Topic: Bitcoin banking is more preferable than normal bank. - page 2. (Read 298 times)
Well I think it needs to be stated that it all depends on how you do your "bitcoin banking". FTX is a perfect example of bitcoin banking being not much different than normal banking. In both cases when you leave your coins on an exchange or in the bank, the company is using your funds to invest for their own good/profit. However in this like to like scenario, traditional banks offer at least some level of protection/insurance that crypto exchanges don't.
Maybe the traditional system isn't that effective, for the centralised functioning. Slowly there are moves happening around in which traditional and the cryptocurrency coexist. When it comes to cryptocurrency the user have the complete control over the funds. The same can't be expected with traditional banks. The ultimate of blockchain is to remove the third party and provide the benefits to the owners.
Bitcoin banking is more secure than normal banking, because you are the only one that has access to your personal wallet but in normal banking customer cares can login into your bank account without you're notice and use your money for any kind of businesses.bitcoin banking is more reliable than normal banking because money that is in your normal banking can be deducted or withdrawal without you're notice but that can not happen in Bitcoin banking everything happens with your authorization.
Why people is thinking that Bitcoin system is more secured than the system whereby bank system, it's because of they have Bitcoin at mind and secondly Bitcoin don't have a second party for investment is directly to the investors so i believe that Bitcoin have more security than the fiat currency system of banking 
Wasn't there a term "BTC - Banking the unbanked" or was this referring to all of cryptocurrencies making you your own bank?
Now a days you are seeing the corporate and governments regulating arms telling financial banks ban cryptocurreny use to their customers.
Heard this just today from several different media outlets who report on cryptocurrency news specifically.
So this is just one take on the news of this happening in different parts of the world:
https://cointelegraph.com/news/crypto-regulation-world-how-laws-for-digital-assets-changed-in-2022
Now a days you are seeing the corporate and governments regulating arms telling financial banks ban cryptocurreny use to their customers.
Heard this just today from several different media outlets who report on cryptocurrency news specifically.
So this is just one take on the news of this happening in different parts of the world:
https://cointelegraph.com/news/crypto-regulation-world-how-laws-for-digital-assets-changed-in-2022
Bitcoin banking is more secure than normal banking, because you are the only one that has access to your personal wallet but in normal banking customer cares can login into your bank account without you're notice and use your money for any kind of businesses.bitcoin banking is more reliable than normal banking because money that is in your normal banking can be deducted or withdrawal without you're notice but that can not happen in Bitcoin banking everything happens with your authorization.
You are missing some of the key points here. Both have pros and cons. There's no perfect between them even though I prefer the use of crypto over banks.
In terms of security, you are the one who is responsible for that referring to holding your bitcoin. Money in the bank might not be safe for you, but their clients are all insured in terms of sh*t even in bankruptcy (which doesn't happen overnight).
Aside from that, digital banking nowadays is way more convenient and quicker if you asked me. For now, bitcoin is more used for investment purposes.
Each banking system has its advantages. The advantage of decentralized banking is that you are the only one under the control of your keys, as stated by OP, so theoretically nobody can touch it, besides you.
However, in case you have your wallet hacked and funds are lost, it will be much harder and even impossible to retrieve it, while at centralized banking system, transactions are reversible and you can count with the help of bank managers to track your money and rescue it back to your account. On the other hand, if a superior order comes from the government and central bank seizing funds, even the managers won't be able to help you keeping your money in your hands, as they will comply with requirements from their superiors.
You have to measure the pros and cons of each system and make your choice based on your analysis.
I agree with your opinion. which not everyone knows about the advantages of storing in crypto because if we forget our wallet key it will be difficult for us to access it. whereas if we save it in the bank we will be helped to recover it profitably. However, in case you have your wallet hacked and funds are lost, it will be much harder and even impossible to retrieve it, while at centralized banking system, transactions are reversible and you can count with the help of bank managers to track your money and rescue it back to your account. On the other hand, if a superior order comes from the government and central bank seizing funds, even the managers won't be able to help you keeping your money in your hands, as they will comply with requirements from their superiors.
