We, bitcoiners, should buy a bank - page 3.

jostorres

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Merit: 586

Quote from: MCobian on January 01, 2021, 05:47:23 PM

I prefer Bitcoin to the way it is today, because without a bank Bitcoin can grow rapidly. So in my opinion it is enough just exchanges for
Bitcoin transactions, because if Bitcoin transactions are in banks, the same thing as Bitcoin transactions on the Paypal platform. Which
will be limited in making transactions, after all, the government will not allow a bank for Bitcoin transactions exist. Because it can threaten
the existence of fiat.

Banks are not the ways of bitcoin could grow bigger, it is centralized and it is not really something we should be looking for because of it. However if we want to we are our own bank anyway, why would we want to give away that type of power to someone else?

I personally think even exchanges are not going to be standing for too long, obviously binance is doing everything in their power to be not just a trading place but to add a lot more stuff to their system, which is probably going to be their path in the future, however I believe all those centralized exchanges are going to end, let alone a bank to start. We are moving a lot more decentralized in crypto, one of the main reasons why we moved from traditional markets was the fact that we wanted to be decentralized, and we want more decentralization in crypto every single day, so a bank is out of question.

Spaffin

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It is likely that the creation of a bank for cryptocurrency users is a thought or far-reaching plans of some government or regulatory structure. In any case, the only ones who may need banking services are new users of cryptocurrency who do not understand how to save their cryptocurrency funds, when cryptocurrency will be massively adopted around the world, that is, fiat currencies will go away, and cryptocurrencies will replace them.

Princejebs

member

Activity: 560

Merit: 26

Quote from: countryfree on December 28, 2020, 06:56:09 PM

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

And what shall we call this your bank? Are you saying purchasing banks like micro finance banks? That's the only thing bank I possibly think a bitcoiners can buy at this particular point in time except they have so huge amount of money, beside it's not all of them that will be willing to sell out their BTC to get a bank.
Why even buy a bank (centralized and corrupt environment) when one can set up a crypto exchange perhaps physical exchange in my opinion.

create_crypto

newbie

Activity: 14

Merit: 1

Quote from: countryfree on December 28, 2020, 06:56:09 PM

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

You must check crypto bank projects. For example, Change. They sometimes coming up to light, with ideas to obtain a banking licenze. And we also have already a traditional online service(bank), that popularisating crypto aswell - Revolut.

MrCryptHodl

hero member

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In Bitcoin We Trust

Sorry for my english, it's not the best Grin

MrCryptHodl

hero member

Activity: 1120

Merit: 874

In Bitcoin We Trust

We don't need to be a bank, as a community we are the bank, the bitcoin philosophy it's to be our own bank, the goal it's to show to everybody they can be they own bank.

and in the actual situation bank are scared, the cryptocurrency community weights over 700 billion capitalization, and people lost they trust on bank and gouvernment after this covid situation.

People start HODL they coin and more people start to buying crypto, the better way for us the community to be a big bank it's to HODL a maximum of crypto, because lot of institutional startin to buy lots of Bitcoin, we cannot give oppurtunity to all this bank and institutional buy a crypto who spit on it few year ago.

I'm in crypto community since 2012, and i see the evolution, but i cannot accept all this bank buying lot of bitcoin to have "control" on it.

verita1

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Activity: 1358

Merit: 81

The idea of a Bank for Bitcoiners sounds great. But I think we have evolved and as some say we don't need it. Building products that meet existing needs is a priority now that we are more and we are looking for massive adoption.
We want Bitcoin and crypto to be easy for anyone to use, fast and secure transactions.
We are looking for convenient, practical and simple developments for everyone.
With the goal of Bitcoin making its contribution to the global economy, the challenges are great where we are all involved.

Rodeo02

hero member

Activity: 1302

Merit: 577

avatar and signature space for rent !!!

Quote from: ?? on ??

I think we don't need a bank to become our crypto exchanger or crypto banks without third party. We can keep our crypto safe by ourselves. Banks are always under regulations and banks that do not comply with the rules and regulations, the government will surely revoke the banking license. It will be useless. Also there's a lot of crypto exchange which is designed only for crypto enthusiast without rules and regulations of the government which is better than banks.

