Comment What is the advantage of a Bitcoin bank? (Score 2) 232
I've tried before, I'll try again . . .
(I don't have any but . . .) What is the advantage of putting all my Bitcoins in a Bitcoin bank?
I can see (for a few milliseconds while passing through) converting real works $$$'s to/from either a credit card or REAL bank account . . . into Bitcoins, then I KEEP the Bitcoins.
I thought that was part of the purpose/advantage of Bitcoins, they're Peer-to-Peer and need no bank.
It seems to me the only purpose of putting Bitcoins in a Bitcoin Bank . . . is to lose them when it goes under.
Physical assets (tangible cash, or jewelry in a safety deposit box) . . . sure, in a real bank.
Other than having a place to risk losing it all. What is the advantage of having a Bitcoin bank? When I can perform all my necessary transactions Peer-to-Peer, and only need have ANY funds "in" a bank . . . for the brief sub-second time it takes to convert it to/from some other currency.
And I'm not asking that they do the currency conversion for free . . . charge a fee.
But why do people "deposit" Bitcoins? I've searched, and read . . . I'm just missing something obvious I guess.
(I don't have any but . .
I can see (for a few milliseconds while passing through) converting real works $$$'s to/from either a credit card or REAL bank account . . . into Bitcoins, then I KEEP the Bitcoins.
I thought that was part of the purpose/advantage of Bitcoins, they're Peer-to-Peer and need no bank.
It seems to me the only purpose of putting Bitcoins in a Bitcoin Bank . . . is to lose them when it goes under.
Physical assets (tangible cash, or jewelry in a safety deposit box) . . . sure, in a real bank.
Other than having a place to risk losing it all. What is the advantage of having a Bitcoin bank? When I can perform all my necessary transactions Peer-to-Peer, and only need have ANY funds "in" a bank . . . for the brief sub-second time it takes to convert it to/from some other currency.
And I'm not asking that they do the currency conversion for free . . . charge a fee.
But why do people "deposit" Bitcoins? I've searched, and read . . . I'm just missing something obvious I guess.