Questions tagged [banks]

A place that holds your currency and keeps it safe.

Filter by
Sorted by
Tagged with
35
votes
6answers
3k views

What would a country adopting Bitcoins as official currency have to reinvent?

Let's say that a country decided to ditch their currency and go for Bitcoins. What would this country have to reinvent. The reason why I ask, is because I believe that if a tiny country was to adopt ...
35
votes
9answers
12k views

Is there a Bitcoin bank, which gives interest on my deposit?

Is there any Bitcoin bank I can place my Bitcoins in that will give me a decent interest rate. It should be at least 1% for it to be worth it.
15
votes
5answers
1k views

How would interest and fractional reserve banking work in a limited money supply?

Suppose Bitcoin lenders (banks, creditors, investors) issue loans with interest. As the total supply of bitcoins approaches the 21M ceiling, the total amount owed in outstanding interest will exceed ...
15
votes
5answers
70k views

How can I convert bitcoins to Indian rupees and vice-versa?

How can I convert bitcoins into Indian rupees (INR) and get them in paper rupee notes?
15
votes
2answers
2k views

Why do so many bitcoin exchanges have their bank accounts closed and have problems establishing bank accounts?

I find it really strange that it happens that so many Bitcoin exchanges have their bank accounts closed. Outside of the Bitcoin world, I find it very unusual to have a bank account closed, for a ...
14
votes
9answers
481k views

How can I sell bitcoins and transfer the funds to my bank account?

A friend of mine gave me two bitcoins which I now want to sell. I don't understand the process which would enable me send the funds generated to my bank account.
11
votes
7answers
41k views

Can I buy stocks with Bitcoin? [closed]

I have got some USD balance with a Bitcoin exchange. I intend to buy stocks for these USDs. Is there an online broker that accepts Bitcoin as a deposit option for stock market trading? I mean the ...
11
votes
2answers
2k views

Why do both Mt. Gox and Intersango use Polish banks?

Since their previous France and UK accounts were closed, both Mt. Gox and Intersango set up accounts in Poland. Is there a specific reason why they chose Poland?
10
votes
2answers
995 views

Is there a solid “Bitcoin Bank” yet?

Once MyBitcoin was thought to be a "solid bitcoin bank". Then it was hacked and a lot of people lost a lot of money there. Is there another, secure alternative for storing Bitcoins except storing ...
9
votes
2answers
1k views

Why are banks and other centralized entities interested in block chains?

Apparently banks and other centrialized entities are interested in block chain technology. My question is, why? The whole point of block chains is for decentralized, trustless, consensus. Bitcoin, ...
8
votes
5answers
1k views

Should fractional reserve banking be prohibited through the bitcoin protocol or otherwise, and how could such a change be implemented?

There's a massive macroeconomic debate between Keynesians, who want central banks to control the money supply, and Austrians who want no central banks doing any such thing--or at least competing ...
8
votes
2answers
36k views

How untraceable is Bitcoin?

Are Bitcoins truly untraceable or only pseudonymous to certain extents? For example: If somebody wants to buy Bitcoins with a Credit Card (e.g. through a third-party service) then they transfer them ...
8
votes
3answers
11k views

What is the cheapest Cash-to-Bitcoin Service? [closed]

There seems to be a few services to purchase bitcoins from out there, as in bitinstant, MtGox, bitcoin.de, etc. I would like to know if someone has looked around to find the one with the cheapest ...
7
votes
4answers
2k views

Bitcoin-friendly Bank

As is well known many Bitcoin businesses and in particular exchanges have had a lot of trouble working with banks. Are there any banks that are explicitly Bitcoin-friendly?
7
votes
5answers
3k views

Why there's no bank or institution lending Bitcoins?

To the best of my knowledge, there's no bank lending in bitcoins, yet, which surprises me. Now that Bitcoin has stabilized to circa USD $100, I think it could be reasonable for an institution to start ...
6
votes
3answers
380 views

What are the qualities of a country that might make it more or less likely to freely allow Bitcoins or crypto-currencies?

As some examples which seem logical to me, but should only be taken as examples: A government that is susceptible to commercial lobbying is probably more likely to be pressured by banks to disallow ...
6
votes
2answers
659 views

How is a Ripple gateway different than a conventional bank?

