the current state of the crypto and bitcoin, does not allow us to fully move towards using them, love it or hate it we live in a fiat society and we still have to use banks even if we don't trust them, i personally don't like banks because they can have full control over my funds and my transactions anytime they want to, and because my real life job requires me to have a banks account to receive my salary i can't stop using banks and move toward crypto in a full way.
I think that a coexistence is a much better than domination because if you think about it, if bitcoin were to replace banks, they have to replace a really big hole and I don't think that hole can be easily replaced because that's probably the lifeline of many countries and government and suddenly replacing it with something volatile is going to be a disaster. For me, trust isn't something that you should give out easily especially with financial instruments. 
Topic: Who to Trust, Fiat Banks or BTC? - page 10. (Read 2207 times)
I do like sending free and instant transactions with my bank account. No fees ever. Interest is daily calculated BUT I don't like that my FIAT is losing value all the time which makes the interest useless.
The problem aren't the people who have banks available that live up to their insurance policies. By the way, I am not so sure how many got their money back from Lehmann and Brothers. The real problem are the people who live in countries with corrupt banks, or banks that do not live up to their insurance policies/promises. They are smashed if something happens, and it happens at their cost. This is where Bitcoin comes into play. Countries with high inflation and corrupt administrations that might raid your house and take your assets. Those living in peaceful countries with decent and stable orders are not so much dependent on decentralized currencies.
I think no one got their money back from Lehmann brothers BUT the governments in their countries paid them back all their deposits. This is what I'm talking about the countries having such banks sign up citizens to guarantee schemes that pay back everyone in worst case scenarios like the bank going bust.
Of course, when the countries go bust, that's another story (and can happen even in supposedly less corrupt European countries too like Greece).
Discussing issues 1. I'll use myself as a case study;
Most times I would feel cheated by my banks even when I have no evidence to prove same. I always have this feeling that a bank with over 3million customers can decide to deduce 0.5cents from each customers account without sending them alert. The customers may also not notice because the figure is small. Multiplying 0.5cents by 3m customers will give you $1.5m. I don't know why I always believe there are hidden charges in the traditional banking system.
I've always been afraid of saving money in the bank, because we could lose our data or money. Banks that are managed by other people or controlled by bank employees so that the money we have continues to be taken little by little every month to pay the salaries of bank officers, in contrast to BTC which has a personal wallet and no interference from others.
Saving money in BTC is a very good option for security and huge profits.
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. I always have this feeling that a bank with over 3million customers can decide to deduce 0.5cents from each customers account without sending them alert. The customers may also not notice because the figure is small
Its not easy to notice if your balance has more digits and every digit is different but it can be noticeable if you check you wallet at all times and your balance compose of mostly zeroes . Even theres no hidden fees , most Banks still charge a fees for using their service and others .
This is why I don't like to use a bank but btc can offer a better service . people shall soon realized it
the current state of the crypto and bitcoin, does not allow us to fully move towards using them, love it or hate it we live in a fiat society and we still have to use banks even if we don't trust them, i personally don't like banks because they can have full control over my funds and my transactions anytime they want to, and because my real life job requires me to have a banks account to receive my salary i can't stop using banks and move toward crypto in a full way.
Just like what the Poll results is showing I don't trust the banks. I hated them right from the beginning.
They treat us nicely when we open an account with them but after that they their true colors.
They charge us for service which we don't even know if it exists and then provide a bad support.
They make us roam here and there just to access all our money. They restrict us from using our own money.
There are many other reasons why I hate them. Crypto on the other hand is like a blessing where we can be our own bank.
They treat us nicely when we open an account with them but after that they their true colors.
They charge us for service which we don't even know if it exists and then provide a bad support.
They make us roam here and there just to access all our money. They restrict us from using our own money.
There are many other reasons why I hate them. Crypto on the other hand is like a blessing where we can be our own bank.
A fully secured network running on the trust system of miners,nodes and every participant and with proper transparency of each transaction on global and open ledger blockchain there is nothing that you can't trust of Bitcoin if your are familiar with its core working.But to the contrary the banks that have no transparency and have huge NPA's every year and bad debts and loan scams arising you can't trust them even with your funds as bank don't loose but common people money is drained through them.So I don't trust them anymore I have came to know about bitcoin.The more you know it more distrust you have about the banking system of your country.
