Bitcoin Forum

After your experience with the btc world, do you still trust traditional banks like you used to before?
Have you changed something about your savings?
Speak your minds!

No, i dont trust traditional banks now. I can send my money through Bitcoins very fast, At very low transaction fees compared to banks and that  also even without giving my personal details.Since my transactions are unknown to government, it cannot impose tax on my income. So why should i trust banks and take risks?

Brilliant answer, thank you!

I think it depends on your defenition of trust...
Banks are okay if you realise they're companies that exist for the sole purpose of making money while doing as little as possible in return. You should also realise they cooperate with your govt rather easily.
You should also make sure you know that as a company, a bank can go bancrupt.

If you know and realise these factors, you can still "trust" banks to deposit money and transfer money between people that do not use any other form of payment.

I may not still trust them but that doesn't mean I won't use them , sometimes there is no alternative as not everyone is familiar with Bitcoin and crypto currencies , so I don't think It's possible to get rid of banks yet , my savings will remain in BTC and  I only use the banking system when I have to (like sending funds to someone outside the country etc..)

Yes I still use and trust traditional Banks for more than one reason.First and foremost traditional Banks are widely accepted mode of payments in my country while bitcoin is used by only a fraction of population.Second money in Public Banks are insured against theft,loss etc while Bitcoin wallets be it online or offline may disappear any day without a trace

of course I still believe and use the bank to date. but I save some funds have now been switched to bitcoin wallet. I want speed in the deal. I was the mobile, so I want to perform a variety of transactions wherever I am.

Yes, i still trust them until this time and i'm not naive if i need a both of bitcoin and the bank (i don't cares about the traditional or modern but in my cases just cares for withdrawing my bitcoin into the local fiat currency in my environtment) both are very useul for me and i think i never leaving one of them.

i don't techinally trust banks, but because bitcoin relies on fiat, we have no choice but banks are prominent for bitcoin to survive until we can replace what bitcoin is backed by.

after i know bitcoin and other coins, i feel more secure using bitcoin and then i feel nobody can know how much is my wealth and the i have the total control for my money, i feel really great using bitcoin and it has made my life easier in doing transaction, now i prefer to use bitcoin for transaction rather than using bank

My trust in banks are long gone even before I started earning bitcoin. The only thing that Banks are good now are for storing money you are scared to invest. And also bank's interest are too low to consider an investment because the inflation rate is higher vs. what the banks give to you. But yes banks are still useful too people who want to store there money.

Yes I still trust it. Because we are still using it for our everyday. But I still say that the bitcoin has a bright future. We must still continue saving bitcoin for the future.

my attitude towards banks have not changed because of btc. banks are something you such have to use.

I don't like traditional banks and I don't trust them but stil Bitcoin can't replace them and never will. For me the thing that I'm unhappy with bank was one the reasons to move towards Bitcoin.
The global financial system relies completely on traditional banks and they stil have some services that we need in our daily lifes.

Bitcoin and digital currency network were an advancement in the banking system. Now with the potential bitcoin will soon reach most of the users who were currently depending upon the traditional banks. For the same reason we can't say that people are into bitcoin just because they don't trust traditional banks. The reason is that everyone wish to be a part of the advancement that's been happening.

We have to trust banks sometimes. We may avoid using them for our everyday expenses like buying food or cloths and get by perfectly well using only cash. But when we want to buy something expensive like a house or a car, for example, we will most likely use bank services, since making large payments through a bank is certainly more safe than using cash.

Yes I do believe in bitcoin and traditional bank because bitcoin is decentralized and automated and no third party have hands on bitcoin network and i have trust in traditional bank because i deal only with nationalised back which will not scam be because they have fame and name over the country.

Actually i have found storing or saving my money in bitcoin is more profitable than saving them in banks. The annual interest rate here in banks is only around 5% so why to wait a year to earn 5% over our holdings instead of earning 5% easily profit on every price swing in bitcoin within a week or day.

Yep i trust traditional banks, But i don't like them. Anyway in my country i cant purchase many thing without fiat currency, so i had to use banks for day to day life.

As far as investment i don't trust bank since it has a very low rate of interest and trading or just storing bitcoin would give us more profit. I don't think traditional bank & bitcoins be separated from many bitcoiners, since most convert bitcoin to fiat directly to their bank and vice versa.

I still use local banks so don't know what i should tell trust them or not. But talking about security and transparency i strongly believe in bitcoin rather than banks, as well as the profit on storing bitcoin for long term is really high which you can't get from saving accounts in banks.

I will say i still use banks, so can't vote whether i trust banks or not.

