Bitcoin Forum

I can boldly say that Bitcoin Banking is more reliable and fast because Bitcoin transactions is been done through wallet, the only problem that may occur is if the wallet is not correct another challenge is if the transaction is been encountered with down network but this is in rare cases.

I find it very contradicting. I want you to know first the meaning of 'Reliable' and 'Volatile', coz what is something volatile cannot be reliable. Volatility comes with a risk, and you can't be sure if there's a risk on anything. While we praise bitcoin as fast, fungible, and secured, there's this fiat that pops up everywhere when banks want it that all of us needs to have for the system they have built on a shallow soil. Bitcoin has a use, but not for primary utility.

You can't rely on bitcoin when you want to feed yourself.

I find it odd that two threads were created about this "BITCOIN BANKING" term. The other one is this. (https://bitcointalk.org/index.php?topic=5432983.0) The term Bitcoin Banking doesn't really fit what you mean, you could just say investing in BTC and have them in a wallet.

Anyway. The wallet wouldn't sync though if not connected to the internet. Obviously, you need to connect to be able to send it.

i personally find hoarding bitcoin easier than saving fiat.

i dont need to ask a bank manager to deposit funds  i just whip out a bitcoin address and boom its done. 10min confirm and the funds are in my address.

depositing fiat cash into a bank account is more of a hassle. above certain amounts banks ask where did money come from or where its going to. and such

as for the other person asking about volatility.
if your worried about the ups or downs of a given day/month. you are not investing/saving long enough and instead day fearing the price by looking at the price too often

personally when i first got my main stash of coins in the 2012-2014 period. i was monitoring prices daily. but i soon learned if im not cashing out that day, why worry about that days price.

years later looking at the price and comparing it to the last time i price checked.. im happy with results (deflation wins after a few years of setting funds aside and not worrying about daily play pricing)

They never understand the meaning of decentralised workflow. Why would you call it bitcoin banking and on top of that also compare it with the other banking system which we use for fiat. There is no comparison. The one we are in is free from the rules and regulations and thats why it is decentralised. The one you and me use for fiat is restricted, there are always rules and limitations and that's the main reason it is classified under centralised category. They are not the same. What you differentiated is solely based on technical differences. They can't be compared because both are good at it in their own space.

I think being reliable hasn't to do with volatility. For me, being reliable can mean that we can easily need the money when we need it and that is something Bitcoin can offer but not in the banks because often times they can lock up/ freeze our accounts or do some other alibi's when we are about to withdraw money.

Risk is everywhere or on anything. Yes BTC is is risky due to its volatile state but the point is, its value can recover and it can even rise more. Banks or banks money (fiat) are much stable but there are inflations which can lessen the value of our fiat money. This can only be an added risk to what I said earlier about banks.

Lol! We all love bitcoin here! But that does not mean we will criticize the banking system and find flaws in it or even think about replacing the banking system. That should not be the case! Bitcoin can not challenge the retail banking segment in terms of speed and convenience. It can only challenge it in terms of anonymity. If you want to talk about speed and fees, bitcoin can only challenge international settlements. The entire banking system can't be replaced!

Bitcoin is convenient for some and banking is convenient for some! They must not be compared because they are structurally different. If you send money to an incorrect account by mistake - you may get it back in the centralized banking system, but in bitcoin, there's no way! Every system has its pros and cons, let's respect that and choose what's convenient for you!

OP, it's probably that English is not your native or the second language either or you don't really know what you're talking about, and these lead to cases like the statement above which are just going to confuse people and more importantly, are completely wrong.
The bitcoin network was never down!
Of course the second thing about this happening in rare cases is also wrong but the most important thing is that the network is never down, there might be congestion issues, and your tx will take longer to get confirmed but at no point, has there been a situation when you sent a tx and there was no node to receive it and no miner to mine a block.


