Topic: What is the closest we have to a bitcoin bank? (Read 1180 times)
There's the islamic bank of Bitcoin but that's been under construction for awhile now, it even has a share listing on cryptostocks.
wallet.dat
+1This is exactly why bitcoin was born, be your own bank
wallet.dat
Having an account for debit, easy transfers, etc. What is the closest to a bank?
bitcoin savings and trust. transfers in to accounts were easy.
interest paid on deposits was great.
LOL
Having an account for debit, easy transfers, etc. What is the closest to a bank?
bitcoin savings and trust.
transfers in to accounts were easy.
interest paid on deposits was great.
The exchanges (MtGox, BitFloor, Coinbase, etc.) are probably the closest thing to a bank currently, in that you create an account with them, transfer your money there, and then trust them to maintain control of that money for you and give it to you upon request. BitFloor is even operating in a capacity that is a bit like Fractional Reserve, in that the balances that some people have are higher than the amount of bitcoin that BitFloor actually has on hand. BitFloor avoids a "run" that would destroy them by marking those additional funds as "On Hold" and preventing anyone from withdrawing them until they can supply the necessary funds from their own revenue.
Yikes. Without an insurance backstop and/or a long history of responsible stewardship (plus, arguably, transparency), this bitfloor situation strikes me as pretty risky.You can read all about it here:
https://bitcointalksearch.org/topic/bitfloor-needs-your-help-105818
EDIT: As of 2013-04-17 BitFloor has ceased all operations.
It depends on which of the qualifiers is more important to you. Security? Probably Bitcoin central, mtgox, or your own armory running offline. Services like transfers and access to fiat? Probably Coinbase linked to your own bank, or maybe okpay, until the bit instant card finally comes of age.
The exchanges (MtGox, BitFloor, Coinbase, etc.) are probably the closest thing to a bank currently, in that you create an account with them, transfer your money there, and then trust them to maintain control of that money for you and give it to you upon request. BitFloor is even operating in a capacity that is a bit like Fractional Reserve, in that the balances that some people have are higher than the amount of bitcoin that BitFloor actually has on hand. BitFloor avoids a "run" that would destroy them by marking those additional funds as "On Hold" and preventing anyone from withdrawing them until they can supply the necessary funds from their own revenue.
Yikes. Without an insurance backstop and/or a long history of responsible stewardship (plus, arguably, transparency), this bitfloor situation strikes me as pretty risky.
The Dank Bank.
quality post
The exchanges (MtGox, BitFloor, Coinbase, etc.) are probably the closest thing to a bank currently, in that you create an account with them, transfer your money there, and then trust them to maintain control of that money for you and give it to you upon request. BitFloor is even operating in a capacity that is a bit like Fractional Reserve, in that the balances that some people have are higher than the amount of bitcoin that BitFloor actually has on hand. BitFloor avoids a "run" that would destroy them by marking those additional funds as "On Hold" and preventing anyone from withdrawing them until they can supply the necessary funds from their own revenue.
The Dank Bank.
Having an account for debit, easy transfers, etc. What is the closest to a bank?
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