Topic: Who to Trust, Fiat Banks or BTC? - page 2. (Read 2207 times)
I actually trust bitcoin rather than fiat banks. Because fiat banks are very complicated and especially if we have a lot of account balances. They must have kept asking for information about it. As for bitcoin, we feel comfortable, safe and then by storing our money in bitcoin. It's the same as we have invested, if our money is only stored in the bank there is no interest.
I don't but I think most banks have insurance from a government agency, the only problem is inflation which we cannot fight if we just put our money in the bank, banks are just to safeguard our money, not its value.
If asked to trust Fiat and Banks completely I highly doubt it because there is no real evidence that there is no guarantee that our money is really safe in it even though in my country there is currently a financial services authority. The Century Bank case is one of the bankruptcy cases that has not been resolved until now. I prefer to save in crypto over fiat even now I'm trying to convert my fiat money in some high liquidity assets instead of increasing my savings in the bank. Banks cannot be trusted at all, the issue that banks are most worried about is rush money.
No offence mate but I think you are being paranoid. Man, banks have been here since like forever. Sure they have their cons but I can’t just discard or disapprove of them because of BTC. Think about it for a minute without any sentiments. BTC has its cons too. About privacy, I’d say in our present day world it is an illusion. Everything we do on our electronic devices as much as it is connected to the internet is harvesting our data. About your poll, I’ll pick banks fiats over BTC at least until BTC can stand the test of time.
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Our money will be safe in the bank as it's insured, most banks I believe has insurance to secured the funds of the depositors, however, the real problem here is the inflation as eventually as the economy will struggle, the value of our money will decrease due to inflation, and we can already see it now since government continuously printing money, compared to bitcoin where the supply is already fixed. 
Your money, your way of safekeeping it, if you don't trust the banking system, that means you don't trust the government too, so there's no reason living in a dictator country, time to migrate to other countries where you think the law suited your interest. The banking system will still exist because although there are people who do not trust it anymore, the majority of people still have confidence in the banking system.
It might not be able to serve everyone, but it will surely serve the majority.
It might not be able to serve everyone, but it will surely serve the majority.
I don't think that most of the people using the banking system in a corrupt state means that most people still trust the banking system. That is quite an unsubstantiated or one-sided conclusion. They just don't have a single alternative most of the time. They must use the banking system. It's like choosing between two evils: put your money under the pillow and get robbed very likely or put your money into an account of a corrupt bank and also get robbed very likely. 90% chance to get your money robbed if it is under the pillow, 85% chance to get it robbed from a bank account. No other options given. What do you go for? Do you trust the bank more than your pillow?
If I'm honest, the traditional banking system is still very much needed here and of course it has more trust from the public, even though there are often problems with the bank. BTC is still not very familiar, and only known by certain circles.
I personally for now still believe in traditional banks, because I still have money in the bank and of course I still really need it. BTC also gives me great hope, about security, convenience and most importantly I can make a profit.
Between traditional BANK and BTC, I haven't been able to leave either one, and I still have great faith in both.
I personally for now still believe in traditional banks, because I still have money in the bank and of course I still really need it. BTC also gives me great hope, about security, convenience and most importantly I can make a profit.
Between traditional BANK and BTC, I haven't been able to leave either one, and I still have great faith in both.
I trust Fiat than Btc, Why? Btc is not much popular in my country, very small of people know that and use btc but they always worried because their way is illegal in government rules. Bank is safe,easy,transparent,protected gateway till now in my opinion.
I trust fiat banks and Bitcoin both actually. I trust some fiat banks, not all of them. Because some banks can turn out to be a fraud after some time. There have been some people I know who lost some amount of their savings because of that. So we should choose the banks to trust very carefully.
I guess when the discussion comes to banks, among the most important factors to judge whether it is mostly trustworthy or not is its geolocation. Sure you could argue that American banks can go bankrupt, be corrupt and what not, but I would rather entrust my money with a bank that is located in a democratic county than with a bank that is located in a dictatorship with corrupt governments.
Your money, your way of safekeeping it, if you don't trust the banking system, that means you don't trust the government too, so there's no reason living in a dictator country, time to migrate to other countries where you think the law suited your interest. The banking system will still exist because although there are people who do not trust it anymore, the majority of people still have confidence in the banking system.
It might not be able to serve everyone, but it will surely serve the majority.
I don't think that most of the people using the banking system in a corrupt state means that most people still trust the banking system. That is quite an unsubstantiated or one-sided conclusion. They just don't have a single alternative most of the time. They must use the banking system. It's like choosing between two evils: put your money under the pillow and get robbed very likely or put your money into an account of a corrupt bank and also get robbed very likely. 90% chance to get your money robbed if it is under the pillow, 85% chance to get it robbed from a bank account. No other options given. What do you go for? Do you trust the bank more than your pillow?
