Crypto Bank
I was thinking about it for a while. I am a developer, I understand the concept of bitcoin, blockchain and decentralization. There are cryptocurrency buying services, there are wallet creation services. People who want to have cryptocurrency already have and know what they need to use from the service.
But even though blockchain and crypto are designed to be decentralized, in a way I believe that the bank will then slowly switch to crypto and offer you a service, so your bank will make you an account, keep the currency there, you will use the payment card... basically manage everything as they do now. As it is now with fiat. Since a large part of the market people is crypto-uneducated this will be a good opportunity for banks to gain market share.
Another example where crypto is great to use is porn, but the problem is that people don’t know how to use crypto and then it isn’t even used in that industry.
What interests me is that it makes sense to start a “bank” that will take care of customers like traditional banks do. Opening an account, buying a crypt, maintaining a computer, etc.?
Thank you for the useful article!
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I agree with you
It is rare to find a really good crypto wallet for business https://coinamazon.com/ most often it only has a name and they are not much different from the usual, personal options. But this business crypto wallet is intuitively easy to use for receiving, storing, exchanging and sending payments in more than 30 cryptocurrencies and more than 20 fiat currencies.
Opening a bank, be it crypto, fiat, or a combination of both is no easy feat. The reason being regulation? If you are taking COF of third-party funds and have inserted yourself in the FOF, then you are an intermediary and a deposit-taking institution, whether you like it or not. This then begs to ask the question, how are you licensed for this? (even if your country/region does not license crypto), are you FATF Travel Rule Compliant? and for the fiat portion, how are you licensed for intermediary deposit handling?
Who set up your compliance manual.
From the outside everything looks easy, even a tornado omelet looks super easy to make until you actually try making one.
It may make sense to you, then you must ask the question, it must have made sense to others also and if so, why aren't there a flood of such banks. The simple answer is regulations and licensure.
I think you should have to go this site https://cryptoinsiderz.com/ for further information.
A couple of things I would argue:
You state that "People who want to have cryptocurrency already have and know what they need to use from the service."
A lot of blockchain platforms are not decentralized . A simple test: does a platform have an on / off button? I assume the answer is yes for most of them , so this means - lack of decentralization. They might use a blockchain on the background for some functionality but they are not truly decentralized.
Coming back to what interest you, I believe it is a good idea if you respect the decentralization principle, it is worth starting it and you will see where it will lead you :)
Good luck ;)
gelu
Well, I like your idea. I think it can be implemented. However, it seems that traditional banks are already well studying the field of cryptocurrencies and will soon capture this niche. I also think that opening a bank only for cryptocurrencies is quite risky and costly. Many people simply do not trust cryptocurrency and hardly ever buy cryptocurrency. It would be cool to just sell the idea to some bank.
However, there are already brokers who advise people on issues with cryptocurrency. I also use the services of a crypto broker. We can say that this niche is already occupied.
Well, these are just my thoughts. I wish you good luck.
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https://www.asktraders.com/broker/crypto-broker/
That's a great idea.
This comment was deleted 3 months ago.
This comment was deleted 3 months ago.