But some will never stop comparing them, and what's more frustrating doing so while taking only the good parts of one and comparing it to the negative of the other and declaring a straight winner, for a merchant this is perfect, every sale is final, for a customer, not so much!
If we could have built a perfect system we would all be using it by now, but there isn't one, and probably will never be!

More reliable than...? A carrier pigeon? Faster than.. A message in a bottle? Anyone who understands Bitcoin and the blockchain couldn't possibly compare them to a well functioning banking system that is able to deliver instant money between accounts. Admittedly some countries are way behind when it comes to instant transfers between people's accounts, but other places like Europe have had this functionality for over a decade already. The existing banking network is much more efficient on most counts, but Bitcoin does have it's benefits - primarily sitting outside government interference and it is reasonably good for transporting medium to large size sums across borders avoiding unnecessary fees.

I think there is a comparison and you just stated the comparison between the two entities.


But you can cash it out and buy yourself food.  The way you say bitcoin won't feed yourself simply imply that Bitcoin is worthless which is far from the truth. 


I think you are thinking too deeply, @op wanted to imply that keeping Bitcoin in self-custody is way better than a bank.  It does not tackle the price of Bitcoin which you are pointing out.

Its good for your online transactions but still banks will stat and they will continue to offer services as usual because fiat money is still needed and many are still hesitant to adopt cryptocurrency and Bitcoin. Regulation is preventing Bitcoin from taking its full capacity and we cannot blame them for doing this because Bitcoin is a big threat to the bank and that is the thing that they cannot accept easily.

How do you think that regulation will work for Bitcoin? The reason why Bitcoin was created is to give users the freedom from centralized power aka the government and everything about regulations smells government so I don't see how regulation will work here.

The only projects that can be regulated in crypto space are the likes of XRP and other centralized projects including crypto exchanges.

    - What kind of bitcoin banking are you referring to? just be a specific mate for the knowledge of other members here in the forum who are not familiar with this kind of discussion in the forum.

Is this Bitcoin banking you are referring to in regard to non-custodial wallets? or for centralized and decentralized exchange platforms?

There are two different conclusions that can be drawn from the term "reliable" that you used to describe bitcoin banking as fast and reliable. It is trustworthy because it is decentralized and does not require third-party approval before sending or receiving funds over the internet. We can say that it is safe to use for everyone.

The nature of the coin's volatility is the second case. If I have a coin and it falls below the amount I left it the day before, I will be disappointed that I have lost some money; can this be called reliable again? So people's perspectives and approaches to it differ; after all, it is an alternative to save money to using the centralized means of saving money in fiat.

The two important points I could infer from what you write here are "reliable" and "fast." Are Bitcoin transactions fast? I would say yes, it's fast but not faster, especially when the user knows well about the mempool and uses a higher gas fee for the transactions while sending the BTC to an external wallet. The transaction should be completed in about 10 minutes, so it's still reasonable. While sending within the same wallet could be way faster.

Now, it depends on what you are comparing it with, if it's fiat banking within the same country, then they are faster than Bitcoin, unless for the Swift Wire Transfer. Aside from banks, online payment systems' transfers are done instantly, not in minutes.

Furthermore, the reliability of Bitcoin is being put into doubt these days because hacking is more pronounced, and even wallet companies and exchanges are less trusted these days.

You mean Be your Own Bank? (BYOB), there are still challenges though, first there should be at least an internet and then you need to make sure that the bitcoin address is correct because transactions are irreversible.

Fast as in within minutes? maybe if you are using LN.

But typically it make take a couple of hours if you are doing a normal bitcoin transaction and you also have to look at the network, if it is congested and you are in a hurry you might need to increased your fees.

The good thing about Bitcoin is that no matter where you are, as long as you have an internet connection, you can send money through it, apart from the fact that the transaction is fast and the assets you have here are also safe.

Just think that at any time you can make a deposit or withdrawal depending on the situation you need every day of your life. It is also one of the most trusted good investments for the future and is accepted by well-known large companies.

