Are people losing faith from centralized organizations?

[shoreno]

in my country its totally different because centralized organizations here like banks are verry indemand , so many new banks are now introduced  . people here will likely going to choose bank over cryptos  .

your right op maybe its only happening on your country but why you look so sad , your supposed to be happy because thats what what we all want , we want cryptos and decentralization to overtake  .

[Mauser]

in my country its totally different because centralized organizations here like banks are verry indemand , so many new banks are now introduced  . people here will likely going to choose bank over cryptos  .

your right op maybe its only happening on your country but why you look so sad , your supposed to be happy because thats what what we all want , we want cryptos and decentralization to overtake  .

Same here. In the last big crisis, the financial crisis of 2008 people got really afraid of banks and where looking for secruity outside of the big centralized organizations. The problem was that the crisis was selfmade from the banking industry and the trust levels where very low. But now with corona the crisis is not selfmade by big institutions, of course there are few ignorant people who believe it's all a hoax. The majority however are looking for the government for guidance.

[amishmanish]

--snip--
I don't know if it is happening in your country as well. But seems people losing their faith from centralized organizations like a bank. It would happen due fair of bankruptcy or due to need money on emergency situations. On the other hand, gold and bitcoin movements saying that new investors getting in. Most probably people want to be their own bank.

What's your thought and what's the real situation of your country?

In my country there has been a definite trend of drop in bank deposits but it has nothing to do with distrust of centralized institutions or banks. In developing countries like mine, people used to have a mentality of bank deposits being a safety net and the ultimate savings investments were the ubiquitous Fixed Deposits. With increasing awareness, people are diverting their savings to the stock market, trading and other riskier investments hoping to get better returns.

There really isn't the widespread distrust of big banks in general. Here you have public, state owned banks as well as private banks. Those with a more conservative outlook tend to prefer the public banks. Most people generally have an account with all type of these institutions.

[kolbalish]

Centralized organizations are one of the organizations that people can trust at the highest level. The most appropriate means to complete the overall economic activities and transactions. But at the present time, we see that people are preferring to keep the money in their hands instead of saving it in the bank. I think it is not just because they have lost faith in the centralized organization, there may be some special reason behind it. Example: bank expenses,  bankruptcy, bank theft or money laundering, increase in VAT on deposits. And the most important thing is people lose their business and job they withdraw their money from the bank due to maintain their basic needs.

[bayu7adi]

~snip~
But now with corona the crisis is not selfmade by big institutions, of course there are few ignorant people who believe it's all a hoax. The majority however are looking for the government for guidance.

the possibility of hoaxes does exist, because the agency that has the right to convict someone is affected by the corona virus or not is a health agency. the worst possibility is, they are exercising their right to sentence healthy people as corona virus positive patients with the aim of getting incentives for their efforts to stop this virus.
but if our point of view is expanded again, it means that other countries also announce that this corona really exists, the possibility of this being a hoax is getting smaller, because world-class hoaxes are very difficult to do without going through doctrine first

[cryptomaniac_xxx]

What's your thought and what's the real situation of your country?

Luckily, I haven't seen this kind of situation in our country, I will just a long line in cases wherein the government will have it's sort of stimulus package, but usually though, some transactions are being done online already.

So I don't think that they are losing faith in the centralised organisation like banks. Maybe the withdrawals is meant to have cash on hand. Yes, cashless is here, but majority still prefer to be paid in cash in markets in buying foods.

[Bezobraznike]

   I will agree with the headline! It's not hard to understand what OP is talking about if you are involved with crypto-currencies.
It's like that for me, everything I know about decentralized governance I learned right here in crypto-currencies.
   I lost faith in centralized organizations. They had time to develop and look where are we now? I think that global economic
a situation doesn't look good, we need something better. Is that decentralization? I believe it is, it offers so much, and it can bring
a fair economic system available to all people at all times.

