You should never trust banks

[el kaka22]

I trust bank now and for a while until there is a better and clear better option. We can transact yet without banks. For now the whole world is still ran by fiat currency hence we can't let go of banks yet. But probably when the whole world adopts bitcoins then we could all be our banks. Then we can just move on and forget banks and financial corporations.

According to banks are idiotic business, where the banks use to loot common people money by the name of fees and penalties. However Bitcoin is completely different just only fee for the transaction. Other than that everything different than banks.

Yes when people are realizing the benefits of using bitcoin wallets instead of bank system, they will slowly stop using banks. From that point people will not keep on trusting banks. That is the reason people are saying bitcoin will replace banking system. In my opinion too it will be possible and it is going to happen very soon.

[Sanekavg13]

I trust bank now and for a while until there is a better and clear better option. We can transact yet without banks. For now the whole world is still ran by fiat currency hence we can't let go of banks yet. But probably when the whole world adopts bitcoins then we could all be our banks. Then we can just move on and forget banks and financial corporations.

According to banks are idiotic business, where the banks use to loot common people money by the name of fees and penalties. However Bitcoin is completely different just only fee for the transaction. Other than that everything different than banks.

But some services already charge a fee for the transfer Bitcoins funds when purchasing goods. This is not a good trend.
While we can not completely abandon the banks services. Unfortunately

[Babayega31]

I trust bank now and for a while until there is a better and clear better option. We can transact yet without banks. For now the whole world is still ran by fiat currency hence we can't let go of banks yet. But probably when the whole world adopts bitcoins then we could all be our banks. Then we can just move on and forget banks and financial corporations.

There is no reason for me not to trust with banks because i never experienced disappointments from them since the first time i receive my first salary at my current job, they always make secure of my atm savings account. Most of all with my cash out from my online wallet to legit bank which is affiliated with the wallet i am using right now their service is worthy to be trusted with and their service is fast and easy, in fact as of now they are the only bank in our country which i heared offering this kind of services that cashes out fiat currency from online wallet.

[Invulner]

Yeah, you shouldn't ever trust banks for the same reason why you should never ever trust paypal. They have the right to reverse transactions, cancel transactions, freeze your account, and report you to the government.

They are in control in your funds, you are not. While with bitcoin you are in control 100% of your funds.

[Xester]

Yeah, you shouldn't ever trust banks for the same reason why you should never ever trust paypal. They have the right to reverse transactions, cancel transactions, freeze your account, and report you to the government.

They are in control in your funds, you are not. While with bitcoin you are in control 100% of your funds.

I trust banks in terms of security but in terms of interest rate I dont trust them. When you deposit you will not earn any interest at all from you money that you deposited, but when you loan you suffer huge interest. They are using your money but you are not earning, but when you borrow they will kill you with interest. Banks are unfair they make money out of thin air. So i patronize bitcoin because I enjoy whatever interests from price inflation that it gives.

[Przemax]

Trusting a bank to some limited extend is not only ok, but most of the time its a necessity. You have to have a bank account to recieve your salary most of the time. But yes I agree that one should not trust a bank, because in the terms of law you might not get your money back and that would be completly legal.

Dont keep more money than its necessary in bank for a different reason. If you keep your savings in bank you help the wallstreet in their gamblings.

[Wandering Soul~]

Yeah, you shouldn't ever trust banks for the same reason why you should never ever trust paypal. They have the right to reverse transactions, cancel transactions, freeze your account, and report you to the government.

They are in control in your funds, you are not. While with bitcoin you are in control 100% of your funds.

I trust banks in terms of security but in terms of interest rate I dont trust them. When you deposit you will not earn any interest at all from you money that you deposited, but when you loan you suffer huge interest. They are using your money but you are not earning, but when you borrow they will kill you with interest. Banks are unfair they make money out of thin air. So i patronize bitcoin because I enjoy whatever interests from price inflation that it gives.

Same here, In terms of security,  I trust the banks cause they are complying to the laws of our governments, If they're not you can consider it as illegal so I don't think they will close Ops account for no valid reason, If they do you can file a case against them .

Yes their interest and golden fees is what I don't like that's why I'm glad I met bitcoin , You will have your own bank

[deisik]

Yeah, you shouldn't ever trust banks for the same reason why you should never ever trust paypal. They have the right to reverse transactions, cancel transactions, freeze your account, and report you to the government.

