Topic: Adopt Bitcoin or keep Experiencing same Challenges with Banks (Read 309 times)

Adopting bitcoin is good but having the experience on the issue at hand is not good recommendation. And these are some the risk involve in the asset people were talking about everytime. As it is now Fiat banks are more better than bitcoin because of the high transaction fee which users can afford but the fiat bank did not charge as bitcoin does for now.

I know people would oppose this but how many people can withdraw their coins now from their wallets? They are just few because of the fees. Though what is happening on the bitcoin ecosystem also happened in the banking system. So there should be no blame game in the matter.

As it happens, we keep our hard earned money with them as deposit but they use our deposit without giving full security for it. Anyway, maybe Satoshi Nakamat knew about this situation in advance and that's why he made this big invention. Now I would like to say that this is the right time for us to be released from banks custody. I think that currently keeping money in the bank means only worsening your financial position, so I think now is the right time to grab this bitcoin as a savings, and if you look at it, bitcoin is still in a good dip.

Most banks fail to meet the needs of their clients, and there are numerous complaints here and there. Banks compromised clients under the name of security. I've had numerous bad bank experiences. Internet thieves infiltrated my account and deleted every single penny located within. It's extremely inconvenient to see your account officer, who has no idea about the full operation of your client account. Storing bitcoin in a safe exchange requires you to watch your coins and know exactly what to do if something goes wrong; even with bitcoin, this is a high risk. That is the primary goal of fraudsters; they seek a large portfolio of traders or investors and devise methods to distribute scam links to the user.

To an extent, I feel these kinds of talks are unnecessary.
I have adopted Bitcoin, but has that made me wash my hands off banks? Hell No. I still use banks in my everyday life, the difference is, instead of me to keep my savings in a bank account where it's at risk and gives me no real interest, I get to keep them in the form of bitcoin in my Bitcoin wallet, where it's at risk but I can have profit, even if it might take years.
There are very few, and I mean very few businesses that accept Bitcoin as a means of payment in my country and they have to be owned by Bitcoin enthusiasts because about two years ago Crypto was not officially allowed in my country.


Let's not be delusional, banks are not going away anytime soon. The banking industry has faced worst cases than this and they're still here. They may be facing a crisis but its nothing new, even bitcoin faces its on crisis one way or the other.

The US Fed. explained how over 722 banks were under severe losses of over 50% of their assets/capital investments https://twitter.com/TheBitcoinConf/status/1656024718053449769?t=dVlg_kKVj76T60NW_ktcoA&s=19 are we still going to show a deaf hear or stieve neck towards this and continue to rely completely on centralized banking institutions controlled by governments, isn't it the best time we all switch to a decentralized network and adopt bitcoin for our own privacy sake, things were getting worse than better each day with the use of this old method of traditional banking system under a central authority, it's time we take the challenge and go for our right with bitcoin.

Inflation is definitely a good reason to keep your money in bitcoin, or even in gold. Because fiat keeps losing its value every single year, and even though bitcoin doesn't rise every year, it does have a proper seasons where it goes up a lot worth a few years increase as well, and if you are not too late for it then you will make a profit.

I bet that if you hold 1 bitcoin today, you will be making more profit in 10 years than gold, stocks, fiat, real estate or whatever else you can see, it just makes much more sense that way. I know that it is not going to be easy to hold for 10 years since most people end up thinking that it will not be easy and there are some ups and downs so people worry, but if you can do that then it will get better.

The possible reasons why banks collapses is because of poor management, risky investments, economic downturns and fraud. Not all banks is experiencing those challenges as we all know that banks are heavily regulated and have measures in place to prevent collapses or bankruptcy. Bitcoin adoption is good but it cannot replace the traditional banking system. Because crypto currencies are highly volatile and lack the stability and security of traditional banks. And also crypto currencies are not yet widely accepted as a form of payment by merchants and other businesses.

I know that many bitcoin investors are excited to see the collapse of banks over the past month, and it doesn't look like it's over yet. But if people look at the world economic crisis of 2008, this crash happened, and then we can see the bank is still around to this day.

According to my conspiracy theory, everything was going as normal, and the US government didn't do its best to save those banks. Proving it like a process of screening, discarding... is not something to worry about.

But this is what makes depositors in the bank afraid, and they will look for a safer solution than depositing in the bank. It can also be said that this is an opportunity for bitcoin to shine, but it will not be the complete collapse of banks, and bitcoin will completely replace banks.