[semobo]

When I see the picture of our banks in my country's, it seems lots of people in the line to withdraw their funds. An analysis of my country says that people keeping funds on their hands instead of keeping into the bank. And it hasn't happened before where a huge amount of funds holding by population. Bank reports saying, clients are just withdrawing their money, deposits are very low by comparing with withdrawal. That's why people encountering lots of questions from the bank regarding withdrawal. Most likely due to the global pandemic, people want to keep funds on their hands.

I don't know if it is happening in your country as well. But seems people losing their faith from centralized organizations like a bank. It would happen due fair of bankruptcy or due to need money on emergency situations. On the other hand, gold and bitcoin movements saying that new investors getting in. Most probably people want to be their own bank.

What's your thought and what's the real situation of your country?

Literally banks are in losses due to no loans taken by the people due to this pqandemic and stock values of them also decreases that is why people are withdrawing money from the banks which are at the verge of bankruptcy and other factors could be investment or emergency needs.Why people need to hold their money if they do then simply they are losing the value of their assets.

[gbrendeh]

The era of change is coming gradually and blockchain adoption is becoming a reality.

[Kasabus]

What's your thought and what's the real situation of your country?

Luckily, I haven't seen this kind of situation in our country, I will just a long line in cases wherein the government will have it's sort of stimulus package, but usually though, some transactions are being done online already.

So I don't think that they are losing faith in the centralised organisation like banks. Maybe the withdrawals is meant to have cash on hand. Yes, cashless is here, but majority still prefer to be paid in cash in markets in buying foods.

I admit there are more withrawals nowadays than making deposits simply because we are currently facing a pandemic and we need to survive from it. This does not means that we are no longer interested in centralized banks because majority are still attached to banks for the safekeeping of our deposits. Although our country is heading into a cashless society soon, but i think people are not yet ready to embrace that big change.

[Ayiranorea]

in my country its totally different because centralized organizations here like banks are verry indemand , so many new banks are now introduced  . people here will likely going to choose bank over cryptos  .

your right op maybe its only happening on your country but why you look so sad , your supposed to be happy because thats what what we all want , we want cryptos and decentralization to overtake  .

This isn't simple. To overtake the growth of banks and go completely decentralized. The usage need to increase little by little, further there needs to better awareness. Importantly the government needs to support and give all legal procedures to make things perfect without restriction or complications. All this won't happen in a day or in a week's time. Until then we're supposed to hope for the change and do the mouth of spreading.

[The cure]

When I see the picture of our banks in my country's, it seems lots of people in the line to withdraw their funds. An analysis of my country says that people keeping funds on their hands instead of keeping into the bank. And it hasn't happened before where a huge amount of funds holding by population. Bank reports saying, clients are just withdrawing their money, deposits are very low by comparing with withdrawal. That's why people encountering lots of questions from the bank regarding withdrawal. Most likely due to the global pandemic, people want to keep funds on their hands.

I don't know if it is happening in your country as well. But seems people losing their faith from centralized organizations like a bank. It would happen due fair of bankruptcy or due to need money on emergency situations. On the other hand, gold and bitcoin movements saying that new investors getting in. Most probably people want to be their own bank.

What's your thought and what's the real situation of your country?

It seems that the same thing is happening in my country, people are over reacting and in a hurry to get their money in the banks,wherever you look there is always a long queue of atm machines, maybe because of unemployment the reason why most of us ran out of money in their hands, and it is possible that many of them think that banks may close due to the worldwide spread of covid-19 so they rush their money out of the banks and thinking that their money is safer with their hands.

[lienfaye]

What's your thought and what's the real situation of your country?

The most affected people of this pandemic or those withdrawing their funds to banks are basically living under middle class. They need money to sustain their needs, having no choice but to withdraw their savings to survive in this unfortunate situation.

But well-off people are still keeping their assets in banks because money is not a problem. Even this pandemic exist for months they are less affected and can stay at home and not starving. Thats how it goes here, it doesnt mean people are losing trust to centralized organizations  its just that they have no choice.

[el kaka22]

I have lost my faith in them loooong time ago, I got into bitcoin mainly because it is decentralized and nobody could take a control of it, well at least nobody has done that so far, I hope that will continue. That is also one of the same reasons why I do not go into ICO or IEO or whatever stuff neither, same with DEFI nowadays what people hype about, never going to invest into those silly idiotic things you know why?

