Bitcoin versus Banks - page 3. | Bitcointalksearch.org

Pmalek

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Quote from: goldkingcoiner on September 01, 2022, 06:22:29 PM

I think banks have long since been a broken, unnecessary system. "Pay me to hold your money and don't expect an apology if we randomly decide to withhold or lose your funds".

I mean seriously. Wtf.

Not just that, but you gave them the right to do with your money as they please thanks to the agreement you signed with them when you opened your account. Oh, you need your money? I am sorry, we don't have it. We lent it out a long time ago. Come back on Monday and we will sort something out.

Quote from: goldkingcoiner on September 01, 2022, 06:22:29 PM

Bitcoin solves the banker middleman problem once and for all. No more worrying about having to trust someone else to hold onto your money.

It does on a protocol level but bitcoin is not being used right. We have replaced traditional middlemen by even more dangerous and corrupted centralized exchanges and service providers. They are even worse than the banking cartels. The world is simply not yet ready for Bitcoin.

Jeger.Kiting

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The picture from this illustration does look very clearly the difference. Even though they are both called "currencies" but the two have very clear differences, it can even be said to be contradictory. The emergence of bitcoin as a cryptocurrency pioneer to escape the control of an entity in this case is the central bank. Another difference, bitcoin is now proven to be used globally (cross boarder). For example, in sending money from one country to another, it can be done in a short time without low costs because it does not involve third parties.

Chucksmark

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Quote from: GreatArkansas on August 27, 2022, 10:53:39 PM

Bitcoin (Right) and Banks (Left) works.

This image is a very simple illustration of how Bitcoin and Banks differ from each other, this is showing how Bitcoin and banks work.
If you take a look at how banks work, it is clearly showing that they rely on one centralized entity which for sure it's a centralized database where all the information.
But Bitcoin, it's decentralized, no centralized entity that can become only one source of truth.

What are your thoughts about this?

This picture really explain it very well, with time Cryptocurrency will unseat our traditional backing system, that the reason most Banking institution I'm not happy with the cryptocurrency emergence.

pgbit

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Bitcoin vs banks
Opening a bank account a lot of pepper work and and consuming a lot of time.
Centralization and control your money.bank are supervised by government.So any decision of the government directly affects your capital.on the other hand BTC is decentralized and not controlled by any government.btc is completely free from third party.you have full control over your own money.btc have very fast transaction.anyone with internet connection can send their money to any one any time and any where in the world.Whereas in the banking system, when you send money from one country to another, the process is very long and painful.

Kakmakr

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Just from a security perspective, decentralized networks are more secure than the traditional centralized systems. Satoshi Nakamoto knew that if this disruptive technology were developed as a centralized system, it would quickly be targeted and taken down.

Satoshi Nakamoto also knew that a centralized authority would also not work, because centralized authorities can be corrupted and intimidated and also targeted by governments. Wink

The genius behind this technology is the decentralization ..... and the distribution of the full nodes. Wink

adzino

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Yeah, bitcoin does look so much better and more decentralized than banks, but to be honest only in those pictures. How many people are actually using it a truly decentralized way? Most of the people move their coins or store their coins in a centralized exchange or a custodial wallet. Hence, Bitcoin no longer remains as decentralized as it looks like. And then, those who are saying people no longer need a middle man, how do you think most of the people are selling their bitcoins for fiat? Using a third party platform.

amishmanish

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Banks charge individual customers for their transactions banks ensured their control on international finances and they monopolized financial system in collaboration with governments. Infact the inflation is always controlled in a way that majority of population remain always in pursuit of resources and thus ensuring cheap labour. However Bitcoin is based on a different premise and if someone can work he can earn to live his life with dignity on his own earnings... Thus Bitcoin is basically bringing a paradigm shift in our approach to work.

Devifajarina

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Because this is what causes bitcoin to grow so fast, banks are controlled directly by certain parties who have authority, while bitcoin is not, bitcoin decentralization makes people more confident, that in the future the system used can increase trust in the investments made, without worrying about fraud and controlled by any party.

Because we work according to our own desires and abilities, not involving other people in our decisions

goldkingcoiner

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I think banks have long since been a broken, unnecessary system. "Pay me to hold your money and don't expect an apology if we randomly decide to withhold or lose your funds".

I mean seriously. Wtf.

Bitcoin solves the banker middleman problem once and for all. No more worrying about having to trust someone else to hold onto your money.