I don't understand why even today there are people who still believe that the damn banks will close all of them, unfortunately the banks will never disappear, there is a greater chance that one day bitcoin will be overcome by something else than one day we will see the banks disappear, the banks make high interest loans to the poor and give money to the governments so the governments will never close all the banks, and we just see that when people start working they are soon forced to give their bank account number so that their salary drops in the bank account, it is clear that when it comes to withdrawing all salary at the end of the month, this person cannot do it, because he has to pay a withdrawal fee

the ATM also has a minimum withdrawal limit, so the person ends up leaving some money in the bank, as if that were not enough of a headache, the bank also immediately deducts money for health insurance, so it is a big deal that benefits the governments and obviously the governments will never close all the banks, and you will only see that we have the world banks, the African bank, the IMF and so many banks that are giving loans and making a lot of profit. why would governments shut down something that makes them a lot of profit? it wouldn't make sense. bitcoin is a currency and does not need to compete with banks

Just one question, if one day Bitcoin had lost the support of the people and the market runs dry, what do you think will happen to Bitcoin holders?  Would they be reimburse of their holdings when the price of Bitcoin become worthless?  I am not against Bitcoin but I am just stating some facts about the possible challenges Bitcoin can face.  Another thing is the confirmation issues, the network congestion and high fees.  Anyone can play with the transaction fee by spamming the network with high fees.

So just like the earlier reply, these two system has their own challenges and I think there is no perfect  system that had been implemented by any human being.  I believe instead of making this two system compete, why not use both and enjoy the service of both system.

It is true that banks are failing their customers, but remember banks are on the business of making profits for their shareholders and their executives, and if that means screwing their customers over then that is exactly what they are going to do, it is because of this that is a huge mistake to trust completely on the banks as they will never stop doing this, and I will even argue they are designed precisely to do this, so people should only keep a very small amount of money on their bank accounts and the rest of their should be invested in other assets which they fully control.

The banks has failed us but let us not think that they're all getting shutdown or run out of business. Banks has been around for a very long time that instead of shutting down, they'll just rebrand themselves and with the new idea of Central bank digital currency and stablecoin CBDCs, that might just be want will be used to replaced the banks. But we can't get rid of banks or centralized services fully.

The government would always want to control the finance of their country and if cryptocurrency causes much threat to that then they'll start making the environment unfavorable to cryptocurency projects. The two means of transacting can coexist and that's how it should be, both banks and Bitcoin can coexist.

Western Alliance bank is also going down thesame way First Republic Bank went and this was notably discovered from some of it activities meanwhile it's one of the predictied banks on the verge of collapse sensed to take thesame move in doing down after the incident with First Republic Bank, central institutions isn't a good idea by any means except one does not want a financial change over his experience in the current economic situations, we can read more from the link provided. https://twitter.com/BitcoinMagazine/status/1654133767974387715?t=52R4nhkQUir1RFQfk3Q1Tg&s=19

I comprehend the points you've raised, however, achieving Bitcoin dominance and adoption presents a challenge. To capture people's attention, accurate information about Bitcoin needs to be widely disseminated. However, the very things that Bitcoin opposes are also gaining popularity. For example, centralized exchanges are preferred over decentralized exchanges (Dex), making it difficult to convince people that the KYC and practices of centralized exchanges are detrimental to them in the future. From my perspective, centralized exchanges are no different from banks; one is just more dominant than the other and this presents a significant hurdle in promoting Bitcoin's adoption.

Allow me to throw back a question at you OP. You wrote about the benefits of using Bitcoin and advised people to abandon traditional banks. But, in light of government sanctions or opposition, what do you propose as a solution that can benefit both the government and Bitcoin adoption? We understand that decentralization is critical to the success of Bitcoin, but the government may not be in favor of it. Can you suggest a win-win solution for both parties?

Banks are falling while bitcoin rising, we have several examples that have stand a threat to make us stop using banks and adopt bitcoin, the economy is revolving round a decentralized network with the use of bitcoin giving solution to financial challenges.

https://twitter.com/BitcoinMagazine/status/1653436372336746496?t=v7683_RW7qootME0OXxytg&s=19



https://twitter.com/BTC_Archive/status/1653472852429946899?t=Zkt_JauUEV9YRcmekpR3dA&s=19

US banks Stocks which comes after the incident with the First Republic Bank collapse, are these banks also following suit for going down as well in due time?

https://twitter.com/WatcherGuru/status/1653431245072744451?t=kOXHGdZdyBzyB9XrTRlE7Q&s=19


Get a decentralized bitcoin wallet and own your asset with you and let your mind be at rest that your bitcoin is within your capacity.