Everything I've read so far suggests that a Ripple "gateway" is just like a bank. How is it different than a conventional bank? Is it possible to have a bank of banks (central bank) in Ripple?
6
votes
4answers
8k views

How do I transfer funds from India to an exchange?

I want to buy a few Bitcoins using my bank account/ credit card from here in India. How do I do that? MtGox has an option to do wire transfer. Is it the only way to do it? If I transfer $1000, how ...
6
votes
9answers
2k views

What happens when bitcoin loans start to appear?

What happens when bitcoins loans start to appear? Loans have interest rates that "create additional value". Given the limited amount of bitcoins, couldn't we realistically run out of them? ...
6
votes
1answer
366 views

Pass-through bank account, that transfers everything to your wallet

Now you can buy everything worldwide with https://all4btc.com/ (former https://bitspend.net/ ) It would be nice to get money now also only in bitcoins. I would like to configure a bank account in ...
5
votes
2answers
634 views

Can Ripple gateways operate as fully transparent fractional reserve banks?

Any Ripple gateway that establishes a solid reputation will be tempted to switch to fractional reserve issuance of its own IOUs to increase leverage (which is exactly what the existing comercial banks ...
5
votes
2answers
2k views

Setting up a coinbase like service in India , need suggestions

I have read and researched extensively on bitcoin, but I haven't found any service like coinbase that allows a user to buy or sell bitcoins online without having a US bank account. So how can one ...
5
votes
1answer
542 views

When transferring money between a bank and bitcoin exchanges, might the bank suspend my account?

I'm based in the UK and am worried that my UK bank might have a problem with me transferring money to or from a bitcoin exchange, for example, Mt Gox. I know that Paypal will suspend an account if it'...
4
votes
4answers
2k views

How does bitcoin manage the money supply?

All currencies are expanded when institutions begin loaning currency. How will bitcoin limit this growth? In economics there are several definitions of money such as M2, M3, etc.
4
votes
1answer
297 views

Could there be a “run” on Mt Gox? Does Mt Gox use my balance for other purposes behind the scenes?

It's conceivable that Mt Gox would re-use the outstanding balances (USD or otherwise) in other investments (BTC or otherwise). How much liquidity does Mt Gox have in BTC and Fiat dollars in case a ...
4
votes
3answers
828 views

What are the advantages of sharing money in hosted e-wallet services?

I was a little bit shocked to learn that many (if not all) hosted e-Wallet providers combine their customers money in the hosts account, instead of just providing a service for easy access and storing ...
4
votes
1answer
1k views

What is the story behind MtGox and their French bank?

MtGox has their French bank account closed last year, as the bank stated they aren't legally allowed to undertake the activities they were doing in regards to trading Bitcoins. There have been a few ...
3
votes
7answers
394 views

Justification of usage of Blockchain by banks

After learning a bit about Bitcoin and Blockchain Technology, I do not understand how any bank is going to use it. My understanding is that the blockchain is useful in an environment of mistrust. In ...
3
votes
4answers
1k views

If you trade with bitcoins, how do you manage to “explain” anti-laundering authorities the money-in & money-out?

When trading with bitcoins using mtgox, or bitcoin-24, or bitcoin.de, you will have in your account many transfers of money, to many people and from many people. In europe if the sum of the ...
3
votes
2answers
685 views

Strategies against Bitcoin

With the recent increase in articles about the threat of Bitcoin vs central banks, government and other authorities over the money supply, I am wondering how well authorities are prepared and actively ...
3
votes
1answer
309 views

How do traditional transactions take place (paypal, banks, etc) in comparison to Bitcoin transactions?

Here we talk about bitcoins and blockchain. It is said they are more secured, and people ask questions about how they are implemented. Since I am a complete newbie to blockchain, and I don't know ...
2
votes
1answer
5k views

Is it safe to authorize Coinbase to withdraw cash directly from my bank account?

I wanted to buy Bitcoin. Coinbase said that they could transfer money directly from my U.S. bank account and convert it to Bitcoin, and then I'd have a Bitcoin address and could give people Bitcoin or ...
2
votes
2answers
122 views

I am looking for a reliable and low cost way to make loan repayments from Asia to the US. Are there any banks in the US that will acept Bitcoins?