That's how it is because we are living in a world where centralized government rules and all they create is something that we should trust. I would always trust putting my money in the bank than safekeeping it myself as I know my life would be at risk especially if I'm holding a lot of money. Maybe we don't have the same banking system but in our country, our deposits are insured so I'm certain that even if I keep it longer, my money will not be lost.
No one tries to hide millions of money in his house as his life could be put at risk as well.
I trust fiat banks and Bitcoin both actually. I trust some fiat banks, not all of them. Because some banks can turn out to be a fraud after some time. There have been some people I know who lost some amount of their savings because of that. So we should choose the banks to trust very carefully.
I guess when the discussion comes to banks, among the most important factors to judge whether it is mostly trustworthy or not is its geolocation. Sure you could argue that American banks can go bankrupt, be corrupt and what not, but I would rather entrust my money with a bank that is located in a democratic county than with a bank that is located in a dictatorship with corrupt governments.
Your money, your way of safekeeping it, if you don't trust the banking system, that means you don't trust the government too, so there's no reason living in a dictator country, time to migrate to other countries where you think the law suited your interest. The banking system will still exist because although there are people who do not trust it anymore, the majority of people still have confidence in the banking system.
It might not be able to serve everyone, but it will surely serve the majority.
I don't think that most of the people using the banking system in a corrupt state means that most people still trust the banking system. That is quite an unsubstantiated or one-sided conclusion. They just don't have a single alternative most of the time. They must use the banking system. It's like choosing between two evils: put your money under the pillow and get robbed very likely or put your money into an account of a corrupt bank and also get robbed very likely. 90% chance to get your money robbed if it is under the pillow, 85% chance to get it robbed from a bank account. No other options given. What do you go for? Do you trust the bank more than your pillow?
Our money will be safe in the bank as it's insured, most banks I believe has insurance to secured the funds of the depositors, however, the real problem here is the inflation as eventually as the economy will struggle, the value of our money will decrease due to inflation, and we can already see it now since government continuously printing money, compared to bitcoin where the supply is already fixed.
Banks are insured, but they're heavily manipulated by the government. You don't have any kind of freedom when you store money in a bank. The moment banks determine your transactions to be suspicious, will be such when your account will get frozen or seized for good.
because of their wide adoption, almost every merchant accepts credit cards, and it is due to that that most people use banks but now BTC provides an alternative
where the user is in control of their data and money. What more can we want??? As long as wider adoption of crypto occurs, in my view, crypto payments will pave the future of personal finance.
Our money will be safe in the bank as it's insured, most banks I believe has insurance to secured the funds of the depositors, however, the real problem here is the inflation as eventually as the economy will struggle, the value of our money will decrease due to inflation, and we can already see it now since government continuously printing money, compared to bitcoin where the supply is already fixed.
Banks are insured, but they're heavily manipulated by the government. You don't have any kind of freedom when you store money in a bank. The moment banks determine your transactions to be suspicious, will be such when your account will get frozen or seized for good. Not like Bitcoin where you have control of your own money. It may have its limitations such as price volatility and high fees, but it's still better than trusting a bank. Ultimately, people will decide which type of currency (Fiat or BTC) to trust from the other. As long as Bitcoin has some loyal supporters behind it, nothing else matters. Just my opinion
total centralization and risk of manipulation but we cant really just deny that we do still trust fiat banks than with crypto but the fact on why we do really need to have some choice if we
can do both things or depending on what we do believe on? They do serve out different market and does have typical different usage and its up to someone
on which one he would support or would use up but to think that crypto is still getting value from fiat then you do know on whats next.
I trust fiat banks and Bitcoin both actually. I trust some fiat banks, not all of them. Because some banks can turn out to be a fraud after some time. There have been some people I know who lost some amount of their savings because of that. So we should choose the banks to trust very carefully.
I guess when the discussion comes to banks, among the most important factors to judge whether it is mostly trustworthy or not is its geolocation. Sure you could argue that American banks can go bankrupt, be corrupt and what not, but I would rather entrust my money with a bank that is located in a democratic county than with a bank that is located in a dictatorship with corrupt governments.
Your money, your way of safekeeping it, if you don't trust the banking system, that means you don't trust the government too, so there's no reason living in a dictator country, time to migrate to other countries where you think the law suited your interest. The banking system will still exist because although there are people who do not trust it anymore, the majority of people still have confidence in the banking system.
It might not be able to serve everyone, but it will surely serve the majority.
I trust fiat banks and Bitcoin both actually. I trust some fiat banks, not all of them. Because some banks can turn out to be a fraud after some time. There have been some people I know who lost some amount of their savings because of that. So we should choose the banks to trust very carefully.
I guess when the discussion comes to banks, among the most important factors to judge whether it is mostly trustworthy or not is its geolocation. Sure you could argue that American banks can go bankrupt, be corrupt and what not, but I would rather entrust my money with a bank that is located in a democratic county than with a bank that is located in a dictatorship with corrupt governments.
Our money will be safe in the bank as it's insured, most banks I believe has insurance to secured the funds of the depositors, however, the real problem here is the inflation as eventually as the economy will struggle, the value of our money will decrease due to inflation, and we can already see it now since government continuously printing money, compared to bitcoin where the supply is already fixed.
