Holding money in bank you hold nothing - page 2.

sokani

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Quote from: Mansory22022 on January 01, 2025, 01:57:23 PM

You hold nothing If this money not backed by something real or atleast with cash.
The BONDS treasuries not something for sure but they are more like coupons wich show's how good situation the goverment and other people are to keep value of money.
I told my own bank show me stablecoins, cash,or cryptocurrency or gold equlaint with money i have otherwise i own only numbers wich doesn't mean anything just the numbers on screen.

It's mature way to look finances i don't want to my wealth backed by bonds coupons it's speculative and we never know If they keep holding any value at all.

I stay my point: something i can hold in my hand or private wallet that's real wealth and the wealth i can count on.

Stop talking nonsense. So according to you what you call money must be tangible and anything short of that is not money right? Did you also know that cryptocurrency is just some bunch of codes that's displayed on your wallet as numbers?

You may not trust the bank, and it's fine to diversify your wealth in gold, landed properties, real estates, crypto but you still cannot do without fiat. Except, of course you want to go back to the primitive age and live in a cave.

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Quote from: Mansory22022 on January 01, 2025, 01:57:23 PM

You hold nothing If this money not backed by something real or atleast with cash.
The BONDS treasuries not something for sure but they are more like coupons wich show's how good situation the goverment and other people are to keep value of money.
I told my own bank show me stablecoins, cash,or cryptocurrency or gold equlaint with money i have otherwise i own only numbers wich doesn't mean anything just the numbers on screen.

It's mature way to look finances i don't want to my wealth backed by bonds coupons it's speculative and we never know If they keep holding any value at all.

I stay my point: something i can hold in my hand or private wallet that's real wealth and the wealth i can count on.

Bonds are backed by the entities that are issuing them. They used to be delivered physically in the older days but are mostly digital these days.
So I don't think it's a bad option as it can be considered for diversification of investments.
At least a smaller chunk of our investment should be in bonds I believe but crypto is definitely the top most priority for investment ofcourse.

Helena Yu

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Correct @OP, that's why if every citizen withdraw at least 50% of their money at the same time, the banks will collapse because they don't have enough money to give. Hence they make pending withdrawal for citizen who withdraw a lot money.

However stablecoins aren't safe though, even you hold it in your own non custodial wallet, it can be frozen or reverted because most of stablecoins are centralized.

Dr.Bitcoin_Strange

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Quote from: Mansory22022 on January 01, 2025, 01:57:23 PM

You hold nothing If this money not backed by something real or atleast with cash.
The BONDS treasuries not something for sure but they are more like coupons wich show's how good situation the goverment and other people are to keep value of money.
I told my own bank show me stablecoins, cash,or cryptocurrency or gold equlaint with money i have otherwise i own only numbers wich doesn't mean anything just the numbers on screen.

It's mature way to look finances i don't want to my wealth backed by bonds coupons it's speculative and we never know If they keep holding any value at all.

I stay my point: something i can hold in my hand or private wallet that's real wealth and the wealth i can count on.

@OP, you want your money in the bank to be backed by gold or crypto before you can believe that you have money other than the number you see on the screen. Is that how bank operations in your state? If you want a real asset that you can feel and touch, then you can withdraw your money from your bank and load up the cash in your house so you can be seeing and touching the money anytime you want or you can also withdraw the money use it to purchase gold or crypto as you desire. Maybe with that, you can believe you own the asset.

One thing you need to know is that, if you have a bank account created in your name, what ever money you deposit into that account belongs to you, you have access to the money anytime you want as long as the bank is functional. The money in that account doesn't need to be backed by what you mentioned. If you need cash, the bank will give to you.

WatChe

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Quote from: Frankolala on January 02, 2025, 12:04:35 PM

If you are sick of using the bank, put all your savings in bitcoin and be in full control of your funds. However, nobody can do without a bank because we use their fiat currency for our daily expenses. Fiat currency where the government extort us from indirectly. Crypto and fiat works hand in hand. We cannot do without fiat because the government created it, but we can do without crypto.

We are totally dependent on Fiat money for our daily living like paying utility bills, school fees, buying stuff to eat and more. All this is not possible with Bitcoin. But this is also reality that money depreciates it's value with time since money has time value and dollar today is worth more then tomorrow. It's better to make habit of investment where small or lump sum money is invested in some sector like bitcoin, stocks or real estate for long duration. If you don't have massive capital to buy 1 Bitcoin then start investing in Bitcoin in DCA manner, this way with small money you can have a portfolio who value increases with time.

