Banks Are Never There When You Need Them - That's Why We Need Bitcoin

[JessicaVL]

Many people believe that the banks are never there when you need them - that's why we need Bitcoin. This idea became a subject of discussion when a Twitter user, by the name Nassim Nicholas Taleb, decided to express his frustration on the social media platform.

Taleb’s tweet was in response to an original message on Twitter that was posted by news outfit, The Daily Star Lebanon. This tweet quoted a top banking official who stated that banking operations in Lebanon will resume fully when the ongoing crisis in the nation ends. This leaves bank users frustrated, one of which is Taleb, hence his venting on Twitter.

https://www.youtube.com/watch?v=8yG14MKsKMc

Taleb’s reply attracted a lot of attention, leading to a discussion where several other Twitter users voiced their opinions in the comparison between banks and Bitcoin. Many of the opinions simply explained the deficiencies in the banking sector that Bitcoin has come to solve. Some of them are listed below.

Accessibility Problems

Banks in many parts of the world are open only on weekdays. Even though internet banking and other electronic banking systems now make it possible to access some services outside these periods. With Bitcoin, there is no day or night, neither is there weekends or public holidays. Transactions happen round the clock and across the globe.

Here is what the responder had to say;

https://twitter.com/TheSafestSpace/status/1187470765366493190

Faulty Lending Systems

Another user faulted the lending systems of banks and identified it as one of the problems that Bitcoin is going to fix. This is in support of the point that banks are never there when you need them - that's why we need Bitcoin. He responded with a popular quote by Bob Hope;

“A bank is a place that will lend you money if you can prove that you don't need it.”

The lending system by banks is faulted by many. Just like the quote above, before you are able to access loan facilities from most banks, you must produce a collateral with a higher value than the funds needed. Apart from that, the rigorous checks and research ahead of loan issuance could last for some weeks or even months in some cases. Today, there are Bitcoin lending platforms where you can access loans instantly.

Infrastructural deficiency

Another user highlighted the problems encountered with bank’s ATMs:

https://twitter.com/SirLordStacks/status/1187470363208208384

These are the kind of problems that you will not have when making transactions using BItcoin and cryptocurrencies. For many people, especially those who are already familiar with using Bitcoin or other kinds of cryptocurrencies, such limitations can be really frustrating.

Conclusion

Prior to this, the problem that most people have had when using Bitcoin and cryptocurrency is the problem of accessibility. This used to be a unique problem especially for first timers who are yet to purchase their first Bitcoin.

Recently, this barrier has become a thing of the past with platforms like Vertex.Market that have simplified the entry point for Bitcoin users, and those of other cryptocurrencies. On the Vertex platform you can easily buy Bitcoin and other cryptocurrencies using one of their 25 payment options. It is a peer-to-peer platform and the transactions are quick and straightforward, with Bitcoin or cryptocurrencies deposited directly into your wallet.

The flexibility and efficiency that Bitcoin offers is a major reason why those who make comparisons insist that banks are never there when you need them - that's why we need Bitcoin. However, several other benefits exist, such as security, cross-border efficiency, elimination of trust and transparency.

https://medium.com/@official_83664/banks-are-never-there-when-you-need-them-thats-why-we-need-bitcoin-c4fb792f616a

[1715109793]

1715109793

[1715109793]

1715109793

[Asmonist]

I think it depends on the situation. The banks should also protect their assets especially in time of crisis. Well, it is somehow ironic for people since they also need their money during crisis time. If safety of the personnel is the issue then maybe that's why. But however banks should have also some other activities aside from the clients to go in a bank branch to get there money. That's the time we'll need online banking. Much better if we have bitcoin then its more convenient and better to have many options.

[Krislaw]

Both banks and Cryptocurrency have their own fans. You cant teach an illiterate how to create or run a bitcoin wallet, they won't listen, and that's why they stick to banks and allow them bank to keep their money. It's easy to explain to most literate or internet users about Cryptocurrency.

Just like the quote above, before you are able to access loan facilities from most banks, you must produce a collateral with a higher value than the funds needed.

Same thing with bitcoin lending platforms. Check Nexo and some other crypto lending platform, they will ask you for 2x of the amount you want to order as collateral. I have no idea about any crypto lending platform that doesn't ask for much collateral and if they are, I'm sure they will be very few.

[hatshepsut93]

Accessibility Problems

You kinda countered your point here when you said that banks are connected to the Internet nowadays. This is the case most of the time, even in developing countries, so they are almost as accessible as Bitcoin.

Faulty Lending Systems

There's really nothing inherent here with banking and lending, and Bitcoin loans would have even more requirements than bank's loans, since it's so easy to default on a loan (which happens a lot on this forum).

Infrastructural deficiency

Again, everything that you apply to ATMs will be true for Bitcoin ATMs. ATMs are just a tool for converting between digital money and cash.

[chaoscoinz]

What do you plan on doing if and when you are no longer able to trade your holdings of Bitcoin and other cryptocurrencies against fiat currency? What will your crypto be worth then, if you are now longer able to cash out anymore? I think that the banks are a integral part of finance and are just as important as today's cryptocurrencies. They make a decent partnership together, crypto & fiat. I know this isn't the intended idea for Bitcoin and Blockchain tech, but it is a model that works, as cryptocurrency based companies become more compliance & transparent, regulatory bodies will eventual issue guidance or even be willing to work with them.

[audaciousbeing]

It might be your need that the bank has not met but what I am sure of is that for centuries, banks have been meeting not only individual needs, but corporate needs and government needs which has largely been responsible for the series of healthy economies that we have all around the world. In terms of infrastructure, I think to be fair, the banking industry have made significant progress even since the advent of internet which has made the use of their services much more accessible. Although, there is still gaps to cover but they are progressing.

[joniboini]

Same thing with bitcoin lending platforms. Check Nexo and some other crypto lending platform, they will ask you for 2x of the amount you want to order as collateral. I have no idea about any crypto lending platform that doesn't ask for much collateral and if they are, I'm sure they will be very few.

This.

I think collateral requirements will exist regardless of which platform you use. You might be able to get a loan without giving any collateral but 99% will ask for your ID. Collateral exists to decrease the risk of scams. If you can get a 'free' loan, without risking anything, then you can run away without fearing anything.

2x is probably too much. I'd rather ask for a loan in this forum than using that platform.

[ChrisPop]

I don't get why people are so against banks. They are financial institutions, but despite the central banks, the commercial banks need to make a profit. They do it by offering financial services like credits, finance options, M & As transactions, etc. If you think that banks' role will be nule if Bitcoin gets worldwide acceptance, then I'd say that you need to do a little bit more research..

With blockchain we might be able to decentralize and automatize the accordance of credits, but still there needs to be a financial institution with credibility that can afford giving you those funds even if they do it through a smart contract.

