Is humanity prepared to be its own Bank ?

[ZENC]

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.

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

[1714909337]

1714909337

[Olano]

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.

[Veterock]

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

[lucy94]

Not right now but maybe in 10 years or so.

[Boov]

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.

[brickafterbrickwalldpt]

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.

[oi pantura]

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.

[Dansamiv]

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.

[mak2017]

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.

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.

[ballerin and giroud]

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.

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.

[Nevkeke]

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

[LeGaulois]

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 !

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  

[Heartbreakeren]

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

[krishnapramod]

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 , 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.

[Herlina]

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.

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

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.

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

[Xester]

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 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.

[ranman09]

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.

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

there isnt going to be a bank for humanity,

finance will stay the pyramid system it historically always was

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.

[AurumService]

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.

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.

[Elviragreg]

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.

[Dudeperfect]

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.