Topic: Do you still use Banks ? - page 6. (Read 1136 times)

Trust banks- Sort of and something you cant really be able to avoid. This is where i do store up my life savings or emergencies but not all of my money being that letting sit it idle on my bank.
90% of those amounts had been applied or being that used on investment on which i dont really like on that inflation that fiat does have. For you to be able to fight off inflation thing then you should really be
wise on making investment and having business as much as possible or simply having more source of income.

When it comes to the issues of those bank transfers then we do know that it is really that instant not unless if there would really be some clearings or what then there would really be having those delays
which do really sucks. The good thing about bank transactions is about having that possible retrieval if ever things do mess up on which it cant be possible with crypto.

Whether we do like it or not, whether we do hate it or not. Banks would really be still existing no matter what. They are highly centralized institution and it is really just that
it cant really be phased out no matter how cryptocurrency would boom out.

It's because we still can't used our crypto to buy essentials. We need to exchange our crypto to fiat in banks before we can do that important thing. So yes, I'm still using banks, my credit cards. I understand your concern and everyone knows that, and that is the reason why we seldom put our money in banks. But that institution is still very important in my opinion, regardless of our crypto investments.


Good for you and hopefully your family will have that kind of mindset. Don't get me wrong though, it's better to have more options and have cash in hand thru withdrawing money from banks or ATM and cash is still King. And if I'm not mistaken, even Satoshi didn't think that bitcoin will eliminate the banking system.

In my country, we only can use crypto coins for investment. We can't use crypto coins for paying goods or services. So, of course we still use banks, we need fiats for daily needs. It is impossible to use crypto coins for the payment purposes because it breaks our laws.

We use fiats for daily transactions. We pay goods and services by using fiats.
We have crypto coins in the private wallets or exchange wallets for investment. We sometimes convert the crypto coins to fiats whenever we need fresh money. We can't use it for paying anything in our country.

I think banks function quite reliable in my country. But there are too many banks here, there are too many options for banks. As far as I know, most people in my country still feel satisfied with bank services. The main problem is still related to bank loan interest, but people sometimes have no other choice.

The banks can't help you to get rich, they aren't there for providing financial opportunity but for managing your money. The banks are enriching themselves with our money because they understand the power of money and those would know how to attract money gets more richer and the banks are very good at attracting money because they promise their customers of their funds been saved with them then they use this funds for their business and generate profit without owning any money.

I still use bank because we aren't that advanced in my country to be able to use cryptocurrency to pay for everything in my country. I don't use the traditional banks though because they're a pain in the ass but I make use of microfinance banks who are more up todate with latest technology to make baking more better


I combine both and I believe that's the best way to go about this, fiats is still king and it's always good to hold some cash as it can help in times of crisis. Currently there's money scarcity in my country because it's tje festive season and imagine not holding cash this period that things get over expensive and bank network is also getting congested because of alot of people using the network. I don't have a problem with hackers stealing my coins, if we followed the right guidelines we won't fall victim to scams. Make use of Non constodial wallets and don't expose our sensitive information to the public or store our keys online. Differential your savings from your spending account and you can use separate wallets for this if you're spending directly with Bitcoin.

I do. Why? Because of their apps that allows me to pay my stuff directly when I go outside. I don't have to hold cash and I am scared of viruses that they say that are also sticking to our paper money and that's why cashless payment which has started by the banks is working for me. And the profits made in crypto are also being traded into fiat through bank transfers. That's why even if you are the most hater of the banks, we still have the use for them and it's just a plus that you can mortgage your home from or take a loan if you need to.

i can't say that i don't trust bitcoin more than banks, the real fact here is banks are more old than bitcoin or any other cryptocurrency thats why my money felt safe when its in the bank rather than in the bitcoin investments or altcoins , and the number one reason is most of people here in my country doesnt really know what crypto is and most of them are still using banking system not only them but also those business and i hope one day we can spend crypto just by paying.

Dealing without the bank will limit our level of transacting with people. Fiat is needed to settle local businesses and clear bills. Bitcoin hasn't gotten to an era where users can easily trade peer-to-peer with vendors in local markets. Bankers may have illicit players in their midst, but the funds are safe. Although the inflation rate keeps dwindling the value of fiat, running away completely from using banks won't help some bitcoin investors. Holding money in bitcoin and spending the few fiat we earn is the right step to take. However, we have to wait until the usage of bitcoin gets too viral like the fiat before we integrate bitcoin as the only currency and neglect banks. In some countries where bitcoin is illegal, trading bitcoin could be a hassle. Cooperating with OP's idea will only cause stress for the bitcoin investors or traders in the region. Selling bitcoin successfully needs the bank to receive the money in fiat. The trader then gets to withdraw and spend.