[Kprawn]

I can tell you one thing, if you want a 3 month Bank stamped report of your savings account at 21h00 at night, then you will not find a Bank in my

country that would be willing to help you. Our Banks are not open 24/7 so you are stuck with Bank office hours of between 08h00 - 17h00.    I

think these Brick n Mortar Banks will seize to exist in the next 5 to 10 years and you will find virtual Banking would become the norm. Look at what

happened in Greece with the last economic crisis, they simply closed their doors and locked/restricted their ATMs.   

[stompix]

Faulty Lending Systems

Another user faulted the lending systems of banks and identified it as one of the problems that Bitcoin is going to fix. This is in support of the point that banks are never there when you need them - that's why we need Bitcoin. He responded with a popular quote by Bob Hope;

“A bank is a place that will lend you money if you can prove that you don't need it.”

The lending system by banks is faulted by many. Just like the quote above, before you are able to access loan facilities from most banks, you must produce a collateral with a higher value than the funds needed. Apart from that, the rigorous checks and research ahead of loan issuance could last for some weeks or even months in some cases. Today, there are Bitcoin lending platforms where you can access loans instantly.

As some have pointed out, this is complete bullshit!

First, the thing about providing the bank with collateral that is worth more than your loan is completely wrong. Maybe in Easter Island, Alabasta or Felimath but in the normal world I can go and ask for a loan just with my id, the bank will check that I'm employed , the monthly rate won't go over 25% of my income and the next day if not today I can withdraw all that money and spend it how I want.

Banks are not asking for collateral for personal loans! End!

Well, in crypto....they do And they ask for outrageous sums.
Seriously, who the hell is insane enough to apply for a loan in btc from a crypto loaning platform when he is forced to deposit twice the amount?

Coinloans...you can get 70% of what you deposit.
Nexo, you get half
Lendabit from 40 to 60%

No, no matter how much of a bitcoin zealot you are, you can't say that crypto loans are better than banks!
Banks are the only ones that will give you money if you don't have based on your income.
Try to get that kind of loan on this forum, let's see how this works for you!


And, for the cherry:

Recently, this barrier has become a thing of the past with platforms like Vertex.Market that have simplified the entry point for Bitcoin users, and those of other cryptocurrencies.

https://vertex.market/blog/best-ways-to-buy-bitcoin-en

1.) The Best Way To Buy Bitcoin With International Bank Wire

Ironic, isn't it?

[weidex]

This is why an alternative system is being built by technologies such as Bitcoin, blockchain and DeFi. And it becomes more and more advanced.
We can now enjoy deposit banking, insurance, lending and derivatives, and early forms of life insurance on the blockchain. It is a matter of time to solve the interoperability issues between the different blockchains and use the full potential of the tech stack.

In fact, there are some dApps already solving this issue: https://app.jelly.market/ . This is a dApp that executes cross-chain swaps between different blockchains, hence you can exchange BTC for ETH, or dump your TRX for BTC. The project will also integrate a bridge to Compound so that you can finally start lending and borrowing with BTC.

There is a huge amount of good developers in the sphere are a real chance to create a better parallel system.

[thirdprize]

If something goes wrong or you get conned, you at least stand a slim chance of getting your money back with banks.  You send btc to the wrong address and that's it.

[Broly46]

Welcome to the cruel world fam, all these sweet smiling official from the bank, what they truly care about are getting the vote of approval from everyone of you, a business of voting system that run 24/7 and regulate your everyday life, and bank and govt are both working very closely to each other, because they’re both share the same life purpose, they’re both exist just to screw every single one of us, that’s their pleasure source come from, they basically enjoy seeing everyone working hard for the money and turn the world around at their wish, no matter you’re dead tomorrow, nobody has to care, you can just rot on your basement and yet the banker has one less mouth to feed, which is just best of both world.

[Eclipse26]

At some point you are right and wrong. Banks were there when you need them. Because obviously, they have a purpose. To help their clients. But there are limitations of what banks can do and offer. Which is if we don't like, we can just look for it at other platforms. Bitcoin is here to provide what the bank is  lacking, or what we cannot see in banks.

[auntyjmary]

The traditional banks are there to frustrate ordinary customers. It has always been the issue that banks usually operate on a more bureaucratic controlled environment. The requirement to even open a simple savings account in some countries can easily frustrate you in the first place. It is long overdue, we need bitcoin and other cryptocurrencies in mainstream financial market to curb this monopoly by the banks.

[Kyraishi]

This seems to be the most basic problem with all banks, and there are a lot of people who don't care because this doesn't happen to them, but they don't realize that this only happens in the shitty times, where you need that withdraw to happen and they fuck you over.

Banks will usually work perfectly in most situations, where everyone is happy and doing well, but when it becomes fucked, bitcoin or investments you can personally hold yourself are the best options.

[shield132]

Accessibility Problems

I highly doubt you'll have to visit banks everyday or weekly. And when you visit banks, you do it to create bank account, get card, consultation and etc but still a lot of things are done online, you have to visit store when it's really necessary and you have to sign. How is bitcoin capable of changing this process? You can use bitcoin for send/receive, nothing more, bank service is absolutely different case there.

Faulty Lending Systems

Bitcoin can't solve this problem too, in any case when big loan is given, you have to offer collateral.

Infrastructural deficiency

If I want to withdraw money and there are errors popup on atm (which personally I have never had), how bitcoin can save you? It's even more hard to take phone, open wallet, sent amount you want, choose fee and etc.

[samcrypto]

Banks are limited and if you don’t have any job then it will be hard for you to transact with the banks. Banks are too slow to manage your money, they are making a huge charges agains your account while the interest per annum was too low. Bitcoin changes everything and make a better things for us, we badly needed a real currency and real financial system that’s why I’m happy to know bitcoin and always an honor for me to have it.

[Artemis3]

No mentioning of fractional reserve. No wonder some people still think the banks are fine.

A bank is an incredibly fragile scheme, as in MLM scheme. A bank can go "bankrupt" if minuscule group of their clientele decides to withdraw all their money.

It is not about making profits AT ALL, that is not the problem. The problem is how the clients are absolutely unaware of fractional reserve.

People are misled to believe their money is "safe" in the bank. No it isn't, quite the opposite, in fact.

Here is the gist of it: You deposit 1000 they keep 100 in the vault, 900 is "lent away" immediately.

Someone gets those 900, deposits it in the bank again, 90 is in the vault, 810 "goes away"...

Someone gets that 810, deposits it in the bank, 81 is in the vault 729 "goes away"

Someone gets 729, deposits it in the bank, 72 is in the bank 657 "goes away"

I hope you start to see the pattern. So far, only 1000 entered the system, but the bank has already produced: 3096 the bank is already 2096 short, oh but they don't stop at 657, it goes all the way down... 592, 533, 480, 432, 389, 351, 316, 285, 257, 232, 209, 189, 171, 154, 139, 126, 114, 103, 93, 84, 76, 69, 63, 57, 52, 47, 43, 39, 36, 33, 30, 27, 25, 23, 21, 19, 18, 17, 16, 15, 14, 13, 12, 11, 10, 9...

