Topic: Advantages of Bitcoin over fiat and local banks - page 2. (Read 616 times)
Banks can be a hassle. Bitcoin's autonomy is great, but it's got its own quirks and risks. Always wise to diversify your financial strategies.
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but if we invest in BTC there is the potential not to be affected by inflation,
Bitcoin is also volatile, it will indirectly have the perception of inflation in relative value, especially for speculators whose main activity is trading it with fiat currency.but if we invest in BTC there is the potential not to be affected by inflation,
And the term "long term" is also relative to some people. There's nothing wrong with using bitcoin as a hedge, but investors can be at more risk from the effects of inflation because of the relative time they can hold it.
If we save money in a bank there will always be positive and negative sides, and indeed fiat money is always subject to inflation, especially over a long period of time, but if we invest in BTC there is the potential not to be affected by inflation, because the price of BTC has the potential to continue to rise. but in this case I will support everything, namely I support banks, support fiat currency and support bitcoin. because I think everything has its positive and negative sides.
Decentralization is obviously the best advantage that Bitcoin provides to its users because we have been under the control of these financial institutions for centuries and there was never a way for people to actually keep their own money with them in a safe manner without having to keep them in paper cash that is prone to a lot of issues and without giving anyone else access to their money and always having access to their funds no matter where they are.
With centralized financial institutions, our financial holdings along with our financial activities, all are tracked and looked at by those who are managing our money, and as you said, they also use our money in all sorts of things so that they can generate more revenue for themselves without our consent.
With centralized financial institutions, our financial holdings along with our financial activities, all are tracked and looked at by those who are managing our money, and as you said, they also use our money in all sorts of things so that they can generate more revenue for themselves without our consent.
Yes, my bitcoins are accessible 24/7 for 365 days in a year.... other than centralized services that cannot help you outside of office hours, when you run into problems with your Banking Apps or your ATM cards. 
I can also have my bitcoins in Paper wallets, where I am not paying "fees" for someone else "securing" my money. Also, something that very little people know, is the fact that there are not enough money in the Banks for everyone to withdraw their money, if there are some crisis. (In Greece... Banks closed their doors and put limits on people's withdrawals during a Bank run .... so people could not withdraw their own money)
This is how the banking system plays with our intellect . Honestly their are no enough money that is why all time banks put limit to the money customers can withdraw for the day because they want they want the little money they have to go round. The bank tend to have money and claims keeping money is safe and yet people still struggle to get back their money . Bitcoin is nothing but freedom and it is accessible in the 24hours of the day. I'm so glad for Bitcoin because if not for Bitcoin the banking system would have played with the intelligence of People and keep people in a situation as if they do not have right to do whatever they want to do with their money. I can also have my bitcoins in Paper wallets, where I am not paying "fees" for someone else "securing" my money.
Also, something that very little people know, is the fact that there are not enough money in the Banks for everyone to withdraw their money, if there are some crisis. (In Greece... Banks closed their doors and put limits on people's withdrawals during a Bank run .... so people could not withdraw their own money) 
Yes, my bitcoins are accessible 24/7 for 365 days in a year.... other than centralized services that cannot help you outside of office hours, when you run into problems with your Banking Apps or your ATM cards.
I can also have my bitcoins in Paper wallets, where I am not paying "fees" for someone else "securing" my money. Also, something that very little people know, is the fact that there are not enough money in the Banks for everyone to withdraw their money, if there are some crisis. (In Greece... Banks closed their doors and put limits on people's withdrawals during a Bank run .... so people could not withdraw their own money)
This is how the banking system plays with our intellect . Honestly their are no enough money that is why all time banks put limit to the money customers can withdraw for the day because they want they want the little money they have to go round. The bank tend to have money and claims keeping money is safe and yet people still struggle to get back their money . Bitcoin is nothing but freedom and it is accessible in the 24hours of the day. I'm so glad for Bitcoin because if not for Bitcoin the banking system would have played with the intelligence of People and keep people in a situation as if they do not have right to do whatever they want to do with their money. I can also have my bitcoins in Paper wallets, where I am not paying "fees" for someone else "securing" my money.
Also, something that very little people know, is the fact that there are not enough money in the Banks for everyone to withdraw their money, if there are some crisis. (In Greece... Banks closed their doors and put limits on people's withdrawals during a Bank run .... so people could not withdraw their own money) 
Truth be told, diversification is so important and as an alternative model to help cover up in time of crisis such as the one in the ops, it makes it more easier to switch between the line, like you said a out the risk associated with holding a single pair of coin such as Bitcoin is that, you can not predict it future outcome on the long run since Bitcoin is highky volatile in price but more also, bitcoin have fone oassed the level of high volatility and have become relatively stable.
