Topic: Adopt Bitcoin or keep Experiencing same Challenges with Banks - page 2. (Read 309 times)

Bitcoin is the freedom currency! CBDCs are coming though and that will throw a wrench into things I think. Bitcoin will prove to be more important as the years pass and more and more people awake to what the fractional reserve banking system really is. We're watching it LIVE right now. I think much of this 'awakening' was surely brought on by FTX, maybe gave people the nudge they needed. And of course the even bigger nudge were the first 3 bank fall outs this year, this will be the 4th? or maybe the 5th? Shoot I've lost count!!! LOL

Even though there are more bad reasons to use a bank, people will not leave the bank as a place to keep their money because they still believe the government will try to protect or protect their product. And I also still use the bank as a transaction tool and save a little money to take care of the urgent thing so I don't have to sell bitcoins.

And until now, the bank is still operating well, even though the bank has not confirmed that they are on the verge of collapse. And if that's true, the government will try to help it not collapse.

And we have become lucky people because, on the one hand, we can still follow developments in the real world while preparing ourselves by continuing to use bitcoin. And if, somehow, the bank crash does happen in all countries and they turn to bitcoin, we are ready to participate.

Bitcoin is the cryptocurrency which top the crypto currency world,most of the people earning long term profit by just hold the bitcoin.If you have some savings in your bank account,you have to split the money to two half.Then hold fifty percent of money in bank and remaining in the bitcoin.Because bitcoin expects to reach the next high in 2024,So now it will be right time to inverse your money in the cryptocurrency and bitcoin.In the cryptocurrency most of the trader will give importance to the bitcoin because of the decentralised behaviour as compared to the other cryptocurrency.Holding the money in the bank will gives you just 4 percentage from the holding percentage.But cryptocurrency will gives you 30-50 percentage with the market pump.

Withdrawal of 50% from their savings doesn't mean that the bank will collapse,it will only affect their income due to the fact that there will be insufficient funds for the banks to use for loans and it will bring panic to them. From the information that I got from this news,it was clearly stated that US government will pump in funds to stop whatever damage that huge withdrawal could cause to the bank. It is good that we should have two savings,in bitcoin and also in fiat,so that we will be on the save side. We need these banks to help the circulation of money,to monitor and regulate it,for easy transactions of citizens. I don't think that we can live without the banks in this world.

Centralized institution cannot go down because, they are part of sources of the income of the government and moreover without bank you cannot cash out your money you make from your BTC investment which you need to understand that part very well. Many people are now saving their money on BTC investment because, they believed that there is a confident of getting something good out of the long holding than bank because people don't save more money in the banks to carry out their transaction smoothly as usual. Don't forget that BTC investment has a big risk of holding long because, not everybody can accommodate that risk in the name of making profits in the future.

Although many banks continue to lose value and some eventually collapse, this does not mean that they will cease to exist in the years to come.  Just like cryptocurrencies, investors will continue to come and go in the same manner. More security and complete control over our money were granted by Bitcoin, but only for those who knew how to utilize it. There are advantages and disadvantages to employing each one, but my main priority is maintaining complete control over my money while attempting to reduce any potential sources of loss while implementing a decentralized system.


Banks are rippers, as many other people believe, but some people still find comfort and confidence in them and will use them continuously.  Others may not view utilizing bitcoin the same way that you do, and you can't hold them responsible for it. Those that are unable to accept bitcoin are typically unable to secure their own funds, which is a significant risk in the cryptocurrency world. Therefore, it would be better for them not to join than to join and spread false information about bitcoin when they fall victim to loss of assets due to their own negligence.

The only difference I could see in banks and bitcoin is that Bitcoin is a volatile system and decentralized which people could control their funds but can't control the risk of losing money but they could also profit. While for the bank it just save your money with interest depends on the time, so I think in Bitcoin there's a possibility your funds to grow and not, and banks are just for assuring your money's safety unlike in Bitcoin.

Whether to adopt Bitcoin or stick with traditional banking depends on your personal preferences and circumstances.

Bitcoin is a decentralized digital currency that operates on a peer-to-peer network, allowing for fast and secure transactions without the need for intermediaries like banks. Some people choose to adopt Bitcoin because they believe it offers more control over their money and more privacy. Others are drawn to its potential as an investment or a way to conduct international transactions without currency exchange fees.

However, it's important to note that Bitcoin comes with its own set of challenges and risks. Its value can be volatile and unpredictable, and its adoption is not yet universal, so it may not be widely accepted as a form of payment in some places. There are also concerns around the security of Bitcoin wallets and the potential for fraud or hacking.

On the other hand, traditional banking offers a range of services, including savings accounts, loans, and credit cards, that are not yet fully available through Bitcoin. Banks are also subject to regulations and government oversight, which can offer a layer of protection and security for your funds.

Ultimately, whether to adopt Bitcoin or stick with traditional banking is a personal decision that depends on your financial goals, risk tolerance, and overall preferences. It may be worth considering both options and assessing their benefits and drawbacks before making a decision.

Challenges with banks are different than challenges with Bitcoin and cryptocurrency and their market. They are clearly not same challenges from legal, regulatory aspect as well as adoption.