TheUltraElite

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Buying bonds from the government, keeping deposits in the bank are traditional assets, there is no good or bad about them. The interest they will give is small but the risks are small too. If you want your wealth to grow, then these should be in your portfolio but maybe not the lions share of it. You have to decide how much you want to allocate to low risk and how much to high risk assets.

That is where most people go wrong, they will think that low risk assets are poor and will not give them any importance. They are important to cushion the bad times on the high risk assets. Putting your money entirely on high risk assets increases your total risk and then you are in a soup.

It is all about balance.

SuperBitMan

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Cryptocurrency is a very good asset to hold however not all crypto coin are save to invest your money into and no matter how you but it Banks are still very much important reasoning being that you need fiat for your day to day activities, without having fiat you can't survive because not all stores accept cryptocurrency as a means of exchange so buying some of your necessities won't be possible if you don't have fiat and the system that issue at this fiat are bank's so you can't say one should not but his or her money in bank, if you are investing in cryptocurrency and you have an emergency that requires money for example you had an accident and you were rushed into a hospital and then you are asked to pay for your treatment and you ask if they accept cryptocurrency and they say no, what will you do next? Bank and cryptocurrency works together if you want to invest into cryptocurrency you still need bank to do that, the only time one can say he or she can do without fiat is when the world has now adopted cryptocurrency as a means of payment and companies and parastatas are now paying there workers through cryptocurrency and every stores be it big or small are now accepting cryptocurrency.

Justbillywitt

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Quote from: Mansory22022 on January 01, 2025, 01:57:23 PM

You hold nothing If this money not backed by something real or atleast with cash.
The BONDS treasuries not something for sure but they are more like coupons wich show's how good situation the goverment and other people are to keep value of money.
I told my own bank show me stablecoins, cash,or cryptocurrency or gold equlaint with money i have otherwise i own only numbers wich doesn't mean anything just the numbers on screen.

It's mature way to look finances i don't want to my wealth backed by bonds coupons it's speculative and we never know If they keep holding any value at all.

I stay my point: something i can hold in my hand or private wallet that's real wealth and the wealth i can count on.

I thought you were saying money kept in bank won't yield anything except if invested. Well for me I think money in the bank or in private wallet are still wealth, because they all have same value. The difference is that one is in centralised form and the other is in decentralised form. Anywhere you keep your money doesn't really matter. What matters is this. " Any money not invested will not yield anything". And it's not a smart financial decision, to keep money in cash irrespective of the place you choose to store it up. At this age it's not expected that we keep money in cash. Instead of keeping money in cash, invest it. But just know that if you don't invest your money, where you store it doesn't matter. Because none will add any value. Rather they will depreciate when inflation hits. And the depreciation will affect both. Be it stored in bank or in wallet.

CK485

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Quote from: Miles2006 on January 02, 2025, 05:06:18 PM

I agree, the bank system can’t add any value rather they claim to store your money using a third party. Everyone in general make use of the bank system either for different purpose commonly used for purchase else why store a huge amount in the bank and expect a value in return when we all know the nature of fiat, it certain a country currency might experience fall in value once in a while.

It is a certainty that by saving money in a bank, especially over a relatively long period of time, the value of the money will decrease in value, and that will definitely happen. It is necessary to consider all of that in addition to its value decreasing due to inflation that will occur and monthly fee deductions, of course, that will happen in the bank, because the longer it is, the less its value will exist.

Miles2006

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I agree, the bank system can’t add any value rather they claim to store your money using a third party. Everyone in general make use of the bank system either for different purpose commonly used for purchase else why store a huge amount in the bank and expect a value in return when we all know the nature of fiat, it certain a country currency might experience fall in value once in a while.

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Quote from: dezoel on January 02, 2025, 11:50:55 AM

Quote from: tabas on January 02, 2025, 06:27:13 AM

Quote from: Mansory22022 on January 02, 2025, 06:24:34 AM

So Banks who can show they got CRYPTO OR GOLD SILVER only i trust them.

Most banks don't have crypto and showing someone their gold and silver reserves is very crucial. They're not going to show anybody what they have in their vault just for them to trust you. Unless you're someone huge like the ones that we have in world like Elon or some Arabian billionaires, they won't mind giving you their time and will convince you to trust them and put your money in them while giving you a free tour within their underground vaults.

