Bitcoin Forum

I've been reading many cases in this forum about bitcoin losses, in fact too many cases. So If all this happens to people with computer knowledge... imagine the masses, I mean "normal people" like your neighbours, grandmas, fathers, etc... The truth is that right now I can't imagine them playing with electrums, wallets, backups, etc.

I wonder if we (like a society) are prepared to be our own Bank.

For other hand, I'm also wondering if we're being too innocent talking to others about the bitcoins we own. If this project has the success that is expected, we could be hunting targets (especially if new fiat economic crises come) the day of tomorrow. It's not difficult to imagine in the near future people robbing other people, but this time asking for private keys or seeds instead few dollars cash in their pocket.

The role of centralization is to keep "one price" in the country. That is the reason you get foods at one price. Cryptocurrencies will bring back barter system

there isnt going to be a bank for humanity,

finance will stay the pyramid system it historically always was

Same was the case with paper money, or rather same is the case even now. Allot of people till date gets duped of millions of dollors, and dont they know about their own currency?
Cryptocurrency were supposed to be more secure, which they are in many ways, for example being unable to be robbed. Or you wont lose it somewhere on the go.
But with this facility, it has its own threats.

Bitcoin can be cyber attacked, stolen over the web, and any wrong transaction will make you lose your coins forever. The only thing that is going to help is awareness about what all are the measures to how tp secure our holdings.
2ndly, if we imagine that one day everything will be 100% secure then thats really not possible.
Whatever security meaaures there are, are creared by humans only, and whatever humans create, theres a possibility of creating its anti-dote aswell...

So ultimately its persnal awareness only that will keep us safe. One shall always try and keep themselves updated with the technological world if they plan to get their money involved here.

In my family, I am the only one who is involved with cryptocurrency because they are not willing to be involved with it. My parents do not even know how to use a computer and many of my neighbors as well. They still deposit their money in the bank just like in the old days because they are thinking it is more secured than putting it in a wallet that they don't even know of. Majority of those baby boomers still trust the old system but the millennials and the generation that follows are already technologically inclined so for the next decade, many people would shift to save in their own wallet rather than in banks.

That's the reason you should not tell everyone especially in social media how much you have because in the future, it may become very valuable and you will be the target of robbers. There are already news of some robbers going to someone's home and have the owner transfer their coins to them and it would continue to be like this if one do not take the necessary precaution.

can these people store their cash? protect their credit cards? how about their jewelries or any other valuables for that matter?
people learn the "how to" of things when they have to. and there will always be idiots who think it is a game and lost their valuables. i don't see how that relates to being ready or not.
besides everything is becoming easier and more newbie friendly as we go forward.

no but not because of what you said. instead because people are still relying on banks and they are used to the old ways. nobody likes change specially a big one.

well this has nothing to do with the topic and it has nothing to do with bitcoin either! like anything else if you have a valuable in your hand and you flaunt it about you will be targeted by thieves, and depending on where you live you may be at a bigger danger.
that valuable may as well be your money in a bank!

No. Humanity is not yet prepared to be its own bank.
Bitcoin does not replace the banking system, it is a medium of exchange (like cash...actually it 'is' digital cash).
The idea of decentralization is one of the things I like best about bitcoin but we are so habituated towards being governed that it will
likely take millennia for humanity to realize sovereignty over itself as individuals in a collective.

Now, only a few percent of the world's population is engaged in crypto currency. Therefore, it is still too early to say that people are ready to use it. Older people, apparently, will never use crypto currency. Most likely, a whole generation will pass for the situation to change. First of all, it is necessary to fully legalize and support the crypto currency from the state. With such a skeptical attitude of people to crypto-currency without its state support, the process of transition to its use by all people will continue indefinitely.

