Topic: Will there ever be a Bitcoin Bank - page 24. (Read 3783 times)
probably, a lot of people don't want to take responsibility and hold their own keys, but it will be different, As Taleb Nassim, banks will evolve into utility providers, this will result less lock in and more power to end-user, you can move and migrate your assets from one place to another with a hit of button.
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 think it would be impossible. Bitcoin is a digital currency, banks aren't needed already for this and we can stored our coins from our wallet. Only we needed banks if we convert it into fiat money. Even if banks will support cryto currencies in the coming years but I don't believe they will offer this services, instead they just only consider their institution as a medium of bitcoin transaction and collect fees for it. 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.
A day will come that we are going to have bitcoin bank. When Internet come on bound many Banks said there are not going to used it but today we can see that all of them are using it. Blockchain technology is the greatest thing that happened to humanity after the discovery of Internet and I think few years from now we may have many financial elites embark on rendering financial services through bitcoin.
It's actually quite possible. Bitcoin is continually evolving and adoptions in different countries have been made. Since it will continue to technological advance, then some further adoptions and innovations may be made such as the creation of a bitcoin bank. It may happen years from now or who knows when. Especially if bitcoin is on the road of becoming mainstream or to be used by the mass public then it would be inevitable for their to be a creation of a bitcoin bank. Surely, blockchain technology would continue to advance for the benefit and use of mankind.
Yes, I too believe that bitcoin bank may become a reality in future looking at the way it be advancing towards becoming a main stream currency. But the main idea of blockchain doesn't really go well with the idea of a bitcoin bank. Bitcoin stands on the idea of De-centralization and banking system is centralized. So these are self-contradictory and hard to co-exist on a same platform.
Also there are are few organic issues will pop up if we see a bitcoin bank like government surveillance and enforcement agency inquiries. So I believe, if we continue to with the main idea of a De-centralized currency, we will see a continued growth of bitcoin. If we try to make it main-stream by creating a bank, it may have adverse effect on bitcoin's growth. It is better to be left as it is.
A day will come that we are going to have bitcoin bank. When Internet come on bound many Banks said there are not going to used it but today we can see that all of them are using it. Blockchain technology is the greatest thing that happened to humanity after the discovery of Internet and I think few years from now we may have many financial elites embark on rendering financial services through bitcoin.
It's actually quite possible. Bitcoin is continually evolving and adoptions in different countries have been made. Since it will continue to technological advance, then some further adoptions and innovations may be made such as the creation of a bitcoin bank. It may happen years from now or who knows when. Especially if bitcoin is on the road of becoming mainstream or to be used by the mass public then it would be inevitable for their to be a creation of a bitcoin bank. Surely, blockchain technology would continue to advance for the benefit and use of mankind.
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 am sure that at some point a site will offer a service similar to banks that would be crypto bank but I think it won't be used that much unlike how people use banks in fiat everyday. The main reason for the downfall of any business similar to a bank is that people used bitcoin mainly for decentralization and having bitcoin bank will remove that decentralization that everyone loved in btc. Because of this, I think btc banks would not last because people would rather use fiat money 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.
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 don't think its ever going to happen although there will be some service providers that would want to function as a bank or say quassi-bank such as exchange sites where people keep funds or online wallets where sum of bits of bitcoin kept on their platform could function as a bank but a full blown bank, is not achievable because of the following reasons in my opinion:
1. The community is a decentralized one but banks means it has to be centralized where some people will have to be the one to issue licences and the like to ensure safety of funds of customers but that cannot happen because even the service providers mentioned above, some people still hold the view that they should not be needed and keeping your funds there is endangering to bitcoin.
2. Personally, I won't put my coins in any crypto bank no matter the returns they are promising because if they promise low, I wont be encouraged, if they promised high returns, its a ponzi scheme.
I am not seeing bitcoin bank will happen in the future. Yes we have many ways to store our bitcoin in our own ways. Bitcoin is decentralized and we have freedom to store it in our ways that will have our private keys. So for me, I am satisfied in storing my btc without having bitcoin bank.
Why you need a centralized bank to store your own bitcoins? no need for a bank to store your money.
You can store in your own wallet (whatever you use) and be your own bank.
You can store in your own wallet (whatever you use) and be your own bank.
i highly doubt that this will happen but nobody knows
what the future holds.