In fact, we must trust banks with their own manipulations and we seem to be forced to believe and trust them. Moreover, they are centralized where the government has the right role of any bank to be like what they said.
However, to be honest, I will never trust banks, moreover if we have seen several conditions related to the banking system. It is very very complicated.
However about BTC? Who should I believe? the creator/ the market or others?
So far, Bitcoin has its own advantages and disadvantages that will lead us to trust or not.
However, to be honest, I will never trust banks, moreover if we have seen several conditions related to the banking system. It is very very complicated.
However about BTC? Who should I believe? the creator/ the market or others?
So far, Bitcoin has its own advantages and disadvantages that will lead us to trust or not.
The issue of Trust is not only evident in relationships, it is applicable in our daily endeavours. People are more committed to system they trust than the one they don't trust. Even in this forum, you can easily do business with someone with a positive trust than one with a negative trust.
As the saying goes "wherever ones treasure is, there his soul is". So, in this article we would try to establish if ;
1. If people have fallen out of Trust with the Traditional banking system.
2. If people can trust BTC than banks.
Discussing issues 1. I'll use myself as a case study;
Most times I would feel cheated by my banks even when I have no evidence to prove same. I always have this feeling that a bank with over 3million customers can decide to deduce 0.5cents from each customers account without sending them alert. The customers may also not notice because the figure is small. Multiplying 0.5cents by 3m customers will give you $1.5m. I don't know why I always believe there are hidden charges in the traditional banking system.
Secondly, data management: I know of few companies that pay hugely in order to know how people spend their money, on which products, which days and which class of people spends much.
This company can quietly walk to the bank and get these information. They will pay the bank, and our data would be released to them without our consent. Because, with debit cards, how often you visit the grocery can be determined, etc.. I also feel cheated here.
Further; information privacy is another concern of mine. In most cases, the bank can give out your bank statements or any other salient information of yours to the government or public without your consent.
Considering my above worries, the issue of trust in the context is therefore not limited to trusting your bank to save your money, but also trusting them with your personal data.
On this premise I created a poll to know if we still trust the traditional banking system or we would rather trust the BTC (self bank).
You have really done well by creating a poll for individual opinions and also bringing this topic on board.As the saying goes "wherever ones treasure is, there his soul is". So, in this article we would try to establish if ;
1. If people have fallen out of Trust with the Traditional banking system.
2. If people can trust BTC than banks.
Discussing issues 1. I'll use myself as a case study;
Most times I would feel cheated by my banks even when I have no evidence to prove same. I always have this feeling that a bank with over 3million customers can decide to deduce 0.5cents from each customers account without sending them alert. The customers may also not notice because the figure is small. Multiplying 0.5cents by 3m customers will give you $1.5m. I don't know why I always believe there are hidden charges in the traditional banking system.
Secondly, data management: I know of few companies that pay hugely in order to know how people spend their money, on which products, which days and which class of people spends much.
This company can quietly walk to the bank and get these information. They will pay the bank, and our data would be released to them without our consent. Because, with debit cards, how often you visit the grocery can be determined, etc.. I also feel cheated here.
Further; information privacy is another concern of mine. In most cases, the bank can give out your bank statements or any other salient information of yours to the government or public without your consent.
Considering my above worries, the issue of trust in the context is therefore not limited to trusting your bank to save your money, but also trusting them with your personal data.
On this premise I created a poll to know if we still trust the traditional banking system or we would rather trust the BTC (self bank).
Really traditional banks like you have written are depriving us of our right by selling or giving our information to government or third parties without individual consent. Our data are being distributed for monetary reasons, multiple debit alerts using different names without an official reason which continues maybe because they are in charge of our money.
There is no more freedom in keeping money in the banks without being queried of excess fund or money laundering which have been a continuous fight against citizens by government. Thank God for the existence of Bitcoin and other cryptocurrency that had make us to regain our liberty again reducing the rate of monetary cases that is being prosecuted.
I dislike PayPal more than I dislike banks.
I don't like the fact that I am losing money for international transactions whenever I am receiving funds to my account due to intermediary banks.
I don't like the fact that by bank takes out €2 every month under the pretext of monthly account maintenance.
I don't like that "suspicious activity" will and can be reported to my local tax authority or other government agencies without my knowledge.