I see there are some who are not ready because of the lack of education about cryptocurrency such as bitcoin, if you want to make a man into his own bank it seems there should be education that explains more clearly how the concept of a bank itself.

for many years (which is basically all the lifetime of people around here) we have been using banks and we are still using them. and when people are used to some specific way of life you can't expect that way to be changed in one day. it takes time. bitcoin was created only 9 years ago and it is not yet 100% ready. some ever consider it still experimental and in its early stages.
so the answer is no, nothing and nobody is ready for this big change but eventually it will happen. not everyone one is going to do it but there will be a day when a lot of people will be their own banks.

My answer would be that we are not still prepared for the complete digitalisation of our country , we guyots can only talk about the development and other beautiful stuffs but we are not ready for them as such . Because now a days we can simply see that people are robbing each other and even with the crypto currency there are so many issues like so many illegal activities are associated with bitcoin that is gestating people from investing into bitcoin and moreover people are stealing each other’s bitcoin by stealing their confidential pins so first we gutted needs to improve .

I think this is kind of the thing that OP is saying. People store their money in banks, so they don't have to secure it themselves. There are a lot of credit card fraud protection systems in place and people can easily contest the misuse of their cards and be granted reversals.

Whenever people lose Bitcoins, we usually say they have to protect it better and that there's no way to recover them. With the banking system, there are usually legal remedies that can be availed to recover losses. I concede that most Bitcoin losses are due to carelessness and stupidity, but if it's that simple and it keeps on happening, doesn't that just reinforce the idea that people are not ready? If we insist that it has nothing to do with readiness, could it have something to do with capability?

But yeah, the point is right now, people don't need the "how to" because banks clean up their mess for them. I can understand why people may be hesitant to forego that. Some people like safety nets.

The bad things on internet is it can be hack so if you're not really careful where do you put your PK, you will got hacked without being expect.
Remember , even advance Japanese exchange can be hack although it's already provide extremely high security code.

Bitcoin just change how people do digital transaction !

This is very inconvenient if every human being a bank. Because humans must actually keep their own assets or property, secure their own, and take care of it themselves.

Yes that is right, it will in fact take a long long time, because still very few people have knowledge about bitcoin, most of the people do not know about bitcoin. Bitcoin is only popular in modern countries, while most of the backward countries still do not have any knowledge about bitcoin it will take some more time when they will know about bitcoin.

I don't think that masses are ready, there's still a lot of ignorance about money and economics, they need to rely on professional people to manage their own investments. The freedom gifted by Bitcoin may be too much for them

In as much as Bitcoin's fan base keeps building up, bitcoin cannot eliminate the existing banking system. Bitcoin is a medium of exchange and not really a bank per say. So i don't see humanity becoming its own bank any time soon.

there definitely seems to be some concern in this area however perhaps what we need to do is invest in some hardware like ledger wallets or trezor that will basically keep our tokens and coins safe and offer protection against the hacking of our wallets , previously the banks are the onse who implemented these security measures to protect the monies they held for us , however if we are now to bank ourselves then we should definitely invest in hardware to protect it. im not quite sure we are prepared or ready just yet but as time goes by we will definitely learn.

Security for our own assets is in our hands only, no doubt! But the fact that despite being adopting proper security measures, there are chances of misappropriation of our assets. Even after protecting our crypto assets in so many layers of passwords n private keys, we suffer  losses, then it's only due to our carelessness and irresponsible nature. In fact the OP had also been discussing about the banks and their level of securitization. There is a human involvement  in the  banking system, so mistakes are bound to happen for sure.


That is way too much for all the people to  afford and manage. And despite this also, some loopholes will still be left untouched. There is not a chance of 100% safety anyhow!

Being your own bank by keeping a significant investment as bitcoin, running a full node and using it for settlements and buying stuff isn't something that a lot of peopld would ever be willing / capable to do.

Most people would like to keep bitcoin as an appreciating asset. A few would like to use it for intenrational transactions like getting hardware from newegg or a steam subscription. People who accept it in their businezz are the ones with most stake and they would love to be their own bank.

