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.

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.