Financial freedom is not the same as financial security. Bitcoin gives you control, but its value is not stable, it's not backed by something that you can predict. Bitcoin showed great performance in the past, but there is no proven model that can guarantee the same performance in the future. Or even good performance. You can say that fiat can crash too and be right, but any asset can crash. So the key to managing wealth is diversification between many different uncorrelated and reliable assets, instead of going all in on one thing.
For security of investment, it is better to hold more bitcoin against altcoins or other highly volatile assets, Bitcoin has a higher chance of becoming my top choice in the future since I have already built a high level of trust in the ability of Bitcoin to rise again. 
Financial freedom has helped a lot of people because opportunities are opening up in different windows. Thank God, the world is changing, and since the government is finding it difficult to provide jobs, a lot of people are diversifying to freelance work where you can sit in the comfort of your own home and earn. And the growth in population is complicating matters because the administration is not considering alternative ways to keep people employed. That is why many individuals are eager to accept Bitcoin now that it has a means. And the greatest thing to do is to think of the box and engage in several modes of income.
Bitcoin does not give people financial freedom in the sense of financial security since as stated in the earlier reply, Bitcoin is too volatile for it. Bitcoin can only give us freedom on financial transaction where no one can mute us from sending our transactions since Bitcoin is immutable. The context of Bitcoin in financial freedom is not the same as the normal meaning of financial freedom. Bitcoin is more on the freedom of the execution of the transaction than that of financial security.
Financial freedom is not the same as financial security. Bitcoin gives you control, but its value is not stable, it's not backed by something that you can predict. Bitcoin showed great performance in the past, but there is no proven model that can guarantee same performance in the future. Or even good performance. You can say that fiat can crash too and be right, but any asset can crash. So the key to managing wealth is diversification between many different uncorrelated and reliable assets, instead of going all in on one thing.
the two are totally different and the truth of the matter is that there is no way fiat and local banks can be left out of the picture, Bitcoin and local banks are on the same line but have different functionalities, and the advantage Bitcoin has is the fact that you are in full control of your asset, not your key, not your coin but another thing is that the percentage of financial security I think local banks can held responsible if anything should go wrong and both bitcoin and banks have there advantages and disadvantage. and I don't think anyone can do without fiat.
Bitcoin give financial freedom to many people most the freelancers,the people population in almost all the countries had huge compared to the last decade.But the employment to the people was not increased with the increase in population.So many people became a freelancer to work for their livelihood.The forum give those people income and the bitcoin give them financial independence.Some people doing the cryptocurrency trading for the full time to support their families.In one or many ways bitcoin helping the people to earn some money.
Financial freedom has helped a lot of people because opportunities are opening up in different windows. Thank God, the world is changing, and since the government is finding it difficult to provide jobs, a lot of people are diversifying to freelance work where you can sit in the comfort of your own home and earn. And the growth in population is complicating matters because the administration is not considering alternative ways to keep people employed. That is why many individuals are eager to accept Bitcoin now that it has a means. And the greatest thing to do is to think of the box and engage in several modes of income.
Financial freedom is not the same as financial security. Bitcoin gives you control, but its value is not stable, it's not backed by something that you can predict. Bitcoin showed great performance in the past, but there is no proven model that can guarantee same performance in the future. Or even good performance. You can say that fiat can crash too and be right, but any asset can crash. So the key to managing wealth is diversification between many different uncorrelated and reliable assets, instead of going all in on one thing.
Bitcoin give financial freedom to many people most the freelancers,the people population in almost all the countries had huge compared to the last decade.But the employment to the people was not increased with the increase in population.So many people became a freelancer to work for their livelihood.The forum give those people income and the bitcoin give them financial independence.Some people doing the cryptocurrency trading for the full time to support their families.In one or many ways bitcoin helping the people to earn some money.
Bitcoin has lots of advantages over FIAT. First of all, bitcoin is decentralized and that means you can send and receive bitcoin without asking a permission from anybody. With FIAT, banks decide if you can make a transaction or not. They can cancel you out of the system any time they want. They did it to the truck drivers in Canada. They can do it to you and if you don’t behave well. FIAT has some advantages too though. FIAT is accepted by any merchant in the world. (International or local) Crypto still has a long way to catch-up with FIAT. Maybe 5 years from now, things will change more in favor of btc.
But unfortunately, not all countries or businesses want to use bitcoin.
They may still be afraid to use bitcoin because of government regulations, so they still use international transactions.
That makes us still use local banks for transactions even though we often experience disturbances when we want to make transactions.
And until then, we can use bitcoin as a valuable asset and keep collecting more bitcoins.
They may still be afraid to use bitcoin because of government regulations, so they still use international transactions.
