Will there ever be a Bitcoin Bank - page 13.

Harrisonimo

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Quote from: squatz1 on November 13, 2017, 08:07:15 PM

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.

The idea of Cryptocurrency/blockchain is decentralization; also meaning you are not reporting to any power or authority that has rule over your Cryptocurrency. The use of Cryptocurrency banks I can say has been indirectly existing; your Bitcoin wallet is your bank somewhat way and they are also doing some functions of the fiat banks too. As much as the wallets don't report to any higher authority and discretion and secured identity of Users are being kept well.

chickenfried12

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it is difficult to have such a thing
this is a situation that is incompatible with the base of anything already free of bitcoin

so why a bank of bitcoin is not everyone's online offline wall ready at the moment
it's hard to explain why you need it.

sunnex100

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Contemplating a Bitcoin ban to me is a travesty to the whole idea of cryptocurrency. With Bitcoin, banks are not really needed because Bitcoin offers something entirely different from what is obtainable with cash. It operates via a decentralised system, bringing in the idea of Bitcoin bank will lead to regulations that would affect and defeat the very purpose of the cryptocurrency

ipsum100

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In the bitcoin philosophy you are your own bank

bitcoinsocial09

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Quote from: squatz1 on November 13, 2017, 08:07:15 PM

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.

If there's a possibility, what would be its use? There are e-wallets where users may store their Bitcoin. Banks are under governments which also means that transactions are monitored. Bitcoin bank is a bot in contradt with bitcoin"s characteristic of being decentralized. So I think this thing won't exist.

jam22

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There's no bitcoin bank but there is a virtual wallet where you can save your bitcoin.

flower1024

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Quote from: BlackBi88 on December 12, 2017, 06:12:38 AM

Quote from: squatz1 on November 13, 2017, 08:07:15 PM

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.

The current Bitcoin bank sounds ambiguous, but in the future I think there will be a BTC if the currency becomes the main form of payment in the world. But now the BTC is facing a major barrier that is banned in some countries around the world due to instability in the exchange rate of this currency, so the dissemination of BTC in the world would probably be difficult towel. But I always believe the future of money will be the BTC, predicted 20 years later Bitcoin will replace the current cash so the future will have Bitcoin bank dedicated to cryptocurrency. Tongue

We can expect this but there is no assurance, who knows if all country ban bitcoin and it may lose its value. Of course, if people do not get chance to cash out bitcoins then who will use it. And if it ban means nobody will accept this as the payment mode. It all depends on country governament decision. So I don't know how many years we have to wait to see bitcoin bank.

BlackBi88

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Quote from: squatz1 on November 13, 2017, 08:07:15 PM

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.

The current Bitcoin bank sounds ambiguous, but in the future I think there will be a BTC if the currency becomes the main form of payment in the world. But now the BTC is facing a major barrier that is banned in some countries around the world due to instability in the exchange rate of this currency, so the dissemination of BTC in the world would probably be difficult towel. But I always believe the future of money will be the BTC, predicted 20 years later Bitcoin will replace the current cash so the future will have Bitcoin bank dedicated to cryptocurrency. Tongue

Yarsk

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It possible in as much as bitcoin can exist in digital it can also be bank and the bitcoin bank is already in operations which are the blockchains the wallet holders their are the bitcoin bank. But if you are expecting physical bank like that of paper money you have fail. Bitcoin is a digital currency and not faints.

BitcoinCommodor

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Quote from: CaterpillarRave on December 11, 2017, 07:34:40 AM

Quote from: joshuaj on December 11, 2017, 07:03:50 AM

Bitcoin bank seems like a good idea, maybe we can see it in near future, especially if bitcoin price continue it's growing pace.

A bank not gonna help Bitcoin to grow it's price. It just turns things into the mess. Sometimes, Chaos are the better than Orders.

I think you are somehow right but still the answer from me is no. don’t you think bitcoin should be prevailed to the whole word and for this they have to maintain every aspect of it. The ease of transactions and the ease of access like ATMs. Bitcoin is now getting nourishment in small parts of world but when it will be spread to the whole globe then this little team might have some problems.

a4techer

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Quote from: squatz1 on November 13, 2017, 08:07:15 PM

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.

Why you need a bitcoin bank if you have already bitcoin wallet? You didnt need bank for bitcoin just save it in you bitcoin wallet and same it to bank and here in my country the all banks even the government was against in bitcoin so that it is not legal here in my country. So if you want to save it your bitcoin just save it your wallet and surely you can earn not like ij banks.

ngavanngo22

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Quote from: squatz1 on November 13, 2017, 08:07:15 PM

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.

