Topic: Is humanity prepared to be its own Bank ? - page 2. (Read 486 times)
It's a really difficult question. People started using banks because of few reasons. They were afraid that they could be robbed if they kept their life savings at home. Banks offer small profit for giving them your money and so on. Many people actually don't know how banking works and that's why they are not interested in Bitcoin. The only thing they know is that it's a financial pyramid because someone told so. We need to focus on proper education, but it won't happen anytime soon. Governments prefer to cooperate with banks because they share important data with them.
You should know the difference between bitcoin and banks, the people invest in bitcoin because of its promising value in the future , while people puts money in bank because of security, thus it meants that bitcoin and bank is way different. In investment you should always concider the risk and return , the higher the risk the higher the return while the lower the risk the lower the return.
Not right now but maybe in 10 years or so.
People aren't ready yet to answer for their own destiny, it is much easier for them when there is a state regulator
The problem of bitcoin and many cryptocurrencies today is that they are not convenient to use. There should appear services with the help of which it will be possible to use cryptocurrency simply and conveniently. Only then it will be used in everyday life. Only then will the crypto currency become truly popular and necessary.
I've been reading many cases in this forum about bitcoin losses, in fact too many cases. So If all this happens to people with computer knowledge... imagine the masses, I mean "normal people" like your neighbours, grandmas, fathers, etc... The truth is that right now I can't imagine them playing with electrums, wallets, backups, etc.
I wonder if we (like a society) are prepared to be our own Bank.
For other hand, I'm also wondering if we're being too innocent talking to others about the bitcoins we own. If this project has the success that is expected, we could be hunting targets (especially if new fiat economic crises come) the day of tomorrow. It's not difficult to imagine in the near future people robbing other people, but this time asking for private keys or seeds instead few dollars cash in their pocket.
I wonder if we (like a society) are prepared to be our own Bank.
For other hand, I'm also wondering if we're being too innocent talking to others about the bitcoins we own. If this project has the success that is expected, we could be hunting targets (especially if new fiat economic crises come) the day of tomorrow. It's not difficult to imagine in the near future people robbing other people, but this time asking for private keys or seeds instead few dollars cash in their pocket.
In the future, banks will promise to protect your wallet. How can you trust a bank for cash? States will make the necessary arrangements.
Being your own bank by keeping a significant investment as bitcoin, running a full node and using it for settlements and buying stuff isn't something that a lot of peopld would ever be willing / capable to do.
Most people would like to keep bitcoin as an appreciating asset. A few would like to use it for intenrational transactions like getting hardware from newegg or a steam subscription. People who accept it in their businezz are the ones with most stake and they would love to be their own bank.
Although the basic tenet behind bitcoin is trustlessness and decentralization, we will need to evolve certain trustworthy mechanisms that normal people can verify and rely on..Being your own bank is ones own choice, one that needs considerable expertise to be exercised. Humanity is as ready for it as it will ever be. People who need the bank safety net will be an important consumer group in itself. The bitcoin economy is forming it's own trends and patterns and we shouldn't necessarily be contrasting it against present consumer/ investment banking.
Most people would like to keep bitcoin as an appreciating asset. A few would like to use it for intenrational transactions like getting hardware from newegg or a steam subscription. People who accept it in their businezz are the ones with most stake and they would love to be their own bank.
Although the basic tenet behind bitcoin is trustlessness and decentralization, we will need to evolve certain trustworthy mechanisms that normal people can verify and rely on..Being your own bank is ones own choice, one that needs considerable expertise to be exercised. Humanity is as ready for it as it will ever be. People who need the bank safety net will be an important consumer group in itself. The bitcoin economy is forming it's own trends and patterns and we shouldn't necessarily be contrasting it against present consumer/ investment banking.
Security for our own assets is in our hands only, no doubt! But the fact that despite being adopting proper security measures, there are chances of misappropriation of our assets. Even after protecting our crypto assets in so many layers of passwords n private keys, we suffer losses, then it's only due to our carelessness and irresponsible nature. In fact the OP had also been discussing about the banks and their level of securitization. There is a human involvement in the banking system, so mistakes are bound to happen for sure.
That is way too much for all the people to afford and manage. And despite this also, some loopholes will still be left untouched. There is not a chance of 100% safety anyhow!
there definitely seems to be some concern in this area however perhaps what we need to do is invest in some hardware like ledger wallets or trezor that will basically keep our tokens and coins safe and offer protection against the hacking of our wallets , previously the banks are the onse who implemented these security measures to protect the monies they held for us , however if we are now to bank ourselves then we should definitely invest in hardware to protect it. im not quite sure we are prepared or ready just yet but as time goes by we will definitely learn.
That is way too much for all the people to afford and manage. And despite this also, some loopholes will still be left untouched. There is not a chance of 100% safety anyhow!
there definitely seems to be some concern in this area however perhaps what we need to do is invest in some hardware like ledger wallets or trezor that will basically keep our tokens and coins safe and offer protection against the hacking of our wallets , previously the banks are the onse who implemented these security measures to protect the monies they held for us , however if we are now to bank ourselves then we should definitely invest in hardware to protect it. im not quite sure we are prepared or ready just yet but as time goes by we will definitely learn.
In as much as Bitcoin's fan base keeps building up, bitcoin cannot eliminate the existing banking system. Bitcoin is a medium of exchange and not really a bank per say. So i don't see humanity becoming its own bank any time soon.
