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

[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