You have to measure the pros and cons of each system and make your choice based on your analysis.
There are advantages and disadvantages for both of it but I'm more with holding my own money through bitcoin. And as someone who likes, holds, and invests in bitcoin I'll choose to have it and I know its advantages of it.
But for someone who's not into it then the most advantageous them are banking it plainly because they're more caring about bitcoin's volatility and they trust the banking system more than it.
But for someone who's not into it then the most advantageous them are banking it plainly because they're more caring about bitcoin's volatility and they trust the banking system more than it.
Bitcoin banking is more secure than normal banking, because you are the only one that has access to your personal wallet but in normal banking customer cares can login into your bank account without you're notice and use your money for any kind of businesses.bitcoin banking is more reliable than normal banking because money that is in your normal banking can be deducted or withdrawal without you're notice but that can not happen in Bitcoin banking everything happens with your authorization.
Word "BANK" doesnt fit out on Bitcoin.If we do make out some definition of Bank then here it is;
A bank is a financial institution that is licensed to accept checking and savings deposits and make loans.
Source
Bitcoin does really oppose on what Bank does offer, you could be your own bank where you do have the full control of your funds
without having 3rd party involved on the time you do make out some transactions which it turns out to be a revolutionary stuffs.
The last few years have made me question whether terms like fractional reserve banking should be covered by standard education. If yes, which other financial and economic concepts should school curriculums try to cover? I wonder how many recognize what the "fractional reserve" in fractional reserve banking implies.
I would guess that most who grew up during the internet era, understand the importance of min maxing setups in video games. But by the same token, those same individuals who spent hours strategizing in games might fail to comprehend the importance of min maxing their financial and investment plans. Which could result in them being unsatisfied with their own standard of living.
While the idea of stocks, bonds, FOREX, real estate and other markets might seem frightening and alien. They're not so different from video games in their structure and economy.
I like that I don't see many negative comments when people try to compare banks with bitcoin. Even if people do not recognize differences between banks and bitcoin today. It is possible that future experience will give them a good education on the topic. A better education than they could ever have received from a school system, perhaps?
I would guess that most who grew up during the internet era, understand the importance of min maxing setups in video games. But by the same token, those same individuals who spent hours strategizing in games might fail to comprehend the importance of min maxing their financial and investment plans. Which could result in them being unsatisfied with their own standard of living.
While the idea of stocks, bonds, FOREX, real estate and other markets might seem frightening and alien. They're not so different from video games in their structure and economy.
I like that I don't see many negative comments when people try to compare banks with bitcoin. Even if people do not recognize differences between banks and bitcoin today. It is possible that future experience will give them a good education on the topic. A better education than they could ever have received from a school system, perhaps?
Bitcoin banking would means that organizations or banks specifically are accepting customers to use bitcoin like fiat, this can be possible in a country that accept bitcoin for investment and legal tender.
This is the direction I felt the thread would follow and you can imagine my surprise when I saw the direction it went! Perhaps not the very best of thread title but, its not entirely out of place.More of what am getting is about centralisation and decentralisation of which, both are definitely a composit of for owning a wallet and some local fiat bank. As much as local banks might tamper with your funds, that doesn't mean they've got any authority to do so and as such, you could fight them legally over rights to your funds.
When it comes to wallets, your entirely in charge and that's cool.
What would be the function of some bank should bitcoin be used for a legal tender? Do they stand in the places of wallets or something... perhaps exchanges but, that still doesn't make them any less centralised.
Each banking system has its advantages. The advantage of decentralized banking is that you are the only one under the control of your keys, as stated by OP, so theoretically nobody can touch it, besides you.
However, in case you have your wallet hacked and funds are lost, it will be much harder and even impossible to retrieve it, while at centralized banking system, transactions are reversible and you can count with the help of bank managers to track your money and rescue it back to your account. On the other hand, if a superior order comes from the government seizing funds, even the managers won't be able to help you keeping your money in your hands, as they will comply with requirements from their superiors.