Transparent, incorruptible, democratic and verified. That's Bitcoin. (Yes to decentralization)

Lanatsa

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Quote from: uchegod-21 on August 31, 2022, 06:23:03 PM

Quote from: Peanutswar on August 31, 2022, 06:00:13 PM

Some people want having a decentralized because they went no one controls heir money at the same time is they can handle all the thing with their wallet like no additional fees but the thing is we have the seed phrase needed to make sure safe before we called those as our own Bitcoin unlike on bank because of being centralized they can easily manage the account but the user does not have a control at the full potential itself.also there's a lot of process needed to make your money get wt the same time.

Yet, there are people that cannot control their money or wealth, they feel that they are careless or they have other pressing issues to deal with. They prefer to dump their money in the bank and they don't care if it depreciates or not, since they can see it anytime they need it. People that will value this post are people that are ready to try new things or people who are ready to handle their money by themselves and takes responsibility of it even if they have to lose it.
I don't blame the. Uch because before bitcoin came, almost everything around us was centralized, even the bitcoin has been mutilated and some version of it centralized.

People do really get stick on those things which they have been using through ages and trusted up government and other centralized platforms on the services that it do offers and give into its clients/users.

Even myself do still store up money on banks yet even though we are dealing with crypto which is totally opposing centralization but cant really be that denied that we are still converting those coins into fiat later on.Am i right?
Use things according into your needs.Make out some research if what are the thing you are intend to do so.

uchegod-21

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Quote from: Peanutswar on August 31, 2022, 06:00:13 PM

Some people want having a decentralized because they went no one controls heir money at the same time is they can handle all the thing with their wallet like no additional fees but the thing is we have the seed phrase needed to make sure safe before we called those as our own Bitcoin unlike on bank because of being centralized they can easily manage the account but the user does not have a control at the full potential itself.also there's a lot of process needed to make your money get wt the same time.

Yet, there are people that cannot control their money or wealth, they feel that they are careless or they have other pressing issues to deal with. They prefer to dump their money in the bank and they don't care if it depreciates or not, since they can see it anytime they need it. People that will value this post are people that are ready to try new things or people who are ready to handle their money by themselves and takes responsibility of it even if they have to lose it.
I don't blame the. Uch because before bitcoin came, almost everything around us was centralized, even the bitcoin has been mutilated and some version of it centralized.

Peanutswar

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Some people want having a decentralized because they went no one controls heir money at the same time is they can handle all the thing with their wallet like no additional fees but the thing is we have the seed phrase needed to make sure safe before we called those as our own Bitcoin unlike on bank because of being centralized they can easily manage the account but the user does not have a control at the full potential itself.also there's a lot of process needed to make your money get wt the same time.

Sanitough

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Quote from: Nrcewker on August 28, 2022, 03:40:05 AM

It’s really great to see that Bitcoins are way ahead of Banks.
Thanks to Satoshi for which we are enjoying these awesome features and are having full access to our money.
Earlier also I used to hate banks, due to taxes and ample of laws. Banks are always abided by the government and follows it’s order like a dog, on the other hand due to the decentralised nature of Bitcoins, no government can ever find out how much BTC I have.
BTC will always be ahead of banks and also after a later period of time, the comparison won’t exist.

Satoshi knows the sentiments of the people and so he invented bitcoin because this will be the answer to all people’s complaints about banks taking advantage of our money and yet, the depositors only receive low compensation. With the existence of bitcoin, there is no need to trust banks anymore because our own wallet can turned into our most reliable bank. Also, we can fully control and manage our finances without banks and governments interrupting in it.

Detritus

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From that image, I see that Banks being centralized, will require some data of operation from the main source whereas for Bitcoin being decentralized will not require any form of don't and do. Bitcoin goes from one hand to another without have to pass through human verification and any form of third party and that's what is going to make Bitcoin live on.

Bitstar_coin

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This is the reason why the government can't do much when it comes to banning btc or exercising absolute control over it because there is no central control like what you have in banks from the diagram above. With btc you have a truly decentralized asset that is beyond the control of anybody, you can either get onboard or be left out.
Even if they try with centralized exchanges and other platforms of such it is still not the same as having central control.

Japinat

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Quote from: Nrcewker on August 28, 2022, 03:40:05 AM

It’s really great to see that Bitcoins are way ahead of Banks.
Thanks to Satoshi for which we are enjoying these awesome features and are having full access to our money.
Earlier also I used to hate banks, due to taxes and ample of laws. Banks are always abided by the government and follows it’s order like a dog, on the other hand due to the decentralised nature of Bitcoins, no government can ever find out how much BTC I have.
BTC will always be ahead of banks and also after a later period of time, the comparison won’t exist.

