Topic: Will there ever be a Bitcoin Bank - page 12. (Read 3757 times)
For me that would be the downfall of bitcoin if there will be a bitcoin bank. Because the government can control it already. So the outcome will be the chance for all altcoin to replace bitcoin in its place from being the top decentralized cryptocurrency.
It really open my mind in awesomeness. Why there is no centralized bank that bitcoin creates.?
Maybe because bitcoin is decentralized cryptocurrency. If there will be a future bank of bitcoin it will not become centralized it will become decentralized. That will be the time for bitcoin communities to have a tax. It will affect all communities in every single transactions. Bitcoin will be considered not having its own freedom in that moment. So I think it will not happen that there will be a future bitcoin bank because bitcoin is not centralized ruled by government but it is centralized ruled by its own power.
Maybe because bitcoin is decentralized cryptocurrency. If there will be a future bank of bitcoin it will not become centralized it will become decentralized. That will be the time for bitcoin communities to have a tax. It will affect all communities in every single transactions. Bitcoin will be considered not having its own freedom in that moment. So I think it will not happen that there will be a future bitcoin bank because bitcoin is not centralized ruled by government but it is centralized ruled by its own power.
That would be nice as users do not need to worry about storing bitcoin and can earn interest from bank.
I think not because the world bank does not all recognize the existence of bitcoin one of them in Indonesia
Theoretically, any service online where we store cryptocurrency can be called a bank. Whenever we need to trust the third party, we are losing the basic principle of cryptocurrencies - decentralization. Or something is cryptocurrency and is decentralized, or can not be called cryptocurrency.
I can't imagine that any bank can be decentalised, so for me Bitcoin Bank is impossible.
I can't imagine that any bank can be decentalised, so for me Bitcoin Bank is impossible.
Does anyone on here think that there is ever going to be Bitcoin Bank, be it something which is centralized or something which isn't really doesn't matter. But I'd think of this as a company, or a union (like one of those credit union banks) where loans would be given out to people with trust, money is held, and so on and so forth.
I know many think that they can escape banks, but they are insanely helpful and trustworthy for many everyday people who we'd want to join into the BTC community.
I can't imagine that there will be even in the future. Banks are controlled by the governments and Bitcoin happened to be decentralized so it is not applicable. Also, I believe that there's no need of Bitcoin banks since there are wallets where users may store all of their Bitcoin with ease and anonymity which is probably better than banks. I know many think that they can escape banks, but they are insanely helpful and trustworthy for many everyday people who we'd want to join into the BTC community.
Bitcoin is against centralised economy and that is the success of it. Bitcoin can have facilities like bank but it cannot transform itself as a bank. However, banks can adopt the best practices of bitcoin since bitcoin is the future currency and would make paper currency void soon.
WB21 will be the first digital bank to accept deposits in bitcoins from customers wishing to transfer funds to their current accounts.
"The bank that takes bitcoin looks rather unusual, but it makes sense to us, and it also gives huge benefits to our customers," said Michael Gastaire, Founder and CEO of WB21.
The bank has more than half a million customers around the world, which allows it to create real-time deposits using bitcoin, as well as another 18 national currencies currently offered. Among them is the Russian ruble.
"The bank that takes bitcoin looks rather unusual, but it makes sense to us, and it also gives huge benefits to our customers," said Michael Gastaire, Founder and CEO of WB21.
The bank has more than half a million customers around the world, which allows it to create real-time deposits using bitcoin, as well as another 18 national currencies currently offered. Among them is the Russian ruble.
I'm also thinking its possible, but still thinking it may not be really necessary because with the way we are using bitcoin presently I don't think bitcoin really need a bank i would have only suggested it have an ATM machine and card respectively since bitcoin wallets is safe enough.
I don't think this is possible because it will break one of crypto's feature which is pseudonymity. Many people turn to digital currencies because we can make transactions without revealing too much info. If we are about to loan then there must be something to leave behind to guarantee payment right? And that is like risking something valuable to you. This is my opinion only.
it's possible. but I wouldn't do that. the whole point of crypto is decentralization
Its not a whole point. One of the main yes, but not whole. Dont forger about cheap and fast transfers (not about btc, but about crypto in general). Also, for lots of people, btc now is an investment material and actually they are not against of centralized solution for holding it, if it will insure your assets.
it's possible. but I wouldn't do that. the whole point of crypto is decentralization
The government regulation will definitely come one day. Together with regulation bitcoin or other coin banks will appear.
It doesn't matter if there will be a bitcoin bank or not since all of the transactions are online. It will be a hustle for bitcoin holders if there will be a bitcoin bank. I don't want this to happen. I am not willing to fall in line for hours just to have my self verified or get an account. I hate how banks works because they are so slow. Bitcoin was different, online transactions are convenient but the fee was too high and if there will be a bitcoin bank, fees will be much higher because of taxes and other fees that they cant explain.
There are some projects related to bitcoin as bank, but no, there will never be a bank of bitcoins just like you know banks at the moment. Take a look at Bankex, Bancor, and a few more.
No, because people use, invest, trade and join bitcoin, the reason is no one can control bitcoin and their money. So, if there is a bitcoin banks, government can regulate and will control all the transactions in bitcoin. In other words bitcoin banks is impossible to rise.
Unless the price stabalises the business model would never hold.
Banks rely on non-volatile stable markets in order to function. They make money by lending out more money than they have in deposits, allowing their net interest to be positive.
With such a volatile market as bitcoin people could easily demand all their money all at once in the event of a price drop and the bank, like all banks, wouldn't have the money to pay it back.
The resulting mess would be similar to what happened with mtgox
I agree, it seems to me that the usual banking system isn't compatible with the technology of blockchain and bitcoinBanks rely on non-volatile stable markets in order to function. They make money by lending out more money than they have in deposits, allowing their net interest to be positive.
With such a volatile market as bitcoin people could easily demand all their money all at once in the event of a price drop and the bank, like all banks, wouldn't have the money to pay it back.
The resulting mess would be similar to what happened with mtgox
Does anyone on here think that there is ever going to be Bitcoin Bank, be it something which is centralized or something which isn't really doesn't matter. But I'd think of this as a company, or a union (like one of those credit union banks) where loans would be given out to people with trust, money is held, and so on and so forth.
I know many think that they can escape banks, but they are insanely helpful and trustworthy for many everyday people who we'd want to join into the BTC community.
I know many think that they can escape banks, but they are insanely helpful and trustworthy for many everyday people who we'd want to join into the BTC community.
I get what your saying since centralization has its pros; efficiency, security, etc... But i think it is highly unlikely for Bitcoin to have a bank or a centralized entity because Bitcoin is decentralized in itself, so it would defeat its purpose if there is a centralized entity regulating it. But the idea you have is not impossible.
Unless the price stabalises the business model would never hold.
Banks rely on non-volatile stable markets in order to function. They make money by lending out more money than they have in deposits, allowing their net interest to be positive.
With such a volatile market as bitcoin people could easily demand all their money all at once in the event of a price drop and the bank, like all banks, wouldn't have the money to pay it back.
The resulting mess would be similar to what happened with mtgox
Banks rely on non-volatile stable markets in order to function. They make money by lending out more money than they have in deposits, allowing their net interest to be positive.
With such a volatile market as bitcoin people could easily demand all their money all at once in the event of a price drop and the bank, like all banks, wouldn't have the money to pay it back.
The resulting mess would be similar to what happened with mtgox
I really don't see the need for a bitcoin bank in the first place, we have a bitcoins ATM and to me that's enough. Bitcoin is not a physical commodity and therefore there is no need for a bank
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