In the future, if the BTC is accepted, Bitcoin holding banks will be inevitable. I hope to have a BTC transaction instead of a banned one. The BTC is currently banned in the country because the government worries that the Bitcoin will make the national financial industry suffer because of the growth of the cryptocurrency. But I still hope that BTC will be accepted as a valid form of payment even though it is far away. Huh

cryptonomics.global

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Probably if bitcoin keeps spreading with a such speed sooner or later majority of the traditional banks might start supporting it (financial operations with bitcoin), especially if there will be advantages comparing to normal money.

More interesting though would be to have a distributed bank governed by the community. Where members by majority of votes decide distribution and investment of funds.

pixelbtc

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Quote from: megynacuna on December 11, 2017, 04:21:32 PM

Quote from: ?? on ??

There are already coins that offer crypto currency banking services.
Minexcoin you can park your coins into the MinexBank without having to give over your private keys.
Another one is bankex they are in the middle of their ICO at the moment, I decide to invest 2 eth into their awesome project.

The OP was unequivocal and ,succinct about his question and it was bitcoin bank that he was asking for not some altcoin that we don't know off. There's currently no bitcoin bank anywhere that i know of but maybe in the future when bitcoin education has spread abroad we may have them in our communities.

Yes, that is really true. This time there is no bitcoin bank to be seen everywhere in the world but sooner or later, I believe that bitcoin bank will exist depending on the needs of the people who are using bitcoin as a means of payment in their respective countries.

megynacuna

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Quote from: ?? on ??

There are already coins that offer crypto currency banking services.
Minexcoin you can park your coins into the MinexBank without having to give over your private keys.
Another one is bankex they are in the middle of their ICO at the moment, I decide to invest 2 eth into their awesome project.

The OP was unequivocal and ,succinct about his question and it was bitcoin bank that he was asking for not some altcoin that we don't know off. There's currently no bitcoin bank anywhere that i know of but maybe in the future when bitcoin education has spread abroad we may have them in our communities.

el kaka22

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Quote from: chocolaty on December 07, 2017, 07:20:16 AM

I don't think this is possible because first of all, one of bitcoin's features is that it allow transactions without risking your privacy and security. Loans and such, which you have mentioned, is not easy to process because it requires info (most of the time private ones) for them to be able to reach you if ever you decided to run from your obligations.

That is some valid point. The fact is there really would not be any necessity to have a bitcoin bank in the first place. Our wallet first and foremost is our bank, and even if we want to exchange to fiat, I am sure that is not even a problem anymore in most places except few. The lending part is not something that may really work out looking at all the modalities involved.

Quote from: Saksham on December 07, 2017, 07:10:41 AM

I am sure that there is some teams already thinking at this aspect for some time. Now nobody can predict a date for such things but a Bitcoin Bank is inevitable, i wonder what will be the politics of this bank considering that bitcoin is developed on decentralized technology.

I saw an ICO recently coming up with something like this although I did not get to take much look at the details or the whitepaper as the case may be, but may be in the long run, something like this can happen most especially having exchange to fiats, lending and some other banking stuffs integrated all in one. How they want to pull the lending aspect off is what I do not really know anyway but when it comes to exchanges in most localities, that is already existing.

Dudeperfect

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There might be some exchanges or platforms calling itself a bank but to be honest, I am sceptical about how traditional banks or financial institution are going to adopt the Bitcoin if they are willing to do so because as we all know the core faith of Bitcoin is based on the decentralisation of value and control. Thus, I don't see any clear picture as of now that has any institution supporting Bitcoin as a banking currency.

julius caesar

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Quote from: 13abyknight on November 13, 2017, 11:42:02 PM

The whole point of having a bank is to regulate money in a particular region and this is exactly the opposite of what Bitcoin proposes, decentralisation. Banks are centralised bodies which are run by the government/private agencies whereas Bitcoin is decentralised in nature, having no regulating authority so no, there won't be any Bitcoin Banks in the future either.

Yes that true, I think if this is implemented Bitcoin will biolate its feature itself and thats decenyralization, its not that very sutable for it but it will end up being in that sitution controlled eith power and authority , people will not allow this.

ASHLIUSZ

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Right now I don't find any reason for an existence of bitcoin bank. Maybe in future the situation might change, when people starts to use bitcoin in a large scale. Right now some has got started functioning with bitcoin related services and some banks have started using the technology of bitcoin.

bewbielicious

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It's a great ideal, because the profit could be more , from the volality of Bitcoin and from the saving of the Bitcoin bank.

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