You have to measure the pros and cons of each system and make your choice based on your analysis.
However, in case you have your wallet hacked and funds are lost, it will be much harder and even impossible to retrieve it, while at centralized banking system, transactions are reversible and you can count with the help of bank managers to track your money and rescue it back to your account. On the other hand, if a superior order comes from the government seizing funds, even the managers won't be able to help you keeping your money in your hands, as they will comply with requirements from their superiors.
You have to measure the pros and cons of each system and make your choice based on your analysis.
Truly, both have pros and cons and sometimes even crypto users can't avoid the use of banking system.
If you have mortgage, more than likely, you need a bank account as it is a requirement for this transaction to push thru.
But if you feel you have nothing to do with banks, and just use crypto or btc to go on with your life, why not?
Remember, each one of us has own priorities, so it depends on us if we do need bank or btc only or both.
Each banking system has its advantages. The advantage of decentralized banking is that you are the only one under the control of your keys, as stated by OP, so theoretically nobody can touch it, besides you.
However, in case you have your wallet hacked and funds are lost, it will be much harder and even impossible to retrieve it, while at centralized banking system, transactions are reversible and you can count with the help of bank managers to track your money and rescue it back to your account. On the other hand, if a superior order comes from the government and central bank seizing funds, even the managers won't be able to help you keeping your money in your hands, as they will comply with requirements from their superiors.
You have to measure the pros and cons of each system and make your choice based on your analysis.
However, in case you have your wallet hacked and funds are lost, it will be much harder and even impossible to retrieve it, while at centralized banking system, transactions are reversible and you can count with the help of bank managers to track your money and rescue it back to your account. On the other hand, if a superior order comes from the government and central bank seizing funds, even the managers won't be able to help you keeping your money in your hands, as they will comply with requirements from their superiors.
You have to measure the pros and cons of each system and make your choice based on your analysis.
They both have advantages and disadvantages over each other if you think of it.
In summary, the reason bitcoin is what most of us have started tending towards to keep our funds is because we have seen that in all the advantages and disadvantages that they have with normal banking, it is better and more reliable for the future.
Bitcoin banking is more secure than normal banking, because you are the only one that has access to your personal wallet but in normal banking customer cares can login into your bank account without you're notice and use your money for any kind of businesses.
Personal security matters a lot with bitcoins, If your bitcoins gets lost, they are lost for real and the chances of recovery are very close to zero. But with normal banking your funds can be recovered and the culprits even apprehended.bitcoin banking is more reliable than normal banking because money that is in your normal banking can be deducted or withdrawal without you're notice but that can not happen in Bitcoin banking everything happens with your authorization.
Banks have picked up this habit of some unnecessary charges that they deduct without notifying you simply because you signed to some terms and conditions. With Bitcoins, there are no unnecessary charges.In summary, the reason bitcoin is what most of us have started tending towards to keep our funds is because we have seen that in all the advantages and disadvantages that they have with normal banking, it is better and more reliable for the future.
Bitcoin banking is more secure than normal banking, because you are the only one that has access to your personal wallet but in normal banking customer cares can login into your bank account without you're notice and use your money for any kind of businesses.bitcoin banking is more reliable than normal banking because money that is in your normal banking can be deducted or withdrawal without you're notice but that can not happen in Bitcoin banking everything happens with your authorization.
In fact, traditional banks, despite their shortcomings, have many advantages. For example, it is that users of traditional banks don't need to worry about the security and storage of their deposit. The whole issue is decided by the bank and deprives customers of this headache. Convenient, isn't it. Especially for those who are lazy and don't want to bother with security issues.In the case of bitcoin banking, it will be necessary to take on the responsibility of keeping and maintaining the safety of savings. Nobody else will do it for you. If a mistake is made with the record or an insufficiently reliable place to store the seed-phrase, everything will go down the drain. Here you won’t be able to turn to support, which will fix your problem, and the consequences of mistakes can be catastrophic and deprive you of everything you had.
So, these 2 types of banks have radically opposite features.
