i agree that when you have bitcoin it's like you really have full control of your assets, but that doesn't mean that one should refuse the banking system to store their assets. banking provides various financial services which are helpful to customers, many crypto users are even helped by banking where they can make deposits and buy bitcoin.
especially if you are worried that banks could steal your money, then you can see which institution they insure their money with. if it is a credible banking company, all customer funds should be protected, so that when the bank goes bankrupt, customers can get their money back.
Topic: Not your keys not your funds Banks (Read 419 times)
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.
Like what? But, cryptos are still like a bank. They are only much better though. Most banks are old and are guarded very well but it's funny that inside jobs can still occur. There is also the number one thief of our money and that is called as the 'Inflation'.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.
I think insurances and loans can still be obtained through them even if you don't store money on them although maybe it's an advantage if you do but if you don't want to, there are still other organizations or companies that offers the same thing. It's also possible here in crypto. If we really want to try and use a bank, then yeah that we only need to store small amounts on them and we need to prioritize crypto more (BTC to be specific).
I know a man who invested all his money on two different houses for renting and guess what happened? The land originally belonged to the government, but it was sold to him illegally and the seller disappeared, the government took everything from him, I bring this up just to prove to you that having your money in one thing is the most risky play.
Diversity doesn't end with crypto only, have money in assets and also in banks and even other businesses, when one crumbles the others will pull you up again, risks are inevitable in the human world, anything can happen to us or even our investments, and assets at any time, but the more we diversify the lower the risk.
Have business running, invest in assets, keep some money saved in the bank, just in case of emergency, avoid keeping gold and money at home, because of invaders and pests, we all hate the banks but at this point in time we can't do anything without the banks either.
Diversity doesn't end with crypto only, have money in assets and also in banks and even other businesses, when one crumbles the others will pull you up again, risks are inevitable in the human world, anything can happen to us or even our investments, and assets at any time, but the more we diversify the lower the risk.
Have business running, invest in assets, keep some money saved in the bank, just in case of emergency, avoid keeping gold and money at home, because of invaders and pests, we all hate the banks but at this point in time we can't do anything without the banks either.
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.
Because I have to worry a lot about keeping money in the bank, I have invested in Bitcoin instead of keeping money in the bank. I think investing in Bitcoin is much safer than keeping money in the bank. But those who are stupid will keep money in the bank now the situation in the bank is very bad because of which almost people are afraid to keep money in the bank. 
I have experienced first hand how Banks have gone bankrupt and where only a small portion of the funds deposited in that Bank, have been paid back to the clients.
We have also seen how reckless Banks have operated in the last economic crisis and how governments had to step up to bail them out with tax payers money to rescue them.
Banks cannot be trusted with your wealth... be your own Bank and buy bitcoins. (You should always hold those coins in a wallet, where you have sole control over the Private key)
We have also seen how reckless Banks have operated in the last economic crisis and how governments had to step up to bail them out with tax payers money to rescue them.
Banks cannot be trusted with your wealth... be your own Bank and buy bitcoins. (You should always hold those coins in a wallet, where you have sole control over the Private key)
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.
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.
It's not like that , yes you're right to some extent that banking system is not something that can be idealized to keep your gold and money. They basically invest your money and take huge amount of profits from which you're given a small amount in form if interest.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.
That's why when you go to a bank and ask them to withdraw all your amount they don't allow you to do so because they've invested almost all of their amount in bank except some.
Governments have created ways to ensure that company employees receive their salaries in banks, so all people are required to have bank accounts. Central banks regulate commercial banks, they constantly monitor commercial banks and carry out inspections periodically, so if a bank goes bankrupt, the insurance covers the money of the injured people, and the bank owners are punished. This way, people's money is safe in banks, at least I'm talking about banks in my country. I don't know how things work in first world countries or other countries
but I know that in my country, banks are trustworthy, if a person keeps $10,000 in my country's bank, then that money is safe, if that person loses their life, the money goes to their wife, children or parents. If the bank goes bankrupt, something very difficult to happen, but if it goes bankrupt, the bank's insurance company and the central bank in my country will give $10,000 to that person and all the people who had saved money in the bank. I honestly don't see any reason to criticize banks, because it's better to keep money in the bank than to keep it at home and increase the risk of a person's life.
but I know that in my country, banks are trustworthy, if a person keeps $10,000 in my country's bank, then that money is safe, if that person loses their life, the money goes to their wife, children or parents. If the bank goes bankrupt, something very difficult to happen, but if it goes bankrupt, the bank's insurance company and the central bank in my country will give $10,000 to that person and all the people who had saved money in the bank. I honestly don't see any reason to criticize banks, because it's better to keep money in the bank than to keep it at home and increase the risk of a person's life.
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.
If you don't have any control with your money, then it will be more risky especially in crypto world. This has been the discussion many times already with regards to security of the crypto wallet and with those who don't own their keys. If you want your crypto to be more safe then better to have your own hard wallet where you can control your crypto any time you want.
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.
