Post
Topic
Board Bitcoin Discussion
Re: Bitcoin Bank - Safely store your bitcoin
by
Ben Barubal
on 21/03/2024, 03:17:44 UTC
My idea would be to create a bank to safely store people's bitcoin and other crypto for people who just want to hold for a lot of time.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.

     As soon as I read the word bank, I was not confident anymore, because we know that it is no different from a traditional bank system. Apparently, once you put the bitcoin in there, you are 100% out of control; you no longer have it; instead, you have given them the right to hold the key to control your bitcoin. And before you can get it back, you will need to meet a lot of requirements before it can be in your hands when you are actually the real owner.

     Then it seems unfair that it takes 3 months before you can withdraw your bitcoin. Why is it taking so long? What kind of process will he do in 3 months? That seems like a big stupidity; if the bitcoin bank system is like that, I wouldn't store bitcoin in that kind of system.