Since I switched to Bitcoin banking, I started to enjoy the convenience that it could give. I never thought that I could transact freely without having to line up in banks or even ATMs just to withdraw and deposit. It's a time and life saver for everyone whose time is always limited during the day because of errands to run. I hope more people would appreciate and experience the same thing and see the importance of Bitcoin.

I believe in bitcoin so much but not so much I would be blind on some fact, yes you mentioned some disadvantages but you failed to add hack, ignorance, scam and so on.

Bitcoin transactions is more preferable to me than that of the traditional banking system but joining bitcoin I haven’t failed to acknowledge some of the disadvantages and I have avoided losses through that way.

That is not called bitcoin banking, that's just bitcoin itself. You could say bitcoin is more reliable and faster than fiat, and in some cases you are right, while in some other cases it's not. Right now, I can open up my phone and with just 7-8 clicks could pay my bill, could bitcoin do that? Of course not, which means in that case fiat is better than crypto.

But, does it include it all? Of course not, I could send someone in USA 15 million dollars within 1 minute thanks to crypto, could I do it with fiat? Of course not. As you can see, which one is better depends on the situation and not a single true answer for all situations, it just doesn't work that way at all.

It's their pros and cons that OP didn't mention but I find it reliable in terms of investment and usage compared to banks. But I wouldn't say it's a 100% reliable since both banks and BTC have their own pros and cons which will affect the entirety about of the whole transaction. If you just want to invest and earn some BTC it's better I would say since it's not just an asset but an investment also that over time your asset will grow that would give you a good profit.

The emergence of Bitcoin is to solve the problem of trust and security. For 14 years so far, Bitcoin has always been safe. If there is a problem, it is the loss of some mnemonics and keys on the wallet. While cryptocurrencies have been dismissed as scams or economic bubbles, there are human causes that go wrong. It has nothing to do with blockchain technology.

Lol it seems you're don't have any idea what you're talking about.

It doesn't matter where you need to send your Bitcoin, it could be from wallet, exchange or any other centralized company. Bank system is actually an "exchange" but it's not that fast because they have a security check if there's an unknown source. However for small money usually it's quite fast as long as you're doing anything wrong or suspicious.

Trustlessness is one attribute of bitcoin that has not been defeated. Bitcoin is still solving the problem of trust. It is not easy to trust a third party you don't know, probably a government or any her institutions.
These people are mean and could frozen your money at anytime, or in less severe cases denial you withdraw when you need it most.

In terms of reliability, I vouch for bitcoin as being reliable and honest with the people. As you rightly said, errors that lead to lose of funds are not necessarily blockchain imposed but human errors.
When bitcoin nearly was birthed, the human errors and lost of fund was at the higher side, but as we grow with the technology, everything is falling in place and losses are drastically reduced.

I know we all here invest in bitcoin and love it, but we shouldn't exaggerate about it. I don't understand why people are looking for the bad points of banks, fiat and comparing it to bitcoin. It's a shame that we try to defame them while we still use banks and fiat every day. Bitcoin is excellent, but it is limited to some instances, it cannot solve or provide all the services that banks offer us.

I want to ask if someone wants to borrow money for business, can bitcoin help them? Or people will run to the bank to borrow money and we'll go back to talking bad about them behind their backs. Each has its own use function and use case, all of which are necessary for us.

Actually, the lending business is already a reality in crypto universe. People willing to borrow money can find it at different exchanges. I don't know if taxes are inferior to the ones from our traditional banks, though. In my opinion the only disadvantage of bitcoin banking services compared to fiat ones is the security issue. Our government has a Credit Guarantee Fund which ensures nobody is scammed by the bank as long as they hold up to 47.838,65$ on their accounts, per ID. So, scandals like Celsius and FTX wouldn't happen here, while in crypto industry it's a constant threat.

