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I've often heard that problems with banks and private , centralized control of wealth is one of the fundamental reasons for cryptocurrency. I'm genuinely curio
by jstandard 8y ago
I've often heard that problems with banks and private , centralized control of wealth is one of the fundamental reasons for cryptocurrency.
I'm genuinely curious, what cryptocurrency related services would you want a bank to provide? And, related, what do you expect or hope to be using that cryptocurrency for?
- newman8r 8y agoIt would be nice if I could buy cryptocurrency with my account funds, and for it to be protected/insured while it was in the bank's wallet. The ability to transfer in and out, etc. The ability to make debits against a cryptocurrency balance, etc. I use robinhood at the moment. If robinhood was able to act more like a bank, and supported transferring cryptocurrency in and out, then it would basically be what I was looking for. In the past I've just used coinbase/poloniex, and I just transfer to my wallets. I currently use bitcoin to buy domains on namecheap, and I use purse.io to buy stuff from amazon - but I can see myself using it for a lot more in the future. There may not be a lot of demand for it, but like I said, if local banks started offering these services it would get my attention.
- jstandard 8y agoIt sounds like all the same protections and uses you get with USD. I get the impression Coinbase may be moving in that direction if they haven't already. What advantages over USD are there for using bitcoin to buy domains or items from amazon?
- newman8r 8y agoNot sure if there's any specific advantages, but I still prefer to use bitcoin when I can - just feels good. It's nice to be able to buy stuff from amazon without an amazon account though, although that has more to do with purse.io than bitcoin.