At first, you talked as if you didn’t trust banks anymore, and at the end, you said banks are safe. I don’t know why some people think cryptocurrency is 100% safe to save money, but to me, it is not because if it were, the world would have changed and joined the cryptocurrency today, but because there is a high risk that only a few people can be able to accept it. That is why we have millions of people who are yet to accept it.
for banks if they are not safe people would have leave them for a long period of time and Banks have been in existence for a very long period of time and people have been saving billions of dollars in there and still safe. Do you know that many people who think they are 100% sure of crypto currency only use it to make more money and not to say money? If you do not, I think you should keep this in mind now that we all use cryptocurrency to make more money, not what you think. For me, I won’t advise anyone to use cryptocurrencies to save money.
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.
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.
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.
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.
Well we can always consider diversifying your portfolio and distributing your money into different assets. Like they say do not put all your eggs in one basket, do it the same with your money. You can’t keep your money with you at all times especially if it’s huge so it would be safer if you held it somewhere else.
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But with bank you could start the process to have access to your bank
Using banks is not also guaranteed safe as there are a lot of banking issues that may happen specifically to the bank you chose and your money can be in danger still.
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.
Bro, you're not being honest, you're just stating facts that's already known by a lot of people and you're not unique in your insights, people have known about that part ever since, I mean we've all been introduced into crypto with the fact that if it's not your keys then it's not your coins, people with some common sense could've easily compared and made the assumption. Tell us something new, most of us hate the banking institution already, what's there to hate other than the already stated facts by other people? Also, even if you do want to look cool hating on banks, you still can't go out there and be too much of a crypto supremacist because most people when they get too large of amount of bitcoin or any cryptocurrency, they still need banks to benefit from their profits.
Here in my country ± $8,700 is the maximum refundable in case something will happen to them so more than that would be considered loss on our part so yeah this is the reason why I don't like banks personally aside from the KYC and stuff. Banks also cannot give all the money you have if you cash it all out especially huge sums of money. I have read someone posted on social media before or maybe on forum I just forgot where I got that post. I know they do have a lot of questions during deposits and withdrawal of huge amount of money and that sucks.
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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.
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).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.
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.
If you had 500 million dollars in your wallet today, how would you turn that into money in your bank account? That's not easy at all, you would need to test out small by small, plus most exchanges do not let you do that all at once, so you need to do it slowly, and you need to make sure that you do not send all of that to an exchange or something that will keep it, you send like a million, and then you send to your bank, and then you take care of the taxes, and then you do it again 500 times until it's all done, and you will face a million problems while trying. So all in all, having 500 million in crypto, trying to turn that into fiat in your bank account is quite hard when you think about it.
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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Where it is comfortable and safe to store it. If people are comfortable saving money in the bank, choose the bank. But I'm sure there are former bank employees who don't keep their money in the bank.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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As far as I know, money saved in banks is used as capital to provide credit to those in need. Yes. The money in the bank does not belong to us, but to them because they control where our money will be used.
Unlike Bitcoin, we own Bitcoin and we control it.
In my opinion, don't save too much money in the bank. If you are a permanent worker who has an income that is paid directly to a bank account, it is better to withdraw 50% and leave 50% there every month for travel purposes just to anticipate.
There is no greater benefit to saving there than the lure of a small percentage of interest.
There seems to be nothing safe in reality. Before, keeping huge sums of money in your house isn't advisable. That's too risky. Your cold cash is difficult to keep. You're exposing it to robbers. You could spend it on useless stuff. Your house could catch fire. There might be flood. Your money could even be consumed by rodents and other pests.
And yet, keeping your money in the banks could mean it could be frozen from you. It could be locked. You might not be allowed to withdraw it indefinitely. Your bank could crash. This goes on.
Keeping your money in gold, real estate, stocks, business, Bitcoin, and so on doesn't mean they're safe either. Perhaps diversifying your money could somehow lessen the risk.
And yet, keeping your money in the banks could mean it could be frozen from you. It could be locked. You might not be allowed to withdraw it indefinitely. Your bank could crash. This goes on.
Keeping your money in gold, real estate, stocks, business, Bitcoin, and so on doesn't mean they're safe either. Perhaps diversifying your money could somehow lessen the risk.
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.
Yep, one of the really important things that we need to do to reduce the risk of losing all the funds we have, is to diversify our assets, There's nothing wrong in trusting some banks because somehow they can help us to store our money and the convenience that we experience by using their bank apps and loan offer once we need money when there's an emergency, especially now that we're living in modern technology days, the side down of it is prone to hacking incidents so much better not to put 100% of our funds in the bank.
There seems to be nothing safe in reality. Before, keeping huge sums of money in your house isn't advisable. That's too risky. Your cold cash is difficult to keep. You're exposing it to robbers. You could spend it on useless stuff. Your house could catch fire. There might be flood. Your money could even be consumed by rodents and other pests.
And yet, keeping your money in the banks could mean it could be frozen from you. It could be locked. You might not be allowed to withdraw it indefinitely. Your bank could crash. This goes on.
Keeping your money in gold, real estate, stocks, business, Bitcoin, and so on doesn't mean they're safe either. Perhaps diversifying your money could somehow lessen the risk.
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.And yet, keeping your money in the banks could mean it could be frozen from you. It could be locked. You might not be allowed to withdraw it indefinitely. Your bank could crash. This goes on.
Keeping your money in gold, real estate, stocks, business, Bitcoin, and so on doesn't mean they're safe either. Perhaps diversifying your money could somehow lessen the risk.
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.
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