When 1000 enters the system, bank has produced "Over 9000!"™ out of thin air, it doesn't really exist anywhere, but to them it does...

This is only sustainable as long as all of them don't "think" of withdrawing their money at the same time. Like an MLM scheme? Like an MLM scheme. Until the late 19th century this practice was illegal, and in many countries punishable by death. The older banks, were supposed to keep all the money that was given to them in their vaults. Of course, they would need to be paid (not the other way around) for this service.

This is why it shocks me when people get shocked over the idea that you should be paying the bank, not the other way around. This is because something this fundamental isn't teached, why, because... History of banking.

You see, some bankers did in fact infringed the law. They used some of that money "that was in the vault doing nothing" without permission. Those bankers that returned the money to the bank (and kept the profits) prospered, and became influential, and managed to change laws. With time, the scheme got legalized into what is currently modern banking.

But that is not how it should be. To break this scheme, the followers of the Austrian school of economy propose that banks "by default" become full reserve, ie. any money you deposit is entirely in there, and YOU have to pay a month fee for the service. IF the client want that money to be lent (or part of it) it should, previous authorization and fool knowledge of the risks involved, be moved into a separate type of account. However here comes the critical part, if the money is actually lent, that money CANNOT be available to the client until its returned. This is critical because its stops the MLM type scheme on its track. If the bank however offers you all the money any time regardless, the bank is playing fractional reserve again.

A bank that has full reserve, cannot go bankrupt. Everyone can withdraw the entirety of their money at anytime, and it will be there. Of course a bank without customers isn't much of a business, but even it if closes, none would lose their money.

That is not what happens with modern banks, to say the least, its always the clients that lose their money, sometimes the banks are saved, but the people never can. The State needs to save the bank "at all costs", including forsaking that bank's clientele. This is out of fear that a bankrupting bank would create a domino effect and crash the economy of that country, and that is why...

The State made an institution that lends to banks "just in case" too many clients decide to withdraw, thus creating the illusion the the money has always been safe. Yes, the bank of banks on a national level is called the Central Bank, its usually (but not necessarily) owned by the State, and it happens that in some countries they are also given free reign over the national currency.

Well this is sort of a buffer, with a proper Central bank in place, no bankruns would ever occur, as long as they are limited to one bank or a few banks, that is unless... The entire country enters in panic, and not only 10% of the people withdraw their money from that bank, but from ALL banks in the country... Fear not, because the World Bank was made for that...

Did you know each lender has their own conditions? I hope you do, and they all want their cut of the pie, it was YOUR fault for not preventing your customers to "flee" in the first place...

Please, don't waste your time with minuscule things like bank working hours, or fee amounts, that is the LEAST of your problems.

Do your own research about fractional reserve banking online. Never forget this, it takes about 10% of the entire money in banks to be withdrew to cause an economy crash. Sorry but there is no galactic bank to buffer Earth's economy... (yet).

Nothing broadcasts fear more than a closed bank. This is why they try their best to keep their doors open even when bad rumors come in. The fact that "rumors" can break a bank into pieces, is because of how fragile their system is.

A bank with full reserve don't need to mind rumors. At some point in history, the bank of Amsterdam operated in such conditions, even with War ravaging Europe, they had no problem returning the entire money to any client that requested it. That in turn made that bank a legendary reputation.

Alas, but a bank operated like that is less profitable than one using fractional reserve. Well duh you can potentially earn much more in a MLM than in a honest (boring) investment. This is similar to the difference from the currently dominating Chicago school of economy vs the Austrian school of economy (debt vs saving for growth).

One would think more people would be more aware of this, but they aren't. Otherwise they would not be using banks at all. Ah but how to keep the money that is intentionally losing purchasing power every year by State intervention? Perhaps by having a money that cannot be made to lose its value overtime...

When someone mention banks always remember about fractional reserve banking this is the center of the issue. Full reserve banking can return, but after a century or brainwash, people need to relearn what a bank is.

Look, getting paid when you give a stranger your money to keep safe, is NOT logical, that should raise your suspicions immediately. But you are letting your bank do it, because the State regulates it, and you trust it will be safe... Well hope you never experience a bank-run or a coin devaluation...

[hello_good_sir]

It's very hard to always rely on your bank and be able to always count on them to have your money when you need it, to help you whenever you require it, and it's one of the main reasons why I prefer being your own bank.

Holding your own money via crypto-currencies, holding your own cash that you can always count on gives you a certain level of security that the banks cannot simply give you. The country I live in is doing quite well so I'm able to trust the banks a lot more, but I still hold a lot of crypto and cash, as well real estate.

[LUCKMCFLY]

Well, banks have their protocols for everything, for loans, for financing and for their payment terms.

The bad thing about payment terms is that if you don't have the ability to pay, they are able to leave you on the street, and the worst and saddest thing is that everything is for FIAT money, a money that is generated from debt .

In any traditional economy there is at least a minimum percentage of inflation, when compared to Bitcoin it has many advantages, in transactions, security, from anywhere in the world, they do not ask you for the origin of funds, because it is the own money that does not need to be declared , and you can move the amount you want, that's the premise.

It is known that banks are in themselves a business, a business that does not offer 24% annual savings, but less, with Bitcoin, interest can be achieved in minutes, hours, days, weeks or months, 24% It can be achieved quickly with a good trade, then, between banking and bitcoin, Bitcoin business is better, no doubt.

[nydiacaskey01]

If you know how the Banking system you will never compare Bitcoin and traditional Banks. There are services that Banks can offer that Bitcoin cannot provide. Just simply browse through a website of local Bank near you and see what they can offer and ask yourself, can Bitcoin do this? Can Bitcoin offer this? Its two different animals.

[khaled0111]

The first time I heard the name of Nassim Taleb was few days ago from a topic on our local board. The topic was about this person and his lecture in Lebanon about the financial crisis.
According to him, Bitcoin is the best alternative if you don't want to be controlled by banks.

[minersday]

First and foremost, you should understand that banks have a particular kind of services they provide to their customers and users. Also due to the centralized nature of the banks, they only provide help to people who can afford to repay their help. Once you learn to understand this nature of Banks, you know why they are never there when you need them. Bitcoin on the other hand is a decentralized digital currency in which users of it are in charge of all transactions they make on the bitcoin blockchain network. With bitcoin, transactions can be made at any moment in time and at anywhere you find yourself. But for Bank transactions, users need confirmations before the transaction can go through. Personally, I think the world needs both Bitcoin and the banks to work together to enhance the way transactions are made.

[Slow death]

Banks are very useful, Imagine you have a lot of money in your bank account and then you die? your family can easily access your money, but if you have bitcoins in your wallet and die without saying your password or private keys, your bitcoin will disappear and your family will not have access to your money. We can't let ourselves analyze things by emotion. bitcoin is very good but also has disadvantages compared to banks

[jseverson]

I get that anti-banking people really want banks to go under, and most for good reason, but I feel like a lot of these problems are flimsy at best.