I agree with you that the future remains uncertain, but some people who are not yet aware of how digital currencies like Bitcoin work are not even buying up some Bitcoin fractions. They totally depend on the bank for the total security of their funds, which I really don't think is right. What if there is an emergency and they cannot access their funds at that moment? And by the way, someone is not even supposed to just allow a huge amount to remain in their bank account without being investigated in any business, but it just remains there and devaluation takes place. @Kikia, the banks only help us get the bank notes to spend, but talking about stolen funds in accounts, I have read several stories of cases where some people lost their life savings in their accounts, but yet nothing could be done by the bank. Imagine someone who just woke up and saw a debit alart on their phone, and when they checked, they realized that their entire savings ($40k) had been wiped off. They contacted the bank, and the bank said there was nothing they could do.

I had the same issues. I was in my shop one day when I received a debit SMS Alart. I checked and saw that I had been debited about $28, which was very unusual. I was with my debit card, and my phone was also with me. I checked through my bank app, and from my account statement for that debit, I saw that the money was used for an online purchase. I went to the bank the following week to file the complaint, and what I was told by the bank customer service agent was to go and make an entry with the police and also follow some other legal proceedings, which was going to cost me about $100+. So I declined to do so because what I will spend to follow up on the case will even be 5X greater than what I have lost, so I just had to forget about the situation and collect a new debit card. Banks are not to be completely relay on.

When using banks their is no freedom, you account can be frozen at any moment and the banks will end up saying you went against their rules, whenever you receive any amount that you account haven’t received before, they will freeze your account and they will ask you to come and give explanation on how you get the money from. Sometimes the banks will even hand over you to the security operative, banking sector is just kind of annoying and frustrating but for now we can’t still do without them.

Even as the banks are at the verge of collapsing, we can’t still do without them, we still have to be making use of them on the daily basis, bitcoin is not accepted in most countries so we still have to save little amounts in our banks for daily life activities. In my country, bitcoin is not illegal but you will find it difficult to make payment with bitcoin after purchasing anything, that’s why we don’t just have choice than to leave money in our bank to make transactions. Also some countries bitcoin is illegal, I know they can’t stop their citizens from purchasing bitcoin, but they can’t make transactions with it publicly.

Maybe Satoshi knew a time like this, when banks will start crashing, would come, and that is why he and his crew developed bitcoin...

On a more serious note though, I am not surprised, this is what I would always say, our dear bitcoin can't get adopted over night, stuffs like this have to happen, so that it will encourage many people who have had their faith and trust in banks, to stop trusting in banks and begin to look the side of bitcoin..

Since 2016, have bitcoin ever crashed more than 50 percent in one day?, I think no is the answer, even the day the second largest exchange went bankrupt, bitcoin did not crash up to 50 percent in that single day, this goes a long way to tell us that bitcoin is a really strong asset, and very good to invest in, as the chances of losing money instantly is near zero, if actually possible.

The advantage of Bitcoin security, when you hold it in your personal wallet, is what will make the investors like it because they have full control of it whenever and wherever they want to withdraw it. Unlike in banks, when something like this will happen I doubt that they can fully get their money right away just like that because the banks will lose funds and will not automatically can release them the full amount and sometimes they cannot get the remaining money at all. where it bitcoins, there has no case like this when you keep it in your wallet and you don't have to worry about the inflation.

Amidst the ongoing failure experienced with using banks after the partial shutdown of First Republic Bank, it was noted that in front of the bank was found a bitcoin truck which has on it written, be your own bank, this goes along way in telling people about craving for a financial alternative to using banks a d switch to a digital currency that has its complete freedom by putting you in charge of your own asset.


https://twitter.com/BitcoinMagazine/status/1653186356284207107?t=Cb2_7mZpsZDaKuEPvJBpAA&s=19

It's high time we now take our financial economy with all it takes to be our own bank and have control over our wealth in terms of financial digital currency with bitcoin, am sure one of the bitcoiners made thus appearance in front of the bank to let other investors have their eye open to opportunities with bitcoin amidst the fiat financial challenges.