Who to Trust, Fiat Banks or BTC?

[KingsDen]

The issue of Trust is not only evident in relationships, it is applicable in our daily endeavours. People are more committed to system they trust than the one they don't trust. Even in this forum, you can easily do business with someone with a positive trust than one with a negative trust.

As the saying goes "wherever ones treasure is, there his soul is". So, in this article we would try to establish if ;
1. If people have fallen out of Trust with the Traditional banking system.
2. If people can trust BTC than banks.

Discussing issues 1. I'll use myself as a case study;
Most times I would feel cheated by my banks even when I have no evidence to prove same. I always have this feeling that a bank with over 3million customers can decide to deduce 0.5cents from each customers account without sending them alert. The customers may also not notice because the figure is small. Multiplying 0.5cents by 3m customers will give you $1.5m. I don't know why I always believe there are hidden charges in the traditional banking system.

Secondly, data management: I know of few companies that pay hugely in order to know how people spend their money, on which products, which days and which class of people spends much.
This company can quietly walk to the bank and get these information. They will pay the bank, and our data would be released to them without our consent. Because, with debit cards, how often you visit the grocery can be determined, etc.. I also feel cheated here.
Further; information privacy is another concern of mine. In most cases, the bank can give out your bank statements or any other salient information of yours to the government or public without your consent.
Considering my above worries, the issue of trust in the context is therefore not limited to trusting your bank to save your money, but also trusting them with your personal data.

On this premise I created a poll to know if we still trust the traditional banking system or we would rather trust the BTC (self bank).

[mk4]

1. I don't trust banks with my data.
2. I trust banks to a certain small degree that my money should be fine, but only to a certain extent. Always taking note that anytime I could be fucked over by them due to whatever reason hence why I don't have majority of my money in fiat and in banks.

Unfortunately, even if I really don't like banks, I still have no choice because Bitcoin's current adoption rate is just so low that I have no choice but to continue using fiat money and banks.

[GreatArkansas]

Before, most of my savings or money is in my bank account. But starting last year, I am slowly moving them on-chain, especially in Bitcoin.
What money left in my bank is the money that I can easily access if I want or need money immediately, so it is considered a very small amount for me.
By that, I am showing that I can't trust the bank to hold my money, I rather hold it by myself, by keeping my private keys myself.

[Jontokhan65]

I trust Bitcoin more than I believe in the bank because trading with Bitcoin is not a problem, even easy transactions that ever require a bank. Most people use Bitcoin now. It is seen that if the bank has money, the government will keep the bat from the people. And what are other types of problems. So I think Bitcoin is perfect for transactions...

[slaman29]

I voted for neither trust. BUT the caveat here is that currently, I trust banks a lot more than I trust any of the crypto companies out there. Especially if it's to hold my crypto funds/fiat funds.

I keep my BTC in my own wallet, that's for sure, but if I had to choose someone to keep it safe for me, perhaps who knows one day when I start to suffer from dementia? I'd give it to a bank. They're bad people but crypto companies are even worse people.

[avikz]

Well, I have two different answers for this question under two different circumstances.

Let's assume, I am a salaried person and I am doing well for myself-

1. I will trust banks and fiat money and even with my data because at this situation I would need access to the banking products and offers.

Now let's assume, I am a millionaire and not all my incomes are white-

2. I would not trust bank with my money and definitely not with my data. I would rather prefer cryptos like bitcoin or Monero. Because now if Banks have access to my data, that will eventually be flown to the Income Tax department and that's exactly what I don't want.

So that's my situation based answer!

[Sirait]

I trust Bitcoin more because it can send large amounts of money without obstacles and questions from third parties. Bitcoin is a rising asset class and its growth in the last 1 and a half years has been enormous. banks will lose their customers and all people will go to cryptocurrencies.

[Karish2return]

I believe that when transferring money bitcoin is better than fiat and also I can say that when bitcoin is increased then the transferring money is also increasing which is a benefit for the users. Thus I prefer bitcoin is better in this case as compared to fiat.

[pooya87]

The only possible answer (which is not found among your poll options) is "to some extent".
Do I believe that the banking system is fraudulent and is driving the economy to the ground? Yes, of course.
Do I believe centralized banking is terrible for privacy and also security of my money? Yes, again.
But at the same time I have no choice but to use the banking system because the world is not yet ready to make such a big change and purge this fraudulent system. Not necessarily to replace it with bitcoin, remember that banking was not this terrible many years ago. The banksters started becoming more and more corrupt as time went on and nobody stopped them.

[Tessnik]

Privacy and data protection have been a topic of debate in contemporary times where people now choose to currency such as BTC and the rest of other decentralized methods of payment for data protection. But the bank can easily release your data to a third party.

