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Author Topic: BITCOIN FIRST BEFORE YOUR BANK  (Read 3201 times)
adesotade
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October 27, 2017, 10:20:08 AM
 #1

 Bitcoin is favoured compared with keeping money in the bank.
1. You have an asset that can grows (though it can also reduce its value due to its high volatility but this is a risk many people prefer to take).
2. Your future is in your hand, you can plan ahead and forecast.
3. Your transactions are self controlled with convenience and peace of mind.
4. You control your wealth and you are not subject to regulations that milk up your funds.
5. Bitcoin is a great asset during economic failures and hyper inflations in nations as we see currently happening in Zimbabwue, Venezuela,  and Argentina.
6. Bitcoin breaks the vicious cycle of poverty and helps you leverage to other opportunities such as investing in other crypto currencies.
The list is endless.......
What is your take?
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October 27, 2017, 04:22:03 PM
 #2

Bitcoin is favoured compared with keeping money in the bank.
1. You have an asset that can grows (though it can also reduce its value due to its high volatility but this is a risk many people prefer to take).
2. Your future is in your hand, you can plan ahead and forecast.
3. Your transactions are self controlled with convenience and peace of mind.
4. You control your wealth and you are not subject to regulations that milk up your funds.
5. Bitcoin is a great asset during economic failures and hyper inflations in nations as we see currently happening in Zimbabwue, Venezuela,  and Argentina.
6. Bitcoin breaks the vicious cycle of poverty and helps you leverage to other opportunities such as investing in other crypto currencies.
The list is endless.......
What is your take?
It is too early, because Bitcoin is not accepted for paying bills, flats, supermarkets, electricity, taxes and so on. But in principle I would agree for the one reason: It is decentralized and no authority needed.
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October 27, 2017, 04:29:25 PM
 #3

Bitcoin is my preferred payment method online, but I still need to use my bank as well. Bitcoin is not supported in my country and in the most famous marketplaces worldwide, so using banks is our unique choice. But I agree that Bitcoin have a lot of powerful features making it better than banks.

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October 27, 2017, 05:17:18 PM
 #4

Bitcoin is my preferred payment method online, but I still need to use my bank as well. Bitcoin is not supported in my country and in the most famous marketplaces worldwide, so using banks is our unique choice. But I agree that Bitcoin have a lot of powerful features making it better than banks.

Then why not banks are not ready to give a power to the bitcoin in their transaction since bitcoin decentralized and independent platform. Whether the bitcoin is supported in your country or not you will the traders in your location to exchange the bitcoin for fiat cash. You may find them in online. Citibank announce few months before they create a own coin and adopt the blockchain technology.

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October 27, 2017, 05:35:49 PM
 #5

Bitcoin is my preferred payment method online, but I still need to use my bank as well. Bitcoin is not supported in my country and in the most famous marketplaces worldwide, so using banks is our unique choice. But I agree that Bitcoin have a lot of powerful features making it better than banks.

Then why not banks are not ready to give a power to the bitcoin in their transaction since bitcoin decentralized and independent platform. Whether the bitcoin is supported in your country or not you will the traders in your location to exchange the bitcoin for fiat cash. You may find them in online. Citibank announce few months before they create a own coin and adopt the blockchain technology.
Just as expected for those banks to do such thing which they would rather create their own token than on deciding on adopting bitcoin.They wont really do such thing because they know that bitcoin is a decentralized stuff and cant really be controlled nor to be able to impose tax.When we do compare regarding on our freedom when it comes on our money possesion and control then bitcoin would really be the best thing since it do gives the full control without any 3rd party involved but yet its usage is still limited due on not total adoption.

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October 27, 2017, 05:46:51 PM
 #6

One may dream, but we're not quite there yet. Ignoring the scalability issue, we still have following challenges to face:

1) Bitcoin is still too volatile for storing all your funds, including rent and utility costs.
2) Acceptance rate is still way too low for comfortable day to day usage.
3) You still need fiat to pay your taxes.

Most of this is likely to improve over time, but arguably we'll never get fully rid of fiat, as our global economy is based on it. And unless you get rid of fiat, you'll always have to work with banks to some extend.

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October 27, 2017, 06:11:02 PM
 #7

The first point is the reason why everyone is holding Bitcoins, anyway it's risky and we know about the risks, we are aware about it and must take the risks. But there is a negative point: We are subjugated to regulations, your country just need to order something and you will have to accomplish.

It helps especially third world countries now, but I'm not sure if it's enough to end the cycle of poverty and misery.

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October 27, 2017, 06:11:17 PM
 #8

Bitcoin is favoured compared with keeping money in the bank.
1. You have an asset that can grows (though it can also reduce its value due to its high volatility but this is a risk many people prefer to take).
2. Your future is in your hand, you can plan ahead and forecast.
3. Your transactions are self controlled with convenience and peace of mind.
4. You control your wealth and you are not subject to regulations that milk up your funds.
5. Bitcoin is a great asset during economic failures and hyper inflations in nations as we see currently happening in Zimbabwue, Venezuela,  and Argentina.
6. Bitcoin breaks the vicious cycle of poverty and helps you leverage to other opportunities such as investing in other crypto currencies.
The list is endless.......
What is your take?
It is too early, because Bitcoin is not accepted for paying bills, flats, supermarkets, electricity, taxes and so on. But in principle I would agree for the one reason: It is decentralized and no authority needed.

