You should never trust banks

[lister storm]

Bank is very important and its wrong to say that you shouldn't trust banks its so important to bitcoin cash out as exchange. Banking is very popular to people and being recognized by government as the safest storage of peoples saving as well as thier assets. Many business rely on banks and they are growing bigger as economy rises progressively.

well at the moment as bitcoin is not accepted in the whole world still by everyone, we still need banks, but in the future when bitcoin might potentially replace all the currencies we have we will not need any banks.

[1714999327]

1714999327

[1714999327]

1714999327

[1714999327]

1714999327

[1714999327]

1714999327

[richardsNY]

Bank is very important and its wrong to say that you shouldn't trust banks its so important to bitcoin cash out as exchange. Banking is very popular to people and being recognized by government as the safest storage of peoples saving as well as thier assets. Many business rely on banks and they are growing bigger as economy rises progressively.

well at the moment as bitcoin is not accepted in the whole world still by everyone, we still need banks, but in the future when bitcoin might potentially replace all the currencies we have we will not need any banks.

Bitcoin will not replace any of the existing currencies. Not sure why you even mention that. Bitcoin is purely here to serve people as an alternative form of conducting payments - instant money remittances - investment solution - store of wealth solution. No matter how much banks are despised by certain people here, you can't say that they don't play an important role in the economy at benefit of the user. I personally have a good relationship with my bank as they seem to take customer service very seriously. Never had any issues.

[BeGoods]

Bank is very important and its wrong to say that you shouldn't trust banks its so important to bitcoin cash out as exchange. Banking is very popular to people and being recognized by government as the safest storage of peoples saving as well as thier assets. Many business rely on banks and they are growing bigger as economy rises progressively.

yeah true. even today though the OP or other bitcoin users must be very dependent on the bank to convert them into fiat bitcoin. so do not be too hypocritical.
because in fact we strongly believe in the bank

[michnelli6]

Depending the bank I trust it. I must say they are less risk than bitcoins. There is a contract which you sign and it guarantees you refund if something unexpected happens. It gives me security, but low profit. The average, good profit is in bitcoins.
Storing my money at those banks I know the money is safe there, I trust them because of it.

Yes there is no doubt that banks are less risky and more secure as  compare to bitcoin, but I think that banks cannot give you such profit that bitcoin can give you. You can only get some % of interest on depositing  your money but if you will invest your money so bitcoin can give you a very good income. therefore I think taking risk is more important than putting your money passively.

[conected]

- Many people think that put money in banks is a best choice, because the bank safe, reputable, create the trust to the sender, and can be withdrawn profit every month. However, in the present day society, Banks have too much volatility, coordination and management is unstable, the reputation of Banks is going down. Many customers complained losing of money in the account, it seems to vanish into thin air, and some cases, customers have to send money but can not withdraw money. We should not be too trust in the bank

[birareru1988]

- Many people think that put money in banks is a best choice, because the bank safe, reputable, create the trust to the sender, and can be withdrawn profit every month. However, in the present day society, Banks have too much volatility, coordination and management is unstable, the reputation of Banks is going down. Many customers complained losing of money in the account, it seems to vanish into thin air, and some cases, customers have to send money but can not withdraw money. We should not be too trust in the bank

The fact that people have to deal with the banks, so that they are satisfied, and if you look deeper, if problems arise, it is only because they also own. It has always been so. Although I do not deny that the banks are cashing in on ordinary people.

[Richard Branson]

Many customers complained losing of money in the account, it seems to vanish into thin air, and some cases, customers have to send money but can not withdraw money. We should not be too trust in the bank

Depends on the country you live in.
In western europe money deposited in bank accounts is protected by the government up to a limit (e.g. 100k $).
I have never heard of any money lost in an account without legal actions involved.

Currently there is no way around banks.

[daiyuba1971]

Many customers complained losing of money in the account, it seems to vanish into thin air, and some cases, customers have to send money but can not withdraw money. We should not be too trust in the bank

Depends on the country you live in.
In western europe money deposited in bank accounts is protected by the government up to a limit (e.g. 100k $).
I have never heard of any money lost in an account without legal actions involved.