They are in control in your funds, you are not. While with bitcoin you are in control 100% of your funds.

I trust banks in terms of security but in terms of interest rate I dont trust them. When you deposit you will not earn any interest at all from you money that you deposited, but when you loan you suffer huge interest. They are using your money but you are not earning, but when you borrow they will kill you with interest. Banks are unfair they make money out of thin air. So i patronize bitcoin because I enjoy whatever interests from price inflation that it gives.

It won't be any other way since banks can create money out of nothing without your deposits. They don't need them simply because when they issue a loan, the money that has been lent out is deposited back in the bank. In this way, they can create both deposits and loans and thus increase their balance. So why should they pay you a hefty interest? This money is virtual in the sense that it is not directly issued by the Central bank, and it is also decentralized like Bitcoin itself...

In this respect, banks are like Bitcoin miners

[Pursuer]

Yeah, you shouldn't ever trust banks for the same reason why you should never ever trust paypal. They have the right to reverse transactions, cancel transactions, freeze your account, and report you to the government.

They are in control in your funds, you are not. While with bitcoin you are in control 100% of your funds.

I trust banks in terms of security but in terms of interest rate I dont trust them. When you deposit you will not earn any interest at all from you money that you deposited, but when you loan you suffer huge interest. They are using your money but you are not earning, but when you borrow they will kill you with interest. Banks are unfair they make money out of thin air. So i patronize bitcoin because I enjoy whatever interests from price inflation that it gives.

this is strange to me and it is the first time I am hearing something like this about no interest on deposited money in the banks! maybe your banking system in your country is different that I have in mind but there are usually different account types and you can open the one that gives you annual profit. you deposit and each month you get a daily calculated profit based on that days minimum balance and the rate is fixed so there is nothing to trust or not!

[deisik]

Yeah, you shouldn't ever trust banks for the same reason why you should never ever trust paypal. They have the right to reverse transactions, cancel transactions, freeze your account, and report you to the government.

They are in control in your funds, you are not. While with bitcoin you are in control 100% of your funds.

I trust banks in terms of security but in terms of interest rate I dont trust them. When you deposit you will not earn any interest at all from you money that you deposited, but when you loan you suffer huge interest. They are using your money but you are not earning, but when you borrow they will kill you with interest. Banks are unfair they make money out of thin air. So i patronize bitcoin because I enjoy whatever interests from price inflation that it gives.

this is strange to me and it is the first time I am hearing something like this about no interest on deposited money in the banks! maybe your banking system in your country is different that I have in mind but there are usually different account types and you can open the one that gives you annual profit. you deposit and each month you get a daily calculated profit based on that days minimum balance and the rate is fixed so there is nothing to trust or not!

You seem to be late to the party mate

Switzerland banks have been paying negative interest rates on the accounts opened there for a couple of years already. That in effect means that you pay the bank for just storing your money. I'm not sure if all accounts are having negative interest, and maybe, they still pay something on deposits of individuals, but the NIRP has been on the agenda for quite some time now

[Antoshka]

Yeah, you shouldn't ever trust banks for the same reason why you should never ever trust paypal. They have the right to reverse transactions, cancel transactions, freeze your account, and report you to the government.

They are in control in your funds, you are not. While with bitcoin you are in control 100% of your funds.

I trust banks in terms of security but in terms of interest rate I dont trust them. When you deposit you will not earn any interest at all from you money that you deposited, but when you loan you suffer huge interest. They are using your money but you are not earning, but when you borrow they will kill you with interest. Banks are unfair they make money out of thin air. So i patronize bitcoin because I enjoy whatever interests from price inflation that it gives.

this is strange to me and it is the first time I am hearing something like this about no interest on deposited money in the banks! maybe your banking system in your country is different that I have in mind but there are usually different account types and you can open the one that gives you annual profit. you deposit and each month you get a daily calculated profit based on that days minimum balance and the rate is fixed so there is nothing to trust or not!