Never liked the banks.Bitcoins just gave an alternative to fight against them.Now we have something to back us up and banks are intimidiated by it.Never belived in savings either.If you mean keeping a few bitcoins reserved for urgnet needs,yes I do! :)

honestly yes it does changed hell of a lot i nearly changed my point of view when i learned about bitcoin its like i can understand the money system more freely and more better and with banks its always like i have to answer every question to everyone which is completly irritating

Maybe if after in my country let bitcoin used(without worries you throw to jail), especially if a lot company pay for worker fees with bitcoin, I will stop using bank. Although now my >50% savings is storing bitcoin at safe wallet.

Honestly I think it's will be hard to replace bank. Considering about the security, regulations and other aspects.


This for example, people still can't protect them self from cyber crime or scammer who offer greed commission.

Yes I do trust both bitcoin and traditional bank because bitcoin is decentralized and no one could take away my money and i feel safe with bitcoin because of it awesome concept of public and private key which make the system much secure than traditional banks.

I trust banks because  I have account in bank which is nationalised and week will scam me neither block my account because they have market and if they go this then public will hate them government will impose penalty on them.

i think presently every one will be believing on banks as the users of bitcoin are not too much and still it need more and more time so that its users may increase and then people use bitcoin instead of fiat and then the use of banks will automatically decrease.

I actually went looking for something like bitcoin due to how my bank was treating me. Needed a way to get funds online and the choices where slim at the time,without the bank seeing what is going on and risking a closed account. Times have changed but the other aspect is government ultimately can come in and dictate the banks to lock it up.

Bitcoin has made a few places lighten up but also caused others to tighten up,so I rather not jump through any hoops temporarily to find out that it will be used against me later on.

I still believe in the traditional banks because in saving money, traditional banks are still very safe because there is also a guarantee of money so it is very safe. I also believe bitcoin due to investment, bitcoin is suitable to take advantage of fluctuations which are likely to increase. I believe both of them because everything is helpful for me.

If you have ever taken time to go through your bank statement, you won't miss to see the huge disparity between the paltry sum banks pays as interest as against the Shylock rate they demand for every loan they grant. Though banks are here to stay, but the emergence of bitcoin and the blockchain technology is a game changer and banks are most likely not going to remain same. These days, I no longer have a need for debit/credit cards to be able to make international transactions and that is a hint of what lies ahead.

Yes, I trust it and I still use bank for receiving my monthly salary from my job in real life, But one thing i hate in banks they are take too much fees.  >:(
For online transaction and investment i still use Bitcoin because transaction is fast and cheap, It might be more trusted if bank reduces fee.

No I don't and by the time being, i am withdrawing all of my cash slowly out of them. There is some big shit waiting for us and that big shit includes a massive bankruption of the major banks worldwide. I can secure my money my own. Banks? No thanks, till the world gets its shit together which can take 1 or 2 years.

Well as already asked in topic about trust in tradition bank and BTC. But I think this question has no sense.
Without traditional bank there will be never Bitcoin. We everyone must have mind it. BTC is purely based on network because of P2P currency.

No one still have touch or even see what is bitcoin ? But bitcoin have that much potential as it can be directly exchanged in fiat currency.

I would like to add some more informative data about BTC and Bank -
As BTC can be exchanged directly with fiat currency. It has become more valuable. And day by day value of its increasing.

But guys if there were no fiat currency then there will be no bitcoins.

Also everyone who wish to get or receive payments they must have to exchange then trade and then take to own country in fiat currency.

So without fiat currency there will be no bitcoins. Also we must not have to compare BTC with Fiat or dont have to make statements such as will bitcoin replace USD or any fiat currency? etc. etc. because there is no meaning of discussion of it.


Bitcoin have it own protocol named "qt" which can accessed via internet.

I trust banks in a reasonable way, I understand the risks, that is the difference from most people, which just don't understand the inherent risks of having a bank account, but other than that, I trust Bitcoin and can't wait until society is ready for it, which will still take some years, but we are on the right path.

Do you understand that you are essentially claiming that if there were no scales there would be no weight? Bitcoin was conceived as money, and it is used as money (though not so much as a vehicle for speculation). Both you and me are paid in bitcoins for wearing signatures and posting here (strictly speaking, I don't know if Yobit pays in bitcoins, but you see what I mean), and it is as proximate an example of Bitcoin being used as money as it ever gets. Money doesn't need other money to function. In fact, money works best when it has no competition...

As long as it remains money, of course

A month ago, I got a phone call from the bank telling me that I forgot to pay my credit card. It was a very busy time, and I usually just do a

transfer from my debit account to the credit card account. The caller was very rude, even though I told her that it was only a over sight and

that I would pay it when I got home that evening. I went back to work and 1 hour later I get a Sms telling me that my debit card was used to

pay my credit card. I did not give them permission to access my account, they just did it. So you tell me.... Do you trust these people, when

they can basically do what they want, when they want to.. with your money?

in present time as still bitcoin cannot be use as fiat therefore people are still using fiat and there fore they use banks for fiat, but hope that in future bitcoin will become more popular and then people will start using it for buying and selling and thus the use of banks will decrease.