Banks are having their own policies and things are never been easy for going into their vault with as mentioned no Arabian Billionaire will have you into his vault because things like these are never been good for business and their lives so just living in reality is okay because if someone having no trust on banks and their system then now surely he needs to put his money in personal wallet with keeping seeds in secret is always good.

As changes are happening around us now doing business is surely much easier than having in past but now managing money is also not easy because trends are changing frequently, and we are having AI which is bringing revolutionary changes so jumping into business is surely having good impacts just because of this all keeping money doing business is much better.

If someone is into business and they're putting all of their money on it, I don't recommend it. There is a need to separate the money in your savings and your money from the business. You don't put all in on it but I understand if people are doing it and they're trying to put all that they have on it once they have tested it out and they think that there's a need for larger funding which is what they're doing. Businessmen that are already established are also wise, they don't put much money on the bank but they do ask the bank for money for a loan.

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I love how there are a lot of people in the crypto world that goes around saying "not your keys, not your coins" and try to make it sound like that's a clever thing, like if you do not hold your own coins and put them in exchanges, then you are not going to end up with owning your own coins, and exchanges would.

The same logic applies to banks, as far as I know every nation has a max, like USA has a max of 250k as far as I know, my nation doesn't even have that limit, would maybe like print that money if it's gone lol, causing hyperinflation like crazy. So that means, if a bank goes down, and I do not mean like 2008 down, I mean like literally bankruptcy, then we would end up with a situation that would cause them to lose all of our money, and yet trillions are in those banks.

Alone055

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You don't make a lot of sense, honestly. Even though traditional banking and financial institutions suck, and that is why we have Bitcoin and other cryptocurrencies, it doesn't mean what you say is correct or has any meaning. Having money in your bank account doesn't require anything for you to be able to spend it as long as it is not confiscated. What sucks is that you are always at risk of your funds getting confiscated and your account getting blocked for any reason they deem fit.

With cryptocurrencies, when you are holding your assets in a non-custodial wallet, you are free from such risks, which means that you don't have to worry about a third party blocking your access to your funds because there is no third party involved. You can hold, sell, or do whatever you want with your funds without anyone asking you any questions or stopping you from it. That's the beauty of Bitcoin and that is why it's liked this much.

Accardo

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Quote from: ndutndut on January 02, 2025, 11:15:25 AM

Yes, that's right. Saving money in banks and stock exchanges is an action that should be avoided because it is not under our own control. So whatever happens to the assets, we can't do much, there are so many cases like this. Banks are the same, saving money in banks also has its own risks if at any time the bank goes bankrupt, we will also lose money.

So, saving in banks is only temporary, when you have a lot, buy land, rice fields, gold and bitcoin. Because money is not an asset that must be saved, money is a means of payment, a means of exchange, it is written on every sheet of paper money, understand its meaning. But in my opinion the best long-term investment is investment in the form of bitcoin and gold. Because in terms of economic value it is very valuable in the future and most importantly it is not eroded by inflation.

My perspective of banks is more of a money safe house where we hold and think of how to spend the funds. Realistically, keeping money in the bank solves urgent problems which is why it's called savings account. Though the interest rate is low, but the money, in there, saves customers in critical times. Because when you have access to your funds via mobile phones and internet banking it makes one to spend a lot.

But when it's in savings and can only be collected in the banking hall, you'd watch that some expenses will reduce. And there's no way your money won't be given out to you whenever it's of need to do so. The central bank also got all customers on guard even when a bank goes bankrupt there'll come through and leave nobody stranded.

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Quote from: Alphakilo on January 01, 2025, 04:02:11 PM

Money held in the bank can be used for a lot of useful things.
We are not going to demonize money and the banks because of bitcoin. There is evidence that money tied down in the bank loses its value over time, yet that doesn't mean the bank doesn't play an important role or that the money suddenly becomes useless when there is no inflation.

In times of inflation, recession, and other economic problems, holding money in the bank will be the worst financial move to make. The money depreciates in value, so will be the worth of the individual too. During this period, money should be converted into assets that are inflation-proof to preserve it. Bitcoin is one of those inflation-proof instruments. It is an hedge against inflation.

The biggest problem with the paper money (that we keep in banks) is inflation. Also since the money can be printed, it makes the rich and people with authority more rich and makes the poor more poorer. However bank do provide security to your wealth and your money is considered more safe in banks.