The only alternative, though stressful, is consistently redirecting our bitcoin sales to the vendor's bank account, then the bitcoin user can move to the store and get an equivalent of his money in items sold in the vendor's store. This method will reduce the rate at which the bitcoiner touches fiat money and needs it. But, considering the numerous utilities that satisfy the needs of a human, one vendor won't be enough. Buying gasoline, paying parking lot fees, helping the less privileged, etc will only ruin the dream of dealing with bitcoin, alone. The bitcoiner won't continue stressing the trader to always help him forward funds to any vendor he meets. Considering the rate of bitcoin fees, in recent days. Contrarily to purchasing products, banks seem less important in saving money for a bitcoiner. Because he doesn't make enough profits saving money in banks compared to doing the same in his wallet. If the goal is to save or hold, then banks are not needed. As for daily transactions, banks are still important.

Nowadays, we still have to use the banking system for payments. I make most of my payments through banking. I use Bitcoin mostly as a means of storing value. The level at which I spend and pay in Bitcoin is very low. In fact, making payments with Bitcoin has been banned in our country for a few years. It is free all over the world, of course it is free in most places, but its trade is still prohibited in some countries. If buyers and sellers start using bitcoin, I don't think there will be a widespread decrease in banking activities. As I said at the beginning, bitcoin is used mostly as a means of storing value.

Am pretty sure with the coming of cryptocurrencies we want to sell the idea of us being our own banks as we cut out the middleman and other bank charges we are exposed to, but honestly bank's might not want we want but they have their advantages which has allowed them to be in existence for so many years such as providing financing which you can't get with crypto...So short answer,  Banks> Crypto  


Yes I do as crypto isn't widely accepted...

If you were to send funds to a fraudulent seller or someone used your card  without your authorization trust me you will appreciate having a bank as you can chargeback which you can not do with crypto cards!

So as much as bank are considered old, they still get the job done!

Both...but use crypto regularly for my mobile credit...

If this is your reason for hating or distrusting banks then you are being unfair to them and yourself because they are running a business and not some charity organization,  so expect them to carry out risk assessments to know who is likely to payback or not... no hard feelings buddy its just business!!

I still use banks to make transactions instead of using crypto in transactions for large transactions and small transactions because other than the country's fiat currency I am not allowed to use it for payments.


Not yet and have no problems with this. It's unlikely to happen to me, whether it's a cryptocurrency hack or a hack of the bank I use.


For me, banks are still reliable because there are no other options.
From a broad perspective, maybe I think that the banking system is no longer relevant to be number one in transactions throughout the world because there is already another system that is easier without having anything to do with third parties and is very transparent, namely Bitcoin.


I might tell the extended family, but not now. I will wait for the right moment when I can explain fluently based on my knowledge of crypto and Bitcoin.
Regarding the working system of fiat currency with the working system of Bitcoin, I have tried to convey it to a small number of friends and some of them already know about it before me.

Teaching families not to trust banks is not easy to accept because of their ingrained logic that banks are an option to use as a place to store money. And their logic will revolt because they don't know how the fiat currency they trust in the banks works.

aren’t debit cards issued by banks and are connected to your bank account?


as much as i like to endorse the advantages of using cryptocurrencies, it is still unavoidable to use banks especially for every day transactions fiat money is still what we use in the world and most banks don’t even accept cryptocurrencies so how else would people go about transactions if crypto is not widely used by everyone?

Bitcoin is not yet a legal tender globally, so not using the bank on a regular will only make life uncomfortable for you. For every country that are into bitcoin, none of the 50% population of the country have adopted the use of bitcoin as legal tender and due to the low level of computer technology literacy, you will find out that many people don’t know how to use the internet. So using bitcoin for your daily activities like transactions, shopping, buying and selling becomes very hard, this will make one settle for the use of banks in such cases. I still use bank till date because if I don’t use them, I won’t be able to run some daily activities of mine that has to do with money.

