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farooq 5mo ago

The National Bitcoin Office of El Salvador just announced that bitcoin banks are coming to El Salvador 🇸🇻

First, the bitcoin country made bitcoin legal tender.

Now they’re bringing in banks built entirely for a bitcoin economy.

Imagine living where:

- Your account balance is in sats, not dollars.

- You spend directly from your bitcoin wallet.

- Money moves instantly, no borders, no holidays.

The world is about to watch one small country pull a move that could transform the traditional banking forever.

What do you think, is this good for bitcoin or a trap?

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OzzyHB 5mo ago

Could for bitcoin either way. They either assist adoption, or teach people why they need to take self custody

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Brisket 5mo ago

It can be both

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Kevin 5mo ago

incoming

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Turtlesallthewaydown⚡️ 5mo ago

🤣 this is a joke right?

You do know Bitcoin is designed to obsolete banks?

By the way, I already live somewhere where:

My account balance is in Sats

I spend directly from my Bitcoin wallet

Money moves instantly, 24/7/365.

So the bank’s value proposition is what exactly? Oh, that’s right, it’ll:

Take your Sats as an unsecured loan

Rehypothicate your savings into shit investments

Fractionally reserve your Bitcoin in order to lend addition fake currency into existence.

You are right, this is a terrific idea, what could go wrong?

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SatsAndSports 5mo ago

" ... designed to obsolete banks"

While I partly agree with you - I want the size of banks to decrease - I would like you to provide your own justification 😃

Bitcoin doesn't care what you (or I !) think

Satoshi also doesn't care

We're free to think for ourselves, which means that Bitcoin and Satoshi want us to form our *own* opinion, instead of just "appealing to authority"

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Consciousness Incarnate 5mo ago

Might slide through

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scrolls of ancient wisdom 5mo ago

I thought we decided long ago that everything is good for bitcoin

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Don Dahir 5mo ago

Bitcoin and banks in the same sentence is oxymoronic. Bitcoin is peer to peer, that is all.

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Condor 5mo ago

There are people that will never accept to not being able to live on your work and possessions. They consider your ability to not pay them a fee like a violent attack. Plan accordingly and discover who they are.

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Milan Ljepoja 5mo ago

I think it is good because self-custody is not for everyone. Bitcoin banks will grow.

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SatsAndSports 5mo ago

Looking at this from a macroeconomics point of view:

Currently, it wouldn't be wise for any bank to create bitcoin debt, i.e. to issue an IOU for bitcoin in return for a promise to return bitcoin (with interest) in the future

This is because the value of BTC is likely to increase a lot in real terms and therefore the bank's liabilities will become unmanageable

So any sane bank would (for now) just sell BTC IOUs in return for real BTC which is immediately collected and custodied by the bank. So the model would be very different from the fiat money supply process, where fiat banks are more about *creating* money than about *moving* money

This could change is a few decades, when the price finally stabilises