And we have exchange already that we can use if we want to convert our BTC in Fiat having a bank for Bitcoin porpuse is not that safe since someone own it already and the reason why he is planning to have his own is to take advantage of Bitcoin holders which is you do not know how secured they can make it.

it 's still better for you to keep your bitcoin by yourself than to hide it from someplace like a bank for your bitcoin which is the porpuse is almost the same of having it in exchange.

MCobian

full member

Activity: 1190

Merit: 117

I prefer Bitcoin to the way it is today, because without a bank Bitcoin can grow rapidly. So in my opinion it is enough just exchanges for
Bitcoin transactions, because if Bitcoin transactions are in banks, the same thing as Bitcoin transactions on the Paypal platform. Which
will be limited in making transactions, after all, the government will not allow a bank for Bitcoin transactions exist. Because it can threaten
the existence of fiat.

Twentyonepaylots

sr. member

Activity: 1918

Merit: 370

Setting up a bank for bitcoin generally defeats the whole purpose of the existence of bitcoins and cryptocurrencies in general. For one, the security that bitcoins offered are more than enough to ensure everyone's safety. It would also be a big problem if a huge heist ensues. Since the coins in a bank are easier to carry, this wil cause high fiancial damage to the people who will store their money on public cryoto banks.

Quote from: ?? on ??

I think we don't need a bank to become our crypto exchanger or crypto banks without third party. We can keep our crypto safe by ourselves. Banks are always under regulations and banks that do not comply with the rules and regulations, the government will surely revoke the banking license. It will be useless. Also there's a lot of crypto exchange which is designed only for crypto enthusiast without rules and regulations of the government which is better than banks.

Yup! As of the moment the function is already being fulfilled by Exchanges and wallet apps, so I don't see the need to spend thousands and thousands of dollars to a system that would soon be obsolete anyway. Arw we just trying to rough the ground up?

TimeTeller

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Activity: 2744

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Quote from: Ridwan Fauzi on January 01, 2021, 11:46:33 AM

Quote from: countryfree on December 28, 2020, 06:56:09 PM

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

Why you just build an exchange instead of buying conventional bank? Rather than that if you bought a bank and you live in the country where bitcoin is still prohibited to be use as mean of payment or sending money it can be worthless. Also, there will be many people who will dissagree with that by the reason bitcoin is decentralized system which mean if you are trully bitcoiner especially holder bitcoin for long term investment you will not use an exchange or even a bank to store your bitcoin. Because you will choose cold wallet to store your bitcoin, it is more safe because just you to secure the bitcoin that you had.

There are disadvantages of setting up a centralized bank for crypto users.
Right now, that purpose is already catered by crypto-exchanges where you don't need to submit KYC if you fall below their daily max withdrawal limit.
Which, is really a big advantage for a lot of crypto users who don't want to divulge their identity.
And it is true, in crypto, it is better to store your coin in your own wallet not to any entity out there who will have the control of your coins.
In terms of SWIFT and SEPA transfers, a crypto user can just transfer his crypto from one country to another, and the receiver will be the responsible to convert it to fiat according to his local regulations.

Ridwan Fauzi

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Activity: 1330

Merit: 147

Quote from: countryfree on December 28, 2020, 06:56:09 PM

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

Why you just build an exchange instead of buying conventional bank? Rather than that if you bought a bank and you live in the country where bitcoin is still prohibited to be use as mean of payment or sending money it can be worthless. Also, there will be many people who will dissagree with that by the reason bitcoin is decentralized system which mean if you are trully bitcoiner especially holder bitcoin for long term investment you will not use an exchange or even a bank to store your bitcoin. Because you will choose cold wallet to store your bitcoin, it is more safe because just you to secure the bitcoin that you had.

exstasie

legendary

Activity: 1806

Merit: 1521

Quote from: countryfree on December 30, 2020, 06:43:46 PM

My idea is to show off how successful BTC is. The crypto world can afford a bank. Ideal would be an old Swiss bank.

It would be useful to us as we still need banks. I'm still making several bank transfers every month, as there are still plenty of things we can't pay with BTC. So we all have several bank accounts, and wouldn't you prefer to use the services of a bank owned by BTC holders?