Accessibility Problems

Banks in many parts of the world are open only on weekdays. Even though internet banking and other electronic banking systems now make it possible to access some services outside these periods. With Bitcoin, there is no day or night, neither is there weekends or public holidays. Transactions happen round the clock and across the globe.

Doesn't the underlined part invalidate this argument? Bank transfers and credit card transactions can be done 24/7 nowadays. Deposits may be inconvenient, but buying Bitcoin with cash can be too. Exchanges aren't instant (and are often tied to banking systems, ironically), and peer-to-peer may carry some risks.

Faulty Lending Systems

Another user faulted the lending systems of banks and identified it as one of the problems that Bitcoin is going to fix. This is in support of the point that banks are never there when you need them - that's why we need Bitcoin. He responded with a popular quote by Bob Hope;

“A bank is a place that will lend you money if you can prove that you don't need it.”

The lending system by banks is faulted by many. Just like the quote above, before you are able to access loan facilities from most banks, you must produce a collateral with a higher value than the funds needed. Apart from that, the rigorous checks and research ahead of loan issuance could last for some weeks or even months in some cases. Today, there are Bitcoin lending platforms where you can access loans instantly.

There are plenty of fiat lending platforms too though? I don't see how Bitcoin solves this problem at all. One thing that hasn't been mentioned is that no crypto lender will lend a significant amount without collateral. As stompix has also mentioned upthread, personal loans are a thing. Independent lenders can continue lending even without Bitcoin.

Infrastructural deficiency

Another user highlighted the problems encountered with bank’s ATMs:

https://twitter.com/SirLordStacks/status/1187470363208208384

These are the kind of problems that you will not have when making transactions using BItcoin and cryptocurrencies. For many people, especially those who are already familiar with using Bitcoin or other kinds of cryptocurrencies, such limitations can be really frustrating.

I feel like an entire bank's system going offline would be a better example, and is actually a problem Bitcoin can solve. ATMs failing can be addressed by simply going to another ATM though.

There's really no need to pit Bitcoin vs. Banks, and such binary thinking will only put off people who would otherwise give adoption a chance. Let people use whatever they want and let them choose for themselves without mudslinging.

[gabmen]

Well my bank has been reliable for me so far, so I don't think this applies to all people . Of course it has it's flaws but so does btc and any other alternatives. What's good with the emergence of crypto is that it makes up for some of the short handedness of banks. And the same goes for the other way around.

[Wintersoldier]

Banks are limited and if you don’t have any job then it will be hard for you to transact with the banks. Banks are too slow to manage your money, they are making a huge charges agains your account while the interest per annum was too low. Bitcoin changes everything and make a better things for us, we badly needed a real currency and real financial system that’s why I’m happy to know bitcoin and always an honor for me to have it.

Basically the security features of banks in terms of tracking people is too high while in terms of their system, they are still vulnerable to hacking. But in bitcoin, it provides the freedome of letting you choose whether to make your account secured or not. You are the one to decide how you will keep your private keys so your funds will be safe. In other cases, in terms of transactions, it is quite slow for banks to process transactions as they have too many procedures to follow, no concrete system that will enable them to process fast enough while in bitcoin, blockchain solves its problem. Why don't banks utilize cryptocurrencies anyway? Because crypto doesn't need them.

[barabarian1]

according to me banks and cryptocurrency are equally important. even though I currently have cryptocurrency I will still need a bank. because always using the bank to pay for tuition, paying utility bills, taxes and also to send fiat money to my family needs a bank. and governments and large companies also need banks for many things. I think cryptocurrency and banks go together and support each other.

[Ozero]

I do not agree with your opinion. Many banks now have mobile applications with which we can manage our bank accounts around the clock. It is quite convenient. Banks are now also trying to keep up to date. Therefore, I do not see any particular problems here. Cryptocurrency is now also actively integrating with bank payment systems, however, this process is still going on ambiguously due to the high price volatility of the cryptocurrency. While all this is in the camp of development and adaptation. More time is needed and acceptable mechanisms will be developed.

[Blawpaw]

Actually they are there every time. They might be the most useful partner at the right time and may not lay a hand to you in a time of needs but the thruth is that people still rely entirely on Banks. This is mainly because they need to receive their payroll. Big companies are tied to banks to relieve their payrolls and people wanting a job will have to have a bank account to receive their payments. Even if they are paid in checks they still need to go to a bank to exchange it otherwise they will need to find a different way which generally leads them to pay fees or have extra expenses. Cryptocurrencies are the answer to this problem. But even so, the way the bitcoin network is becoming centralized shows a grim future ahead of us. Even if crypto can overthrow Banks I don't think we will be able to keep them decentralized, and that means that we will be just swapping from one capitalist model on to a crypto capitalist model which will be basically the same as before.

[Anonylz]

Banks may not be the most perfect system to use, they have their flaws but cryptocurrency also has much flaws as it is, we can not entirely overlook the good side of having your money in the bank just because of the bad side, like someone already mentioned, the online banking system and the bank app are there to serve you 24/7, for most of your banking transactions, aside from getting a loan, i can do virtually everything from my bank app without any stress,

What about crypto, is it that convenient to use! especially for our daily activities, i use my debit card everyday to buy stuff both online and offline and my crypto is just sitting in my wallet, for now banks are still very much important and needed, crypto is still on the process of acceptance and adoption and this may take time before it will be achieved. 

[patroncito]

Many people believe that the banks are never there when you need them - that's why we need Bitcoin. This idea became a subject of discussion when a Twitter user, by the name Nassim Nicholas Taleb, decided to express his frustration on the social media platform.

Taleb’s tweet was in response to an original message on Twitter that was posted by news outfit, The Daily Star Lebanon. This tweet quoted a top banking official who stated that banking operations in Lebanon will resume fully when the ongoing crisis in the nation ends. This leaves bank users frustrated, one of which is Taleb, hence his venting on Twitter.

https://www.youtube.com/watch?v=8yG14MKsKMc

Taleb’s reply attracted a lot of attention, leading to a discussion where several other Twitter users voiced their opinions in the comparison between banks and Bitcoin. Many of the opinions simply explained the deficiencies in the banking sector that Bitcoin has come to solve. Some of them are listed below.

Accessibility Problems

Banks in many parts of the world are open only on weekdays. Even though internet banking and other electronic banking systems now make it possible to access some services outside these periods. With Bitcoin, there is no day or night, neither is there weekends or public holidays. Transactions happen round the clock and across the globe.

Here is what the responder had to say;

https://twitter.com/TheSafestSpace/status/1187470765366493190

Faulty Lending Systems

Another user faulted the lending systems of banks and identified it as one of the problems that Bitcoin is going to fix. This is in support of the point that banks are never there when you need them - that's why we need Bitcoin. He responded with a popular quote by Bob Hope;

“A bank is a place that will lend you money if you can prove that you don't need it.”