I suppose on reflection it would depend on what way
bitcoin turns out. I mean that we are seeing a lot of
investors entering the market and the majority of them
dont care about what bitcoin was created for, it is
more seen as an investment commodity.
so the decentralisation issue may not be a determining
factor in why there wouldnt be a bitcoin bank.
?
what the future holds.
I suppose on reflection it would depend on what way
bitcoin turns out. I mean that we are seeing a lot of
investors entering the market and the majority of them
dont care about what bitcoin was created for, it is
more seen as an investment commodity.
so the decentralisation issue may not be a determining
factor in why there wouldnt be a bitcoin bank.
?
I don't think bitcoin bank will be introduce because I think the market don't need it anymore, the on-line wallet we are currently using already have the features of a bank and it is more improved because it can handle fund all over the world also for me it is more safer to use our wallet than putting them into a bank because the risk that bank owners may do manipulation and take our bitcoin is very likely to happen.
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.
Swiss central bank announces some weeks before says that they gonna implement the bitcoin to deposit the money with the bitcoin form. They passed their bill in the Government amendment to add that to do. Even Citi bank Newyork Chair person give a press release saying that they create own altcoin to utilize as a virtual currency.
But still we have a problem to regularized with the government norms, taxation and etc...
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.
First of all, bitcoin is running in a network that operates on a cryptographic protocol. Therefore, we consider bitcoin network as DECENTRALIZE since no single person or group is actually controlling it. And if that's what you are referring to as BITCOIN BANK (where one person or group of people will control the bitcoin network), then I don't think that's going to happen.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.
On the other hand, when you are referring to BITCOIN BANK as the typical bank where everyone would soon be able to apply for a special BITCOIN CARD that they can use with BITCOIN ATMs, then that's likely to happen in the near future. Although this is a good idea, I don't just see its significance esp. for those who are already owning credit/ATM cards and for those who have already bank accounts.
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 highly doubt that there'll be a Bitcoin bank since banks are controlled by different governments and Bitcoin is not since it is decentralized. But I think there's no need to have Bitcoin banks because there are e-wallets where a user may store his/her e-cash including Bitcoin. But who knows what tomorrow could bring. Maybe someday there'll be. 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.
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.
Bank is a form of being centralized and it adds security on an individual's health. I don't really think that it is possible with Bitcoin knowing that Bitcoin is decentralized which means that it is not under any form of Government and banks happens to be supported by it. So that's why there are Bitcoin wallets where us its users can store our Bitcoin. 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 think it won't be wise on both the business and customer to use Bitcoin as a kind of currency not unless it is stable and this kinds of banks are willing to risk their loney at a loss. With Bitcoin being a volatile currency it would be a hard task for them in having a stable income. Also the customers will most likely be at risk of losing value woth their money in the first place.
A day will come that we are going to have bitcoin bank. When Internet come on bound many Banks said there are not going to used it but today we can see that all of them are using it. Blockchain technology is the greatest thing that happened to humanity after the discovery of Internet and I think few years from now we may have many financial elites embark on rendering financial services through bitcoin.
Fractional reserve banking (FRB) is against the fundamentals of Bitcoin, inflationary/deflationary, unlimited/limited, centralized/decentralized. Though Bitcoins monetary base is limited to 21 million, the money supply of bitcoins can be increased through FRB/Bitcoin derivatives. There have been discussions on whether FRB is possible with Bitcoin.
https://en.bitcoin.it/wiki/Fractional_Reserve_Banking_and_Bitcoin
If in future, Bitcoin evolves as one of the primary currencies then I guess FRB might emerge in Bitcoin economy, exchanges as depository institutions or even a fractional-reserve free banking system with Bitcoin.
Currently Bitcoin P2P lending sites are based on this principle.
https://en.bitcoin.it/wiki/Fractional_Reserve_Banking_and_Bitcoin
If in future, Bitcoin evolves as one of the primary currencies then I guess FRB might emerge in Bitcoin economy, exchanges as depository institutions or even a fractional-reserve free banking system with Bitcoin.
Currently Bitcoin P2P lending sites are based on this principle.
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.
I think it is the nano ledgers or the trezor wallet is considered as bitcoin bank because it has the maximum security and offline transactions can be made through the wallet. Pretty much a bank to me but it doesnt have the term of a bank to them but it is to me.
The topic of a BTC bank has been asked many times before and the community has been giving the same answers over and over again. Squatz, next time use the search function. Search for Bitcoin Bank and you will get these results.
But is there really a need for one? What for?
But is there really a need for one? What for?
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