Who to Trust, Fiat Banks or BTC? - page 9.

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Quote from: Renampun on July 10, 2021, 07:51:18 AM

Quote from: Mr.sprin on July 10, 2021, 03:08:15 AM

I believe both fiat and btc are equally important in my life but if you want to save in large quantities I am more confident in btc because btc is a very important asset for the future if I only save fiat in the bank then the amount of fiat I save does not increase and I can not make it as an asset for the future.

I still need a bank for my various needs so I also choose both...

long-term savings in the bank is just a waste of time because the money we save, the value will be the same as when depositing it. but if you save in Bitcoin then the possibility of a profit of 5x-7x from the initial savings is very large.

Indeed, banks are still useful to us. Just like you did, I choose both of them. They have different purposes and people had options were to save their money. Because even though we are using digital currencies but the fact that not all establishments are accepting Bitcoin, there are times that we converted it to fiat money and we need banks for that particular situation.
But if we talk about saving, banks just only give you a few cents of interest which is too far behind when we just save in form of Bitcoin.

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Quote from: Mr.sprin on July 10, 2021, 03:08:15 AM

I believe both fiat and btc are equally important in my life but if you want to save in large quantities I am more confident in btc because btc is a very important asset for the future if I only save fiat in the bank then the amount of fiat I save does not increase and I can not make it as an asset for the future.

it is clear that for investment all will agree with you that entrusting bitcoin will have greater benefits and advantages compared to just saving or depositing our money in the bank. the comparison is very much different but usually people who already understand will do that, because there are still many who do not understand.

Quote from: Renampun on July 10, 2021, 07:51:18 AM

I still need a bank for my various needs so I also choose both...

long-term savings in the bank is just a waste of time because the money we save, the value will be the same as when depositing it. but if you save in Bitcoin then the possibility of a profit of 5x-7x from the initial savings is very large.

I can agree, that on the other hand we still really need a bank for things that bitcoin may not be able to do.
but when it comes to saving or investing, it's clear that the bank is still far from being able to give those who invest their funds, still the best bitcoin.
So if you think about it, actually both of them are still really needed with different sides and let each other cover the shortcomings that each other does not have.

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Quote from: Mr.sprin on July 10, 2021, 03:08:15 AM

I believe both fiat and btc are equally important in my life but if you want to save in large quantities I am more confident in btc because btc is a very important asset for the future if I only save fiat in the bank then the amount of fiat I save does not increase and I can not make it as an asset for the future.

I still need a bank for my various needs so I also choose both...

long-term savings in the bank is just a waste of time because the money we save, the value will be the same as when depositing it. but if you save in Bitcoin then the possibility of a profit of 5x-7x from the initial savings is very large.

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Yes, I only trust the bank with my money up to a point. In the past it was not easy for me to get another product at the bank. I wanted a credit card to continue studying at the university, I also needed to buy my first computer. Although I made several requests for credit cards, my records did not give the bank confidence.

Today I can see that a modest job gives you few possibilities and that banking products are exclusive.
That is why I can say that bitcoin managed to give me the financial freedom that I was looking for so much and that I do not need to be depending on a modest job as I had in the past.

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Quote from: Prettyjing34 on July 10, 2021, 04:31:40 AM

I trust Bitcoin, because Bitcoin does not deceive people and does not fake it. Bitcoin transactions are now part of daily life. Bitcoin is similar to legal currency. Banks will have a third party. Bitcoin is decentralized and there is no third-party supervision. This will make me more free.

Even if you trust bitcoin that doesn't mean that your privacy is intact, if you have a driver's license or you have a birth certificate, chances are your information can be accessed if not been accessed already. You are right that you can trust bitcoin but you have to be careful with the people who are using it because they are going to deceive you.

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I trust Bitcoin, because Bitcoin does not deceive people and does not fake it. Bitcoin transactions are now part of daily life. Bitcoin is similar to legal currency. Banks will have a third party. Bitcoin is decentralized and there is no third-party supervision. This will make me more free.

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Quote from: sarmrakib on July 09, 2021, 09:32:05 AM

I did trust bank before but not now .Its may secure who don't know about the latest world .Crypto and Blockchain are my own bank .So why i need to trust the bank then .I feel secured here to control my wallet myself .I just use Bank for my local transaction if here crypto accepted i would not use Bank i would use Crypt for Sure .So i just voted here that i did trust Bank not for now .

After realizing the worth and embracing this new system, crypto can serve what bank offers, you just need to understand
how things works and how will you secure your assets.

And, the very chance that aside from storing your money in your safe wallet the chance also to earn if you pick the right
project adds up with great opportunities.

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I believe both fiat and btc are equally important in my life but if you want to save in large quantities I am more confident in btc because btc is a very important asset for the future if I only save fiat in the bank then the amount of fiat I save does not increase and I can not make it as an asset for the future.