I'm looking for a reliable, low cost, transparent and efficient way to make monthly loan repayments from Asia to the US each month. Are there any banks in the US that will accept bitcoins? So, I'm ...
2
votes
1answer
41 views

How does Bitcoin get over the capital controls problem?

So, people now talk about Bitcoin as a store of value instead of as a currency. I'm confused as to how central banks will respond to this? Right now, bitcoin is not widespread. Assuming bitcoin ...
2
votes
1answer
2k views

Transfer btc from offline wallet bitcoin core to bank account

What are there the ways to legal transfer money from offline bitcoin core wallet to my bank account, if i have more than 100 btc?
2
votes
3answers
388 views

Do banks exchange bitcoins to traditional currencies

If someone was not concerned with the anonymity aspect of bitcoin, can he/she exchange traditional currencies to bitcoins and vice versa from banks? Do banks do this? and if not, why?
1
vote
1answer
289 views

Why is bitcoin better than other electronic banking, like Dwolla or Paypal?

Why is bitcoin better than Dwolla or Paypal?
1
vote
2answers
217 views

Can a bitcoin bank solve the problem of intensive value fluctuation caused by hoarding?

Let's assume a bank dealing in bitcoins is not any central of government bank that could control the money supply. Instead, let's say there was a bank where the people would deposit money at some ...
1
vote
3answers
4k views

Can trading be done on coinbase.com?

On coinbase.com I tried to sell some bitcoins and was told I had to register a bank account. I'd have expected that only if I were trying to withdraw dollars, euros, etc., from coinbase. On mtgox ...
1
vote
1answer
195 views

why banks are trying consensus algorithms like ripple

I am wondering that why do we need consensus algorithm like ripple if all the nodes in a system is honest. There won't exist an use case of double spending. I am asking this question because recently ...
1
vote
2answers
627 views

What are the “Know Your Customer” challenges that Bitcoin faces?

Can anyone explain what KYC (Know Your Customer) regulations are "missing", tough or impossible to implement with Bitcoin? I will offer a bounty to the most detailed answer (However this question is ...
1
vote
2answers
1k views

Blockchain vs. Banks: which one has more affordable transaction fees?

Maybe one of the issues researchers are trying to solve in blockchain protocols like Bitcoin or Ethereum is removing / decreasing "transaction fees". However, if we compare blockchain transaction fee ...
1
vote
1answer
656 views

Do all Banks and Credit Unions in the U.S. accept Bitcoin?

Do all Banks and Credit Unions in the U.S. accept Bitcoin for deposits or withdraws?
1
vote
2answers
410 views

Send Bitcoin payments to any bank via API

I am looking into paying our overseas suppliers via bitcoin to speed up the process of settling invoices. The issue is that I don't want them to have to deal with bitcoin themselves. My question is -...
1
vote
1answer
129 views

Why is the Winklevoss ETF decision so important, when this tracker certificate already exists?

The Winklevoss ETF and the SEC decisions regarding it seem to be on everyone's lips and the influence of the bitcoin price are apparent. However there seems to be this tracker certificate already: ...
1
vote
1answer
40 views

Like Banks, are there better service providers from Bitcoins banks? Can I Find a rating?

I would like to purchase Bitcoins, I am looking and honestly do not know what I am looking at. Is there a place to see how these Bitcoin places are rated? Services they provide?
1
vote
1answer
50 views

Is access to mining the only obstacle to centralised bitcoin-like currency?

Considering the value of bitcoin beside dollars there seems to be so many applications where a centralised bitcoin-like system may be ideal for internal accountancy and transfers, especially among ...
1
vote
0answers
75 views

Doesn't bitcoin have the same inflationary problems as fractional reserve banking?

I keep hearing that Bitcoin is immune to inflation because You can't make more bit coins than some fixed constant of bitcoins through a process of mining. However, assuming enough people take it ...
1
vote
0answers
184 views

Exit Strategy: How to communicate / configure my fiat bank when selling large amounts of crypto in a short period of time

Anyone can readily see by my previous questions that I have virtually no idea what I'm doing. Be that as it may, it seems very realistic that I may become a bitcoin (multi?)millionaire within the next ...
1
vote
0answers
112 views

How do people in developing countries buy Bitcoin?

When there are only bank accounts of small bank institutes in undeveloped countries, how do people there buy Bitcoins? When there are only limited possibilities for global money exchange, how can ...