The lending system by banks is faulted by many. Just like the quote above, before you are able to access loan facilities from most banks, you must produce a collateral with a higher value than the funds needed. Apart from that, the rigorous checks and research ahead of loan issuance could last for some weeks or even months in some cases. Today, there are Bitcoin lending platforms where you can access loans instantly.

Infrastructural deficiency

Another user highlighted the problems encountered with bank’s ATMs:

https://twitter.com/SirLordStacks/status/1187470363208208384

These are the kind of problems that you will not have when making transactions using BItcoin and cryptocurrencies. For many people, especially those who are already familiar with using Bitcoin or other kinds of cryptocurrencies, such limitations can be really frustrating.

Conclusion

Prior to this, the problem that most people have had when using Bitcoin and cryptocurrency is the problem of accessibility. This used to be a unique problem especially for first timers who are yet to purchase their first Bitcoin.

Recently, this barrier has become a thing of the past with platforms like Vertex.Market that have simplified the entry point for Bitcoin users, and those of other cryptocurrencies. On the Vertex platform you can easily buy Bitcoin and other cryptocurrencies using one of their 25 payment options. It is a peer-to-peer platform and the transactions are quick and straightforward, with Bitcoin or cryptocurrencies deposited directly into your wallet.

The flexibility and efficiency that Bitcoin offers is a major reason why those who make comparisons insist that banks are never there when you need them - that's why we need Bitcoin. However, several other benefits exist, such as security, cross-border efficiency, elimination of trust and transparency.

https://medium.com/@official_83664/banks-are-never-there-when-you-need-them-thats-why-we-need-bitcoin-c4fb792f616a

Bitcoin is in the process of killing them. People will switch their wealth to Bitcoin. Its just a matter of time

[DreamStage]

What do you plan on doing if and when you are no longer able to trade your holdings of Bitcoin and other cryptocurrencies against fiat currency? What will your crypto be worth then, if you are now longer able to cash out anymore? I think that the banks are a integral part of finance and are just as important as today's cryptocurrencies. They make a decent partnership together, crypto & fiat. I know this isn't the intended idea for Bitcoin and Blockchain tech, but it is a model that works, as cryptocurrency based companies become more compliance & transparent, regulatory bodies will eventual issue guidance or even be willing to work with them.

You will still be able to trade with other cryto users in forms of cash as for instance trade directly with the buyer / seller.
Maybe that is the perfect solution in this case where a third party such as banks would not be available 24 / 7 for you.

Sure there could be corruption / betrayed on each side but it's same from banks if they bank robe you and get negative funds.

Maybe some day we will be able to have something like Stellar as direct cash from bitcoin <-> fiat and there's no such issues under those intercontinental transactions or delays.

[airdnasxela]

Banks do provide us what we need though sometimes they are really being annoying and unhelpful sometimes... I also encounter these kind of problems with banks. And with that, here are instances where bitcoin can help me and provide me something others don't, like banks. Though I still need bank. No actually, I will still need both at the end of the day.

[kro55]

Both banks and Cryptocurrency have their own fans. You cant teach an illiterate how to create or run a bitcoin wallet, they won't listen, and that's why they stick to banks and allow them bank to keep their money. It's easy to explain to most literate or internet users about Cryptocurrency.

Just like the quote above, before you are able to access loan facilities from most banks, you must produce a collateral with a higher value than the funds needed.

Same thing with bitcoin lending platforms. Check Nexo and some other crypto lending platform, they will ask you for 2x of the amount you want to order as collateral. I have no idea about any crypto lending platform that doesn't ask for much collateral and if they are, I'm sure they will be very few.

Banks have served humans for centuries and are still serving. We cant say have only odds nor they have only evens. Likewise same hold true for BTC.
No one hand over you loan unless you pledge something neither BTC nor banks

[Eugenar]

Banks will never help you when you really need it, but if crypto grows into something more it can help people.

If you see banks in that way, you haven't been in the investment part of life where you lend money from them for business, and also loan for house and car that you need. My point here is, banks are there when you need them the only thing is crypto provides us a characteristic that banks cannot provide and that is maximum privacy that we can get from cryptocurrency.

If you already lose your trust in banks, ask your self, have you already used insurance from banks? If no, then in that way, you might realize that in emergency, banks are there for you. So do not divide banks and crypto, utilize them both based on their capability.

[Genemind]

One of the reasons why I have switched to Bitcoin is because it's more convenient to use. I could access it whenever I need it, unlike banks where you have to face a lot of hassle just to transact. They aren't available during the weekends and holidays as well. Bitcoin is accessible and the transaction is instant. I could also say that my funds are safer here because I'm in control of its security.

[Gotumoot]

I agree with you, We can't get close to the bank especially when we need them because there are many processes and it is also necessary that you have the money to use the bank. Now we see the situation of our countrymen who are poor and they do not have bank accounts because they do not have the money to open an account because they still need an initial deposit.

That's why bitcoin can help us a lot, because we can use it even if we don't have the money because there are ways we can make money here and save bitcoin for our future. And as you said at any time we can use bitcoin, especially when we need it because we can easily convert it to cash when bitcoin ATMs are growing all around us and every corner.

[imstillthebest]

Huh ? Banks are always been there and there are now many banks today when compare to before  . You can seek for help on the bank if ever you need to open an account or ask for loans or just another service you need etc.. but Bitcoin itself is still limited I mean the establishments or platform . You might not see most of them especially if you need one or if you wanted to have a btc but like banks , btc branches can also expand soon

[Beparanf]

One of the reasons why I have switched to Bitcoin is because it's more convenient to use. I could access it whenever I need it, unlike banks where you have to face a lot of hassle just to transact. They aren't available during the weekends and holidays as well. Bitcoin is accessible and the transaction is instant. I could also say that my funds are safer here because I'm in control of its security.

Bitcoin is so accessible that we can used it anytime and anywhere unlike in banks, but if the country is not yet into crypto then they have no choice but to choose to be in bank since there'll be no use in there country. Thanks in mobile app created in our country tm which is able to pay many stores even there are few stores accepting it.

[poptok1]

I don't get why people are so against banks. They are financial institutions, but despite the central banks, the commercial banks need to make a profit.

Says who? Banks were created by the people, for the people and now they are working only for their own interest. Commercial banks went criminal and that's a fact. All of them combined themself in to gigantic cartel of blood sucking thieves, that escaped the power of nations, governments and people.

They do it by offering financial services like credits, finance options, M & As transactions, etc. If you think that banks' role will be nule if Bitcoin gets worldwide acceptance, then I'd say that you need to do a little bit more research..