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This goes back to each individual's personality whether you trust the bank or save your money in your own way because this is also not coercive against someone. Indeed, many people prefer to keep money in banks and maybe with tighter security than us saving with our own way, but if we use bitcoin then we can send it in a large enough amount and without going through a long and complicated process

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I trust crypto more than the centralized banks.
I hold my own key hold my own coin and have my own privacy (Of course it depends on what wallet you would use).
Crypto is much better than the bank if you'll ask me they doesn't have any hidden charges,
Have a higher chance of gains or let our holdings grow,
And I feel that my money is more secured since there are so many card scam going around.

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Clearly, no trust in the banks.
At least since the financial crisis, the trust between banks and customers has been broken. Financial advisors have almost the worst reputation, including call center employees, real estate agents and politicians.

Banks keep our money in custody, but all they would like to do is to charge fees and sell savings contracts to increase their liquidity.

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Quote from: pawanjain on July 09, 2021, 08:51:44 AM

Unfortunately that is true. Having a bank account has become a necessity because of it being a mandatory thing linking all our online payments.
For the time being we can't fully depend on bitcoin or any other cryptocurrency since crypto is not well established and widely adopted yet.
But I believe things will change in future and once cryptocurrencies start to become widely adopted then we might not depend on bank accounts as we do today.
Some people have already started getting their salary in crypto although the amount of such people is very low.

I'm dealing with fiat banks but it is only the way to transfer my money from my crypto or digital wallets to my bank accounts. I didn't mean that I don't trust fiat banks but at some point i didn't want to put a big amount of money in my bank account because there are some issues that they have lost money even they didn't use it well at the end of the day i'd still need to deal with the fiat banks until crypto became legal tender here in our country it seems that I don't have any other choice.

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I did trust bank before but not now .Its may secure who don't know about the latest world .Crypto and Blockchain are my own bank .So why i need to trust the bank then .I feel secured here to control my wallet myself .I just use Bank for my local transaction if here crypto accepted i would not use Bank i would use Crypt for Sure .So i just voted here that i did trust Bank not for now .

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Quote from: geegaw on July 08, 2021, 12:04:01 PM

Quote from: pawanjain on July 07, 2021, 11:41:56 AM

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.

You may not be satisfied with the way they operate as well as the services and some of their costs but regardless of such low-rated attitudes, you still need to open a bank account in your country, it's already in a required range, without it, this would be very inconvenient to problems, for example, the form of receiving a monthly salary and the rules about buying and selling products, bank cards are always the king here. Bitcoin gets better comments but people only talk well about it but openly transferring all their money to bitcoin is something they dare not do

Unfortunately that is true. Having a bank account has become a necessity because of it being a mandatory thing linking all our online payments.
For the time being we can't fully depend on bitcoin or any other cryptocurrency since crypto is not well established and widely adopted yet.
But I believe things will change in future and once cryptocurrencies start to become widely adopted then we might not depend on bank accounts as we do today.
Some people have already started getting their salary in crypto although the amount of such people is very low.

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BTC is a digital system that doesn't have self-interest. Banks are run so as to maximize gains for themselves... it's a no brainer that BTC can be trusted far more than banks.

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Quote from: slaman29 on July 08, 2021, 03:26:08 AM

Quote from: Nightz on July 07, 2021, 04:04:53 AM

Quote from: slaman29 on July 07, 2021, 02:06:30 AM

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).

No... The mechanism you are talking about is also limited. Apart from that don't forget that bailouts are not financed for the people but by the people, the citizens, through tax money. When Lehmann Brothers died, a lot of people lost a lot of money. I once read that the overall damage during the financial crisis was around 13 to 17 trillion dollars! Do you think anyone paid that ever back to whoever lost that money? Certainly not. It is not as easy as you put it here. The guarantees the states give are often in the six figure realm, not more than that. Even low six figures.

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The poll options all lead me to thinking I have trust issues with my bank both holding my money and data.

But unfortunately even with the distrust that exists, I still need them for certain financial services, which includes acquiring my beloved bitcoin using their platforms.

I go with "I neither trust them for saving my money nor for holding my data"

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Quote from: pawanjain on July 07, 2021, 11:41:56 AM

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.

You may not be satisfied with the way they operate as well as the services and some of their costs but regardless of such low-rated attitudes, you still need to open a bank account in your country, it's already in a required range, without it, this would be very inconvenient to problems, for example, the form of receiving a monthly salary and the rules about buying and selling products, bank cards are always the king here. Bitcoin gets better comments but people only talk well about it but openly transferring all their money to bitcoin is something they dare not do

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Quote

I trusted banks before, but not again

Now I can only trust a bank if I can physically punch the bank owner in a face in case of misconduct on my account...

P2P Rulez

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Quote from: NelfiNovita on July 07, 2021, 10:29:07 AM

Quote from: KingsDen on July 06, 2021, 01:13:52 AM

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.

Even if we are afraid of saving money in the bank, we still do that because there is no other way to keep that money with us unless we have a box to keep that money from others. The employee of the bank is not doing anything but their system to that without we know. The bank employee paid from the bank, and I think the bank's money is not for their employee but for the bank itself. With BTC, we can convert our money to BTC to manage by ourselves without other people know. That is the advantage of bitcoin that people out there do not know.

Topic: Who to Trust, Fiat Banks or BTC? - page 9. (Read 2207 times)