That makes us still use local banks for transactions even though we often experience disturbances when we want to make transactions.
And until then, we can use bitcoin as a valuable asset and keep collecting more bitcoins.
Embracing Bitcoin represents a step towards financial liberation, where you determine the fate of your money, not faceless or third party institutions. for those out there who still have doubts about Bitcoin, I think it's high time you reconsider where you place your funds. Bitcoin, with its decentralized and transparent nature, is a compelling choice.
And in addition to what you just said, the fate of your money can always be directly proportional to how conscious you are to your own personal security, whereby you using the right Bitcoin non-custodial wallet, keeping your seed phrase safe, and refusing to buy BTC without an escrow or from Facebook group/Telegram channel where they promise to sell coins at a cheaper rate, for you to resell and make profit, as lot have been proven to be potential scam, whereas newbies have always been a major victim due to their level of ignorance. Because it is only when you are conscious to your own personal security, that you can only have absolute control, unrestricted access, cost-efficiency, and finally reaping the fruit of your investment capital after a long period of time.
Yes, my bitcoins are accessible 24/7 for 365 days in a year.... other than centralized services that cannot help you outside of office hours, when you run into problems with your Banking Apps or your ATM cards.
I can also have my bitcoins in Paper wallets, where I am not paying "fees" for someone else "securing" my money. Also, something that very little people know, is the fact that there are not enough money in the Banks for everyone to withdraw their money, if there are some crisis. (In Greece... Banks closed their doors and put limits on people's withdrawals during a Bank run .... so people could not withdraw their own money)
I can also have my bitcoins in Paper wallets, where I am not paying "fees" for someone else "securing" my money.
Also, something that very little people know, is the fact that there are not enough money in the Banks for everyone to withdraw their money, if there are some crisis. (In Greece... Banks closed their doors and put limits on people's withdrawals during a Bank run .... so people could not withdraw their own money) 
Since Bitcoin is centralized, the price of Bitcoin has been oscilatt sometimes, although it turns out to be for good to the benefit of many people, and that's why it's been adopted in almost some of the biggest countries in the world. But as for Fiat, you can live it for thousands of years without touching it and it won't decade and it doesn't fluctuate at all, it is just for the economy to either be good or bad.
The advantage Bitcoin has over Fiat is plenty (way too much) but there is risk and I say, a lot, that a lot of risk profits most, since you can use Bitcoin as a payment method in any business you do, you can also use it in any part of the world you are with p2p and the funny part is that you can't use your country's fiat to purchase anything outside your country, but you can use Bitcoin anywhere you go, as long as the receiver or the sender have good knowledge about Bitcoin transactions. Finally, one reason why Bitcoin is risky is because you can't predict the accurate outcome of it.
The advantage Bitcoin has over Fiat is plenty (way too much) but there is risk and I say, a lot, that a lot of risk profits most, since you can use Bitcoin as a payment method in any business you do, you can also use it in any part of the world you are with p2p and the funny part is that you can't use your country's fiat to purchase anything outside your country, but you can use Bitcoin anywhere you go, as long as the receiver or the sender have good knowledge about Bitcoin transactions. Finally, one reason why Bitcoin is risky is because you can't predict the accurate outcome of it.
I have done a summary analysis that reflects Bitcoin is more efficient, especially when it comes to international transaction. Making fiat international transactions could take a day or two but maximum five days before receiving it. But when it comes to bitcoin you only need some network confirmations within 10 minutes and you have receive your bitcoin. This still shows how banks have control over you and your money. But with Bitcoin, it's different, as the infographic explains in an easy way.
A wallet app can glitch or have its issues as well, but if it's a non-custodial wallet, at least one can access the funds using another option. That being said, there are many centralized crypto services, and people are often okay with keeping their money there, even though it's very similar to holding it in a bank. In this case, access can be restricted, and control over one's funds is limited.
As for the cost efficiency, I think that really depends on a country and a bank. I pay zero maintenance fees in my country, and many transactions have zero fees as well. Some have a fee if it's in between different types of accounts and/or different banks, but I often pay more in Bitcoin transaction fee than that.
And there's a major disadvantage of using Bitcoin over using a local bank in terms of a mode of payment, as I can use a debit card for 95% of my transactions because it's accepted almost everywhere, but to use Bitcoin one needs to look for specific places that are friendly to it.
As for the cost efficiency, I think that really depends on a country and a bank. I pay zero maintenance fees in my country, and many transactions have zero fees as well. Some have a fee if it's in between different types of accounts and/or different banks, but I often pay more in Bitcoin transaction fee than that.