Although the basic tenet behind bitcoin is trustlessness and decentralization, we will need to evolve certain trustworthy mechanisms that normal people can verify and rely on..Being your own bank is ones own choice, one that needs considerable expertise to be exercised. Humanity is as ready for it as it will ever be. People who need the bank safety net will be an important consumer group in itself. The bitcoin economy is forming it's own trends and patterns and we shouldn't necessarily be contrasting it against present consumer/ investment banking.

In the future, banks will promise to protect your wallet. How can you trust a bank for cash? States will make the necessary arrangements.

The problem of bitcoin and many cryptocurrencies today is that they are not convenient to use. There should appear services with the help of which it will be possible to use cryptocurrency simply and conveniently. Only then it will be used in everyday life. Only then will the crypto currency become truly popular and necessary.

People aren't ready yet to answer for their own destiny, it is much easier for them when there is a state regulator

Not right now but maybe in 10 years or so.

You should  know the difference between bitcoin and banks, the people invest in bitcoin because of  its promising value in the future , while people puts money in bank because of security, thus it meants that  bitcoin and bank is way different. In investment you should always concider the risk and return , the higher the risk the higher the return while the lower the risk the lower the return.

It's a really difficult question. People started using banks because of few reasons. They were afraid that they could be robbed if they kept their life savings at home. Banks offer small profit for giving them your money and so on. Many people actually don't know how banking works and that's why they are not interested in Bitcoin. The only thing they know is that it's a financial pyramid because someone told so. We need to focus on proper education, but it won't happen anytime soon. Governments prefer to cooperate with banks because they share important data with them.

Now, only a few percent of the world's population is engaged in crypto currency. Therefore, it is still too early to say that people are ready to use it. Older people, apparently, will never use crypto currency. Most likely, a whole generation will pass for the situation to change. First of all, it is necessary to fully legalize and support the crypto currency from the state. With such a skeptical attitude of people to crypto-currency without its state support, the process of transition to its use by all people will continue indefinitely.

I think right at this point. Although the crypto and bitcoin markets are providing the same financial freedom as it is supported in a closed banking cycle. However, only a portion of the community can know it. In fact, banks are still important and close to the people in their lives, economy and society. If there is an innovation for them, I think people are still not ready to get used to it.

Crypto is definitely something more friendly to people aged 18-40 in my view, but i saw some cases where people even above that age are still good with the technology. It all depends on many factors, your education, what have you been doing for a living, pc knowledge and so on.
I mean if you take a person who is 30, but he spent last 10 years building bridges, don't think that he will understand the idea of cryptocurrencies.
As the progress goes, and whole market cap will be growing in billions, robbing people for private keys will become a daily routine for some criminals.
You don't have to go that far actually, because people are getting hijacked for their cryptos already today, there was one case in Russia of homicide too (link below)
https://cointelegraph.com/news/russian-crypto-blogger-found-dead-in-petersburg-apartment
Mostly bloggers, youtubers who show where they live, where they travel and so on.
A highly dumb decision to show off your life in that way, when you own a lot of crypto.

Bitcoin was created not to cause an economic crisis, its presence is another option for payment and investment methods. Public complaints against the bank transaction system are the triggers of the creation of bitcoin and blockchain technology that provide transaction services as if we have our own bank so that no party can control the property we hold in a wallet.

I think it will be difficult. Great business people or people who lead the market can always lead us. they accomplish this in a way. Money brings money

Pretty sure in the future, we will see something like crypto insurances. Like with your car or house. If you are a victim of a damage the insurances will be able to refund you or something like this.
Thinking about it, in my country when you have something in your house that worth more than ~$3000 you need an option for your house insurance so you pay few extra bucks. Wonder if someone steals my Bitcoin they will pay me back  ::)

I don’t think we’re at that stage yet. We have the tools, yes. But we need more experience.

Rule of thumb: If you don't own the private keys, you don't own the Bitcoin. Be your own bank.