Agreed. We need Bitcoin to be a lot more versatile in terms of where it is accepted and such. If Bitcoin were able to be accepted by marketplaces online as well as places physically, that is, if it had the same use case as fiat, then I could see the coin being used as much as fiat and bitcoin having more advantages than banks. Currently, we aren't exactly there yet, but we should soon.

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October 27, 2017, 06:12:33 PM
 #9

Bitcoin is favoured compared with keeping money in the bank.
1. You have an asset that can grows (though it can also reduce its value due to its high volatility but this is a risk many people prefer to take).
2. Your future is in your hand, you can plan ahead and forecast.
3. Your transactions are self controlled with convenience and peace of mind.
4. You control your wealth and you are not subject to regulations that milk up your funds.
5. Bitcoin is a great asset during economic failures and hyper inflations in nations as we see currently happening in Zimbabwue, Venezuela,  and Argentina.
6. Bitcoin breaks the vicious cycle of poverty and helps you leverage to other opportunities such as investing in other crypto currencies.
The list is endless.......
What is your take?

Well you listed some of the convenience of having bitcoin and I'm glad that a newbie like you have found bitcoin and has the knowledge about it. Having bitcoin is our wallet is like having our own bank. That's how bitcoin is designed. Its p2p with no third party involved (banks). But bitcoin is still in its infancy and don't think that bitcoin could eliminate banks. No, it won't and the best thing for us is to truly take advantage of both sector. Banks has already established itself to the society and no amount of effort from bitcoin community could overrun them and make it obsolete. Banks are not the enemy here. They are still a tool that every society needed. But with bitcoin, we have somewhat enjoy financial freedom from them.

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October 28, 2017, 06:59:30 AM
 #10

Bitcoin is favoured compared with keeping money in the bank.
1. You have an asset that can grows (though it can also reduce its value due to its high volatility but this is a risk many people prefer to take).
2. Your future is in your hand, you can plan ahead and forecast.
3. Your transactions are self controlled with convenience and peace of mind.
4. You control your wealth and you are not subject to regulations that milk up your funds.
5. Bitcoin is a great asset during economic failures and hyper inflations in nations as we see currently happening in Zimbabwue, Venezuela,  and Argentina.
6. Bitcoin breaks the vicious cycle of poverty and helps you leverage to other opportunities such as investing in other crypto currencies.
The list is endless.......
What is your take?

hope so
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October 28, 2017, 07:25:03 AM
 #11

Storing bitcoins at home is like having an own small bank at home. But just with no other one knowing about it and noone being able to fraud on me.
You already mentioned positive aspects of bitcoin and i totally agree with you. I really hope cash will get replaced by crypto currencies (hopefully bitcoin, but dont think so).
After governments introduce crypto currencies which wont be decentralized, i think bitcoin will also have a big rise since people will start to value
(decentralized) cryptographically proven transactions made within seconds.

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October 28, 2017, 06:03:13 PM
 #12

2. Your future is in your hand, you can plan ahead and forecast.
4. You control your wealth and you are not subject to regulations that milk up your funds.
Although bitcoin have many advantages but these two points you have stated aren't satisfying.
Referring your first point how can you forecast when bitcoin has volatile price and you don't know what will be the price tomorrow.
Now for second point The fact is we can't control our wealth in bitcoins because of its volatile price which kept on changing with time.

   
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Newchanka
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October 28, 2017, 09:22:42 PM
 #13

If I can do without the banks, I will. Bitcoin is far more beneficial than having anything to do with the banks who would rather drain your funds with hidden and open charges. Bitcoin transaction charges is low. It is relatively more stable in comparison to economies under recession. I  sure keep it ahead of the banks.

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Paid Piper
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October 29, 2017, 12:00:04 AM
 #14

Bitcoin is favoured compared with keeping money in the bank.
1. You have an asset that can grows (though it can also reduce its value due to its high volatility but this is a risk many people prefer to take).
2. Your future is in your hand, you can plan ahead and forecast.
3. Your transactions are self controlled with convenience and peace of mind.
4. You control your wealth and you are not subject to regulations that milk up your funds.
5. Bitcoin is a great asset during economic failures and hyper inflations in nations as we see currently happening in Zimbabwue, Venezuela,  and Argentina.
6. Bitcoin breaks the vicious cycle of poverty and helps you leverage to other opportunities such as investing in other crypto currencies.
The list is endless.......
What is your take?
It is too early, because Bitcoin is not accepted for paying bills, flats, supermarkets, electricity, taxes and so on. But in principle I would agree for the one reason: It is decentralized and no authority needed.