[Rajamuda]

Basically both are have their own advantages, but when viewed from a security perspective, of course most people would say more trust in Bitcoin, it's just not fully legalized like fiat banks.
For me personally, because I haven't experienced anything threatening to either of them.. I believe in both and I still think they are very helpful in my life, it's just that I have to be more careful.

[Lorence.xD]

Bitcoin is susceptible to manipulation so I don't think that it's a good thing to entirely trust bitcoin, fiat banks on the other hand is susceptible to inflation meaning that your money could get devalued because they will lose purchasing power. Short answer is that you don't trust both because they have both have their own shortcomings.

Privacy and data protection have been a topic of debate in contemporary times where people now choose to currency such as BTC and the rest of other decentralized methods of payment for data protection. But the bank can easily release your data to a third party.

In terms of privacy and data protection, I don't think that we have to debate too much about it because our personal information have been sold a long time ago by our own government even if they don't say it.

[Pmalek]

Trust or no trust, the reality is that most people use banks and that's where their salaries go. I am no different. I certainly don't trust them, but I am required to use them. My employer pays my salary to my bank account, the only other option is PayPal. I dislike PayPal more than I dislike banks.

I don't like the fact that I am losing money for international transactions whenever I am receiving funds to my account due to intermediary banks. 
I don't like the fact that by bank takes out €2 every month under the pretext of monthly account maintenance.
I don't like that "suspicious activity" will and can be reported to my local tax authority or other government agencies without my knowledge.

With all that in mind, I can't trust them with my money or my data, but like I said, I am stuck with them.

[livingfree]

I trust them with the little that I deposit on my bank account. 

I only use them to store for small amounts and I trust more my wallet and holding that I've got in bitcoin. But for the banks, we have no choice unless we're living in a place like El Salvador where you'll see people using bitcoin and accepting it if you want to pay.

[traderethereum]

I trust banks, fiat money and BTC because I used them.
It is not possible to have an account in any bank without giving your identity and if you do not trust them, how you can use them?
We can not deny that we do not like the banks because they take our money even without knowing and say that it is for the transaction fee.
But we can not do anything because that is their rule and as long as we still use the bank, that will always happen.
Bitcoin comes as a solution but will depend on the government once again because they rule the country and consider accepting or denying bitcoin later.

[maxreish]

Well, honestly I withdrawn all my savings from banks when Ive started investing in cryptocurrency. I mean, I have already been using secured and trusted online wallets which I am be able to track and monitor it whenever Ive wanted to.

Its not that I am against the centralized system, its just that I am more comfortable with crypto wallets recently than those fiat banks.

[juemonju]

I think bank is good until they have good supply of money, if its break bank can be wind up. which can end in nightmare.But there is no alternative of bank, what do you think?

[the rise]

It depends, I believe i both, do not exaggerate one of them, because I use both, if you use fiat is clearly trusted by everyone, also when there is a problem about money, you can consult a bank or police, whereas bitcoin, we are helped by its technology, also improves the condition of our economy, and also many companies begin to adopt and people begin to believe in bitcoin.

[davis196]

I trust the banks in my country and I also trust Bitcoin,which means that I trust my self and my BTC wallet.
I certainly don't trust cryptocurrency exchange platforms and crypto casinos.
Bank deposits in my country are guaranteed by the government to a certain amount(100K euro),so my money are safe,even when the bank goes bankrupt.I'm not sure about whether or not my bank will try to scam me.So far I've never been scammed by any bank.I can't say the same about crypto exchange platforms or crypto casinos.

[Hauntinggrowth6824]

The issue of Trust is not only evident in relationships, it is applicable in our daily endeavours. People are more committed to system they trust than the one they don't trust. Even in this forum, you can easily do business with someone with a positive trust than one with a negative trust.

As the saying goes "wherever ones treasure is, there his soul is". So, in this article we would try to establish if ;
1. If people have fallen out of Trust with the Traditional banking system.
2. If people can trust BTC than banks.

Discussing issues 1. I'll use myself as a case study;
Most times I would feel cheated by my banks even when I have no evidence to prove same. I always have this feeling that a bank with over 3million customers can decide to deduce 0.5cents from each customers account without sending them alert. The customers may also not notice because the figure is small. Multiplying 0.5cents by 3m customers will give you $1.5m. I don't know why I always believe there are hidden charges in the traditional banking system.