How about making research on your own? No such thing like credit, in modern banking. There is only debt. They lend you your own money for Christ sake, your own future income is confiscated and even something extra is added to it. Money that do not yet exists are given to you, with extra margin of course. They risk nothing and take everything in the end. Not to even mention about those speculation assets you wrote about...

With blockchain we might be able to decentralize and automatize the accordance of credits, but still there needs to be a financial institution with credibility that can afford giving you those funds even if they do it through a smart contract.

Let's say it's true, that we in fact need those institutions. What does it mean to be an institution then? I'm more than sure it is not what we call the bank today. Those are corporations with one thing as a goal, profit! Nothing more. We have to institutionalize and nationalize our banks, they have to serve all humanity once more, not to serve more to few humans. Yes, I'm advocating end of free market for banks! Because there is no free market while the means of it, that is the money, are private and enslaved in fraudulent fractional reserve systems. This means war and bitcoin is the H bomb!

[adzino]

-snip-
Accessibility Problems
-snip-
Faulty Lending Systems
-snip-
Infrastructural deficiency

Another user highlighted the problems encountered with bank’s ATMs:

https://twitter.com/SirLordStacks/status/1187470363208208384

These are the kind of problems that you will not have when making transactions using BItcoin and cryptocurrencies. For many people, especially those who are already familiar with using Bitcoin or other kinds of cryptocurrencies, such limitations can be really frustrating.

Just pointing out your key points. It is true that banking system does have its own problem, but we can't deny its importance right now. Similarly bitcoin and other crypto currencies also have their own drawbacks. What if you have some sort of connection problem when you need your coins the most? You won't be able to access your coins if you are having such problems. What if your device were you stored your coins and private keys are out from your reach temporarily?
Bitcoin does not have a "good lending" system as of now. This is a decentralized currency, thus making a lending platform means you will need a centralized platform.
You might also face problems when making transaction. What if you were supposed to make a transaction of 10 BTC, but you make a mistake and add an extra zero? Remember your transactions are irreversible!

[JessicaVL]

I think it depends on the situation. The banks should also protect their assets especially in time of crisis. Well, it is somehow ironic for people since they also need their money during crisis time. If safety of the personnel is the issue then maybe that's why. But however banks should have also some other activities aside from the clients to go in a bank branch to get there money. That's the time we'll need online banking. Much better if we have bitcoin then its more convenient and better to have many options.

Banking has obviously become more convenient with the advent of online banking, but it's still clunky in comparison to how Bitcoin and other coins operate.

[JessicaVL]

Not only that, banks in general are already an outdated system that needs to be changed, with or without crypto.

Absolutely - taking advantage of their clients and generally running in a way that is totally old-fashioned.

[JessicaVL]

What do you plan on doing if and when you are no longer able to trade your holdings of Bitcoin and other cryptocurrencies against fiat currency? What will your crypto be worth then, if you are now longer able to cash out anymore? I think that the banks are a integral part of finance and are just as important as today's cryptocurrencies. They make a decent partnership together, crypto & fiat. I know this isn't the intended idea for Bitcoin and Blockchain tech, but it is a model that works, as cryptocurrency based companies become more compliance & transparent, regulatory bodies will eventual issue guidance or even be willing to work with them.

Maybe it's a model that works now, but if the global financial markets crash I know I'd rather have my money in Bitcoin than in an bank account.

[JessicaVL]

It might be your need that the bank has not met but what I am sure of is that for centuries, banks have been meeting not only individual needs, but corporate needs and government needs which has largely been responsible for the series of healthy economies that we have all around the world. In terms of infrastructure, I think to be fair, the banking industry have made significant progress even since the advent of internet which has made the use of their services much more accessible. Although, there is still gaps to cover but they are progressing.

You definitely have a point, and there obviously is still a use case for banks or they would have already gone out of business. With that being said, more and more banks are starting to adopt blockchain to streamline their systems. There's no doubt that blockchain and crypto are more efficient than the banking system at this point in time.

[JessicaVL]

I don't get why people are so against banks. They are financial institutions, but despite the central banks, the commercial banks need to make a profit. They do it by offering financial services like credits, finance options, M & As transactions, etc. If you think that banks' role will be nule if Bitcoin gets worldwide acceptance, then I'd say that you need to do a little bit more research..

With blockchain we might be able to decentralize and automatize the accordance of credits, but still there needs to be a financial institution with credibility that can afford giving you those funds even if they do it through a smart contract.

I think you definitely have a point. There are already banks looking into blockchain as a means of making their operations more efficient and more effective. The two are inherently different though, so how they'll work in tandem I don't know.

[JessicaVL]

I can tell you one thing, if you want a 3 month Bank stamped report of your savings account at 21h00 at night, then you will not find a Bank in my

country that would be willing to help you. Our Banks are not open 24/7 so you are stuck with Bank office hours of between 08h00 - 17h00.    I

think these Brick n Mortar Banks will seize to exist in the next 5 to 10 years and you will find virtual Banking would become the norm. Look at what

happened in Greece with the last economic crisis, they simply closed their doors and locked/restricted their ATMs.   

I don't know if they'll close their doors entirely, but there will definitely need to be some kind of major shift in the way that they function if they want to survive.

[Mike Mayor]

Banks don't need to be there for you unless you owe them money. They less likely to care when they not making a profit but they are paid to help you so they must keep you happy if they can.
I had a bad experience with my bank account recently. I was not receiving deposits and it was a pain. I phoned the bank and they told me my account is working fine so who knows. I will have to find out the next time I get out. The point is, it was annoying and I had to rely on someone else. I could not solve this problem myself unlike with crypto which I am totally in control of. I'm telling you as soon as I can start paying for things like bills and food I will never use my bank account again. If I need cash I might still need it though. That is one reason I see the use for a btc ATM otherwise I believe they useless but I know they will not bring btc ATM here.

[xiboothrezi]

In this case, we cannot generalize it. Moreover, the bank is one of the institutions officially recognized by the government related to finance. Many other things that can be served by banks and it provides many benefits which also cannot be provided by cryptocurrency directly.
So I chose in the middle, bitcoin and banks complement each other. As simple as that we see this problem, don't be busy comparing which one is better. Just take the benefits and conveniences of each party, it's simple, and you will get convenience.

[HardFacts]

Many people believe that the banks are never there when you need them - that's why we need Bitcoin.

I would trust the BANKS way more than I would trust the Bitcoin community...  I have been subjected to so much censorship in this forum, I would NEVER trust most of the bitcoin community.    Anyone that " trusts " someone that must silence than debates facts is a fool.   

You can not have freedom without FREE SPEECH...

