Saving bitcoins - page 34. | Bitcointalksearch.org

ivanst776

legendary

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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?

If you mean for this time then there is no bank that would offer a service similar to this what you are asking.

A strong reason behind using bitcoin is to avoid banks and be your own bank by managing fully your own bitcoins.

deadsilent

hero member

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Sorry. Theres no bank which is actually accepting bitcoin. Banks are against bitcoin. And i guess theres no bank will accept bitcoin. You only have to get bitcoin wallet. This will act as your own bank. Hardware wallet, web wallet, and lots of kinds of wallet are available. But you can exchange bitcoin to cash and deposit it directly to your bank account. The rate is depending on exchange because every exchange have diiferent rate.

helloeverybody

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The whole idea about bitcoins is to avoid using a bank. You shouldnt really want to take bitcoins that you own and then put them into some one elses trust. There arent any banks that do what i think your looking for but there have been companys that usually end up scamming you for your bitcoins. If you want to earn a percentage of the bitcoins you own then the current best way is just to buy and hold. You wont earn more btc this way but you more than likely will earn more fiat for every btc you own.

coin-investor

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Leading Crypto Sports Betting & Casino Platform

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?

Before you post this question,have you done a research if there is one bitcoin bank existing,in my knowledge there is none one in existent,and I doubt if there will be one coming in,although I love to see one,bit how will it works,considering that Bitcoin is decentralized and anonymous.

topesis

hero member

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It will be difficult to come up with a correct answer, but for me I think the best thing is to link the amount of BTC in your account to Fiat and calculate the interest on a daily or weekly basis. The rise in BTC last year resulted in high default rate on BTCjam. Quality search need to be carried in the area to be successful

ganjamancer

newbie

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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).

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.

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.

Xester

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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?

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.

vaxo_nba

newbie

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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?

Topic: Saving bitcoins - page 34. (Read 32749 times)