Depends on your preference. If you are into security, then banks would be a better option because that's what you are paying for; they'd secure your money. But if you don't want your money to be stagnant, choosing an asset by means of storing a particular value would be also great, just take note of the risks. Bitcoin and other cryptocurrencies has advantages over banks but for sure banks as well have such thing and one is being acceptable across countries. Those people who prefer storing cryptocurrencies are simply ones who are seeking profit than to just let their money 'sleep' over years. But to answer the statement when it comes to preferences; banks still is more preferrable by more people. One reason is stability wherein we are not all ready to risks even if profit will be in exchange. Next is wide range of usage and for being accepted as a mode of payment. Lastly, banks would allow you to loan through credit while Bitcoin banking won't In terms of Bitcoin's advanatages, there's no need to mention lower fees and faster transactions and also anonymity. But more importantly, being profitable.
It depends on someone if they know what are the advantages and disadvantages of the banking system and the same goes to Bitcoin. Both have their pros and cons but most people who doesn't have knowledge about cryptocurrency or Bitcoin would rather choose banks instead of having their own wallet where they have full control. It's just a matter of time before they knew it or someone might need to educate them about the pros and cons of Bitcoin and Banks.As time passes by, most of these people choosing banks would choose to switch to cryptocurrency although, the regulation might hinder it.
Depends on your preference. If you are into security, then banks would be a better option because that's what you are paying for; they'd secure your money. But if you don't want your money to be stagnant, choosing an asset by means of storing a particular value would be also great, just take note of the risks. Bitcoin and other cryptocurrencies has advantages over banks but for sure banks as well have such thing and one is being acceptable across countries. Those people who prefer storing cryptocurrencies are simply ones who are seeking profit than to just let their money 'sleep' over years. But to answer the statement when it comes to preferences; banks still is more preferrable by more people. One reason is stability wherein we are not all ready to risks even if profit will be in exchange. Next is wide range of usage and for being accepted as a mode of payment. Lastly, banks would allow you to loan through credit while Bitcoin banking won't In terms of Bitcoin's advanatages, there's no need to mention lower fees and faster transactions and also anonymity. But more importantly, being profitable.
Bitcoin banking is more secure than normal banking, because you are the only one that has access to your personal wallet but in normal banking customer cares can login into your bank account without you're notice and use your money for any kind of businesses.bitcoin banking is more reliable than normal banking because money that is in your normal banking can be deducted or withdrawal without you're notice but that can not happen in Bitcoin banking everything happens with your authorization.
Its true that the technical team or the customer care of the bank can have access to your account if the know the password. We have had issues where bank staff fraudulently transfer or steal customers funds. Sometimes banks carryout some illegal deductions from people's account without permission. But we should not assume that Bitcoin transactions are totally protected. You must ensure you use decentralized wallets and also make sure you keep your passwords and keys safe. Someone having access to your password or keys might be quite disastrous than the pitfalls of conventional banks. Your entire funds can be stolen in few seconds if your security is compromised.
Also, in most countries where Bitcoin transactions is restricted, you still need these commercial banking services to carryout financial transactions.
Or banks not allowing you to withdraw your money. It had been happening all over the world not just in the country with an authoritarian government.
Upon learning all that you have all the rights to your BTC and bank runs happening all over the world, you would protect yourself and not put all your eggs anymore in a bank but in your wallet where you have the private key.
Bitcoin banking would means that organizations or banks specifically are accepting customers to use bitcoin like fiat, this can be possible in a country that accept bitcoin for investment and legal tender. This still means that not your key not your coin. But if you have the private key with you, it is better but security is different, you can use fiat or bitcoin in a way that is either secure or not secure, what bitcoin gives is privacy and freedom of not depending on third party.
Bitcoin banking is more secure than normal banking, because you are the only one that has access to your personal wallet but in normal banking customer cares can login into your bank account without you're notice and use your money for any kind of businesses.bitcoin banking is more reliable than normal banking because money that is in your normal banking can be deducted or withdrawal without you're notice but that can not happen in Bitcoin banking everything happens with your authorization.
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