About a week ago, Bloomberg published an article on wealthy are hoarding $10 billion of Bitcoin in bunkers, Xapo vaults, about 7%, even some Bitcoiners don't want to be their own bank ;D, the same with people keeping their funds on insured exchanges like Coinbase. With Bitcoin you have the choice to be your own bank or if you are paranoid about the safety of your Bitcoin and don't trust yourself to keep it safe then there are custodians like Xapo or Coinbase and I guess in the near future we might see some new crypto-custodian platforms. Yeah, rather than securing your coins yourself, trusting third-parties does override the concept of be your own bank, but if you have trusted custodians then IMO it might speed up adoption. And like LeGaulois mentioned crypto insurances, it would make cryptos more attractive to investors. Custodians, insurances, the developing infrastructure around Bitcoin might look the traditional one, but I guess it will make Bitcoin more user-friendly.

Nowadays I think most people haven't prepared about that, maybe in a few years they will be prepared if conditions and situations demand them for that

Criminals will always be a threat therefore protect your assets information ,make it to your privacy

The humanity in general is not prepared to be its own bank since the majority of the masses are not into cryptocurrency and only a few people and not even 1% of the worlds population are using cryptocurrency. Also the same people who have bitcoin are the same people holding other altcoins. This means that we have a long way to go before we can mainstream the use of cryptocurrency especially bitcoin into the society and when the time comes people are already to become their own bank.

I thought also, there will still be a center of everything. Just like exchanges. I think the only that will most likely change is the way the government is producing and handling all the money in the world.

Quite an interesting topic. And a burning one) You know, you are partially right. It`s obvious that the majority of people aren`t ready for entering the cryptoworld. One should be young enough to understand this technology, how it works. One should have a solid business and financial background as well as flair and nous to do things right. One should be ready for responsibility and risks.

Cryptocommunities in almost every big developed country are on their rise now but their voices are still not heard loud enough.

I think that crypto-hype is rising its force right now and despite various single attempts of buisness community and those close to them the cryptomarket is still unready for a massive intrusion of people. It should be recognized by the government, officials, politicians.

As for hunting targets. People who got rich due to bitcoins and other cryptos like to boast very often via Instagram, Facebook etc so there`s no wonder that they are hunted and killed. One should be careful enough while dealing with big money flows.

Inevitably if the era of digital money is growing we must be a bank for ourselves. But it is not easy and very unsafe in my opinion. Unless later wallet or private bank we also grow the level of security.

Well, in certain cases we have to go with the flow even if we are not ready for it. We have a limited time so waiting for each and everyone to get the whole idea of decentralization and then starting to use crypto would take a tremendous amount of time but if things are going parallel then there is a way to grow with a higher growth rate and reaching to maximum people out there. Yes, at this stage most of the users are not aware of the power of decentralization and hence the responsibilities too but I believe that we will see improvements down the road and it will happen throughout the growth process.

Bitcoin and cryptocurrency can provide the same financial freedom because it is supported in closed banking cycles. But that's just some people who can know it. Even banks are still important and close to the people in their life, economy and society. If there is a unique idea for them then I think people are still not ready to get used to it. 8)

absolutely not. people can't be trusted with vanilla passwords to their crappy sites. ain't no way they'll be able to secure their life savings safely. for better or worse most will go with third parties and even if security advances until it's near foolproof, which i don't believe is possible, most will still choose to have their hand held.

It is true, it will actually take a long long time. The reason for this is that there is still knowledge or information about Bitcoin of the little people. All the countries of the world have not accepted it, yet everyone still does not know about it. But perhaps it has been prepared to be the bank of humanity.

We are on the course of civilization that would get us to that point most certainly sooner than we think. The wave of digitization and clamor for more freedom in all facet of life all around the world is a pointer that everyone would one day prefer to own their bank and not being ripped off by a bank.

definitely NO, especially with those people unaware and less educated with the crypto.

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