The banks, and the Federal reserve have never tried to silence me, or even the bitcoin community.  Words mean nothing, who is DEMONSTRATING a love a freedom, and deserves to be trusted based on their actions

Hard Facts

[yulionoo]

I think it depends on the situation. The banks should also protect their assets especially in time of crisis. Well, it is somehow ironic for people since they also need their money during crisis time. If safety of the personnel is the issue then maybe that's why. But however banks should have also some other activities aside from the clients to go in a bank branch to get there money. That's the time we'll need online banking. Much better if we have bitcoin then its more convenient and better to have many options.

yes, I agree with you when a crisis occurs, banks will try to protect their assets and we cannot expect much from banks when a crisis occurs. therefore reliable investments during a crisis are bitcoin and gold. and I will also always set up emergency funds. I will save an emergency fund in the form of fiat money and I will save it at home. so that when a crisis occurs I can count on this emergency fund.

[Fatunad]

I think it depends on the situation. The banks should also protect their assets especially in time of crisis. Well, it is somehow ironic for people since they also need their money during crisis time. If safety of the personnel is the issue then maybe that's why. But however banks should have also some other activities aside from the clients to go in a bank branch to get there money. That's the time we'll need online banking. Much better if we have bitcoin then its more convenient and better to have many options.

yes, I agree with you when a crisis occurs, banks will try to protect their assets and we cannot expect much from banks when a crisis occurs. therefore reliable investments during a crisis are bitcoin and gold. and I will also always set up emergency funds. I will save an emergency fund in the form of fiat money and I will save it at home. so that when a crisis occurs I can count on this emergency fund.

Banks do have emergency funds, and you can get your savings anytime you want if it wasn't set up for time deposit. Banks are even slowly accepting Bitcoin related services I guess people cannot resist using the banks so soon. Saving emergency funds through your personal savings without the bank is hard to do you will just end up spending all of those without you noticing it.

[Eugenar]

yes, I agree with you when a crisis occurs, banks will try to protect their assets and we cannot expect much from banks when a crisis occurs. therefore reliable investments during a crisis are bitcoin and gold. and I will also always set up emergency funds. I will save an emergency fund in the form of fiat money and I will save it at home. so that when a crisis occurs I can count on this emergency fund.

Would it be good if we consider that the assets that banks has are those assets the people have? Though, the main problem here when the crisis happen is still the huge market adoption of people to cryptocurrency. If there is a crisis, and we want to utilize bitcoin for payment, it will not be as efficient enough,why? Because if we have bitcoin and banks still have the control to convert bitcoin to fiats, then it is worthless to cash out fiats. What we need is to fully utilize bitcoin to create transactions.

[crwth]

There are a couple of reasons why you would choose crypto over banks, but in general, banks are just looking out for themselves. Think about it; they are there when they have an opportunity to gain money from a person or group of people. They are there when you can't pay your loan and charge you whenever you pay late — a property you cannot pay off, foreclosing The property. Repossession of unpaid cars, etc. They are for themselves. It's for their benefit, and that's good for their business.

On the other hand, Bitcoin lets you have control over your funds. It's just the adoption that we are waiting, oh, for so long. I think it's not wrong to think about that in banks, but that's the reality we have now. Let's continue supporting bitcoin, and we will never know what could happen.

[ice18]

I think its the users fault not the bankers if your account was frozen its part of the protocol of some banks to ensure its security specially if they are holding millions of money from bank account holders you must also aware in current situation in your country so that if like in Lebanon crisis occurs you are ready and have withdrawn your needed money if something difficult situation happens not on the time of crisis and you will go to bank to withdraw your money, what if war occurs? Banks will be destroyed and you will never recover your money, in my personal experience banks is a vital part of a process to exchange your bitcoin into fiat to spend in our everyday expenses.    

[Murat]

You have to consider that the Bank has own policy to run its own way, the Banking system is the largest system for running monetary system and it's going on, when people will find another way to protect, Reserve and other activities then they will not go to the bank, but for me, Still banking system is the core of this monetary system because it's a huge platform to serve to the people, no one monetary sector could protect you when you are in crisis, you don't expect much anything from any platform when you need some help, but Bitcoin would be a good source for this purpose, but it would be more developed and organized.

[Waterfull446]

I read that Germany allowed to carry out any operations (buying or selling) crypto with the help of banks, but now the whole European Union approves such an initiative? But I don’t understand, banks will have to become owners of a large share of bitcoin in order to conduct this? they are like a stock exchange. Or am I not understanding something?

[angrynerd88]

No doubt traditional banking system is worst and just waste of time,Traditional banking system limits the global transactions.While Bitcoin has no restrictions and we are free from all hurdles and globally connected.

[angrybirdy]

No doubt traditional banking system is worst and just waste of time,Traditional banking system limits the global transactions.While Bitcoin has no restrictions and we are free from all hurdles and globally connected.

That's why crypto users prefer to use bitcoin to do transactions than a bank. We can use it anytime we want and there are no restrictions or legalities needed but the security is still there. It is just our own choice to face the risk of using it since there is no third party that will support every transaction we do.

[peter0425]

banks are here just to make profit from us and nothing in good intentions,all they do is pretending to be concern on us but their only concern is how to take our money "LEGALLY"

that is why Bitcoin and other cryptocurrency are here to cover for their stupidity,at least now we have full controll of our money and none can dictate us what to do.this is enough reason to prove how people are supporting cryptocurrency now and soon banks will have no claim from us.

[Potent]

If you looking for more reasons: set inflation rate, Censorship resistant, Borderless, Doesn’t require user to identify themselves, Hard to strong arm rob Not transportation fees, Works 24-7-365, Global, Faster transfer are my favorites.

[chaoscoinz]

Many people believe that the banks are never there when you need them - that's why we need Bitcoin. This idea became a subject of discussion when a Twitter user, by the name Nassim Nicholas Taleb, decided to express his frustration on the social media platform.

Taleb’s tweet was in response to an original message on Twitter that was posted by news outfit, The Daily Star Lebanon. This tweet quoted a top banking official who stated that banking operations in Lebanon will resume fully when the ongoing crisis in the nation ends. This leaves bank users frustrated, one of which is Taleb, hence his venting on Twitter.

https://www.youtube.com/watch?v=8yG14MKsKMc

Taleb’s reply attracted a lot of attention, leading to a discussion where several other Twitter users voiced their opinions in the comparison between banks and Bitcoin. Many of the opinions simply explained the deficiencies in the banking sector that Bitcoin has come to solve. Some of them are listed below.

Accessibility Problems

Banks in many parts of the world are open only on weekdays. Even though internet banking and other electronic banking systems now make it possible to access some services outside these periods. With Bitcoin, there is no day or night, neither is there weekends or public holidays. Transactions happen round the clock and across the globe.

Here is what the responder had to say;

https://twitter.com/TheSafestSpace/status/1187470765366493190

Faulty Lending Systems

Another user faulted the lending systems of banks and identified it as one of the problems that Bitcoin is going to fix. This is in support of the point that banks are never there when you need them - that's why we need Bitcoin. He responded with a popular quote by Bob Hope;

“A bank is a place that will lend you money if you can prove that you don't need it.”