I don't like the fact that I am losing money for international transactions whenever I am receiving funds to my account due to intermediary banks.
I don't like the fact that by bank takes out €2 every month under the pretext of monthly account maintenance.
I don't like that "suspicious activity" will and can be reported to my local tax authority or other government agencies without my knowledge.
Same here, as I explained above, I also do feel that the insurance for my deposits are something of a unique thing not even PayPal can offer me. If I tell my bank immediately that my account was stolen or card was used, guess what? They block and refund the used balance almost immediately and I get a replacement card like tomorrow.
PayPal? Try it.
I do like sending free and instant transactions with my bank account. No fees ever. Interest is daily calculated BUT I don't like that my FIAT is losing value all the time which makes the interest useless.
The problem aren't the people who have banks available that live up to their insurance policies. By the way, I am not so sure how many got their money back from Lehmann and Brothers. The real problem are the people who live in countries with corrupt banks, or banks that do not live up to their insurance policies/promises. They are smashed if something happens, and it happens at their cost. This is where Bitcoin comes into play. Countries with high inflation and corrupt administrations that might raid your house and take your assets. Those living in peaceful countries with decent and stable orders are not so much dependent on decentralized currencies.
Maybe it depends on where you're from, but I my country it's unwise to generalize when it comes to banks because they're very different. There was a time when banks were not to be trusted at all because they basically performed exit scams or managed finances so badly that they kept going bankrupt. It's not a big issue these days, but there are still banks which are more trustworthy and those which are less trustworthy. I'm largely okay with the bank I use because it was nationalized (so, it's state-owned, basically) and pretty much everyone uses it here. And I must admit that I try saving some money on my bank account, even though I'd rather not. I trust the bank when it comes to day-to-day operations and money I use for my everyday purchases, but I still have a feeling that one day, the bank might go bankrupt and I'll lose my money. However, as I've said, I'm still trying to save money on my bank account, and that's because otherwise I won't be able to use it for what I'm saving for, as the authorities will ask to provide a bank statement proving that I have the funds I need. I trust BTC in my wallet more than I trust my fiat in the bank account because I know that I don't actually own the fiat, and the bank has power over it. So I hodl some BTC as well, but I wish I didn't have to keep any savings in a bank.
I think we have something to agree on here.
I hate banks and I don't know why. I guess it's also base on my experience that I can't even remember anymore.
Right now when I transact it's either on fiat or digital cash. Cryptocurrency options are still not accepted at my place and I hope they will soon.
My entire life I never had a credit card, even with all the invitations that had been coming in my mailbox.
Annual fees, losing credits, and giving you a hard time how to get it back then stories from friends that dug their own grave with credits. They will let you think it gives ease to all your transactions but I don't think so.
I hate banks and I don't know why. I guess it's also base on my experience that I can't even remember anymore.
Right now when I transact it's either on fiat or digital cash. Cryptocurrency options are still not accepted at my place and I hope they will soon.
My entire life I never had a credit card, even with all the invitations that had been coming in my mailbox.
Annual fees, losing credits, and giving you a hard time how to get it back then stories from friends that dug their own grave with credits. They will let you think it gives ease to all your transactions but I don't think so.
I trust them both and apparently using them all. However, it was mind-changing and I realize that a bank is not the right place to store your money coz it never grows much there unlike if you put this into investment. If I would just put it on BTC and hold for several years, I gain multiple times than the banks could give me.
I don't just consider the safety assurance that the bank could give us but we are getting into practicality and we want to grow our money fast rather than wasting a lot of time getting just small bucks.
I don't just consider the safety assurance that the bank could give us but we are getting into practicality and we want to grow our money fast rather than wasting a lot of time getting just small bucks.
although in this year BTC began to show a positive side and made people who used to be in the bank and now switch to BTC it looks like this might make many people switch to BTC.
but not all of them switch to BTC, only crypto lovers love bitcoin and I think this is a competition between banks and BTC. because if people switch to BTC maybe the bank will experience a shock, but the bank is also still trusted because it is safe to store money
but not all of them switch to BTC, only crypto lovers love bitcoin and I think this is a competition between banks and BTC. because if people switch to BTC maybe the bank will experience a shock, but the bank is also still trusted because it is safe to store money
I dislike PayPal more than I dislike banks.