Banks are insured, but they're heavily manipulated by the government. You don't have any kind of freedom when you store money in a bank. The moment banks determine your transactions to be suspicious, will be such when your account will get frozen or seized for good. Not like Bitcoin where you have control of your own money. It may have its limitations such as price volatility and high fees, but it's still better than trusting a bank. Ultimately, people will decide which type of currency (Fiat or BTC) to trust from the other. As long as Bitcoin has some loyal supporters behind it, nothing else matters. Just my opinion
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A recent poll by The Economist found that only 26% of people trust decentralized cryptocurrencies, and people are more willing to accept centralized digital currencies issued by the central bank.
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The survey found that people have the highest level of trust in digital currencies supported by the central bank, the second place (40%) in digital currencies issued by large financial companies, and a slightly lower level of trust in large technology companies (36%) . Respondents said that they would trust banks and large companies-whether they are technology companies or financial companies-rather than a decentralized digital currency like Bitcoin that is not supported by any specific organization.
I am a believer in Bitcoin. There are already many posts on the forum to explain Bitcoin. There is no need to explain, just do it.
- Actively publicize, let more people know---user education
- Actively increase applications and consumption scenarios to allow Bitcoin to penetrate every corner of life
- I hope that more institutions, more people, and more sovereign countries will participate and increase the trust of Bitcoin.
- It is very important to make Bitcoin the safest value transmission network
- Simplify the transaction process of Bitcoin, reduce the handling fee, and make the speed faster.
- Effectively stop illegal criminal activities carried out on the Bitcoin network, and provide users with a safe and reliable financial environment.
In my country, selling data is not something rare. Even we just bought cell number, we can get any SMS which offer something. It can be considered data breached too, especially in banks. Our name, address and etc can be sold to other companies and we can get any offer into our phone or anything else. For now bank i only used to save money only and BTC i only use to investment only. Not want to be anything believer as long i protect myself. And for bitcoin, when i think i get profit, i will sell my coins because i only use it as investment.
-snip-
Our money will be safe in the bank as it's insured, most banks I believe has insurance to secured the funds of the depositors, however, the real problem here is the inflation as eventually as the economy will struggle, the value of our money will decrease due to inflation, and we can already see it now since government continuously printing money, compared to bitcoin where the supply is already fixed. At current time i support Fiat because in Banks our Data us saved and our money is fully secured. No one can steal or decrease our money. If any mistakes happen we can apeal to Government.
While in Btc Big whale can half your portofolio. Also if all exchanges stop to exchange bitcoin we cannot do anything.
Our money will be safe in the bank as it's insured, most banks I believe has insurance to secured the funds of the depositors, however, the real problem here is the inflation as eventually as the economy will struggle, the value of our money will decrease due to inflation, and we can already see it now since government continuously printing money, compared to bitcoin where the supply is already fixed. While in Btc Big whale can half your portofolio. Also if all exchanges stop to exchange bitcoin we cannot do anything.
At current time i support Fiat because in Banks our Data us saved and our money is fully secured. No one can steal or decrease our money. If any mistakes happen we can apeal to Government.
While in Btc Big whale can half your portofolio. Also if all exchanges stop to exchange bitcoin we cannot do anything.
While in Btc Big whale can half your portofolio. Also if all exchanges stop to exchange bitcoin we cannot do anything.
Fiat Banks is good, but our money has no interest. While every year inflation occurs. That's why I prefer bitcoin, apart from being flexible and fast. Bitcoin value continue to rise if we keep a long time.
we let our money use by the bank when we put it there. banks cannot be trusted, trusting them will only make us lose, trusting Bitcoin is much better because its value will continue to increase and will not hurt when we have a strong hand.Lots of ups and downs are there in safe guarding our money in banks. Besides the discussion, its currently the bank, where the majority almost to 99.99 percent of people have to rely on the banks and trust them. We believe in BTC and yes we do earn and save in wallets. However, that's converted into our local currency and that money has to fall into a bank account to take them off.
Banks will be involved for a very long time even if crypto were to take over slowly. When merchants accept Bitcoin I think they usually immediately convert it into fiat, hence banks are involved in the process no matter what. A truly Bitcoin-based economy is decades away I would say. I might be wrong of course, but I just can't think of a scenario where in ten years time we'll be without bank accounts and with Bitcoin wallets only.
People would still trust banks no matter what and would accumulate fiat as much as they can even they are heavily believing with crypto investments and that's a fact.
We do have different decisions and perception in between things.Therefore, this is just really depending on personal preference.
Maybe the institutional structure or appearance of what we understand under the term "bank" will change significantly. Maybe a bank won't be the big building anymore with dozens of clerks waiting to serve you. Maybe a bank is an online business helping you with custody services regarding digital assets. However, for as long as we have generations alive from the pre-digital age, we will also have traditional banks as we know them now because there is demand for it.
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