The lending system by banks is faulted by many. Just like the quote above, before you are able to access loan facilities from most banks, you must produce a collateral with a higher value than the funds needed. Apart from that, the rigorous checks and research ahead of loan issuance could last for some weeks or even months in some cases. Today, there are Bitcoin lending platforms where you can access loans instantly.

Infrastructural deficiency

Another user highlighted the problems encountered with bank’s ATMs:

https://twitter.com/SirLordStacks/status/1187470363208208384

These are the kind of problems that you will not have when making transactions using BItcoin and cryptocurrencies. For many people, especially those who are already familiar with using Bitcoin or other kinds of cryptocurrencies, such limitations can be really frustrating.

Conclusion

Prior to this, the problem that most people have had when using Bitcoin and cryptocurrency is the problem of accessibility. This used to be a unique problem especially for first timers who are yet to purchase their first Bitcoin.

Recently, this barrier has become a thing of the past with platforms like Vertex.Market that have simplified the entry point for Bitcoin users, and those of other cryptocurrencies. On the Vertex platform you can easily buy Bitcoin and other cryptocurrencies using one of their 25 payment options. It is a peer-to-peer platform and the transactions are quick and straightforward, with Bitcoin or cryptocurrencies deposited directly into your wallet.

The flexibility and efficiency that Bitcoin offers is a major reason why those who make comparisons insist that banks are never there when you need them - that's why we need Bitcoin. However, several other benefits exist, such as security, cross-border efficiency, elimination of trust and transparency.

https://medium.com/@official_83664/banks-are-never-there-when-you-need-them-thats-why-we-need-bitcoin-c4fb792f616a

I really don't think that within the present state of Cryptocurrencies and blockchain technology, that crypto could survive on it's on without being able to trade against fiat currency. I think that without fiat being a medium of exchange, cryptocurrencies would die off and the market price/volume would deflate rather quickly.
   Cryptocurrencies like Bitcoin have a symbiotic relationship with fiat, that proves its partnership works very well within today's economic society. If I couldn't trade my coins against fiat, all the time I've spent learning to invest and trade with the proper etiquette would have been in vain. I would most likely short my losses and move on to other investment vehicles, as I'm sure many others would do too. That's the only way to really crush cryptocurrency, by banning its trade against fiat currency, it would be a financial disaster.  
  Just my two cents!

[akirasendo17]

bitcoin is created to be an additional currency, thats what satoshi really wants but since banks never wanted bitcoin since there is not centralized
banks , finds ways not to accept it, banks are made for profit if you don't believe me can you imagine even withdrawal this days has fee's also
banks never care if you don't have money, if you wan't a loan they need assurance that you can pay them, bitcoin on the other hand as a currency
wan't transfer secure, fast, and don't need to rely on a single company, also it also give shares to the people by mining they will be paid unlike in banks
they are the one taking profit not the people

[Hamphser]

banks are here just to make profit from us and nothing in good intentions,all they do is pretending to be concern on us but their only concern is how to take our money "LEGALLY"

that is why Bitcoin and other cryptocurrency are here to cover for their stupidity,at least now we have full controll of our money and none can dictate us what to do.this is enough reason to prove how people are supporting cryptocurrency now and soon banks will have no claim from us.

Somehow you were right but we're the ones who approached them and why is that? Because we need them, we need them to help us with lending or loaning some money in exchange of collateral. Were in fact they are just using the money of the people to let us borrow it. And that is how legally they take our money.

[arimamib]

banks are here just to make profit from us and nothing in good intentions,all they do is pretending to be concern on us but their only concern is how to take our money "LEGALLY"

that is why Bitcoin and other cryptocurrency are here to cover for their stupidity,at least now we have full controll of our money and none can dictate us what to do.this is enough reason to prove how people are supporting cryptocurrency now and soon banks will have no claim from us.

Somehow you were right but we're the ones who approached them and why is that? Because we need them, we need them to help us with lending or loaning some money in exchange of collateral. Were in fact they are just using the money of the people to let us borrow it. And that is how legally they take our money.

in banks they are looking for profits from the velocity of money that occurs, and some income from the results of the use of bank fees they are looking for profits from these things because they are a form of company. so I think it's natural for that.

[tsaroz]

Crypto would not just counter Banks, it would also make baking efficient. One of the reason why banking sucks is it's large profit margin which is required to sustain a huge amount of manpower and logistics alongside of giving a profit to the stakeholders. They have become so huge and costly that they are now a negative aspect of the economy. Blockchain can help them solve their problem. With all of automation blockchain to verify transactions, banks can be efficient once again.

[crisanto01]

bitcoin is created to be an additional currency, thats what satoshi really wants but since banks never wanted bitcoin since there is not centralized
banks , finds ways not to accept it, banks are made for profit if you don't believe me can you imagine even withdrawal this days has fee's also
banks never care if you don't have money, if you wan't a loan they need assurance that you can pay them, bitcoin on the other hand as a currency
wan't transfer secure, fast, and don't need to rely on a single company, also it also give shares to the people by mining they will be paid unlike in banks
they are the one taking profit not the people

It's not that banks never wanted Bitcoin, but how come they will do it if the government itself will not in favor with it, for sure they just wanted something to be in legal, let's wait for more years as we can see once the crypto is regulated and becomes legal then for sure they will add it as one of their legal tender, so let's just wait for it for now, soon they will realize the advantage of cryptos.

[Edraket31]

In some ways Bitcoin can be useful and helpful than Bank but i think both have different worth like they brings so much convenience in life so example i use some Banks already many times for saving and paying some services,items then more so i'm not experience bad and i do this for long then here in crypto with Bitcoin then i use this for investing,saving then more so both are good for using still we can experience some negative about both of this then in bank we regulate by government then in crypto we don't have regulator

At the end of the day, we need both of them, we don't need to compare which is better which is what we need, as they will be both useful especially now and in the future, we don't need to let the banks disappear as it has a lot of advantage in our society and economy and we all know it will be part of our journey until the end, for sure once regulated, banks will fully adapt the use of crypto to add in their transactions too.

[Excell110]

Oh you have had a taste of it too, lol.
 The current banking system is flawed and lack the infrastructure to provide the best to the users.

 I recall making a transaction that was hanging for 3 days,  this shows that the banks can't fulfil the needs of the users, Bitcoin on the other hand us showing great potentials.

[sana54210]

Like you said, things got quite better ever since internet banking was introduced. The problem I do have with banks in my country is that withdrawing cash is always a big problem. If you go to banks to withdraw cash there is a certain amount you will have to be withdrawing before you're allowed to use the over-the-counter service. But, if you're withdrawing an amount that is less, you will have to make use of the ATM, and using the ATM is another big problem. Sometimes you will have to stand like forever, waiting for your turn to use the Machine and it can be frustrating.

Another thing is an international transaction – using banks is a waste of time due to their slow process in the money transferred. That's why Bitcoin is better you can make quick transaction to any country and with fees that are way too less than what it would cost in banks.