Like you said, things got quite better ever since internet banking was introduced. The problem I do have with banks in my country is that withdrawing cash is always a big problem. If you go to banks to withdraw cash there is a certain amount you will have to be withdrawing before you're allowed to use the over-the-counter service. But, if you're withdrawing an amount that is less, you will have to make use of the ATM, and using the ATM is another big problem. Sometimes you will have to stand like forever, waiting for your turn to use the Machine and it can be frustrating.
Another thing is an international transaction – using banks is a waste of time due to their slow process in the money transferred. That's why Bitcoin is better you can make quick transaction to any country and with fees that are way too less than what it would cost in banks.
Topic: Banks Are Never There When You Need Them - That's Why We Need Bitcoin (Read 538 times)
December 03, 2019, 02:41:09 AM
December 03, 2019, 02:11:43 AM
Oh you have had a taste of it too, lol.
The current banking system is flawed and lack the infrastructure to provide the best to the users.
I recall making a transaction that was hanging for 3 days, this shows that the banks can't fulfil the needs of the users, Bitcoin on the other hand us showing great potentials.
The current banking system is flawed and lack the infrastructure to provide the best to the users.
I recall making a transaction that was hanging for 3 days, this shows that the banks can't fulfil the needs of the users, Bitcoin on the other hand us showing great potentials.
December 02, 2019, 09:39:54 PM
In some ways Bitcoin can be useful and helpful than Bank but i think both have different worth like they brings so much convenience in life so example i use some Banks already many times for saving and paying some services,items then more so i'm not experience bad and i do this for long then here in crypto with Bitcoin then i use this for investing,saving then more so both are good for using still we can experience some negative about both of this then in bank we regulate by government then in crypto we don't have regulator
At the end of the day, we need both of them, we don't need to compare which is better which is what we need, as they will be both useful especially now and in the future, we don't need to let the banks disappear as it has a lot of advantage in our society and economy and we all know it will be part of our journey until the end, for sure once regulated, banks will fully adapt the use of crypto to add in their transactions too.
December 02, 2019, 12:20:07 PM
bitcoin is created to be an additional currency, thats what satoshi really wants but since banks never wanted bitcoin since there is not centralized
banks , finds ways not to accept it, banks are made for profit if you don't believe me can you imagine even withdrawal this days has fee's also
banks never care if you don't have money, if you wan't a loan they need assurance that you can pay them, bitcoin on the other hand as a currency
wan't transfer secure, fast, and don't need to rely on a single company, also it also give shares to the people by mining they will be paid unlike in banks
they are the one taking profit not the people
banks , finds ways not to accept it, banks are made for profit if you don't believe me can you imagine even withdrawal this days has fee's also
banks never care if you don't have money, if you wan't a loan they need assurance that you can pay them, bitcoin on the other hand as a currency
wan't transfer secure, fast, and don't need to rely on a single company, also it also give shares to the people by mining they will be paid unlike in banks
they are the one taking profit not the people
It's not that banks never wanted Bitcoin, but how come they will do it if the government itself will not in favor with it, for sure they just wanted something to be in legal, let's wait for more years as we can see once the crypto is regulated and becomes legal then for sure they will add it as one of their legal tender, so let's just wait for it for now, soon they will realize the advantage of cryptos.
December 02, 2019, 11:12:53 AM
Crypto would not just counter Banks, it would also make baking efficient. One of the reason why banking sucks is it's large profit margin which is required to sustain a huge amount of manpower and logistics alongside of giving a profit to the stakeholders. They have become so huge and costly that they are now a negative aspect of the economy. Blockchain can help them solve their problem. With all of automation blockchain to verify transactions, banks can be efficient once again.
December 02, 2019, 10:46:08 AM
banks are here just to make profit from us and nothing in good intentions,all they do is pretending to be concern on us but their only concern is how to take our money "LEGALLY"
that is why Bitcoin and other cryptocurrency are here to cover for their stupidity,at least now we have full controll of our money and none can dictate us what to do.this is enough reason to prove how people are supporting cryptocurrency now and soon banks will have no claim from us.