I don't like the fact that I am losing money for international transactions whenever I am receiving funds to my account due to intermediary banks.
I don't like the fact that by bank takes out €2 every month under the pretext of monthly account maintenance.
I don't like that "suspicious activity" will and can be reported to my local tax authority or other government agencies without my knowledge.
I don't like the fact that I am losing money for international transactions whenever I am receiving funds to my account due to intermediary banks.
I don't like the fact that by bank takes out €2 every month under the pretext of monthly account maintenance.
I don't like that "suspicious activity" will and can be reported to my local tax authority or other government agencies without my knowledge.
Same here, as I explained above, I also do feel that the insurance for my deposits are something of a unique thing not even PayPal can offer me. If I tell my bank immediately that my account was stolen or card was used, guess what? They block and refund the used balance almost immediately and I get a replacement card like tomorrow.
PayPal? Try it.
I do like sending free and instant transactions with my bank account. No fees ever. Interest is daily calculated BUT I don't like that my FIAT is losing value all the time which makes the interest useless.
although in this year BTC began to show a positive side and made people who used to be in the bank and now switch to BTC it looks like this might make many people switch to BTC.
but not all of them switch to BTC, only crypto lovers love bitcoin and I think this is a competition between banks and BTC. because if people switch to BTC maybe the bank will experience a shock, but the bank is also still trusted because it is safe to store money
for now bitcoin is only used as a tool to print money, and finally the fiat money is stored in banks, and can finally be used to buy necessities. therefore we actually only carry out their respective functions, because we need both, considering we are cryptocurrency lovers but not all of them switch to BTC, only crypto lovers love bitcoin and I think this is a competition between banks and BTC. because if people switch to BTC maybe the bank will experience a shock, but the bank is also still trusted because it is safe to store money
the bank is officially recognized by the government, our data and money are also under the protection of the law, so I don't have any worries. after all I'm not a customer with a lot of funds 
I use the bank as needed, use it to facilitate transactions to meet monthly needs such as paying electricity bills, buying tickets, shopping online, etc. what's there to worry about while I still need it?
well, for some people there may be those who don't believe it because of the involvement of third parties and so on, that's the right of each. so it's not a matter of debate which one is better, everything has its good and bad sides.
This should be put in consideration because we've been using banks through ages now and even we do only own a small amount of cash or not really have much funds but the services and the convenience that it gives is undeniably good. I use the bank as needed, use it to facilitate transactions to meet monthly needs such as paying electricity bills, buying tickets, shopping online, etc. what's there to worry about while I still need it?well, for some people there may be those who don't believe it because of the involvement of third parties and so on, that's the right of each. so it's not a matter of debate which one is better, everything has its good and bad sides.
It does have pro's and cons but since banks are regulated then expect on what are the good and the bad in terms of kyc and something like that but we should not forget on how these institutions did really give out
some benefit and convenience for us users.
BTC is just an option to take if you do really value your identity and does mind about being decentralized.
I trust bank, although I don't like fiat money as the value keep decrease but for me bank is trusted organization. Something that I don't like about bank is the loan. Although it is the easiest way for bank to gain income but I think the bad thing is bigger than the good thing. I think it will be good if bank invest it directly to the company to produce product and make an agreement that bank will be get some percentage of the profit, it seems that the profit could be higher rather than the interest. I trust bank and bitcoin equally but I don't trust fiat money.
To some extent, I trust the bank, but I trust Bitcoin completely. The bank is at risk of running away. Bitcoin does not. Bitcoin will not deceive people. However, the usage rate of Bitcoin is not very high. Banks should not expose our data, our data is disclosed by apps on mobile phones. When we need something, we search for it, and then he will recommend similar things to us on various applications.
If you want to put something fixed, choose banks because your fiat will remain of the same value 'except if the bank goes bankrupt'. Fiat will always give control in the hands of banks because you depend on their cash availability if the amount of fiat is higher.
Choose bitcoin over banks if you want top notch security for your funds but are ready to take the risks of high volatility that come as strings attached with it. Bitcoin gives you complete control of your finance if you choose non-custodial wallets and keep your private keys safe.
Choose bitcoin over banks if you want top notch security for your funds but are ready to take the risks of high volatility that come as strings attached with it. Bitcoin gives you complete control of your finance if you choose non-custodial wallets and keep your private keys safe.
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