Unexpected occurrences could happen anytime but are still manageable and tolerable when using Bitcoin banking compared to traditional banks. There will be risks but mostly, things will rely on how responsible we are when it comes to transacting. From securing our wallets to double checking the receiving address before our transactions. It's really convenient because we can transact anywhere and everywhere even during the weekends and holidays.

Naturally, Bitcoin has a limited supply that makes it significantly more dependable than the fiat banking system. That is also the case if we store our bitcoins in our own private wallets; however, this can be done with fiat too. The equivalent of fiat banking is CEX. Both are in charge of our own money. However, this does not imply that the old fiat-based banking system is in any way unuseful. Some businesses find it difficult to consider bitcoin due to its volatility. The same reason most of us thought of bitcoin as a gold-like store of value. 

Bitcoin cannot be compared to the banking system anyway, they are completely different in every way, you could say they are completely opposites.

Certainly Bitcoin is better and more reliable than the banking system, but let's be realistic, Bitcoin is not eligible to replace the banking system yet, Bitcoin is not eligible for daily use until the moment, it is difficult to buy daily necessities from a grocery store, for example, with Bitcoin, due to the fluctuation in prices And also because of the delay in network transactions.

When we get to the point where Bitcoin is able to overcome all of these problems then Bitcoin is ready to replace the banking system.

There is another case that tests the reliability of the Bank and self-custody of Bitcoin (Bitcoin banking).  In my country, most of the clients of BPI were subjected to double spending.  For no reason, several BPI clients get a surprise deduction on their balance[1].  The management said it was a glitch but I doubt it, I believe it was intentional to milk those accounts that are not closely monitoring the bank funds making the management of BPI collect amounts on their client secretly.  This is one risk in trusting banks,  they have full access to our accounts and can access/use them whenever they wanted.  Keeping our funds in Bitcoin and having self-custody will surely avoid this kind of scenario.

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[1] https://www.rappler.com/business/bpi-customers-surprise-deduction-glitch-january-2022/

The problem with this thinking is you're trying to choose one or the other.
Bankers and politicians are doing the same thing when they say that bitcoin cannot be used for this or for that and will never be a reserve currency when it's not trying to be!

Bitcoin is the ideal money for emergencies. It's also the ideal money for fighting unethical and unlawful government. Do you remember what happened in Canada during the protests? Trudeau started blocking people's accounts to make them freeze and starve. This was an abuse that wouldn't happen with bitcoin.

Bitcoin has its benefits and it's a great tool that people never had before but it won't be the death of fiat money. Even if one day the world goes digital it will be centralized currencies vs decentralized ones and most lazy people will continue to choose centralized because it's easy and you don't have to read anything.

Bitcoin banking is more reliable and faster but can't meet up the day to day activities of the people in our interior villages,  yes now bitcoin can be use to pay for bills like buying airtime and the rest through binance pay, but can't be compared to the running of a Bank,
Other services like taking a loan from your Bank I don't think bitcoin banking can be able to provide that services to customers, if bitcoin banking is to be more reliable than our banking system then bitcoin needs more time, am saying this using my country as a case study tho.

It is kinda hard to find a decentralized lending platform that only focuses on Bitcoin but there are lots of decentralized cryptocurrency lending platforms.  So basically cryptocurrency can be able to provide lending services to the customer, aside from that there are also lots of centralized platforms that have lending services but I think that is out of the choice.


I agree instead of making these two entities compete with each other why not try to use them to supplement our needs as a client?  We can take advantage of the strength of both currencies to make our lives comfortable.  Besides, there is no one stopping us to use both of them unless our government bans Bitcoin and cryptocurrency.

Faster transactions, I agree since banks takes a lot of time before you get your money and when you go to their physical banks, you’ll see a lot of people waiting for their turn to deposit their money, this is the situation in my country and its very hassle and a poor system. With Bitcoin, everything works fine as long as you did it correctly and as long as you didn’t expose your money into bad projects, you’ll be safe.

