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

[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
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Faulty Lending Systems
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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.