Somehow you were right but we're the ones who approached them and why is that? Because we need them, we need them to help us with lending or loaning some money in exchange of collateral. Were in fact they are just using the money of the people to let us borrow it. And that is how legally they take our money.that is why Bitcoin and other cryptocurrency are here to cover for their stupidity,at least now we have full controll of our money and none can dictate us what to do.this is enough reason to prove how people are supporting cryptocurrency now and soon banks will have no claim from us.
December 02, 2019, 10:28:24 AM
banks are here just to make profit from us and nothing in good intentions,all they do is pretending to be concern on us but their only concern is how to take our money "LEGALLY"
that is why Bitcoin and other cryptocurrency are here to cover for their stupidity,at least now we have full controll of our money and none can dictate us what to do.this is enough reason to prove how people are supporting cryptocurrency now and soon banks will have no claim from us.
Somehow you were right but we're the ones who approached them and why is that? Because we need them, we need them to help us with lending or loaning some money in exchange of collateral. Were in fact they are just using the money of the people to let us borrow it. And that is how legally they take our money. that is why Bitcoin and other cryptocurrency are here to cover for their stupidity,at least now we have full controll of our money and none can dictate us what to do.this is enough reason to prove how people are supporting cryptocurrency now and soon banks will have no claim from us.
December 02, 2019, 09:34:00 AM
bitcoin is created to be an additional currency, thats what satoshi really wants but since banks never wanted bitcoin since there is not centralized
banks , finds ways not to accept it, banks are made for profit if you don't believe me can you imagine even withdrawal this days has fee's also
banks never care if you don't have money, if you wan't a loan they need assurance that you can pay them, bitcoin on the other hand as a currency
wan't transfer secure, fast, and don't need to rely on a single company, also it also give shares to the people by mining they will be paid unlike in banks
they are the one taking profit not the people
banks , finds ways not to accept it, banks are made for profit if you don't believe me can you imagine even withdrawal this days has fee's also
banks never care if you don't have money, if you wan't a loan they need assurance that you can pay them, bitcoin on the other hand as a currency
wan't transfer secure, fast, and don't need to rely on a single company, also it also give shares to the people by mining they will be paid unlike in banks
they are the one taking profit not the people
December 02, 2019, 09:25:05 AM
Many people believe that the banks are never there when you need them - that's why we need Bitcoin. This idea became a subject of discussion when a Twitter user, by the name Nassim Nicholas Taleb, decided to express his frustration on the social media platform.
Taleb’s tweet was in response to an original message on Twitter that was posted by news outfit, The Daily Star Lebanon. This tweet quoted a top banking official who stated that banking operations in Lebanon will resume fully when the ongoing crisis in the nation ends. This leaves bank users frustrated, one of which is Taleb, hence his venting on Twitter.
https://www.youtube.com/watch?v=8yG14MKsKMc
Taleb’s reply attracted a lot of attention, leading to a discussion where several other Twitter users voiced their opinions in the comparison between banks and Bitcoin. Many of the opinions simply explained the deficiencies in the banking sector that Bitcoin has come to solve. Some of them are listed below.
Accessibility Problems
Banks in many parts of the world are open only on weekdays. Even though internet banking and other electronic banking systems now make it possible to access some services outside these periods. With Bitcoin, there is no day or night, neither is there weekends or public holidays. Transactions happen round the clock and across the globe.
Here is what the responder had to say;
https://twitter.com/TheSafestSpace/status/1187470765366493190
Faulty Lending Systems
Another user faulted the lending systems of banks and identified it as one of the problems that Bitcoin is going to fix. This is in support of the point that banks are never there when you need them - that's why we need Bitcoin. He responded with a popular quote by Bob Hope;
“A bank is a place that will lend you money if you can prove that you don't need it.”
