REALjasonansley on Nostr: The way I see “Bitcoin Banks” is several ways: 1. It’s for people whom don’t ...
The way I see “Bitcoin Banks” is several ways:
1. It’s for people whom don’t want to actually be self-sovereign. You see this already with numerous industries, in particular TradFi…people abdicate responsibility to others as they don’t have any desire to learn how to invest.
Case in point there is a president of a foundation I just saw a bit on today who, has nothing to do with their wealth creation but solely focuses on their giving partnerships.
In some respects people aren’t wired or don’t want to learn certain skills.
So a Bitcoin bank, much like a Bitcoin ETF fills this role in the marketplace
2. Others may use them temporarily as on and off ramps for fiat as they make their transition to a Bitcoin Standard
3. Businesses have different requirements placed on them and so there is a need there
—-
Ultimately I don’t love the idea of a Bitcoin “X”, in particular a bank, due to the regulation and surveillance that will now be imposed upon the account holder.
Yet still, we have this chasm to cross on the way to mass adoptions AND the fact remains that in order for people to get on a bitcoin standard and for the circular enconomy to manifest itself, there has to be a portion of fiat that gets converted into BTC by individuals and businesses so that there is circulating supply of BTC…
Which brings me to my fourth point…
4. Bitcoin Banks serve a function in the “currency” aspect of Bitcoins proclamation of being money. Historically banks facilitate transactions. Now of course with BTC we don’t need that and the penultimate solution is one without a middle man, but a BTC “X” can serve a utilitarian purpose to help accelerate the desired economy built upon Bitcoin. nostr:naddr1qpq5sctn946xsefdg4exztt0vck5yatvdsk5jmnnwp5hyety94pxjarrda5kut2zv9hxk6twvuk5zmrjv4skg7fdgfjkwatw94n8j6r8wgcqyg9rvlu7k89n5fq60umyducu6m2e0wamlr4wkhxjuurapxcqvvl0agpsgqqqw4rsaqkexl
1. It’s for people whom don’t want to actually be self-sovereign. You see this already with numerous industries, in particular TradFi…people abdicate responsibility to others as they don’t have any desire to learn how to invest.
Case in point there is a president of a foundation I just saw a bit on today who, has nothing to do with their wealth creation but solely focuses on their giving partnerships.
In some respects people aren’t wired or don’t want to learn certain skills.
So a Bitcoin bank, much like a Bitcoin ETF fills this role in the marketplace
2. Others may use them temporarily as on and off ramps for fiat as they make their transition to a Bitcoin Standard
3. Businesses have different requirements placed on them and so there is a need there
—-
Ultimately I don’t love the idea of a Bitcoin “X”, in particular a bank, due to the regulation and surveillance that will now be imposed upon the account holder.
Yet still, we have this chasm to cross on the way to mass adoptions AND the fact remains that in order for people to get on a bitcoin standard and for the circular enconomy to manifest itself, there has to be a portion of fiat that gets converted into BTC by individuals and businesses so that there is circulating supply of BTC…
Which brings me to my fourth point…
4. Bitcoin Banks serve a function in the “currency” aspect of Bitcoins proclamation of being money. Historically banks facilitate transactions. Now of course with BTC we don’t need that and the penultimate solution is one without a middle man, but a BTC “X” can serve a utilitarian purpose to help accelerate the desired economy built upon Bitcoin. nostr:naddr1qpq5sctn946xsefdg4exztt0vck5yatvdsk5jmnnwp5hyety94pxjarrda5kut2zv9hxk6twvuk5zmrjv4skg7fdgfjkwatw94n8j6r8wgcqyg9rvlu7k89n5fq60umyducu6m2e0wamlr4wkhxjuurapxcqvvl0agpsgqqqw4rsaqkexl