Currently there is no way around banks.

This is of course if the customer bank account are not interested in hackers. But mostly, the money saved in the banks without any problems.

[Richard Branson]

But that is not the security problem of a bank.
If a users installs a trojan that installs root certificates and a TOR browser and redirects all banking traffic to a malicious site, that has nothing to do with hacking a bank.

Stupid endusers are not protected with bitcoin anymore than with ebanking. If you install a bitcoin wallet malware, you are screwed as well.

[MattScott]

- Many people think that put money in banks is a best choice, because the bank safe, reputable, create the trust to the sender, and can be withdrawn profit every month. However, in the present day society, Banks have too much volatility, coordination and management is unstable, the reputation of Banks is going down. Many customers complained losing of money in the account, it seems to vanish into thin air, and some cases, customers have to send money but can not withdraw money. We should not be too trust in the bank

The fact that people have to deal with the banks, so that they are satisfied, and if you look deeper, if problems arise, it is only because they also own. It has always been so. Although I do not deny that the banks are cashing in on ordinary people.

I hate banks. They skillfully manipulate the money and always remain in profit at the expense of depositors. I do think that banks is the evil by which people become poor and start wars. Why in one country a person earns $ 2,500, and another $ 50? I think the reason is the banks.

[Grdas130979]

Whenever someone has great power, problems begin. Banks have become so large that they can get away with everything and thats the problem. I believe they have a role to play but up to a point. Of course i dont trust them, i use them of course but i do everything i can to be on the safe side.

[yuiyuga]

But that is not the security problem of a bank.
If a users installs a trojan that installs root certificates and a TOR browser and redirects all banking traffic to a malicious site, that has nothing to do with hacking a bank.

Stupid endusers are not protected with bitcoin anymore than with ebanking. If you install a bitcoin wallet malware, you are screwed as well.

Once tasted beer Taller and after that time, drink only beer of this brand. Although I do not like beer, but wish to exclude. The risk is always present.

[valta4065]

A bank exists solely to make money out of yours!
Of course you should never trust them, they exist just to take more money from you!
You actually have to let them manage your funds and PAY them for that...

[jaysabi]

As my observations, some of the banks are bankrupt without any valid reason, without making some announcements and they are not trusted. People deposited in a bank in a way that their money is safe there, they think that they are trusted but they actually dont know that they are wrong. Some banks their is like a bubble it disappear and well sorry for your money, it will all gone and never came back. But there are some banks also that are big, famous and trusted one, so choose the best one

I don't know of any country that doesn't charter banks as a means of regulation. And in modern industrialized nations, bank deposits are usually insured by the government so that there is public confidence in the banks. When a bank goes under, deposits that are lost are reimbursed to the public so they do not suffer the loss. But if you're going to some unregulated or unchartered bank, there will obviously be no deposit guarantee because the bank is operating illegally anyway. Depsositor beware?

Unfortunately, banks only cover up to a certain amount of what you have in your account as deposit insurance, so if you plan on putting all your money in a bank, better to choose something that has a very stable financial standing. In my country, rural banks are always the ones who are more prone to declare bank holiday because maybe of their client base, which mostly belong from the rural areas, and which doesn't always have the means to payback what they owe to the bank.

True, hence you need to make actions to divide your savings. In my country, insurance on deposit per account covers an equivalent of only up to $10,000, thus, we have to limit our deposits per account. If fact, in my case, I have to deposit with different banks just to make sure I'll stay in the safe side.

I have worked in a bank before and it was closed by the government due to non compliance of the law, and too bad there are people who deposited more than the maximum amount covered and they only recover up to the insured amount.

That's pretty rough. $10,000 isn't that much for the government to insure. In the US prior to 20078, the FDIC guarantee was $25,000 per account. After the financial crisis, the FDIC increased the gaurantee to $100,000 per account to keep confidence with the banks and prevent bank runs.

[avikz]

I am sorry to hear about your losses which could have bought you a new Mercedes but it is pretty unusual for a bank to close an account with so much money in it. I am sure something fraudulent happened with your account and hence they have closed it with proper legal advice.

