selling them when price goes higher will give you profitable results as price is predicted to go higher in future so if you manage to save enough bitcoins in your wallet then you can make good profits by converting them to cash when price rises in the future and that is the best way to make profits.
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?
The question is there's a bitcoin bank? I never heard that before. But If there's a bitcoin bank I think the percentage of increase is low. Low because our bank in my country has 1% profit only. So I think it is the same here in bitcoin. It's more profitable if you keep your bitcoin, and convert it when the price increase.
Saving bitcoins for the future is always an great option as the price of bitcoin keeps on increasing over a period of time and its better to save bitcoin in wallet instead of saving money in banks as banks will pay limited amount of interest whereas the returns from bitcoin can exceed depending upon its price in future.
I don't think saving bitcoins in web wallet is 100% safe, but probably you're right, it's much more better than depositing on bank account. Anyway, thanks for helpful responses.
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?
Nope, bitcoin doesn't have a bank. You just save your bitcoin into the bitcoin wallet although you're trying to withdrawal your bitcoin into the bank account. The rate will depend on the current rate bitcoin into the USD. Nope, i don't think if it will have the lower percent. exchange your bitcoin for money and then put them into your bank account and that's the correct sentences for you.
Saving bitcoins in the bank? Lol. That wouldn't happen and no interest rates would be followed. Even if you followed the 1% interest rate of those absurd banks, you will see that it's better to just keep those bitcoin into your own wallet and let it grow its own value over time. You would save your time in terms of going over to the bank every now and then, also you would be able to check your bitcoins and know that you won't be robbed in any way.
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?
Do we have one already? I would love to see a bitcoin bank and how it will differ from fiat banks and what are it's guidelines and how they are going to regulate users since Bitcoin is anonymous and decentralized,in my opinion we don't need it,Bitcoin alone is a portfolio and our wallet can act as a bank,Bitcoin was created this way.
Actually that is one of great advantages of bitcoin: holding it is a better investment that the options offered by banks to invest your capital in ordinary financial instruments. If you have decided to invest in bitcoins, it seems a bit incongruent to think of investing them in ordinary banks.
Banks pay almost no interest on any kind of savings account.
You need to be doing some form of investment account that has risk of losing money before they give you more than one percent or something like that.
You need to be doing some form of investment account that has risk of losing money before they give you more than one percent or something like that.
Since there is no bitcoin bank and I think bitcoin bank will never exist, it will be difficult to answer your question, but let assume that there is one bank that accepting bitcoin, I think the government will treat it like other currency, the deposit percentage will be lower and it will be hard to cash out
meaning you'll save bitcoin you at a bank, but it is right you should change first into fiat because until now there has been no bank bitcoin, usually in the banking system, deposit rates were standard in general, if you want savings to large flowers are trying to keep on the deposit only, usually it was great.
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?
The HaoBTC wallet allow you to receive an income if you let your Bitcoins stored there, like a saving account. It's a chinese wallet. I think it's legit and trusted, but the income is low. Don't know exactly how much it's possible to earn there, I think there isn't a fixed rate.
Some users, like me, love bitcoin because they didn't need to trust a bank with its money, why anyone would want to deposit its bitcoins on a bank?
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. If you want to earn then just hold your bitcoins in your wallet and wait for an inflation. That way you will get more profit out of your investment. The only way to save in banks is to convert your bitcoin into fiat currency and then deposit it on banks. But holding bitcoin is much profitable than savings on bank.
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. 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.
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 
Good points, BTCLovingDude. I'm not sure I follow what you mean with regards to the USD price being less than another currency. If you loan USD and are getting paid back in USD, I'm afraid I can't see where the "other currency" comes into play. In my example, I meant a "pure" bitcoin loan where you loan X bitcoins and get Y coins back at regular intervals in interest, without translating to another currency.
As for part 2, guilty as charged. That is a bad example indeed. It was hyperbole to make my point. If there are only 21 million bitcoins in existece, and we're not continually printing them up, we can't guarantee interest back on investments indefinitely. Of course, short term investments should work just fine.
No bank accepts Bitcoin and it would be a very bad idea for them to do so. What is wrong here is that you become supervised by a bank, so the anonymus feature that Bitcoin offers will be over for you. This is probably what a few banks will start doing soon so that they can control Bitcoin too..
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. 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.
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 Jump to: