Topic: Advantages of Bitcoin over fiat and local banks (Read 618 times)

An even bigger problem is that even if banks have more problems, we still need them and will use them to some extent, we can't stop using banks as long as fiat is still in use is our main currency. You're still using your bank to buy bitcoin, which you use to pay more daily bills.

In my opinion, nothing is perfect, everything has pros and cons. Furthermore, the disadvantages you mentioned about bitcoin are not too big a problem if you use bitcoin to hold long-term to make a profit.

Actually, it's a matter of speed, not a big concern for Bitcoin or Bank fiat holders. Digital transactions of our money at the bank are also quite fast. but when we make digital fiat transactions, we actually only move cash from bank account 1 to another bank account. actually, we don't hold the money, we just leave our money in the bank.
while Bitcoin transactions, we have full control over the Bitcoins we own. it's in our wallet and we own it. no other party will manage our finances with Bitcoin.

since you are new to this forum (created account this year) then you might not heard this many times that banking has most issues than crypto wallet.
the only problem in bitcoin network when there are congestion that mostly happened in bull market.
but aside from that? I think this is much faster and economical comparing to regular fiat or banking using.

This is true for the people who have a reasonable holding strategy and don't try to increase their Bitcoin holdings by trading it back and forth. Usually nobody would do that with fiat money unless they are forex traders. This is why Bitcoin is still considered and investment or speculative financial toy instead of a currency.

And regarding making huge profits, that would be the moment when you either sell your Bitcoin for cash again or you buy something else, but either way you'll have to use your Bitcoin at some point in order to realize gains.

I can't agree more.  In addition with Bitcoin, there is a possibility of making huge profits when the market goes in an uptrend unlike putting our money in the Bank where the value is depreciating due to inflation even though the bank gives interest but it is very small to make up for the devaluated value of fiat money over time.

One more thing, since banks have the sole access to the funds, if we decide to make a full withdrawal of our funds, but it exceeds the threshold of instant transfer, we need to wait for the approval and confirmation of the bank to be able to move our money and that is where Bitcoin shines brightly since with Bitcoin, we can move our funds anytime, anywhere we wanted.

No one knows how important this topic is until they find themselves in a dire situation wherein the local banks has made deductions prior to the account owners notice, and when the account owner intends to make a withdrawal or transfer, they see the notification of charges deducted that has lessened the original amount in ones account.  It is always embarrassing and the only way I have gotten over this experience in the multiple times it once happened to me was save my cash by investment in BTC.

I didn't trade much initially, but saved up till I could withdraw to fulfil a target I envisioned already. This is one of the advantages that I have enjoyed from having the knowledge of BTC and crypto currency in general.

When you are storing your funds in the bank, keep in mind that government and legal authorities have access to your funds. You aren't the controller anymore of your funds. Bitcoin is the full reverse of the fiat system. If you store your funds into a non-custodial wallet means you have full control of your funds. You are your bank in this scenario. Bitcoin gives us financial freedom, we can spend and store our way. Sadly we can't ignore fiat as well due to our daily needs. Still, Bitcoin hasn't adapted globally and does not enable making payment everywhere.

I would guess that this caused due to people moving a lot, not buying a lot. The difference is that if you keep on buying a lot then you are not going to make as much money as you think, and it's just one direction move and it will not really change much in the end, but when you are trading, you do moves constantly and trading during this period is the most important one.

I believe that we should be making a good change in the end and we should be making a difference in the end as well. I do believe that we are going to end up with a result that will be different and difficult a bit, but it could end up being something that is more movement. So all in all, it's the people who trade during bull run, not the one who buy it.

When you look at the whole picture of how value is stored, Bitcoin's design offers an option to the old ways. 0Gold, as valuable as it is, is big. Real estate cannot be moved. How about stocks? They're tied to how well the company does. But Bitcoin, in all its virtual glory, smashes these limits. It's easy to carry, can be split up, and doesn't go up in value.

However, some people may disregard traditional assets due to Bitcoin's quick value growth and anti-establishment mindset. Don't, however, dismiss Fiat's contribution too quickly. It offers a benchmark against which we gauge the worth of Bitcoin despite its shortcomings and centralized administration. The contrast is rather stark: while Fiat remains a link to the past, Bitcoin gives independence and privacy. In this new era, we must remain informed, retain a fair perspective, and combine what we already know with what we learn.

I agree with your opinion, and indeed investing in BTC is very risky, because the price fluctuates so it is possible that in the future people who hold BTC will suffer losses because BTC has a fluctuating nature and also we will not know whether the price of BTC will go down in the future. or up. That's why I chose everything and only the money our was ready to lose was suitable to invest in BTC.

Only if you use a good Bitcoin wallet that must be open source, self-custodial (you own private key, mnemonic seed), support Replace-by-Fee, Coin Control feature, support Segwit address type and if best support Taproot, Coinjoin transaction.

Most basic but most important, open source and self-custodial.

It's true and very important. Even Satoshi Nakamoto can not add more bitcoin to its total supply (21 millions).

For me there are two main advantages Bitcoin has over fiat and banks. 1) I can regulate myself how I store my funds, how I use them and most important for me is funds accessibility from any place where the internet is. 2) the amount if Bitcoins are limited. No one can just print more Bitcoins to solve his financial problem.

Why is it so easy to forget about some other physical assets as a store of value, such as gold, silver, real estate, stock investments and so on, once you get to know bitcoin?

Bitcoin is still less than 2 decades old, but its innovations have made it a better store of value than some of the options before it. I haven't forgotten the history of storing asset value before bitcoin was invented, but maybe people have forgotten it just because they have managed to make huge profits from bitcoin in a relatively short time compared to other assets. Fiat is not a good store of value due to inflation, but some other physical assets can still be considered.

After all, Fiat has never supported your right to privacy, as it adheres to a centralized system controlled by financial institutions. Decentralized bitcoin provides better privacy protection, but you must follow and implement the recommended methods to ensure privacy.

People are constantly being introduced to new technologies and now they are using some technology to do the same work they used to do before. We have been forced to serve the banks in the conventional banking system for ages. But the time has come to turn around. Before, we used to take various benefits of the bank with high interest without getting any other way. Banks acted as middlemen especially in payments and had to pay him over and over again. Since the birth of cryptocurrency or Bitcoin, the days of these middlemen are coming to an end.

Now we are able to send directly to the recipient their due amount in faster time. We have now been freed from the position in which we have been financially hostage for so long. Although not completely independent yet, we are going to get rid of that situation soon. Bitcoin is now not just a country, it is now used globally as a modified form of the dollar or other fiat currencies. In the future, people will use Bitcoin as a medium of exchange other than another fiat currencies.

Bitcoin is innovated to eliminate the third party. The third party in a financial transaction is the banks. Majority of the people's money goes into the pocket of the banks in different forms starting from transaction fee. Bitcoin doesn't have any limitations on cross border payment whereas banks require big process on huge volume of money transactions. Bitcoin is universal and gives access to use it anywhere whereas local banks give access to local fiat within limited region/country.

The preference of bitcoin as investment have increased much compared to the usage as currency. There is high risk with bitcoin compared to fiat, but for users who have got the ability to hold will be benefitted big. Fiat we hold could get devalued over time, but with bitcoin the same happens in the opposite way.

bitcoin is truly an innovation in the global payment system, because unlike the banking system where people sometimes have difficulty accessing their accounts, with bitcoin someone can make transactions whenever and wherever they want as long as they have internet access. comparing banking and bitcoin, bitcoin is clearly much better, especially in terms of accessibility and security, it is much better than any banking.

maybe right now there are still many people who are skeptical about the use of bitcoin, but it is quite certain that in the future there will be more people who are aware of the various benefits they can get by adopting bitcoin.

OP, your story is what happens in our every day life. You have an emergency situation to take care of yet banks will not release your funds to you. In most cases, you are required to fill forms, get authorisation from specific authorities first before you could access your money. What's the stress for?
Having fixed deposit accounts in banks is no longer worth it. The money saved can lose its value any minute.
With all the benefits bitcoin has, one will easily embrace bitcoin that ensures you can easily access your funds anytime and day without third parties interference, no unnecessary bank charge and you're good to go.
Interestingly,  bitcoin is not easily affected by inflation or deflation.

You cannot say you support everything.  Fiat and bitcoin are not in a competition. Satoshi Nakamoto who introduced bitcoin did not see or make the bitcoin a replacement for fiat, rather he made the bitcoin an alternative coin one can easily fall to in cases like these.

Bitcoin is an inflation hedge when we hold them for the long term, but in the short term that is not true. Look at what happened during the 2022 crisis, how badly bitcoin was hit when inflation skyrocketed and the Fed imposed interest rates. Those who bought bitcoin in 2021 are still losing more than the decline in fiat value. So I wouldn't consider bitcoin a short-term inflation hedge. But in the long run, bitcoin really works because its price goes up.

For the OP, after experiencing such events and realizing that you find Bitcoin to be a superior option, have you now allocated all your funds into Bitcoin?

I personally acknowledge that the banking industry operates in stark contrast to the principles of Bitcoin. Banks generate profits through the lending and borrowing mechanisms, effectively acting as custodians of the public's money and capitalizing on it.

I don't mind storing money in a bank, as long as my balance remains secure and I can withdraw it in its entirety. Furthermore, banks must ensure the safety of my data to prevent misuse.

As of this moment, I haven't been able to place all my funds into Bitcoin due to the reasons of volatility, and also because I can't directly purchase goods using Bitcoin in my country, as per Indonesia's government regulations. The volatility makes me hesitant to withdraw money for urgent needs. It's quite a loss if I require a significant amount when the BTC price is down.

However, it must be acknowledged that Bitcoin indeed needs to receive a green light for broader adoption. While many people reject or find the blockchain system incompatible, at the very least, there are no barriers for those who wish to learn about cryptocurrencies or Bitcoin

When you deposit your money in the bank, your access to the money is definitely in the hands of the bank and as long as you keep the money in the bank account, the bank can do anything or invest anywhere with the money in your account. Sometimes there are some technical problems in mobile banking but most of the time those problems are solved quickly by the mobile banking companies but the experience you mentioned is undoubtedly very disappointing. Nowadays, to keep pace with the developed world, people now prefer to keep money in banks or mobile banking instead of cash, as a result of which it can be seen that people are depositing more money in mobile banking accounts, but sometimes the behavior of mobile banking is really disappointing. And users question their security for such activities. You may be involved with Bitcoin so you can easily convert your money through Bitcoin but those who depend only on mobile banking and have no idea about Bitcoin how can they get rid of this problem.

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.

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.
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.

Yes, we are all aware of Bitcoin's advantages but banking and Biycoin in the first place are two different tecnhology and system. One has limitiation and same thing with the other. For example, we have the accessibility with crypto anytime we would want to but would you be using it 24/7? 'coz for sure we are mostly into holding more than spending it due to profit potential. And with banking, amounts we can withdraw is limited but that's dependent with the amount we may put into it. Banking and fiat are accepted and accessible widely across countries while Bitcoin is not. However, wiyh Bitcoin it has a higher increase rate which generates way bigger profit from investing into it. Fiat and crypto are both currencies but are having different characteristics which I think it is nonsense to compare. Let us jist allow people to use whichever would give more convenience depending on your goals and lifestyles.

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.

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.

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.

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.

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.



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 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.

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)  

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.

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.

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.

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.

If you want to read the crazy experience I also had with the financial institution that I am banking with, then you can read this thread. Basically, there are some drawbacks to most of those centralised organizations. Bitcoin helps to cover some of those drawbacks, and that's why it's wise if some non-Bitcoiners out there can realise how advantageous it is to use Bitcoin. Also, in the banking system, the annual percentage yield on investment is usually small compared to how profitable Bitcoin investment can be even in a short period of time, but that's if the market is bullish.

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.

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.

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.

Newbies can learn so eventually they can take advantage of the first two benefits.  Bitcoin users aren't stuck on the first day of their experience, they eventually grow and become knowledgeable, Many newbies who are just starting out also learned the importance of using a non-custodial wallet and the information about it is not a secret.  It is scattered in the internet with many articles and sites explaining about them.  Aside from that, those who guide these newbies also share the importance of non-custodial wallets so I believe we should not think that newbies are not knowledgeable about the basics of Bitcoin.


In return, Bitcoin charges with transaction fee whenever we send our Bitcoin.  While banks transfer within the same banks doesn't require any fee.  With this, Bitcoin shines because of its boundless transaction that is way cheaper than the international bank transfer.

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.

I believe that Bitcoin can handle the negative aspect of deflation, as deflation is only bad for the fiat system and anything that resembles it. Bitcoin on the other hand seems to be perfectly suited to turn deflation into a positive thing. While I completely agree that deflation can be worse than inflation if it is brought in through negative factors (lack of demand or a decrease in efficiency throughout the markets, this does not seem to pose a problem for Bitcoin as Bitcoin is being constantly updated, both technologically as well as economically. This insures an proportional increase in efficiency. And as you said, L2 layer is merely another addition to Bitcoin which proves an increase in efficiency is progressing.

What about the lack of demand? Well in a scenario of Bitcoin being a global legal tender, Bitcoin is government recognized money itself. Bitcoin is not a product or a service. So what lack of demand of money do you see? A decrease in demand? Sure. But Bitcoin that decrease is compensated by the incentive of profitable mining after the mining difficulty adjusts to the dropped hash rate.

Personally, I see this as a reason why more people should adopt Bitcoin. If you do not care about the control of your funds and all the centralized organisations do, you should care about the value of your funds. You should care about how inflation eats deep into your savings.

Bitcoin is like a shield to the devaluation of currencies. With Bitcoin you can keep your money in your wallet and it won't depreciate due to inflation. It carries its own risk, in the sense that Bitcoin price might dip but it's still way better than saving it in a bank for a long time.

The fact that you can save your money and at the same time that savings becomes an investment is a reason to embrace Bitcoin.
With Bitcoin as long as you use a non custodial wallet, you can control your by yourself in your own way. No one will decide what's your maximum and which country you can transfer to.

I wouldn't say it is deflationary because deflation is not good for the economy of any country but bitcoin is completely limited supply which means no more or no less but most of the bitcoins lost in its early days and some stats shows it will be around 4 millions bitcoin and from now on it is less likely to happen to lose wallets because people know how much one bitcoin worth now.


As a crypto enthusiast, I would love to see countries accept Bitcoin as legal tender but I wish there should be any day as you expect because if you remember The Great Depression (1929-1933) which can collapse the economies of the country so this reason itself can be a cause for the fall of bitcoin.

Bitcoin is good and more decentralized than any other cryptocurrency but imagining it as the only currency used all over the world like thousands of transactions per second, bitcoin is not designed to handle such unless the government creates the infrastructure for that to happen with the L2 layer.

Can't huge expected when saving Bitcoin assets in exchange wallet because relevant not your key is not your coins, we give full controlling to exchange or third party with our assets when they get collapse like FTX we loss all bitcoin assets. Its really important before talking about advantage between bitcoin and fiat how to give educate for investor use custodial wallet for saving bitcoin fund because have our key and controlling by our self not depend on exchange market.

Have more advantage with bitcoin than fiat, we know inflation values of fiat every years and long term saving assets in the bank will get drop values at the future, difference when saving bitcoin actually with long term investment has chance with our assets increasing depend bitcoin price raise up.

What you have said actually indicates two points that everyone differs in when describing Bitcoin.

First, it attracts investors because of the high potential of bitcoin.
Second, the risks in using Bitcoin as a storage medium.

Depending on how you look at it, your approach to Bitcoin is determined. Of course, there are many items other than these two items, but generally people who are new to Bitcoin and are considering investing are stuck between these two situations.

Your perspective highlights the appeal of Bitcoin as a decentralized and transparent alternative for those seeking more control and potential financial benefits. Bitcoin offers a number of features that make it a more attractive option for many people. The potential rewards of investing in Bitcoin are significant, and I believe that it is a worthwhile risk for those who are looking for a more secure and efficient way to store and transfer their money.

Bitcoin is the new bank.

There is no point in trying to argue which banking or Bitcoin is better when Bitcoin is obviously the next-gen bank? Is that not its called "be your own bank?". For some people, it seems time to take that literally. . Not much point in saying that here for any older Bitcoiners. Really thats just the message for newbie Bitcoiners.

One of my favorite aspects of Bitcoin is how its deflationary. There can never be more than 21 million Bitcoin in supply. But it is always possible for there to be less (forever lost wallets, for example).

The value of each Satoshi would only go upwards, if the world adopted Bitcoin as legal tender. Which it will. I cannot wait for that day.

I understand that anarchic statement and bitcoin = freedom ideas but I dont accept that as a complete cult like thing.

You have be realistic here, the world does not run on bitcoin, but on fiat and for the next years of our lifetime bitcoin will grow but at a slow pace, maybe our next generations might see bitcoin running the economy but I have my doubts and I feel a coexistence will be happening.

Still, I do encourage people to use their bitcoin if possible, but many have the opinion of "never sell only buy" - because buying goods with bitcoin is essentially selling your coins. Like we have seen, bitcoin is freedom and we are free to make our own decisions here.

The first two of the benefits were less likely to be utilized by Bitcoin holder, especially the newbie. They don't yet have the knowledge to use non-custodial wallet where they have full control over their own fund, most of them stored it in an online wallet, or worse some of them even store bitcoin in the centrailzed exchange wallet.

The presence of BTC serves as an alternative to address the shortcomings of FIAT currency, although not all of FIAT's shortcomings translate into advantages for BTC. While this may be a bitter truth for Bitcoin enthusiasts, we can, at the very least, grasp Bitcoin fairly.

In my country, Bitcoin still cannot be used to purchase goods or services, which imposes certain restrictions and hinders me from exploring its features more freely.One valuable function I have found is the ability to easily pay for services from other countries that my local bank cannot facilitate. This function has truly been a great help to me.

In essence, I use Bitcoin by harnessing it as an investment vehicle and a straightforward means of conducting transactions across borders.

About absolute control, it can only happen if you keep it in self-custodial wallets like Ledger Nano (not opting for the recovery feature), Trezor, Tangem, SecuX and more and not stored in centralized exchanges.

As for hot wallets like the good ol’ Blockchain Wallet, it is still vulnerable to getting exploited and/or hacked because we cannot deny that these hackers are getting smarter and intelligent in their skills and knowledge just t penetrate these wallets being created online even if it means self-custodial. Cold wallets are better for storing Bitcoin.

In the comparison between Bitcoin and fiat currency, Bitcoin stands out for its potential to grant individuals greater power and control over their assets, thanks to its decentralized nature and transparent blockchain technology. It offers accessibility to a global reach and also has a limited supply, which some can see as a hedge against inflation.

However, I believe that Bitcoin is also marked by significant volatility, limited acceptance for everyday transactions due to its mining process, a lack of regulation that can lead to risks. Whether Bitcoin is a better choice than fiat currency depends on individual preferences, risk tolerance, and financial goals. Diversification and informed decision-making remain important aspects of managing one's finances.

If you are holding Bitcoin in a non-custodial wallet then congrats, you have raised every third-party eye from your worth, including Banks and your Government, I am no more a fam of Fiat since I knew about Bitcoin years ago, I hardly use Fiat or keep money in the bank now, unless I need some things to buy, that's when I consider using peer to peer platform to convert my Crypto back to Fiat.

There are few local banks in my country right now that are somehow stealing from people, there are few people that have been saving their money in these banks for years and maybe the Bank thought they are dead, these people came back from the U.S. and they found out that their account balance is empty.

At first I thought the victims are responsible for this, maybe someone managed to get access to their bank account online and start moving their money, but after some legal steps involving the law and some powerful people, to my surprise the Bank said the fault is from them, that they will refund every penny, imagine, I will never trust my money with the Banks, this habit is growing in numbers over here.

I have also experienced this incident with the mobile banking application and it was very disturbing. There is something even worse that has happened when dealing with banks, namely long queues. Every time a customer experiences a problem, there is always a soft voice that comes from the officer's lips, be patient, sir. Soon everything will go back to normal.

I hope this will also be shared with friends who can be discussed so that all the advantages of Bitcoin can be known to them and from them information about the advantages of Bitcoin can also be spread widely again because currently we really need parties who explain to people that Bitcoin is a breakthrough towards the independence and freedom of the financial system.

 With the local banks, there's a certain upgrade you'd need to access to allow you store a huge amount of money if you are not using a current account else it would be assumed that the money you own was probably gotten through dubious means and if you can't present proof that you own such amount through honest means, your funds get locked but that's not the same with Bitcoin. I mean, that's if you don't misplace your keys or seed phrases.
 The traditional fiat and banks tend to control your every move and go as far as deeming it mandatory to keep you and your funds "safe" whereas it's just a camouflaged way of monitoring you, ridding you of your privacy.
Recently, in my country, social media handles of customers were demanded for and I quote "regulation to prevent crime and terrorism and also to boost the precision and thoroughness of customer verification ". But in Bitcoin, with it's peer to peer network, this doesn't happen.

There is no difference between storing assets on centralized exchanges and banks, even I think the opposite, storing assets on centralized exchanges is a lot more risky than deposit money in the bank. In short, there is no big difference between these two as it is no longer your money, you are no longer in full control of it.

I do not agree with the idea of leaving money on exchanges but I cannot deny that we still need to use CEX and banks. They are still useful to us in many use cases.

The another thing is privacy and saving time, you have a choice to become anonymous. Saving time, you don't have to wasting your time to communicate with the banks employer, especially when you move big amount of money or they detect there's suspicious activity in your account.

In terms of assurance, there's no company will back up Binance in case of bankruptcy due not regulated by government. While banks are still prone to bankruptcy, but FDIC will cover it although there's a maximum amount they can afford.

There are still people who dont get it and are so used to their FIAT financial providers
that they dont forsee any problems.

Using a bank is conditional
Access to the buildings is limited, if we have a query and need a member of staff to clarify
something it will only happen during business hours. They can easily decide to hold back
our FIAT and restrict our access to it.

The OP has listed everything positive Bitcoin has to offer to counter the FIAT system its
just that paying for goods and services is not widespread yet.

Also - dont forget Bitcoin is borderless!

I remember once, not long time ago, when I taught my uncle that, when you deposit money in a bank, you lose the possession of your funds and get, instead, a right to get it back. But, if problems arise (like in Argentina with the "corralito", for example) you may not be able to demand the fulfillment of said right. That doesn't happen if you manage to keep the custody of your money, which was not possible until now (due to risks attached to having big sums of money in your home, for instance), thanks to Bitcoin and other cryptos.

Of course, if you keep your funds in a centralised service, you are not changing anything, and it could be even worse because jurisdictions where they are registered are usually softer than usual.

Many have said here in the forum that it is not good to store Bitcoin on centralized exchanges, even though it is one of the top exchanges in this field. It's been years since I read such words of warning in the communities here, and I don't see anything wrong with this warning.
That's why we can't stop others from storing in centralized exchanges like Binance; even I have some stored in this exchange, but it's not a big amount, because it depends on trust and belief in the exchange. Also, this Binance exchange has been in the business industry for a few years. I would rather store here at this exchange than at the bank, to be honest.

