Topic: Who to Trust, Fiat Banks or BTC? - page 7. (Read 2207 times)
I trust banks in my country for saving my money there but it doesn't generate much profits like holding Bitcoin although Bitcoin is volatile but holding for long term don't deprived me in the last couple of years. Trust in Bitcoin is a risky in terms of profits/losses taking but holding cash in Bank will be more preferable than Bitcoin. I think both are separate part, one (Bitcoin) is for investment and another (Bank) is for life saving cash.
I still believe in the bank to save my shopping money and my daily needs, but when investing I am more inclined to bitcoin even though the price is uncertain I am more comfortable saving my savings in bitcoin. because my main reason is the interest rate in the bank is small and there are too many admin fees
The only reason for me to trust the bank is that in any case of mishap in the transaction , i can call the bank and resolve my issue. Also i don't like to put more money in the bank as that money is being monitored by the tax authorities.
Bitcoin, on the other hand is my own money and no one in the world know how many bitcoin i owns. If i lost the private keys, its my own fault and i would never get my coins back. That's the only risk with bitcoin.
I trust the bank as a custodian of my money, but don't trust the bank for my data. because many cases many seem to have sold someone's data for things that are not important and that happened in my country. bank is only safe for saving money, but not safe for personal data
I don't trust bank with my personal data. They can only keep and secure my money, I trust them with my money, although, their charges are high. But when it comes to Investments. Bitcoin is already on my mind. I invest in Bitcoin, because it has a bright future, and I am 100% in charge of my Investment, and no extra charge, unlike Banks.
When it comes to well-known banks in my country, I trust them with my money honestly. But when it comes to my data, I'm not absolutely certain about it. Because some banks use our data even without our consent for marketing purposes. And it's not ethical.
One thing you should know is that the Commercial Banks we have around are just there make profit and nothing aside of that count except for profit maximizing. Talking about the duo, I think BTC has come to a point where even least person can hit bis chest with trust tohe platform, why, because it is only that the price fluctuate at times if not properly understood will lead to a loss on investment whereas the banks are there to ensure that your fund is fully secured with them especially when the account is receiving turns of income
So, as for me the banks are not that trust worthy because there charges are something else looking for a way to even reduce your fiat investment so as to make your investment plan fall.
So, as for me the banks are not that trust worthy because there charges are something else looking for a way to even reduce your fiat investment so as to make your investment plan fall.
(my personal opinion) i don’t believe banking system for many reasons:
-i know in my country banks provided our data with 3rd parties without our consent, government can take at anytime for the purposes investigation that's ok.
-i observed sometimes banks cut of extra charge without the customer's permission and they can't show valid reason(i faced the problem in several times)
It's a shame that your bad experience with banking makes you distrustful. In fact, banking needs are still very much needed in everything related to various transactions connected with other parties. because if we are connected with banking, we will get convenience that we may not be able to do alone and many relationships that cannot be done by our own actions.-i know in my country banks provided our data with 3rd parties without our consent, government can take at anytime for the purposes investigation that's ok.
-i observed sometimes banks cut of extra charge without the customer's permission and they can't show valid reason(i faced the problem in several times)
I do not believe that banks will disclose the secrets of people's personal data without any very important purpose. who may be able to ask is the legal apparatus if it is suspected that there is a suspicious transaction. If the data can be retrieved, I believe it is because it could have been taken from when we made a credit card by filling out an application and it could be duplicated.
(my personal opinion) i don’t believe banking system for many reasons:
-i know in my country banks provided our data with 3rd parties without our consent, government can take at anytime for the purposes investigation that's ok.
-i observed sometimes banks cut of extra charge without the customer's permission and they can't show valid reason(i faced the problem in several times)
- I think selling data or providing customer data to third parties as you say, bank employees are relatively insecure in that regard because a most recent case in my country, the direct manager of the customer information has been bribed to disclose the transaction status, the purpose of this work is to tarnish the reputation of some famous person with hypocrisy. The bank side also apologized directly and took it to court and resolved it by law, and I think this is something that can be sympathized with banks, their presence is too wide and the staff situation is too many, making it very difficult to manage each individual. -i know in my country banks provided our data with 3rd parties without our consent, government can take at anytime for the purposes investigation that's ok.
-i observed sometimes banks cut of extra charge without the customer's permission and they can't show valid reason(i faced the problem in several times)
(my personal opinion) i don’t believe banking system for many reasons:
-i know in my country banks provided our data with 3rd parties without our consent, government can take at anytime for the purposes investigation that's ok.