Bitcoin may provide hedge against inflation but governments hesitate to adopt it because they cannot control and cannot print as they have control over the bank money. That is the reason the banks increases interest rates to keep their system interested and running.

Wonder Work

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Keeping money in the bank seems risky. If you keep money in the bank, you will see that if the bank ever goes bankrupt, no matter how much money I put in, the banks of our country will give me one lakh taka at the latest. One lakh taka will be given only when my money is very high. Keeping money in the bank is not convenient.

I have known about currency for a while now and understand that my idea of keeping money in the bank has changed since that day. Keeping money in the bank means depositing my money with someone else; they spend my money as they can, and when I go to get that money later, they give it to me, but the bank does not keep my money in the bank for a few days, it invested it in other sectors and earned a lot. This is a bank policy; although we do not know anything about this after we put money in the bank, we do not go to see what is happening or not; we go to get the money later. Keeping money in the bank is not saving in any way, so I do not keep much money there. I always try to do something with money.

Frankolala

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If you are sick of using the bank, put all your savings in bitcoin and be in full control of your funds. However, nobody can do without a bank because we use their fiat currency for our daily expenses. Fiat currency where the government extort us from indirectly. Crypto and fiat works hand in hand. We cannot do without fiat because the government created it, but we can do without crypto.

dezoel

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Quote from: tabas on January 02, 2025, 06:27:13 AM

Quote from: Mansory22022 on January 02, 2025, 06:24:34 AM

So Banks who can show they got CRYPTO OR GOLD SILVER only i trust them.

Most banks don't have crypto and showing someone their gold and silver reserves is very crucial. They're not going to show anybody what they have in their vault just for them to trust you. Unless you're someone huge like the ones that we have in world like Elon or some Arabian billionaires, they won't mind giving you their time and will convince you to trust them and put your money in them while giving you a free tour within their underground vaults.

Banks are having their own policies and things are never been easy for going into their vault with as mentioned no Arabian Billionaire will have you into his vault because things like these are never been good for business and their lives so just living in reality is okay because if someone having no trust on banks and their system then now surely he needs to put his money in personal wallet with keeping seeds in secret is always good.

As changes are happening around us now doing business is surely much easier than having in past but now managing money is also not easy because trends are changing frequently, and we are having AI which is bringing revolutionary changes so jumping into business is surely having good impacts just because of this all keeping money doing business is much better.

ndutndut

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Quote from: uneng on January 01, 2025, 06:24:32 PM

Holding money in the bank is the same as holding crypto funds in exchanges. Not your keys, not your coins. The risk of having your money seized is real, and since it's a move executed by the government in the case involving banks, you have nobody to resort to. It's a "legalized scam" and it has already happened in the country where I live in the 90's decade. Moreover, the bank never has the amount of money customers hold there. If everyone tried to cashout at once, the bank wouldn't have enough funds to pay everyone.

That is why it's important to adopt a strategy of diversification with your funds. Don't put all your eggs in the same basket.

Yes, that's right. Saving money in banks and stock exchanges is an action that should be avoided because it is not under our own control. So whatever happens to the assets, we can't do much, there are so many cases like this. Banks are the same, saving money in banks also has its own risks if at any time the bank goes bankrupt, we will also lose money.

So, saving in banks is only temporary, when you have a lot, buy land, rice fields, gold and bitcoin. Because money is not an asset that must be saved, money is a means of payment, a means of exchange, it is written on every sheet of paper money, understand its meaning. But in my opinion the best long-term investment is investment in the form of bitcoin and gold. Because in terms of economic value it is very valuable in the future and most importantly it is not eroded by inflation.

fuguebtc

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Quote from: Mansory22022 on January 01, 2025, 01:57:23 PM

I stay my point: something i can hold in my hand or private wallet that's real wealth and the wealth i can count on.

But the numbers that appear on the screen that the bank gives you, you can use them to buy bitcoin, gold, real estate...whatever you want and whenever. The only issue you should be concerned with is how the bank can give you those numbers and that is a problem for all of us .

The banking system, fiat has been working for hundreds of years and the whole world recognizes them, don't try to fight them or say nonsense. Instead, spend your time accumulating knowledge and skills to increase your wealth . If you don't trust banks, fiat, governments , you just make a lot of money and exchange it for bitcoin , gold...whatever you think you can own .

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