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).
I've used to trust banks way before Bitcoin came into existence. After seeing many cases of banks' manipulation and corruption, I've decided to look for an exit route to the current monetary system. Ever since I've discovered Bitcoin in 2014, I've never looked back. I still use a bank to store my Fiat money, but most of my capital is on crypto. With inflation hitting existing Fiat currencies, there's more reason to buy and "hodl" Bitcoin for the long term. People are starting to realize the true benefits of crypto/Blockchain tech, so it should only be a matter of time before banks lose traction in the mainstream world.
ultimately, a person will decide which system to trust for the long-term preservation of wealth. Not everyone will find Bitcoin attractive, as it's highly volatile in price. Keep in mind that most businesses and merchants accept Fiat on top of crypto. You don't need to "trust" Bitcoin, since everything is recorded on the Blockchain ledger. There's a reason why Blockchain's motto is "Don't trust, verify". It may never replace banks, but it'll be a nice alternative for those looking into sound money that will help them in times of need. As long as Bitcoin remains decentralized, nothing else matters. Just my thoughts