However, banks are the backbone of any country's economy and hence they are way more powerful than any common man or any other institution. So it is really hard for us to fight with them. Try filling a court case against the bank and see what happens. If nothing illegal happened in your account, most likely you will get your money back. 

[chachaa]

Many customers complained losing of money in the account, it seems to vanish into thin air, and some cases, customers have to send money but can not withdraw money. We should not be too trust in the bank

Depends on the country you live in.
In western europe money deposited in bank accounts is protected by the government up to a limit (e.g. 100k $).
I have never heard of any money lost in an account without legal actions involved.

Currently there is no way around banks.

This is of course if the customer bank account are not interested in hackers. But mostly, the money saved in the banks without any problems.

Yes, you are right, it is now hard to do without the services of banks. And if we do not want to have problems with the bank, we just need to follow the rules of use of the account. then it will not block

[jaysabi]

I am sorry to hear about your losses which could have bought you a new Mercedes but it is pretty unusual for a bank to close an account with so much money in it. I am sure something fraudulent happened with your account and hence they have closed it with proper legal advice.

However, banks are the backbone of any country's economy and hence they are way more powerful than any common man or any other institution. So it is really hard for us to fight with them. Try filling a court case against the bank and see what happens. If nothing illegal happened in your account, most likely you will get your money back. 

When a bank closes an account, they don't just get  to keep the money. That would set up a perverted incentive structure to find as many reasons to close accounts as they can so they can just confiscate any funds in the bank. Allowing such a policy would lead to a lack of confidence in the banks. A bank doesn't have to open an account for you, but they can't steal your money either.

[praboso96]

I am sorry to hear about your losses which could have bought you a new Mercedes but it is pretty unusual for a bank to close an account with so much money in it. I am sure something fraudulent happened with your account and hence they have closed it with proper legal advice.

However, banks are the backbone of any country's economy and hence they are way more powerful than any common man or any other institution. So it is really hard for us to fight with them. Try filling a court case against the bank and see what happens. If nothing illegal happened in your account, most likely you will get your money back. 

When a bank closes an account, they don't just get  to keep the money. That would set up a perverted incentive structure to find as many reasons to close accounts as they can so they can just confiscate any funds in the bank. Allowing such a policy would lead to a lack of confidence in the banks. A bank doesn't have to open an account for you, but they can't steal your money either.

Why the bank to close your account? Bank is not profitable to do so. They are now on the contrary attract as many users as possible. This is due to the fact that banks are benefiting from it

[BeGoods]

I trust only banks which ran by government private banks take your money to cover their profits on way or another.

I think anything under government will be reliable mate. the government will not likely do a scam, even the government is prepared to be responsible for all damages that causes by the bank

Than why government are giving permission to private banks, really private banks charges are really very high. Why can't government start different banks according the cities so that people's money be safe. Instead of paying high transaction fee government should understand all these ethics to overcome different type of problems being faced by common man.

I think only in few countries the government gives permission to the private bank to operate. in my own country that does not exist. all banks are transparent and controlled by the central bank in the country

[X-ray]

I am sorry to hear about your losses which could have bought you a new Mercedes but it is pretty unusual for a bank to close an account with so much money in it. I am sure something fraudulent happened with your account and hence they have closed it with proper legal advice.

However, banks are the backbone of any country's economy and hence they are way more powerful than any common man or any other institution. So it is really hard for us to fight with them. Try filling a court case against the bank and see what happens. If nothing illegal happened in your account, most likely you will get your money back. 

When a bank closes an account, they don't just get  to keep the money. That would set up a perverted incentive structure to find as many reasons to close accounts as they can so they can just confiscate any funds in the bank. Allowing such a policy would lead to a lack of confidence in the banks. A bank doesn't have to open an account for you, but they can't steal your money either.

Why the bank to close your account? Bank is not profitable to do so. They are now on the contrary attract as many users as possible. This is due to the fact that banks are benefiting from it

The bank is closing his customer account caused by there is the suspicious action on their customer account.
TheBank is following the rule. They will be taking an act if there is the suspicious act against his rules.