Agreed. We need Bitcoin to be a lot more versatile in terms of where it is accepted and such. If Bitcoin were able to be accepted by marketplaces online as well as places physically, that is, if it had the same use case as fiat, then I could see the coin being used as much as fiat and bitcoin having more advantages than banks. Currently, we aren't exactly there yet, but we should soon.
Yes I agree with you but the problem is that we don’t have so much money to use both the bank and the bitcoin because of the limited income and high expenses of daily life. I think investment in bitcoin needs extra money from your daily expenses and the little which is for our use cannot be invested in bitcoin. So we will have to keep them in banks for immediate use and easily withdrawal.
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October 29, 2017, 02:30:00 AM
 #15

Bitcoin is favoured compared with keeping money in the bank.
1. You have an asset that can grows (though it can also reduce its value due to its high volatility but this is a risk many people prefer to take).
2. Your future is in your hand, you can plan ahead and forecast.
3. Your transactions are self controlled with convenience and peace of mind.
4. You control your wealth and you are not subject to regulations that milk up your funds.
5. Bitcoin is a great asset during economic failures and hyper inflations in nations as we see currently happening in Zimbabwue, Venezuela,  and Argentina.
6. Bitcoin breaks the vicious cycle of poverty and helps you leverage to other opportunities such as investing in other crypto currencies.
The list is endless.......
What is your take?
It is too early, because Bitcoin is not accepted for paying bills, flats, supermarkets, electricity, taxes and so on. But in principle I would agree for the one reason: It is decentralized and no authority needed.
Here in my country we can used bitcoin to pay our bills, loading our mobile and we can used bank to deposit and withdraw. Me i used to save my 10% of my salary in the bank and the excess of that are saving in bitcoin even i know that saving in bitcoin is much better income to generate i keep much of my money in bank for safe way Because i do not like to risk my big amount of money with little savings in bank.

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Olis1000
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October 29, 2017, 04:47:59 AM
 #16

Personally I will prefer to have my money placed on bitcoin for growth rather than placing in the bank..in bitcoin my money grows everyday

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October 29, 2017, 01:55:03 PM
 #17

Bitcoin is favoured compared with keeping money in the bank.
1. You have an asset that can grows (though it can also reduce its value due to its high volatility but this is a risk many people prefer to take).
2. Your future is in your hand, you can plan ahead and forecast.
3. Your transactions are self controlled with convenience and peace of mind.
4. You control your wealth and you are not subject to regulations that milk up your funds.
5. Bitcoin is a great asset during economic failures and hyper inflations in nations as we see currently happening in Zimbabwue, Venezuela,  and Argentina.
6. Bitcoin breaks the vicious cycle of poverty and helps you leverage to other opportunities such as investing in other crypto currencies.
The list is endless.......
What is your take?
I would not recommend you to invest all your money in Bitcoin as Bitcoin is not as popular or as stable as the money in your banks. Bitcoin acceptance is very very limited and it would take more than 10-20 years for Bitcoin to be used on a regular basis by everyone.
But, without any doubt, it is one of the fastest growing investments available in the market. It has alot of potential to grow in future and you can earn high profits by investing and holding Bitcoins.
i would recommend you to invest in Bitcoin but not more than 20 percent of your investment as Bitcoin is very volatile.

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audaciousbeing
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October 29, 2017, 09:05:18 PM
 #18

Bitcoin is favoured compared with keeping money in the bank.
1. You have an asset that can grows (though it can also reduce its value due to its high volatility but this is a risk many people prefer to take).
2. Your future is in your hand, you can plan ahead and forecast.
3. Your transactions are self controlled with convenience and peace of mind.
4. You control your wealth and you are not subject to regulations that milk up your funds.
5. Bitcoin is a great asset during economic failures and hyper inflations in nations as we see currently happening in Zimbabwue, Venezuela,  and Argentina.
6. Bitcoin breaks the vicious cycle of poverty and helps you leverage to other opportunities such as investing in other crypto currencies.
The list is endless.......
What is your take?

In deciding which one you want to go for, there is need to understand the various odds of each option. There are both advantages and disadvantages embedded in them but for me, I would want to diversify rather than keeping in one and the reason is because while bitcoin could be good for the purpose of store of value due to the amount of return that could accrue cannot be compared to what can come from keeping in bank.

However, looking at the transactionary motive of keeping money the banks will take the lead because of the issue of legal tender which bitcoin is yet to achieve at this present moment. In the future, its might get to that point but not currently.

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October 29, 2017, 11:29:31 PM
 #19

saving your own money in a nice btc wallet because the btc value is very easy to change and even higher than the first you get it, but I also keep using the bank to save half of my income.
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October 30, 2017, 12:47:30 AM
 #20

Bitcoin can be a powerful bank warehouse, because banks have decent interest rates and bitcoin can be a capital to store the wealth we collect without the slightest bit. Maybe the future of bitcoin will be the most powerful financial asset.
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