The lending system by banks is faulted by many. Just like the quote above, before you are able to access loan facilities from most banks, you must produce a collateral with a higher value than the funds needed. Apart from that, the rigorous checks and research ahead of loan issuance could last for some weeks or even months in some cases. Today, there are Bitcoin lending platforms where you can access loans instantly.
Infrastructural deficiency
Another user highlighted the problems encountered with bank’s ATMs:
https://twitter.com/SirLordStacks/status/1187470363208208384
These are the kind of problems that you will not have when making transactions using BItcoin and cryptocurrencies. For many people, especially those who are already familiar with using Bitcoin or other kinds of cryptocurrencies, such limitations can be really frustrating.
Conclusion
Prior to this, the problem that most people have had when using Bitcoin and cryptocurrency is the problem of accessibility. This used to be a unique problem especially for first timers who are yet to purchase their first Bitcoin.
Recently, this barrier has become a thing of the past with platforms like Vertex.Market that have simplified the entry point for Bitcoin users, and those of other cryptocurrencies. On the Vertex platform you can easily buy Bitcoin and other cryptocurrencies using one of their 25 payment options. It is a peer-to-peer platform and the transactions are quick and straightforward, with Bitcoin or cryptocurrencies deposited directly into your wallet.
The flexibility and efficiency that Bitcoin offers is a major reason why those who make comparisons insist that banks are never there when you need them - that's why we need Bitcoin. However, several other benefits exist, such as security, cross-border efficiency, elimination of trust and transparency.
https://medium.com/@official_83664/banks-are-never-there-when-you-need-them-thats-why-we-need-bitcoin-c4fb792f616a
I really don't think that within the present state of Cryptocurrencies and blockchain technology, that crypto could survive on it's on without being able to trade against fiat currency. I think that without fiat being a medium of exchange, cryptocurrencies would die off and the market price/volume would deflate rather quickly.Taleb’s tweet was in response to an original message on Twitter that was posted by news outfit, The Daily Star Lebanon. This tweet quoted a top banking official who stated that banking operations in Lebanon will resume fully when the ongoing crisis in the nation ends. This leaves bank users frustrated, one of which is Taleb, hence his venting on Twitter.
https://www.youtube.com/watch?v=8yG14MKsKMc
Taleb’s reply attracted a lot of attention, leading to a discussion where several other Twitter users voiced their opinions in the comparison between banks and Bitcoin. Many of the opinions simply explained the deficiencies in the banking sector that Bitcoin has come to solve. Some of them are listed below.
Accessibility Problems
Banks in many parts of the world are open only on weekdays. Even though internet banking and other electronic banking systems now make it possible to access some services outside these periods. With Bitcoin, there is no day or night, neither is there weekends or public holidays. Transactions happen round the clock and across the globe.
Here is what the responder had to say;
https://twitter.com/TheSafestSpace/status/1187470765366493190
Faulty Lending Systems
Another user faulted the lending systems of banks and identified it as one of the problems that Bitcoin is going to fix. This is in support of the point that banks are never there when you need them - that's why we need Bitcoin. He responded with a popular quote by Bob Hope;
“A bank is a place that will lend you money if you can prove that you don't need it.”
The lending system by banks is faulted by many. Just like the quote above, before you are able to access loan facilities from most banks, you must produce a collateral with a higher value than the funds needed. Apart from that, the rigorous checks and research ahead of loan issuance could last for some weeks or even months in some cases. Today, there are Bitcoin lending platforms where you can access loans instantly.
Infrastructural deficiency
Another user highlighted the problems encountered with bank’s ATMs:
https://twitter.com/SirLordStacks/status/1187470363208208384
These are the kind of problems that you will not have when making transactions using BItcoin and cryptocurrencies. For many people, especially those who are already familiar with using Bitcoin or other kinds of cryptocurrencies, such limitations can be really frustrating.