I get your point @Nwada001 but It has never been advisable to store your funds in exchanges that are centralized. Bitcoin has a decentralized system, but it all depends on how you choose to store your Bitcoin.both the centralized and decentralized exchanges has different futures and functions thus many people has different choice depending on what best suits them. The banking system offers you less choice as compared to what Bitcoin system has to offer.

We should that this is what bitcoin offers to us by giving us the desired control over our finances, but it's something worth being pity for when you discover that some bitcoiners doesn't still make use of this same advantage from using bitcoin when they decided to make use of a custodial means to store their bitcoin, it makes no difference as using a bank except you're using a non custodial wallet.


When you owe your coins on your wallet, then they belongs to you because you have the keys to the wallet to access tour bitcoin on the blockchain, you dont need an authorization from any financial institution, government or any third party before you can make any use of your funds.


The security is simple to practice, make use of a non custodial wallets, a good example is in cold storages, about bitcoin being cost effective, you can modify the amount you wat to be charged for your transaction or even make use of the mempool to track the fee rates.

You will have absolute control over your finance or Bitcoin if you don't keep your money in exchanges. You have control over your Bitcoin if you own and control the keys to your wallet. Unrestricted access is also associated with using a decentralized wallet because KYCs in exchanges can hinder access.

Keeping your Bitcoin safe depends more on you than the Bitcoin system. You have to learn basic privacy and security practices to keep your money safe. Your wallet is more prone to attack, so you have to learn how to protect your wallet.

Bitcoin transactions are less expensive if you adopt other transaction methods such as the lightning network. Compared to some bank charges, Bitcoin transaction is cheaper.

It is better to keep Bitcoin for a long time than to keep fiat. Due to inflation, some currencies will become worthless if you keep them for a long time. Bitcoin offers a better long-term investment option because is a hedge against inflation and is profitable in the long run.

All your above-mentioned benefits of bitcoin could only be possible if you are not using a custodial service, because if you are using a centralised exchange to store your bitcoins or other currency and you expect things to be different from the banking sector, then you will be mistaken. When talking about the benefit and why it's good not to save on a local bank account, it's almost the same thing as why you shouldn't have funds where you don't have a private key or phrase. NOT YOUR KEY, NOT YOUR COIN Not your control, not your money.

I guess it will be more appreciated if you can outline your statement clearly and differentiate between the use of a custodial system and that of a non-custodial system, as many people see the use of bitcoin and other currencies as the same, irrespective of where they are being saved or used to transact with them.

In recent weeks, I encountered a frustrating experience with my local mobile banking app. At first, I thought it was a mere network issue preventing me from accessing my fiat currency because it kept on giving me the network error notice. However, after numerous attempts and no resolution, it became evident that the problem was far beyond connectivity.Upon reaching out to customer support, they promised to resolve the issue immediately but these promises were left unfulfilled. I then decided to visit the app store may be I could get some updates but upon getting there, I met series of similar complaints from fellow users.
This experience made me realize something very important I taught of sharing. When we keep our money in these banks, they have access to accounts and use our money however they want. It's a clear reminder that depending on these institutions for our financial safety might not be the smartest idea.For this reason, I extend my gratitude to Satoshi Nakamoto for pioneering a financial revolution that grants us true autonomy over our funds.Bitcoin offers a viable alternative that liberates us from the clutches of banks that claims to safeguard our savings while exploiting them through loans and various fees. some reasons Bitcoin will always be better than the fiat currency are

• Absolute Control: Bitcoin empowers you with complete control over your finances, eliminating the need to rely on third parties
• Unrestricted Access: You can access your Bitcoin holdings at any time, without being subject to arbitrary restrictions
• Enhanced Security: Bitcoin provides robust security measures that surpass the often-vulnerable systems of traditional banks.
• Cost-Efficiency: Unlike banks, Bitcoin doesn't burden you with monthly maintenance fees, card maintenance costs, or hidden charges.
• investment capital: Investing in Bitcoin offers the potential for long-term profits as its price tends to increase over time. In contrast, traditional banks often do not provide substantial long-term interest on the money they loan out, making Bitcoin an appealing alternative for those seeking high returns on their investments.

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.