-i observed sometimes banks cut of extra charge without the customer's permission and they can't show valid reason(i faced the problem in several times)
It's a shame that your bad experience with banking makes you distrustful. In fact, banking needs are still very much needed in everything related to various transactions connected with other parties. because if we are connected with banking, we will get convenience that we may not be able to do alone and many relationships that cannot be done by our own actions.-i know in my country banks provided our data with 3rd parties without our consent, government can take at anytime for the purposes investigation that's ok.
-i observed sometimes banks cut of extra charge without the customer's permission and they can't show valid reason(i faced the problem in several times)
I do not believe that banks will disclose the secrets of people's personal data without any very important purpose. who may be able to ask is the legal apparatus if it is suspected that there is a suspicious transaction. If the data can be retrieved, I believe it is because it could have been taken from when we made a credit card by filling out an application and it could be duplicated.
I have had the experience of being frozen by a statutory bank and making mistakes in accounting, and sometimes I have to withdraw money from the bank. There are a lot of troublesome things to prepare. It's not that we don't believe in fiat currency banks. In fact, there is no other choice. Relatively speaking, fiat currency banks are safer than putting money under the bed.
Although Bitcoin has undergone 10 years of development, more and more people have participated, but it has not yet reached the level of free circulation in various fields. I am looking forward.
Think about this problem in reverse. Banks are centrally located. If they are lost, they can still be appealed, and there is still the possibility of recovering them. At most, the police may recover some of them after they are lost. For Bitcoin, if your wallet's private key is leaked, then I have been receiving it all the time, and the bitcoin is transferred to the wrong address, so I can’t get it back again.
(my personal opinion) i don’t believe banking system for many reasons:
-i know in my country banks provided our data with 3rd parties without our consent, government can take at anytime for the purposes investigation that's ok.
-i observed sometimes banks cut of extra charge without the customer's permission and they can't show valid reason(i faced the problem in several times)
-i know in my country banks provided our data with 3rd parties without our consent, government can take at anytime for the purposes investigation that's ok.
-i observed sometimes banks cut of extra charge without the customer's permission and they can't show valid reason(i faced the problem in several times)
Yes, only with my money.
I trust bank to an extent
I trust banks with my money because banks have been there for a long time. It has proven that banks are secure storage of money. You can withdraw anytime at banks. It is useful in managing your finances and controlling it. You can save your hard earned money for the future.
I trust bank to an extent
I trust banks with my money because banks have been there for a long time. It has proven that banks are secure storage of money. You can withdraw anytime at banks. It is useful in managing your finances and controlling it. You can save your hard earned money for the future.
As someone whom has worked in the financial sector for a decade and a half, I can tell you one thing that holds true, Banks are utterly corrupt. Well, let me specify.. unless it is a "mom and pop" bank in some small town that knows your name when you walk through the front door, or a credit union, then you should not trust banks. Banks are constantly stealing money, creating fake accounts, nickel and diming you for the littlest reasons etc. Just take a look at what Wells Fargo recently did with customer account.
Also, at least here in the US, there is something called FDIC insurance. This "insurance" protects up to I believe $100,000 a bank customer has in their accounts. The real truth is that if these big banks ever do go under, you're NEVER going to see that money again and even if you do, it will take many years before you do. So many people have misplaced trust in the regard. I tend to see older people being the ones who still believe in banks because they simply don't know any better. Of course its not just older people but those whom do nothing to educate themselves on the truth.
Also, at least here in the US, there is something called FDIC insurance. This "insurance" protects up to I believe $100,000 a bank customer has in their accounts. The real truth is that if these big banks ever do go under, you're NEVER going to see that money again and even if you do, it will take many years before you do. So many people have misplaced trust in the regard. I tend to see older people being the ones who still believe in banks because they simply don't know any better. Of course its not just older people but those whom do nothing to educate themselves on the truth.
I still believe in the bank to save my shopping money and my daily needs, but when investing I am more inclined to bitcoin even though the price is uncertain I am more comfortable saving my savings in bitcoin. because my main reason is the interest rate in the bank is small and there are too many admin fees
currently, the use of crypto such as BTC is indeed different from the bank system.we save our money for daily needs of course in the bank. any system that can give us benefits, I think the bank is the most suitable for now because it can be done directly for us to do transactions.
but BTC or crypto, so far we keep it for investment assets. not many are successful and do use crypto as a means of payment.