Once a bitcoiner becomes a banker, can he really still be a bitcoiner? Tongue

A bank is a bank. It's not going to be fundamentally different because some Bitcoin early adopters own it. Banks are under so much regulatory pressure, now more than ever. Even the Swiss banks finally caved and sold out their American customers to Uncle Sam. And if it's "crypto-friendly" and lax on AML/KYC, that would just put a target on its back and make it unsafe to keep deposits there.

The market will force banks (and the rest of society) to embrace Bitcoin in due time. We don't need to prove anything by buying a bank. Cool

magneto

hero member

Activity: 1666

Merit: 753

Quote from: countryfree on December 28, 2020, 06:56:09 PM

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

And how exactly what this be different to any hosted bitcoin wallet or exchange?

It doesn't make sense for a bunch of decentralisation enthusiasts to be embracing the precise thing that they swore to replace in the first place. It definitely does not make sense to try and attempt to take over a bank and transform it into a non-efficient exchange when there are much more established alternatives (think Binance, Coinbase) that consumers will be more drawn toward for good reason or not.

It really offers no benefits apart from a short term, day-long boost in mainstream media interest and probably attracting a ton of critique from commentators. Not a great idea at all imho.

Stalker22

legendary

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Merit: 1359

A lot of people are scared to be their own boss. They want someone else to guarantee their safety. They want regulations, they want bosses, they want leaders. They are mortally afraid of a state where they are solely responsible for everything and, above all, for their financial welfare.

Surprisingly, there are many of them, and they won't change their way of thinking until something happens that forces them realize that the system can fuck them as much as it sometimes protects them. Be your own bank!

Ucy

sr. member

Activity: 2674

Merit: 403

Compare rates on different exchanges & swap.

I think we should focus more on making it possible for people to be their own bank.
I will probably support a unique kind of physical bank with thousands/millions of strong vaults that owners fully control and can always access with their keys. The owners would only need to pay fees for the additional security the bank provides.
Or you could just have a bank that allows owners to control their private keys. The bank could only facilitate transactions and offer customers services. Owners can always move their keys to another bank whenever a bank they bank on is having problems or not working.

Karartma1

legendary

Activity: 2310

Merit: 1422

We, bitcoiners, should stop thinking like how they were thinking ages ago.
We've everything at our disposal: bitcoin is our bank already and we can have pocket money to live on a day-to-day basis via the Lightning Network.
If we, bitcoiners, don't get this how are we supposed to be better than them?

Smartprofit

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Catalog Websites

Quote from: countryfree on December 30, 2020, 06:43:46 PM

My idea is to show off how successful BTC is. The crypto world can afford a bank. Ideal would be an old Swiss bank.

It would be useful to us as we still need banks. I'm still making several bank transfers every month, as there are still plenty of things we can't pay with BTC. So we all have several bank accounts, and wouldn't you prefer to use the services of a bank owned by BTC holders?

In my opinion, a commercial bank is an atavism.

In my country, big banks no longer want to position themselves as commercial banks. They call themselves digital platforms and IT corporations. This suggests that banks have no future.

New money is now being created - central bank currency (CBDC). The functioning of the CBDC does not imply interaction with commercial banks. At the first stage of the transformation of the modern financial system, banks will not disappear, but in the future they will be liquidated.

Bitcoin and new IT technologies have destroyed banks.

acquafredda

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Bitcoin do not need no showing-off. Bitcoin is already our bank! We control our wealth without asking for permission: can you do that with a bank? Bitcoin runs 24/7! Can a bank do that?

Wind_FURY

legendary

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Quote from: countryfree on December 30, 2020, 06:43:46 PM

My idea is to show off how successful BTC is. The crypto world can afford a bank. Ideal would be an old Swiss bank.

It would be useful to us as we still need banks. I'm still making several bank transfers every month, as there are still plenty of things we can't pay with BTC. So we all have several bank accounts, and wouldn't you prefer to use the services of a bank owned by BTC holders?

To show off how successful Bitcoin truly is, is to let it run without down-time, and let it be a censorship-resistant, multi-generational protocol for money for the internet, not something we exchange for fiat

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