Topic: Not your keys not your funds Banks (Read 537 times)

Banks are more convenient for all individuals trying to keep their wealth under control and many prefer to use cash. But I prefer crypto to bank to keep my wealth. Investing bitcoins in crypto will increase in value over time and double your profits. Banks have very low profit margins and take a lot of time to withdraw money. Also the continuous inflationary pressure of banks and lack of confidence among depositors are also responsible for this.

Thruthfully speaking we know that banks do offer an array of advantages that you are never to get with crypto.

Yes these banks are not as secure as they say but if you need a few things, it wouldn’t be that bad to have some of your money in the bank. We are talking about insurances and loans here. In case of emergencies banks can come in handy.

Though I think that it would be best if you didn’t just put all of your money into the bank and if you really want to feel the most responsible with your own money then put some in crypto.

These days keeping money in the bank has become really dangerous. Because the banks are going bankrupt. Also, the bank does not tell the customer clearly what is going to happen.  It is better to have money in cash. And if you want to invest, investing in land and cryptocurrency will be the right decision.  That is the best decision to invest in BTC.  I am not saying that the bank is bad. But these days the bank issue is harassing people. Bank fraud is observed almost all over the country.

To be honest Banks have liabilities to other bigger banks and instutions If you own funds in bank it's not yours
In the future the new money system should be that at least some amount what you have in bank account for example up to 30k $ you can transfer into your private self custody wallet, i heard that's the plan and yes its needed.
Nowdays i feel like my bank account balance is just numbers and i have no control over it the true wealth i have is cash in my pocket or wallet and the cryptocurrency.
Also Banks hold extra liabilities to other financial instutions and bigger banks and you might have mortgage or car loan with your bank you might think they own it but not If your bank have problems than you might lose your home even you pay mortgage for your home.
The thing is that banks and other debit credit instutions don't expose to customers openly info about how much leverage or risk they have and liabilities what they need to pay to other financial instutions If not they must liquitate their assets.
In times like this you only want to deal with bigger banks and credit /debit instutions.
But i feel that crypto and cash are real money the bank balance on my bank account i feel little sceptical yes banks are safe but still i need that feeling that at least some of my funds are under my own control.

This is one of the reasons bitcoin was created and why a lot of us use it. The bitcoin in your non-custodial wallet is in your control and no entity can seize it or prevent you from doing what you want with it, the bad thing is that some people still use bitcoin like fiat, by keeping their assets in a centralized exchange.

Custodial services like the bank and centralized exchanges basically take your money and show you numbers in your account, if anything happens to their platform, you'd be unable to withdraw your money, which proves that it was numbers all along.

In times like this you only want to deal with bigger banks and credit /debit instutions.
But i feel that crypto and cash are real money the bank balance on my bank account i feel little sceptical yes banks are safe but still i need that feeling that at least some of my funds are under my own control.

But i feel that crypto and cash are real money the bank balance on my bank account i feel little sceptical yes banks are safe but still i need that feeling that at least some of my funds are under my own control.

Okay, let us also consider the possibility of keeping money in digital currency for instance holding bitcoin or any other altcoin as an alternative to save and secure one's assets or money. Do you also remembered that the painful thing is to completely loss access to your asset because in cryptocurrency all you have is to safe guard your private key, seed phrase or alphanumeric keys or whatever. But with bank you could start the process to have access to your bank account.

But with bank you could start the process to have access to your bank

You have control over the cash and crypto... as far as the money we keep in the bank, we have control as well, but not total. The bank can limit/deny our access to that money if they think there is a reason for doing so. Of course, it doesn't happen that often and it doesn't happen everywhere, but there have been cases in the world (especially during the coronavirus).

Well, it's simple actually... banks are the "middleman", a third-party service, and with crypto, the need for that "third-party service" is eliminated. We can store/keep coins, we can move them as we like, and wherever we like, we can adjust fees, so basically we can do alone most things that banks do.

In the future the new money system should be that at least some amount what you have in bank account for example up to 30k $ you can transfer into your private self custody wallet, i heard that's the plan and yes its needed.
Nowdays i feel like my bank account balance is just numbers and i have no control over it the true wealth i have is cash in my pocket or wallet and the cryptocurrency.
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Reality is, the safety and security of your wealth is only within your hands. If you are too trusting to your banks or even exchanges that monitor your wallet, you will lose them all in an instant. That is why when it comes to money, there’s no one you can trust 100%. So be cautious where to save or store your wealth. If you are not responsible enough to manage your wealth, you will definitely mess them in no time.

So I’d agree that with all these flaws, diversification could be the best option. At least if you lose one asset, the other one might probably be in profits. Risks are inevitable, but one should always know how to lessen those risks.