You seem to be late to the party mate

Switzerland banks have been paying negative interest rates on the accounts open in there for a couple of years already. That in effect means that you pay them for just storing your money. I'm not sure if all accounts are having negative interest, and maybe, they still pay something on deposits of individuals, but the NIRP has been on the agenda for quite some time now

In our country, yet the banks are paying for the fact that citizens have placed their deposits. Even despite the fact that the national currency is very weak.
I believe that banks need to protect the savings of their depositors, and not to block the account

[GregH37]

I trust bank now and for a while until there is a better and clear better option. We can transact yet without banks. For now the whole world is still ran by fiat currency hence we can't let go of banks yet. But probably when the whole world adopts bitcoins then we could all be our banks. Then we can just move on and forget banks and financial corporations.

Yes we also have to believe on banks, because of the main reason of we do not have any other option for banking purposes. Bitcoin is still not become so stable to avoid banks at all. As for most of our affairs we have to deal with banks therefore we must have to believe on banks.

[imbladednow]

I trust bank now and for a while until there is a better and clear better option. We can transact yet without banks. For now the whole world is still ran by fiat currency hence we can't let go of banks yet. But probably when the whole world adopts bitcoins then we could all be our banks. Then we can just move on and forget banks and financial corporations.

The better option for holding your money is bitcoin. Sure a bank does more then that, they hold your money and chanrge you to get it back, the provide usless advice ect. If I was you I would close down all my bank accounts and go 100% into bitcoin.

[South Park]

Why you should not trust bank, bank is the government regulated business and it will hold money for our future that is why bank is trusted in holding our money just only choose the bank who have good reputation.

Banks and bankers are not to be trusted because they care only for themselves, they don't have your best interest on mind and will throw you under the bus at the first opportunity they get.

Banks are already regulated to keep citizens' money and be sure to make them safe whilst bankers are only care for themselves, it's wrong to say that banks only care for themselves because bank is the factor that keeping your country's economy good until now,without bank the economy seem can't be healthy

I disagree, so what if they are regulated? Banks have been guilty of mismanaging the money of their clients too many times despite all of those regulations so it's very safe to say that we must not trust them and that is why keeping the money of bitcoin is a good option since we have complete control over our coins.

Bank establishes these regulations because of government policies, I think we still have full control of our money in the bank and i don't understanding what you mean if bank has mismanaging the money?

Banks have gone bankrupt in the past, now there is some coverage for savings accounts but in the past this was not the case and when a bank went bankrupt people that had money saved there lost all of that money, that is what I mean. And the fact there is some savings coverage now, does not mean it could not happen again.

[Taki]

My bank closed my account last year for no reason, and all money in my account was gone. I argued with the bank, even contacted the local government, no use. My bank just stated that "Pursuant to the CMA Disclosure and Agreement, 'THE BANK, at its discretion, may elect not to accept an account, terminate the account agreement and the account agreements of any related parties'. Both parties to the agreements have the right to end the relationship at any time and neither is obliged to provide a basis for such a decision to terminate". No single word explaing the termination was given to me. I contacted all banking lawyers online, and they were all representing the bank, not the customers. The money I lost can buy a new Mercedes. However, banks around the world now are too powerful. They are too big to fail. When you open an account in the United States, and probably also many other countries, you voluntarily give up the rights to sue the bank under their arbitrage clause. Even worse, they define the financial laws and enforce them. They can close your account, freeze and steal your property and evict you from your house. The more money you deposit into your bank account, the more you are helping the evil. I'm glad to see Bitcoin is changing all of these. Let banks die!

About banks I do not understand one thing - when I take a credit I have to pay like 20% a year for that credit, but when I put my money in the bank they pay me just 7% or something like that.

[deisik]

Bank establishes these regulations because of government policies, I think we still have full control of our money in the bank and i don't understanding what you mean if bank has mismanaging the money?

Banks have gone bankrupt in the past, now there is some coverage for savings accounts but in the past this was not the case and when a bank went bankrupt people that had money saved there lost all of that money, that is what I mean. And the fact there is some savings coverage now, does not mean it could not happen again.

Sometimes shit happens

I've been there myself. The banking license of the bank where I held some monies was revoked by the Central bank, and the deposits up to a certain amount had been paid out through another bank. Since all my savings had been fully covered by insurance, I received them back in just two weeks (with all due interest payments)

About banks I do not understand one thing - when I take a credit I have to pay like 20% a year for that credit, but when I put my money in the bank they pay me just 7% or something like that.