We cannot talk about any functioning without banks. The things you mentioned may happen after a long time, but it is not possible not to use banks for now. We all use debit cards when receiving salaries or buying goods. We cannot ignore these and our job would be very difficult without using them. We don't even have a chance not to use it. Most workplaces give salaries through banks. How do you plan to receive your salary?

We agree with many people who say banks are no good, but it is not currently possible for a bankless environment to exist.

Well for now the use of Bank is still important I have to be honest because most vendors and sales personal from my country requires the system of Fiat for payment and that's affect my complete use of Bitcoin.
I think the use of banking system would still be relevant for a long time because there is no general adoption of Bitcoin and still Bitcoin atheists still exist

I can refute your belief about teaching the whole family to use crypto currency and the fact that your country of residence does not give you any other option but to use fiat currency as access to purchase anything. Everyone has the right not to trust banks or decentralized government systems, but how far can you survive without using fiat currency in real life today and is there a way for you to get around this problem. Hacking and theft of money using any technology are separate efforts related to their systems failing but you can verify if you don't want that to happen, by preparing better double security measures.

I agree that this system is outdated and many problems have arisen, but we still need fiat currency to support our life journey because crypto cannot yet be fully implemented in wider life, especially for countries that only provide access only for investment. So describing crypto in general or bitcoin in particular regarding its uses certainly has positive and negative values, but to what extent can we use it for something that is much more useful.

Cryptocurrency is not to completely stop bank usage, it is only to provide an alternative for use. Banks were the only options before, now there is the option of cryptocurrency. Due to fact that cryptocurrency has not fully been adopted, it is impossible for me to use it exclusively without ever needing the services of the banks.

I still use banks for transactions daily, but I trust bitcoins more to save in instead of keeping the money in the bank.

I find it very hard to believe that there are people that don't use banks completely. It doesn't have to be mean going into the banking halls but you can still use their services online or your debit or credit cards. Maybe there are countries where you can use Bitcoin like we use fiat (anywhere and anytime) but I doubt that. Even in El Salvador which has recognized Bitcoin as a legal tender, you can't live only on Bitcoin because not everybody accepts Bitcoin as a means of payment.

The current high network fees of Bitcoin are also a problem because you can't use Bitcoin for daily payments.
I was about to make a transaction last week when I found out that the network fee was just over $13 for a transaction that was not up to $60. I reduced the network fee and despite using ViaBtc, I had to wait for about 7 hours before my transaction was completed. The network fee I paid was so low that without ViaBtc I would have waited for 2 days at least.
This is one of the issues that hinders Bitcoin adoption.

I tried totally swaping to crypto platforms and eliminating digital fiat banks from my life, but after a while I concluded the crypto platform I was using the debit card and to exchange BTC into fiat, was charging a very high (hidden) fees on each conversion transaction. I used them for a while, but after discovering that I realized the digital fiat bank was a more economical alternative, so I returned to their services, while accessing another exchange now to make the swap.

Besides that, the crypto debit card I was using still has a salty fee in case I don't use it at least once in a year. Now I have this bomb on my hands which I don't know how to get rid of.

The full migration from traditional banks to crypto banks will be only possible once the crypto ones offer the same economical advantages we have at our currently banks, plus cheaper and transparent conversion rates between fiat and cryptocurrencies.

I don't understand where you're going, do you depend on your bank for loan or what cause why will you expect your bank to provide loan for you or what. I have never seen anyone making money from the bank monthly, for now I use my bank for transactions why will I even use crypto for transactions when most marketers in my locality will not accept crypto for payment and it's very rare seeing a trader that accepts crypto.
I prefer using bitcoin as a means of investment and not daily transactions, I can't do without my bank due to my area, although banks doesn't give full assurance if your money is safe or not now when most bank workers are into fraud but if anything happens to my money the bank will be hold responsible.

Banking industry will stay, they are the biggest financial institution and won't be surpass by any institution.
Who are creating fiat? is it bank? so without bank there will be no more fiat, and it's impossible that bitcoin will take over or crypto since the government will not allow that to happen. They'll lose control, that's their biggest fear.

Though we like decentralization but we cannot deny the fact that we are living in a world where the government promotes centralization, hence will only make crypto as a alternative currency, won't replace the main.


Personally I'm only using a digital bank, that's the trend now, at least it's easier to transact with digital bank with our crypto assets, and vice versa. But at the end of the day, they still belong to the banking industry as they are regulated by the central bank.

As the world is evolving, banking industry also follows the same path in the form of digital banking.