Why I agree with the idea of a “Bitcoin bank”

One of the most popular threads on BitcoinTalk is about the idea of a Bitcoin bank.

The thread was started a little over a year ago, and it currently runs to over 126 pages.

Since I’m interested in the economics of cryptocurrencies, I started making my way through the thread. The first few pages are all very similar:

“I don’t support banks.”
“I hate banks.”
“Banks are against the very idea of Bitcoin.”

I have to disagree.

Sure, banks today are huge corporations that are intimately tied to the government.

In that sense, they are opposed to the decentralization that Bitcoin is all about.

But if you look at the history of banks, that’s not always how it was.

Banks serve several different purposes, but two main ones are to make loans to borrowers and to give some returns to savers.

Of course, right now, Bitcoin is soaring in value by the week.

And that’s the main way that Bitcoin holders are actually getting a return on their Bitcoin holdings.

But if Bitcoin does become a replacement for gold or for the dollar one day, then its price will stabilize.

When that day comes, you will only be able to buy so many Maseratis or massages or watermelons for a single Bitcoin. That price won’t change much if everybody is holding and using Bitcoin.

Is this future world going to be free of the desire to make more money?

I doubt it.

And in people do want to make more money, the idea of investing your Bitcoin wealth, in exchange for some kind of return, will still be attractive.

So will the idea of borrowing some Bitcoin so you can make some other kind of investment (for example, to buy a house or start a business).

Therefore: Bitcoin banks. That’s just my speculation.

Like I said, right now, Bitcoin keeps soaring in valuation from week to week.

Other cryptos aren’t doing badly either, if you look at them in the aggregate. Every week, more ICOs are popping up. Many not successful, but some are.

if you’re thinking of having an ICO, and you want to give yourself a better chance of being successful, there’s one thing I can recommend.

It’s to apply the same marketing strategies to promoting your ICO that have already been proven as money-makers for over a hundred years.

I’m talking about things like stimulating the curiosity of your audience to get their attention.

And getting them interested in your offer by speaking in your audience’s terms.

Then getting them to believe you really can deliver and you’re not another scammer.

And then repeatedly giving them the opportunity to invest in your ICO, without boring or annoying them.

If you think this marketing approach is outdated now that we have Telegram or BitcoinTalk, no problem.

However, if you are interested in taking this approach, I can help, because I’ve done this kind of marketing for many companies already.

Here’s where you can set up a time to talk with me:

https://www.bejakovic.com/email-consult

John Bejakovic