When the bank is not trustable? | Bitcointalksearch.org

CuriousGeorge

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KUWA.ai

Quote from: DRVX on April 24, 2018, 04:33:11 AM

Quote from: lisalise on March 28, 2018, 10:50:17 PM

What if the bank you save your life's savings in go bankrupt? Will you go bankrupt with the bank? So blockchain is to solve the trust among all parties. That's why the price of bitcoins is rising, it's the cost of trust.

Blockchains may be more trustworthy but still we have to interact with banks (to receive salary, buy smth online, etc). Personally I try to avoid new banks that offer unusually big bonuses, high deposit rates, and so on.

Buying something online can be done by using bitcoin. you know like people cashing out their bitcoin to local bank because they dont want to go through complicated process of searching merchant that actually accept bitcoin as a method of payment. Blockchain in the other han is trust less that there's no risk involved between parties.

VeeraS

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Quote from: lisalise on March 28, 2018, 10:50:17 PM

What if the bank you save your life's savings in go bankrupt? Will you go bankrupt with the bank? So blockchain is to solve the trust among all parties. That's why the price of bitcoins is rising, it's the cost of trust.

not as you think, basically banking has a legal umbrella and mechanism to prevent liquidation happen. of course there is now a guarantee for investors to reinforce their state-protected assets.
blockchain is a new technology that can really be counted on in terms of transactions and transparency. besides that there are many more benefits.

leland orser

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The Experience Layer of the Decentralized Internet

Bitcoin and the blockchain do solve the problem of transparency to some extent.
However, the current transfer fee for bitcoin is very high.

jbdjy

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The banks that hold the wealth of most people are tough at times, but in fact people do not trust the banks. If there is a more secure way, they will not choose a bank, and the advantages of cryptocurrency will emerge.

DRVX

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Quote from: lisalise on March 28, 2018, 10:50:17 PM

What if the bank you save your life's savings in go bankrupt? Will you go bankrupt with the bank? So blockchain is to solve the trust among all parties. That's why the price of bitcoins is rising, it's the cost of trust.

Blockchains may be more trustworthy but still we have to interact with banks (to receive salary, buy smth online, etc). Personally I try to avoid new banks that offer unusually big bonuses, high deposit rates, and so on.

Invest-or

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I agree the banks are trustable and they become less trustable with each of the crisis that end up being paid by the common people instead of sending the bankers to jail where they should be.

chenjkai

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Some banks still have insurance and reimburse some losses. If you do not want to go bankrupt, you should not make a deposit more than these limits.

Kryten12

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TREEBLOCK

If you look deeply into how the banks operate they run a practice called fractional reserve lending. Working on the premise that all the customers would never turn up at the same time to withdraw money they lend out 9 times as much as what they receive in deposits. Talk about money from thin air! Blockchain cryptocurrency is finite which is why overtime it's value will increase.

Sandeepmanwall

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I think invest money in cryptocurrency is much safer than send money in any bank system in this world Smiley. There are a lot of scandals related to bank system when bank's customers lost their money by hacker or any other reason.

Sandeepmanwall

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If I have a lot of money I will invest in real estate projects and cryptocurrency rather than banking. Maybe I will get more risk but I believe my knowledge will bring me profit. The management on the blockchain is very clear and accurate.

Sandeepmanwall

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The bank is the only one place to keep all the savings. There is also an opportunity to invest in gold or real estate or in shares. The banks are created to strengthen the economy of the country, but not their clients, who even on a crazy percentage of berud loans or vice versa deposit.

Elcapsono

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Quote from: lisalise on March 28, 2018, 10:50:17 PM

What if the bank you save your life's savings in go bankrupt? Will you go bankrupt with the bank? So blockchain is to solve the trust among all parties. That's why the price of bitcoins is rising, it's the cost of trust.

Is the bank the only place to keep all the savings. There is also an opportunity to invest in gold or real estate or in shares. Banks are created to strengthen the economy of the country, but not their customers, who even take a loan for a crazy percentage, or vice versa deposit.

weborsha

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Such an obvious statement.

it is always up to you where to store your money, but cryptocurrency is not about keeping money. It is about innovation and financial development. May be the author should look for a more trustworthy bank:)

IlfarIldarovich

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Most likely, the system of banks is already outdated, and blockchain simply gives an alternative technology through which it is possible to replace this sector.

Fazlurkhan.kz

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Firstly life savings should be saved in a government bank so that nothing really happens to your savings and if by any chance the bank still goes bankrupt there are services like Deposit Insurance and Credit Guarantee Corporation (DICGC) which helps you cover up to a certain amount depending on your scheme selected for any such circumstances. Here blockchain does not really solve the issue completely as nothing can be said what would happen to the cryptocurrencies in the future. Increasing the risk factors so people just go to government banks instead of cryptocurrencies as it is the matter of their complete life savings.

Lampaster

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Quote from: lisalise on March 28, 2018, 10:50:17 PM

What if the bank you save your life's savings in go bankrupt? Will you go bankrupt with the bank? So blockchain is to solve the trust among all parties. That's why the price of bitcoins is rising, it's the cost of trust.

Under normal circumstances, Yes. But now we see a serious drop in prices. There are people who believe that the price of bitcoin will always grow and bought bitcoin before the dump. I think they have the same feelings as the depositors of bankrupt banks. It is always difficult for a person to save his money and it does not depend on what form of money and the way of saving you choose for yourself.

dangphananh

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If I have big or big money then Bank is the most popular option. Crypto is forever for me to choose later. I believe in a change of generation 4.0 Good luck

wack slacker

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Quote from: lisalise on March 28, 2018, 10:50:17 PM

What if the bank you save your life's savings in go bankrupt? Will you go bankrupt with the bank? So blockchain is to solve the trust among all parties. That's why the price of bitcoins is rising, it's the cost of trust.

I am a Vietnamese citizen and in our country there have been scandals involving loss of money from customers. Recently, EXIMBANK has appropriated more than USD 10 million from customers. Police are investigating the clarification. If I have a lot of money I will invest in real estate projects and cryptocurrency rather than banking. Maybe I will get more risk but I believe my knowledge will bring me profit. The management on the blockchain is very clear and accurate. I can track my cash flow. For banks it is impossible because I can not all day ask what they have done with my money.

jaocoincrypto18

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Quote from: ShadowBits on March 28, 2018, 11:20:12 PM

Quote from: lisalise on March 28, 2018, 10:50:17 PM

What if the bank you save your life's savings in go bankrupt? Will you go bankrupt with the bank? So blockchain is to solve the trust among all parties. That's why the price of bitcoins is rising, it's the cost of trust.

That is also what I am afraid of since we are not sure if those people at the back will provide the best and secure place that we can put our money into.

So choose the most trusted banks in which belong to most reputable and belong to the top most trusted banks in your country. That even they will just give you a small monthly interest in your savings but the most important is the safe keeping of your money with them. There are lot of banks that will give you a high monthly interest but most of them are small banks which are very critical of bankruptcy because most of their financial backer is not really dependable.

smhome354

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One of the biggest banks in our country was reported that some depositors lost their money. This is so alarming to us because if a big bank like this can be infiltrated by hackers what more of the small banks. So finding alternatives to put our money is really a must. Banks can't really provide us the earnings that we want. They are just for our convenience.

Topic: When the bank is not trustable? (Read 174 times)