As long as commerce is done in fiat you won't be able to survive without a bank account. Depending on the country you live in I'd say banks are safe for sure. Give it a couple more years and I guess more commerce will take place in cryptocurrencies. The fees for bank accounts are currently on the rise and you have stuff like negative interest rates. All those factors will lead to cryptocurrencies being more widely adopted over time. A crypto wallet is for free and if you use stable coins you are good to go without the volatility risk.
It's like do you trust people or algorithms? Banks are people, to be more specific a group of people, and they are working for themselves, and for their close partners... they don't care about anything else, except how to keep the control and power, while they are making tons of money every second!
With Bitcoin, it's a different story! It's the same for everyone! You know the rules, and those rules are the same for all of us! Unlike with banks, where rules can be bend or strict, depending on your "position"!
In the end, banks are a big and important institution in this rigged system! And I believe we can agree that this system now is broken, we need some changes!
With Bitcoin, it's a different story! It's the same for everyone! You know the rules, and those rules are the same for all of us! Unlike with banks, where rules can be bend or strict, depending on your "position"!
In the end, banks are a big and important institution in this rigged system! And I believe we can agree that this system now is broken, we need some changes!
I still believe in the bank to save my shopping money and my daily needs, but when investing I am more inclined to bitcoin even though the price is uncertain I am more comfortable saving my savings in bitcoin. because my main reason is the interest rate in the bank is small and there are too many admin fees
currently, the use of crypto such as BTC is indeed different from the bank system.we save our money for daily needs of course in the bank. any system that can give us benefits, I think the bank is the most suitable for now because it can be done directly for us to do transactions.
but BTC or crypto, so far we keep it for investment assets. not many are successful and do use crypto as a means of payment.
At the moment I have to trust the bank. Because within the scope of the law, it protects the safety of my funds. But I don’t believe it completely. I turned part of my assets into Bitcoin. I can switch freely when my friends need funds without being regulated by the country and bank regulations.
I still believe in the bank to save my shopping money and my daily needs, but when investing I am more inclined to bitcoin even though the price is uncertain I am more comfortable saving my savings in bitcoin. because my main reason is the interest rate in the bank is small and there are too many admin fees
I wouldn’t trust banks for both my money and data. Once our money is stored in our respective bank accounts, we don’t have the full custody of it. The banks do as they are centralized and can control the movement of our money like transferring, depositing, withdrawing, etc. Same thing goes to data where there are no assurances that our privacy is respected.
Not only Bitcoin gave us the ultimate freedom of our money, but it also assures our privacy (unless if it’s coming from a centralised wallet).
Not only Bitcoin gave us the ultimate freedom of our money, but it also assures our privacy (unless if it’s coming from a centralised wallet).
Bitcoin could be the future of finance, but might not be in my lifetime. We should use what is accessible by most to say that it is credible. Compared to Bitcoin; Banks are more open and mainstream. Even though Bitcoin has a great utility potential, Banks are still stapled for livelihood benefits.
Answer to the question, there is a huge probability of encountering a problem with banks compared to Bitcoin since we solely manage it.
Bitcoin is much more reliable as long as you know how to operate.
right now there are still many people who believe in fiat compared to bitcoin because in general now fiat transactions are easier in everyday life.Answer to the question, there is a huge probability of encountering a problem with banks compared to Bitcoin since we solely manage it.
Bitcoin is much more reliable as long as you know how to operate.
people who believe in bitcoin people who know more about bitcoin and they know bitcoin can be a very valuable asset in the future.
like heavily centralized and something like that and when Btc exist then this is where people do mind about decentralization which does actually have some benefits if you are really that
mindful about being private or cant be traced up when it comes to your finances but the thing since it isnt regulated or cant be controlled then it would just really remain
as an alternative which its up to someone neither they would be dealing with both things.Its a personal choice.
*my bad
None can be trusted 100%, both banks and BTC has weaknesses. However, we cannot deny using fiat banks because it is the only payment tool in my country. BTC is a good thing to invest money, but cannot be used as a payment tool in my country. Having BTC is also high risk, it may be called an illegal thing in my country someday. So, use both fiat banks and BTC, but don't rely on them or put all funds in one of them.
I was thinking the same, you can't trust banks because they can freeze your account, you cant trust bitcoin because the price can crash hard, and you can't trust fiat because the coins and bills aren't forever.
At this point the only thing you can trust it's gold.
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