Bank industry has longer history than Bitcoin, cryptocurrency industry and there are more laws, regulations on it. With Bitcoin and cryptocurrency, there are less available laws and regulations as well as more grey areas in this field.

I consider it in a positive view, there are more challenges, there are more chances for Bitcoin and cryptocurrency.

I need to disagree in this part, if First Republic Bank were denied their customers to access their assets, they would block or postpone all of the customers' withdrawals in order to make their banks alive until there a lot protesters asking their money and the government force the banks to allow their withdrawals. The customers of this banks were withdraw $100 Billion of money, even though there's should be a customer still had money on there.

Similar thread had been created before First Republic Bank fall: fear of more others to follow.

Sometimes you can't just don't use the bank, lol. At least in most countries. Yeah, I'm buying Bitcoin and some other stuff to keep my money not in the bank, but I have to use it anyway to get my salary, to pay the checks and everything else.

Majority of us are not ready for this conversation honestly. The way some people are waiting for any slight opportunity to rubbish the banking system is alarming and dangerous. Yes, I believe the banking system is full of lapses and crypto is not absolutely perfect too but making it sound as if the banks will run away with one's money is one thing I don't understand. It's important to know that banks are strictly out there for business and you shouldn't expect them to keep your money for free. They have staffs to pay, tax to pay and undergo physical and technical maintenance too.


Despite my belief in crypto and the fact that I encourage people to crypto doesn't make banking systems useless to me at all. I have never been to bank and was told money is not available before while in crypto there's a time you can not actually be able to sell part of your coin unless you are ready to sell at depreciate price. My investment in Luna is now absolutely worthless. You can not tell me such things happen in banking systems. Despite my faith in crypto, particularly the Bitcoin, I will not or advise anyone to rely solely and invest heavily on it because we don't know what the future holds.

Conclusively, I'm not in support of banking exploitation but tarnishing their image for Bitcoin support is what I am against here. They are also running business and have a role playing in every nation economy too. Crypto should not make us to abandon banks because both have role playing.

All banks may not go down indeed at once but there's no doubt to the fact that many of them were still going down the dungeon in an unrecoverable manners, which is a simple indication that we are not completely secured with using them, inflation is what is constant for life in using fiats notes but bitcoin bear is only for a while, i hope you could catch up with this example i just sited, lastly, also hear this concerning the same news on First Republic Bank being taken over by the US government https://twitter.com/WatcherGuru/status/1652049274790707200?t=v_J70FhS-zuPmQhyqvt-ng&s=19 some believed this is a complete rumor while some never had a second thought about it, but the truth is can we still confide this same trust in banks as we have with bitcoin?

Banks, they are always to be blamed if something goes wrong, customers' funds are safe with them and you will always get a refund no matter what, it's not the same with crypto or Bitcoin, if you lose your money it's gone for good, this is the different between centralize and decentralized, if someone does it for you tha person will be blamed for your loss and if you do it yourself you are responsible for any losses.

Bank is not generally bad and I will still advise against keeping all your money in crypto, have some Fiat in your bank account and have some in crypto, the future remains uncertain as anything can happen between this two currency solutions in the future.

Depositors are always entitled to their funds; they can decide when and when not to withdraw them. That shouldn't be the major problem for banks to collapse; such huge withdrawals shake centralized systems, but it's not enough to shut them down. It's only when some of the depositors funds are not available and they are using Depositor A's funds to pay Deposit B that an issue will arise when both A and B want their funds at the same time.

For the sake of our privacy and to be in full control of our funds, we should avoid completely relying on the banking sector. And use an alternative to save our hard-earned money under something that will give us 100% control over our assets. But that doesn't mean we shouldn't use the banking sector; we still need it in order to complete a few transactions. No matter how massive Bitcoin adoption has reached, there are still sectors where we need to pay bills that don't accept crypto payments. For those reasons, we need the banks for such transactions.



But those regulations don't stop them from filing for bankruptcy. Bank insurance is never enough to cover all depositors deposited assets and accumulated profit. Yes, for sure, the government will definitely come in to save their own because they are at their service, generating income for them.

Point of correction, banks can't go down completely, this is not the first time the banking sector would be stressed and the government always come to rescue them. Also, they are carefully planned and structured, part of the reason why they are regulated and also insured.

Truly, the overbearing nature and leak of privacy through banks are much, they are also controlling, yet too important to the economy, and they will never go extinct. At least, not for now, it can only be modernized, more digitized.

https://twitter.com/BitcoinMagazine/status/1651979784555986948?t=CpgXrTvClaIShFGipwOrJQ&s=19

Another reason to think twice about using banks or any centralized institution to have our asset in custody, exercise control over them, denied us from having access to our assets, leak our private information and take down all our hard earned labour earnings we have secured with them or take advantage of a decentralized network with your investment in bitcoin and have full control over your financial assets.

Now that the bank is at the verge of going down completely due to a sudden withdrawal of it investors, this gives more closer attention to using a traditional fiat system and embrace the new era of digital currency with bitcoin, such a decentralized network is what people feels more secured because you can have full control over your financial lives, investing in banks is no more an interesting thing to do than taking a big risk on investment having several recent examples of centralized institutions going down.