I don't think that masses are ready, there's still a lot of ignorance about money and economics, they need to rely on professional people to manage their own investments. The freedom gifted by Bitcoin may be too much for them
Now, only a few percent of the world's population is engaged in crypto currency. Therefore, it is still too early to say that people are ready to use it. Older people, apparently, will never use crypto currency. Most likely, a whole generation will pass for the situation to change. First of all, it is necessary to fully legalize and support the crypto currency from the state. With such a skeptical attitude of people to crypto-currency without its state support, the process of transition to its use by all people will continue indefinitely.
Yes that is right, it will in fact take a long long time, because still very few people have knowledge about bitcoin, most of the people do not know about bitcoin. Bitcoin is only popular in modern countries, while most of the backward countries still do not have any knowledge about bitcoin it will take some more time when they will know about bitcoin.
This is very inconvenient if every human being a bank. Because humans must actually keep their own assets or property, secure their own, and take care of it themselves.
The bad things on internet is it can be hack so if you're not really careful where do you put your PK, you will got hacked without being expect.
Remember , even advance Japanese exchange can be hack although it's already provide extremely high security code.
Bitcoin just change how people do digital transaction !
Remember , even advance Japanese exchange can be hack although it's already provide extremely high security code.
Bitcoin just change how people do digital transaction !
can these people store their cash? protect their credit cards? how about their jewelries or any other valuables for that matter?
people learn the "how to" of things when they have to. and there will always be idiots who think it is a game and lost their valuables. i don't see how that relates to being ready or not.
besides everything is becoming easier and more newbie friendly as we go forward.
people learn the "how to" of things when they have to. and there will always be idiots who think it is a game and lost their valuables. i don't see how that relates to being ready or not.
besides everything is becoming easier and more newbie friendly as we go forward.
I think this is kind of the thing that OP is saying. People store their money in banks, so they don't have to secure it themselves. There are a lot of credit card fraud protection systems in place and people can easily contest the misuse of their cards and be granted reversals.
Whenever people lose Bitcoins, we usually say they have to protect it better and that there's no way to recover them. With the banking system, there are usually legal remedies that can be availed to recover losses. I concede that most Bitcoin losses are due to carelessness and stupidity, but if it's that simple and it keeps on happening, doesn't that just reinforce the idea that people are not ready? If we insist that it has nothing to do with readiness, could it have something to do with capability?
But yeah, the point is right now, people don't need the "how to" because banks clean up their mess for them. I can understand why people may be hesitant to forego that. Some people like safety nets.
I've been reading many cases in this forum about bitcoin losses, in fact too many cases. So If all this happens to people with computer knowledge... imagine the masses, I mean "normal people" like your neighbours, grandmas, fathers, etc... The truth is that right now I can't imagine them playing with electrums, wallets, backups, etc.
I wonder if we (like a society) are prepared to be our own Bank.
For other hand, I'm also wondering if we're being too innocent talking to others about the bitcoins we own. If this project has the success that is expected, we could be hunting targets (especially if new fiat economic crises come) the day of tomorrow. It's not difficult to imagine in the near future people robbing other people, but this time asking for private keys or seeds instead few dollars cash in their pocket.
My answer would be that we are not still prepared for the complete digitalisation of our country , we guyots can only talk about the development and other beautiful stuffs but we are not ready for them as such . Because now a days we can simply see that people are robbing each other and even with the crypto currency there are so many issues like so many illegal activities are associated with bitcoin that is gestating people from investing into bitcoin and moreover people are stealing each other’s bitcoin by stealing their confidential pins so first we gutted needs to improve . I wonder if we (like a society) are prepared to be our own Bank.
For other hand, I'm also wondering if we're being too innocent talking to others about the bitcoins we own. If this project has the success that is expected, we could be hunting targets (especially if new fiat economic crises come) the day of tomorrow. It's not difficult to imagine in the near future people robbing other people, but this time asking for private keys or seeds instead few dollars cash in their pocket.
for many years (which is basically all the lifetime of people around here) we have been using banks and we are still using them. and when people are used to some specific way of life you can't expect that way to be changed in one day. it takes time. bitcoin was created only 9 years ago and it is not yet 100% ready. some ever consider it still experimental and in its early stages.
so the answer is no, nothing and nobody is ready for this big change but eventually it will happen. not everyone one is going to do it but there will be a day when a lot of people will be their own banks.
so the answer is no, nothing and nobody is ready for this big change but eventually it will happen. not everyone one is going to do it but there will be a day when a lot of people will be their own banks.
I see there are some who are not ready because of the lack of education about cryptocurrency such as bitcoin, if you want to make a man into his own bank it seems there should be education that explains more clearly how the concept of a bank itself.
Now, only a few percent of the world's population is engaged in crypto currency. Therefore, it is still too early to say that people are ready to use it. Older people, apparently, will never use crypto currency. Most likely, a whole generation will pass for the situation to change. First of all, it is necessary to fully legalize and support the crypto currency from the state. With such a skeptical attitude of people to crypto-currency without its state support, the process of transition to its use by all people will continue indefinitely.
No. Humanity is not yet prepared to be its own bank.
Bitcoin does not replace the banking system, it is a medium of exchange (like cash...actually it 'is' digital cash).
The idea of decentralization is one of the things I like best about bitcoin but we are so habituated towards being governed that it will
likely take millennia for humanity to realize sovereignty over itself as individuals in a collective.
Bitcoin does not replace the banking system, it is a medium of exchange (like cash...actually it 'is' digital cash).
The idea of decentralization is one of the things I like best about bitcoin but we are so habituated towards being governed that it will
likely take millennia for humanity to realize sovereignty over itself as individuals in a collective.
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