Conclusion
Prior to this, the problem that most people have had when using Bitcoin and cryptocurrency is the problem of accessibility. This used to be a unique problem especially for first timers who are yet to purchase their first Bitcoin.
Recently, this barrier has become a thing of the past with platforms like Vertex.Market that have simplified the entry point for Bitcoin users, and those of other cryptocurrencies. On the Vertex platform you can easily buy Bitcoin and other cryptocurrencies using one of their 25 payment options. It is a peer-to-peer platform and the transactions are quick and straightforward, with Bitcoin or cryptocurrencies deposited directly into your wallet.
The flexibility and efficiency that Bitcoin offers is a major reason why those who make comparisons insist that banks are never there when you need them - that's why we need Bitcoin. However, several other benefits exist, such as security, cross-border efficiency, elimination of trust and transparency.
https://medium.com/@official_83664/banks-are-never-there-when-you-need-them-thats-why-we-need-bitcoin-c4fb792f616a
Cryptocurrencies like Bitcoin have a symbiotic relationship with fiat, that proves its partnership works very well within today's economic society. If I couldn't trade my coins against fiat, all the time I've spent learning to invest and trade with the proper etiquette would have been in vain. I would most likely short my losses and move on to other investment vehicles, as I'm sure many others would do too. That's the only way to really crush cryptocurrency, by banning its trade against fiat currency, it would be a financial disaster.
Just my two cents!
December 02, 2019, 07:46:22 AM
If you looking for more reasons: set inflation rate, Censorship resistant, Borderless, Doesn’t require user to identify themselves, Hard to strong arm rob Not transportation fees, Works 24-7-365, Global, Faster transfer are my favorites.
December 02, 2019, 07:42:01 AM
banks are here just to make profit from us and nothing in good intentions,all they do is pretending to be concern on us but their only concern is how to take our money "LEGALLY"
that is why Bitcoin and other cryptocurrency are here to cover for their stupidity,at least now we have full controll of our money and none can dictate us what to do.this is enough reason to prove how people are supporting cryptocurrency now and soon banks will have no claim from us.
that is why Bitcoin and other cryptocurrency are here to cover for their stupidity,at least now we have full controll of our money and none can dictate us what to do.this is enough reason to prove how people are supporting cryptocurrency now and soon banks will have no claim from us.
December 02, 2019, 07:38:25 AM
No doubt traditional banking system is worst and just waste of time,Traditional banking system limits the global transactions.While Bitcoin has no restrictions and we are free from all hurdles and globally connected.
That's why crypto users prefer to use bitcoin to do transactions than a bank. We can use it anytime we want and there are no restrictions or legalities needed but the security is still there. It is just our own choice to face the risk of using it since there is no third party that will support every transaction we do. 
December 02, 2019, 07:09:34 AM
No doubt traditional banking system is worst and just waste of time,Traditional banking system limits the global transactions.While Bitcoin has no restrictions and we are free from all hurdles and globally connected.
December 02, 2019, 02:15:46 AM
I read that Germany allowed to carry out any operations (buying or selling) crypto with the help of banks, but now the whole European Union approves such an initiative? But I don’t understand, banks will have to become owners of a large share of bitcoin in order to conduct this? they are like a stock exchange. Or am I not understanding something?
December 01, 2019, 11:39:22 PM
You have to consider that the Bank has own policy to run its own way, the Banking system is the largest system for running monetary system and it's going on, when people will find another way to protect, Reserve and other activities then they will not go to the bank, but for me, Still banking system is the core of this monetary system because it's a huge platform to serve to the people, no one monetary sector could protect you when you are in crisis, you don't expect much anything from any platform when you need some help, but Bitcoin would be a good source for this purpose, but it would be more developed and organized.