Because they are run by people, they dress up and make up like they are a "company" but in reality they are not a company and just bunch of people and even if they were, I do not want government handling my money, why would I want some company? Centralized organization outside of crypto and inside of crypto are all the same, I do not trust them and I would not leave my money to them.

[wack slacker]

The problem that banks do not allow massive withdrawals is to control the market and prevent money from being withdrawn quickly from their systems. If so, the entire banking system will quickly lose its liquidity. I realize that the state they do so has good reason. We should not worry too much when the epidemic is under control, the world will be at peace again and you are free to withdraw your money.

[South Park]

Most likely the way I have observed the situation in the country where I reside, the reality speaks that people do really tends to hold their own money or physical cash instead of putting it into banks most specially because of the existence of the pandemic wherein having cash on hand is really in need to avoid falling in line for too long and prevent yourself from going outside just to make withdrawal transactions on bank counters or even at ATMs.

At this point of time, maybe the reason why people are doing such is not duly because they are losing faith on banks or other centralized organizations. It is just that at times like this, people only thinks of having cash on hand or if not, having cash balance on digital form using mobile apps to access their funds. Maybe people mostly think that storing money in banks are not necessary for now because there are lots of expenses that are needed to attend to and having a cash on hand will provide less hassle compared to storing it on banks. Maybe after this pandemic, people will find reason to store up and hold their moneys on banks but for now that cash is always in need most of the time to buy necessities, people will keep on withdrawing their money so that they would have something to spend for emergency purposes and other needs.

Another reason for people to want to hold cash instead of leaving their funds in banks is because at the beginning of the crisis we did not knew how big it will be, while many people have been infected the mortality rate of the virus was unknown and this had people very scared and they did not knew if we were going to have a bank holiday and suddenly all their savings will disappear or a part of it will be stolen, and while this may seem impossible to happen this has happened already many times in history and those that are aware of that will not let their money sit in a bank for long.

[Findingnemo]

Banks lose their customers when their stock value decreases on their stock market and due to the pandemic banks are not making much money because most of the revenues created by the banks are from loans and now they are not giving out enough loans because they are afraid that they may not pay back since all the business were hindered due to lockdown restrictions.

[Finestream]

Banks lose their customers when their stock value decreases on their stock market ....

Big banks have stocks, but small banks only rely on private investors and some are just even owned by family, or they call it a family business.
Their customers could be their depositors or their borrowers, but depositors doesn't care much about the bank as long as it can give the money anytime they withdraw, while on the part of the loans, I think Banks knows how to match everything, they also borrow the money they lend out, so they don't risk anything from their end and there's no reason they can't allow clients to withdraw the funds.

and due to the pandemic banks are not making much money because most of the revenues created by the banks are from loans and now they are not giving out enough loans because they are afraid that they may not pay back since all the business were hindered due to lockdown restrictions.

That's right, but they can still continue their operation, this might only result to removing employees (non regular) to adjust expenses accordingly.

[panganib999]

People are not really losing their faith or trust into centralized organizations like banks. It is just that it is not convenient to store up funds inside the banks at this time most specially we are in the pandemic on which we mostly need to have cash on hand now that there is a long line always at ATMs and even at bank counters. People do tend to have cash on hand which makes them not to put their money inside banks so that they can always have funds to purchase necessities like medical and of course food and good essentials.

Considerably, people are just being practical on thinking that instead of storing money inside banks, why not just hold it so that once needed in case of emergency, they do not already need to get into ATMs and bank counters to withdraw money for spending. The situation is not just suitable for bank storage right now and it does not mean that people are losing faith on centralized organizations like them.

[DabsPoorVersion]

There must be a reason, maybe it is because of our current situation or anything else,

In our country, people start to lose their faith in banks due to a lot of issues we encounter. A lot of people are losing their funds without knowing the reason, there are so many issues that we face that people started to stop using banks.