It's because bitcoin is created to get way ahead of the banks and its sole purpose is to give the people other options to avoid inflation as fiats aren't reliable to avoid such events. Now the government is trying to control it but they can't because it's decentralized, they cannot possibly control all our phones to gain control of bitcoin on their own terms.

kryptqnick

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I like the illustration, and I think it can be used as a gateway into the topic of centralization versus decentralization. I also fear that it's an oversimplification that can lead to unwanted consequences. For example, while Bitcoin is decentralized, people very often use centralized exchanges to buy, sell, or (unfortunately) even store their funds. Or, some use custodial wallets, where again, there's an authority. At that point, there is a center, there is an intermediary, so it's important for people to remember that Bitcoin can be used differently and it decentralized when one truly doesn't use centralized services, which might not be that often.

Lucius

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Quote from: m2017 on August 29, 2022, 02:30:12 PM

The average person will choose what is familiar to him, which means it will be a bank card. This is the choice of most ordinary people. I am sure you would also choose a bank card if you didn't know about the features of bitcoin and the benefits received. So, the choice between a bank card and bitcoin is actually a choice between a well-known, understandable system and a system that frightens and repels in view of its obscurity and incomprehensibility (the view of the average person).

I think that the question is far more complex than simply choosing A or B, because the vast majority of people simply do not want an alternative in the sense that they experience Bitcoin as a currency - because there is no well-known bank or well-known person behind everything. We live in a world where the average person believes more what some spoiled rich person says because he says what they want to hear, and such people have never been in favor of any real changes because the current financial system is what made them rich.

Quote from: m2017 on August 29, 2022, 02:30:12 PM

The situation is completely different if a person is familiar with both bank card and bitcoin wallet. In this case, the choice will be in favor of what is more profitable in terms of advantages, and which is more trustworthy. I think you already understand what will be chosen this time. But for this it is necessary that the average person be well informed and have sufficient knowledge of the alternatives, which is bitcoin.

I can partially agree with that, because I personally know people who have somewhat understood the advantages that Bitcoin has, but still gave up on supporting the idea. The reasons are of course different from person to person, but people in some natural way usually do not go against the system, no matter how bad it is in its essence.

pawanjain

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Quote from: TimeTeller on August 29, 2022, 02:54:46 PM

Quote from: pawanjain on August 29, 2022, 12:32:17 PM

I would say "Simple and deep". Banks are obviously centralized but the reason why I hate banks is because they make us suffer to access our own money.
They lay unfair charges on us to use our own money. For example if we make too many withdrawals then they levy charges on us.
While bitcoin on the other hand is peer to peer which is the best thing I like about it.
It doesn't levy any extra charges on us and to be honest the pros are way too much when compared to banks.
Yet the banks and the governments hate bitcoin and stick up to issues like more power consumption for mining while they don't consider the disaster done while mining gold and also the industrial hazards.
I guess things will take time to be in favor of bitcoin.

I believe, in our lifetime, banks will remain the main financial institution that will take care of our money.
We can't avoid them, unless, you have other options that can stick to cash or crypto, which is actually hard these days.
At some point, we need the services from our bank. So even if the advantages between bitcoin vs banks are clear,
still we can't disregard the role of banks in our financial aspect of life. Just enjoy the benefits of knowing bitcoin or crypto.
As banking industry is seeing the role of crypto in today's generation, they may soon innovate their services and improve on how they treat their customers.

To be honest, the only advantage of having banks is that it is widespread around the country and this enables us to make the payments easily.
But this is something that can be done with crypto too but the fact that governments restrict it is the only reason why global adoption of crypto is still lacking.
If crypto becomes widespread just like the banks then most of the people will prefer making transactions in crypto than banking platforms.

Oilacris

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Quote from: tomos81 on August 30, 2022, 01:10:57 PM

In fact we think buying Bitcoin with money will cost you. But no if we invest in bitcoin then definitely huge success will come from here which we can't even imagine. Because of Bitcoin Now is the best time to invest as prices are dumping the most. Of course, the price of Bitcoin will be pumping, so if you invest, it is possible to get a lot of benefits from here.

To know that Bitcoins true motive of its existence is really about pertaining about its utility aspect but on the other hand it did really give out some opportunity into those people who do get a hold of it

on where they do able to have those chances on making profits on via simply holding it which it did turn out to be a store of value but it wasnt really the intent on the first place.
It is really just an another benefits which bitcoin could give but of course we should know that accompanied risk with it.Back into that image then yet it is really something that you could
directly able to understand about into being centralized and being decentralized and this is where people do love.

Topic: Bitcoin versus Banks - page 3. (Read 936 times)