December 01, 2019, 11:35:29 PM
I think its the users fault not the bankers if your account was frozen its part of the protocol of some banks to ensure its security specially if they are holding millions of money from bank account holders you must also aware in current situation in your country so that if like in Lebanon crisis occurs you are ready and have withdrawn your needed money if something difficult situation happens not on the time of crisis and you will go to bank to withdraw your money, what if war occurs? Banks will be destroyed and you will never recover your money, in my personal experience banks is a vital part of a process to exchange your bitcoin into fiat to spend in our everyday expenses.
December 01, 2019, 11:26:43 PM
There are a couple of reasons why you would choose crypto over banks, but in general, banks are just looking out for themselves. Think about it; they are there when they have an opportunity to gain money from a person or group of people. They are there when you can't pay your loan and charge you whenever you pay late — a property you cannot pay off, foreclosing The property. Repossession of unpaid cars, etc. They are for themselves. It's for their benefit, and that's good for their business.
On the other hand, Bitcoin lets you have control over your funds. It's just the adoption that we are waiting, oh, for so long. I think it's not wrong to think about that in banks, but that's the reality we have now. Let's continue supporting bitcoin, and we will never know what could happen.
On the other hand, Bitcoin lets you have control over your funds. It's just the adoption that we are waiting, oh, for so long. I think it's not wrong to think about that in banks, but that's the reality we have now. Let's continue supporting bitcoin, and we will never know what could happen.
December 01, 2019, 11:18:10 PM
yes, I agree with you when a crisis occurs, banks will try to protect their assets and we cannot expect much from banks when a crisis occurs. therefore reliable investments during a crisis are bitcoin and gold. and I will also always set up emergency funds. I will save an emergency fund in the form of fiat money and I will save it at home. so that when a crisis occurs I can count on this emergency fund.
Would it be good if we consider that the assets that banks has are those assets the people have? Though, the main problem here when the crisis happen is still the huge market adoption of people to cryptocurrency. If there is a crisis, and we want to utilize bitcoin for payment, it will not be as efficient enough,why? Because if we have bitcoin and banks still have the control to convert bitcoin to fiats, then it is worthless to cash out fiats. What we need is to fully utilize bitcoin to create transactions.
December 01, 2019, 09:43:42 PM
I think it depends on the situation. The banks should also protect their assets especially in time of crisis. Well, it is somehow ironic for people since they also need their money during crisis time. If safety of the personnel is the issue then maybe that's why. But however banks should have also some other activities aside from the clients to go in a bank branch to get there money. That's the time we'll need online banking. Much better if we have bitcoin then its more convenient and better to have many options.
yes, I agree with you when a crisis occurs, banks will try to protect their assets and we cannot expect much from banks when a crisis occurs. therefore reliable investments during a crisis are bitcoin and gold. and I will also always set up emergency funds. I will save an emergency fund in the form of fiat money and I will save it at home. so that when a crisis occurs I can count on this emergency fund.
Banks do have emergency funds, and you can get your savings anytime you want if it wasn't set up for time deposit. Banks are even slowly accepting Bitcoin related services I guess people cannot resist using the banks so soon. Saving emergency funds through your personal savings without the bank is hard to do you will just end up spending all of those without you noticing it.
December 01, 2019, 08:08:10 PM
I think it depends on the situation. The banks should also protect their assets especially in time of crisis. Well, it is somehow ironic for people since they also need their money during crisis time. If safety of the personnel is the issue then maybe that's why. But however banks should have also some other activities aside from the clients to go in a bank branch to get there money. That's the time we'll need online banking. Much better if we have bitcoin then its more convenient and better to have many options.
yes, I agree with you when a crisis occurs, banks will try to protect their assets and we cannot expect much from banks when a crisis occurs. therefore reliable investments during a crisis are bitcoin and gold. and I will also always set up emergency funds. I will save an emergency fund in the form of fiat money and I will save it at home. so that when a crisis occurs I can count on this emergency fund.
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