If you are not quite happy with that, you can either not borrow from that bank or not lend to that bank (or neither borrow nor lend)

[ikydesu]

I think if you live in corrupt country you should never trust banks, when controlling by government, your money also used for government. In this case i never trust bank.

I trust bank now and for a while until there is a better and clear better option. We can transact yet without banks. For now the whole world is still ran by fiat currency hence we can't let go of banks yet. But probably when the whole world adopts bitcoins then we could all be our banks. Then we can just move on and forget banks and financial corporations.

According to banks are idiotic business, where the banks use to loot common people money by the name of fees and penalties. However Bitcoin is completely different just only fee for the transaction. Other than that everything different than banks.

But some services already charge a fee for the transfer Bitcoins funds when purchasing goods. This is not a good trend.
While we can not completely abandon the banks services. Unfortunately

This is same case when you using fiat for purchasing goods, this is come from service itself not from Bitcoin, this for paying their service i think, depends on service itself.

-snip-
Sometimes shit happens

I've been there myself. The banking license of the bank where I held some monies was revoked by the Central bank, and the deposits up to a certain amount had been paid out through another bank. Since all my savings had been fully covered by insurance, I received them back in just two weeks (with all due interest payments)
-snip-

This is good solving.

[South Park]

Bank establishes these regulations because of government policies, I think we still have full control of our money in the bank and i don't understanding what you mean if bank has mismanaging the money?

Banks have gone bankrupt in the past, now there is some coverage for savings accounts but in the past this was not the case and when a bank went bankrupt people that had money saved there lost all of that money, that is what I mean. And the fact there is some savings coverage now, does not mean it could not happen again.

Sometimes shit happens

I've been there myself. The banking license of the bank where I held some monies was revoked by the Central bank, and the deposits up to a certain amount had been paid out through another bank. Since all my savings had been fully covered by insurance, I received them back in just two weeks (with all due interest payments)

About banks I do not understand one thing - when I take a credit I have to pay like 20% a year for that credit, but when I put my money in the bank they pay me just 7% or something like that.

If you are not quite happy with that, you can either not borrow from that bank or not lend to that bank (or neither borrow nor lend)

At least you got your money back, but I have read, if another great depression were to happen and more than 5% of the banks declared bankruptcy then there will not be enough money to pay for the savings coverage.

[eternalgloom]

I trust bank now and for a while until there is a better and clear better option. We can transact yet without banks. For now the whole world is still ran by fiat currency hence we can't let go of banks yet. But probably when the whole world adopts bitcoins then we could all be our banks. Then we can just move on and forget banks and financial corporations.

According to banks are idiotic business, where the banks use to loot common people money by the name of fees and penalties. However Bitcoin is completely different just only fee for the transaction. Other than that everything different than banks.

But some services already charge a fee for the transfer Bitcoins funds when purchasing goods. This is not a good trend.
While we can not completely abandon the banks services. Unfortunately

In theory it should be possible to live without using a bank account. I think there were even some members on this forum that only used Bitcoin and perhaps other altcoins.

It's too much hassle for most people though.

[deisik]

Bank establishes these regulations because of government policies, I think we still have full control of our money in the bank and i don't understanding what you mean if bank has mismanaging the money?

Banks have gone bankrupt in the past, now there is some coverage for savings accounts but in the past this was not the case and when a bank went bankrupt people that had money saved there lost all of that money, that is what I mean. And the fact there is some savings coverage now, does not mean it could not happen again.

Sometimes shit happens

I've been there myself. The banking license of the bank where I held some monies was revoked by the Central bank, and the deposits up to a certain amount had been paid out through another bank. Since all my savings had been fully covered by insurance, I received them back in just two weeks (with all due interest payments)

About banks I do not understand one thing - when I take a credit I have to pay like 20% a year for that credit, but when I put my money in the bank they pay me just 7% or something like that.

If you are not quite happy with that, you can either not borrow from that bank or not lend to that bank (or neither borrow nor lend)

At least you got your money back, but I have read, if another great depression were to happen and more than 5% of the banks declared bankruptcy then there will not be enough money to pay for the savings coverage.

That shouldn't happen

Even if insurance funds get totally emptied and fail in the end as well, the government will just print the required amount of money and will dub it quantitative easing or something to that tune. In any case, inflating currency is a less evil than letting the economy collapse due to a series of bank bankruptcies (so-called domino effect)