There seems to be some language confusion from what the OP was trying to convey and maybe not being a native English speaker, I'm trying to summarize three points?
1. Bitcoin is very fast in terms of transactions
2. A wallet is not a safe place to store assets
3. Convert bitcoin to fiat currency using a bank.

If not I'm having the same confusion in summarizing some of the points the OP was trying to make, because until recently I had never heard of what Bitcoin Banking was like.

I don't think everyone here is a pro, but for the better understanding of others, you can back up your claims with some proofs like images, charts, past records, and events. 




blockchain transaction is transparent than the banking system. The banking system is centralized and Bitcoin is decentralized. some bank challenges take up to two days to resolve, which is sometimes annoying. Imagine someone has a hypothetical situation at hand and the bank is holding the customer's money in hostile custody.
For Blockchain network the transaction is either successful or fail and you still have your fund back to your wallet.

It is the risk a user should bear if they lose their money in the wrong wallet. wallet doesn't have a name attached to it to indicate the true owner, so it's always advised to double check your wallet before carrying out a transaction.

Maybe I missed it? Can we borrow money on exchanges? How? I guess if you want to borrow, you must have collateral, for example, if you're going to borrow USDT, you must ensure that your account has BTC or some valuable coin, then you can mortgage to borrow. Is that true? Because I've never tried them before? But in case, we don't have BTC or altcoins, can we get a loan, and can we borrow long term with a low interest rate? 

Currently, banks support many different types of loans, even if you don't have any assets to mortgage, you can get a loan with just your identification document. I don't think it will work on crypto. For large amounts and we need a long term loan to do business, I don't think exchanges can still handle it.

If the op is simply referring to using a Bitcoin wallet and Bitcoin transactions instead of the banking system, then I'd say it depends. Within one country, banking transaction are often done in a several seconds. Of course, the money doesn't actually travel that fast, but it's blocked from usage on a person's account, the balance is updated, and you're good to go. Bitcoin, however, almost never arrives as fast, and if it arrives in half an hour, it's considered quite fast. But once it arrives, it's truly there. Also, if we are talking about international transfers, those can take from an hour to a couple of days, and definitely days if it's the weekend. In that case, Bitcoin is faster.

People have been saying this for ages. But not everyone is listening, that's for sure. Otherwise BTC adoption will be more spread out throughout the world. In order to see the bigger picture, you need to get out of your comfort zone and try the new things.
Hopefully people will understand this soon and they can move towards BTC.
And to tackle the issue with wrong wallet address, why don't you just send a little amount first and save the wallet (if successful) for later use. Or you can just try QR codes instead. Fast and reliable.

OP, I can understand what you were trying to say since other forum members has made your view cleared in their contributions. Bitcoin dealings is the best, it can be used to make transactions within different boarders,this makes it more unique and safer than our fiat banks who needs a third party for anything to be done.

Decentralization has its all to financial freedom and privacy from government. Bitcoin cannot be compared with fiat currency,since fiat currency is deprecating gradually due to inflation. Inflation is something constant and I wonder if fiat currency will survive in the next generation due to high adoption of cryptocurrency by countries, which is making them to create their own centralized coin CBDC.

Bitcoin is the most fastest means someone can use to send money across another country and that's why i bitcoin so therefore bitcoin if government try to legalize Bitcoin they will be a development in terms of importation and exchanges from my understanding, i believe that Bitcoin have to do with money which is fiat

 I don't seem to comprehend with most of what you wrote above, is it that I am a bad reader or what?

But banks are not to be compared with bitcoin, and the liberty and freedom bitcoin gives anyone using it shouldn't and won't be that of banks. With Bitcoin, you can be your own bank and be in charge of your coins in full custody.

That said I think the good of Bitcoin already overshadows the bad aspects of it which has to do with scammers and carelessly lossing your seed codes to a random person