Topic: Who to Trust, Fiat Banks or BTC? - page 4. (Read 2207 times)

Trust fiat to banks and btc to your crypto wallets. Each currency has its own purpose.

Yes, taxes are the tool with the most leverage the government has. They do have to justify their law making in front of independent courts though. It is not like they could just charge a 90% tax on crypto transactions. In democratic states they have to undergo a process, too, before they can establish extra hard regulations for any asset class. They have to justify that. When they raise taxes on cigarettes, that's not that hard. But when it comes to crypto they have to prove their arguments and provide reason for their intended actions.

I'm always sacred keeping my hard earned money in a bank because I know it won't remain the same as I kept it. Not that it would increase but it would have decreased by an annoying sum over time. I would rather invest in bitcoin where I know that I could make profits with my cash, even if the price of Bitcoin goes down I am rest assured it will come up later.

Now about my data. Really I don't know who to trust with that. Banks that suddenly close down lose data. One way or the other to say that they sell the data. Thats very possible. Also crypto companies can't really be banked on to be exclusive about your information about you.

Before, most of my savings or money is in my bank account. But starting last year, I am slowly moving them on-chain, especially in Bitcoin.
What money left in my bank is the money that I can easily access if I want or need money immediately, so it is considered a very small amount for me.
By that, I am showing that I can't trust the bank to hold my money, I rather hold it by myself, by keeping my private keys myself.

I also agree with you, but I want to acknowledge Fiat as a trusted bank because Fiat is controlled by the government and also because fiat uses a centralized financial system and can be regulated differently from bitcoin which uses a decentralized system that cannot be controlled by anyone to be printed at will.
that's the reason i trust bitcoin more

The government will never lose control of fiat as they have the central bank to create money, and don't forget that even if bitcoin is decentralized, but if we seek for it to be regulated, then we are asking the government to tax use bitcoin and crypto users, therefore, they are still in control of us.

I believe in both but I trust Bitcoin more. I still need a fiat bank because I still transact with my clients using fiat
btw, the thing I don't like the most from bank is that they always ask questions which I don't think are important when I want to send a large amount of money

Bitcoin is different because we don't use third parties to make transactions, we can send large amounts of money anytime and anywhere
Bitcoin is a miracle

Yes bitcoin is a very good currency to hold for a long time fiat banks are controlled by the government and the government controls as it wishes. The government gets taxes from here but bitcoin is not under anyone's control investors manage to invest as they wish.

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).

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.

maybe in general what you say can be said that bitcoin and fiat are equally important, I agree with that. although maybe its use and form are very different because bitcoin does not have a form while fiat is still in shape but its use is clearly the same, it can be used as a trade and exchange with what we need.

but the two are so different that it is appropriate not to make comparisons but rather to support each other. where of course there is a shortage of fiat and bitcoin can work there and vice versa if fiat is not able to do then bitcoin will be able to solve it. This is clearly a much-needed cooperation between the two.

why choose, aren't bitcoin and fiat as important as fiat is important for daily transactions and bitcoin is more precisely used as an asset for the future so in my opinion to choose between bitcoin and fiat depends on the holder whether to invest or to spend for basic needs.