And there's a major disadvantage of using Bitcoin over using a local bank in terms of a mode of payment, as I can use a debit card for 95% of my transactions because it's accepted almost everywhere, but to use Bitcoin one needs to look for specific places that are friendly to it.
Financial freedom is not the same as financial security. Bitcoin gives you control, but its value is not stable, it's not backed by something that you can predict. Bitcoin showed great performance in the past, but there is no proven model that can guarantee same performance in the future. Or even good performance. You can say that fiat can crash too and be right, but any asset can crash. So the key to managing wealth is diversification between many different uncorrelated and reliable assets, instead of going all in on one thing.
Bitcoin has many advantages over fiat currency but you are right, there is no guarantee for the future and everything has risk whether it is bitcoin or fiat currency, even gold, an asset that is considered is the safest. Diversification is the best key when it comes to finance, focusing on a single asset is too risky because no one can predict what the future will hold.
But the thing is, even if bitcoin is better than fiat, superior to fiat, we still need fiat money for our lives. So in my opinion, there is no need to compare the two because we need both, both have different use cases.
Basically there are numerous benefits which BTC provide us over local banks and fiat. For example in fiat we have the benefit of hedge against inflation, we can store our valuable assets for longer term while securing the value. Fiat has to be secured some where safe if kept physically and if in banks then choice of banks must be good like bankruptcy of banks is not something uncommon.
Point is, the benefits are a lot but to keep the importance of BTC short I can say I am agree with your factors but there are more on the list like scarcity, decentralization, anonymity etc.
You basically defined all the basic flaws banks and local currency have while BTC do not have them. In BTC we have the full control over our own money which in it self a hard task and can not be fulfilled or completed by someone who is so irresponsible. But harsh reality to this fact is we are still dependent on banks as we can not avoid them unless we have direct physical p2p traders whom we can trade face to face but most of the people do not even think about it and second is those who have access to BTC ATMs.
Bitcoin gives us unprecedented freedom from traditional banking institutions. However, we stay in these structures because they're convenient or necessary. I know this issue is two-sided.Point is, the benefits are a lot but to keep the importance of BTC short I can say I am agree with your factors but there are more on the list like scarcity, decentralization, anonymity etc.
You basically defined all the basic flaws banks and local currency have while BTC do not have them. In BTC we have the full control over our own money which in it self a hard task and can not be fulfilled or completed by someone who is so irresponsible. But harsh reality to this fact is we are still dependent on banks as we can not avoid them unless we have direct physical p2p traders whom we can trade face to face but most of the people do not even think about it and second is those who have access to BTC ATMs.
The "bankruptcy of banks" you mentioned demonstrates a huge problem in our financial systems. Like a safety net with holes, you may get caught but not always. Compare that to autonomous, scarcity-based Bitcoin. The ability to govern Bitcoin is both its strength and vulnerability. Control is a burden not everyone can handle. This may explain why many have been slow to adopt BTC.
BTC ATMs and peer-to-peer trade arent the norm yet, but they might be. Its like giving a car-only driver a rocket. Cool idea, but hard to navigate. Change takes time, so additional education and infrastructure may help close the gap.
Maybe after realizing that In the end, Bitcoin may not be an undisputed digital currency even though trends can always change or reverse, but the invention of Bitcoin has changed the world today I think. Yes. with Proper money management then applied correctly in a strong trending environment, theoretically it will generate a huge ROI and BTC is the answer.
The main advantage of using Bitcoin is that it is both a digital currency and a payment network. Bitcoin's blockchain would not work without BTC and vice versa. In such a system, Bitcoin can operate without any government authorities and other intermediaries or regulators. Bitcoin is the first successful implementation of p2p money without borders, allowing anyone, no matter who they are or where they are, to freely store and exchange value.
Bitcoin is a transparent financial system and you can make transfers to anyone and anywhere 24/7 even if the banking system collapses. International money transfers are faster and easier than the banking system. You don't have to pay big costs. Bitcoin is anonymous and anyone can open their wallet online without any verification or credit history. It's especially useful in underbanked areas and in third world countries where most people struggle to access money. And i would say that Bitcoin is the most portable asset ever created. Bitcoin has many advantages over traditional banking, and i think that as it reaches more people over the years, the demand for local banks will decrease.
Bitcoin is a transparent financial system and you can make transfers to anyone and anywhere 24/7 even if the banking system collapses. International money transfers are faster and easier than the banking system. You don't have to pay big costs. Bitcoin is anonymous and anyone can open their wallet online without any verification or credit history. It's especially useful in underbanked areas and in third world countries where most people struggle to access money. And i would say that Bitcoin is the most portable asset ever created. Bitcoin has many advantages over traditional banking, and i think that as it reaches more people over the years, the demand for local banks will decrease.
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