Secondly, data management: I know of few companies that pay hugely in order to know how people spend their money, on which products, which days and which class of people spends much.
This company can quietly walk to the bank and get these information. They will pay the bank, and our data would be released to them without our consent. Because, with debit cards, how often you visit the grocery can be determined, etc.. I also feel cheated here.
Further; information privacy is another concern of mine. In most cases, the bank can give out your bank statements or any other salient information of yours to the government or public without your consent.
Considering my above worries, the issue of trust in the context is therefore not limited to trusting your bank to save your money, but also trusting them with your personal data.

On this premise I created a poll to know if we still trust the traditional banking system or we would rather trust the BTC (self bank).

I voted BTC, but I don't trust any though

[ropyu1978]

we all know that for now we are in a difficult world full of theatrics, we can't even make a choice, because we know many countries that have not legalized bitcoin, such as my country which does not want to accept bitcoin, so I was forced to save my money bank, and continue to use fiat, even though I know that I keep large amounts of money in the bank, making us doubt, because fraud often occurs,

[Alert31]

I don't trust bank fully because of rules and regulations they implemented to their customers. And that is because bank is centralized but I used banks despite of that. But now, much better to trust bitcoin now which continuously growing and decentralized.

[Lee_Mire]

In my opinion you can trust both. Banks have their benefits and bitcoin has its benefits. Both are simply tools, use them accordingly.

[ven7net]

To trust someone or something, you need to get at least benefit from it. Now I will try to explain my position. It so happened that before and now everything related to finance, everything happens with the participation of banks. Good or bad, everyone decides for himself, but personally for me it is very important to have access to the purchase of goods and payment for services, and at the moment all this is happening thanks to the banks. Personally, I used to take out a bank loan in my time and now I have a Baku card, which I use every day. I cannot say that the households somehow harmed me or used my personal data, but of course it is very important for me to have personal control over my money and have access to the purchase of goods and services. As for BTC, at the moment it is more suitable as a means of accumulation, but as for using BTC as payment for goods and services, unfortunately at the moment it is not suitable for this. First of all, this is a problem with the speed of transactions, as well as high commissions for transfers. But I do not want to choose between banks and BTC, I decided that it is better for me to use both directions and get the maximum benefit for myself.

[CryptoStar19]

Our data, and therefore us, have become the product for all these major institutions and companies. They sell all kind of data about us to each other so they can target us more precisely when it comes to selling things to us.

[Wexnident]

Well, I'd trust myself as my own bank first and foremost before anything else. Sadly the system we have now almost requires us to trust Banks with our money, even if we don't want to. Most businesses and whatnot have developed a system of transactions with banks at its center, making it a lot easier so we don't really have a choice on that point. Still, the adoption of Bitcoin opens up the doors of having people actually be their own bank. As much as most people hate how banks operate, it is also the banks that make transactions a lot easier compared to if they weren't there.

It's close to the idea of having a killer hold the knife, but you decide when to die under a contract with him vs you holding the knife and you decide when to die kind of thing.

[Leviathan.007]

Obviously, we can trust to what we know and what we can understand not to something that is not being fully controlled by ourselves. We don't know how much fiat money is being printed per month and who can access our bank accounts, for any good or bad reason the government can order the bank to completely block our bank accounts while when you are using a proper bitcoin wallet you are the only one who can control your funds and none else can have access to your funds unless you give out your private keys. That's why I would definitely trust bitcoin much more than fiat.

[Anonylz]

Maybe before when things were not very clear and blockchain was not in the picture to make people see reasons why banks should not be completely trusted, but not anymore, especially with personal data,  am not sure how they manage the safety of all the data in their possession but it still makes me feel uneasy to know this, to safe keep my funds I can trust them to some extent, they still play a very important role in the financial system whether we like it or not.

[pinggoki]

Before I am trusting the banks with my own personal information as I know that it is more secured because it is powered by the world government, but now that I've known the Bitcoin and cryptocurrency I am trusting this method because I've already know that I am more secured due to that I don't need to provide my personal information here when doing large or small transactions.

[Hamphser]

I don't trust bank fully because of rules and regulations they implemented to their customers. And that is because bank is centralized but I used banks despite of that. But now, much better to trust bitcoin now which continuously growing and decentralized.

Just like you, even I don't want those rules I need to comply and use banking system, but since Bitcoin is here part of my
savings are inside this investment.

Trusting my guts that Bitcoin will bring good compensation instead of letting my money being enjoyed by the bank.

But we cant really deny that banks does give out that kind of accessibility and comfort when it comes to payment system or simply with our needs correlated to that but somehow speaking of

being too centralized or knowing everything about you is somewhat against with our ego but we dont have any choice since there are no other options left or to choose from and when Bitcoin had exist

then everything has changed but doesnt mean that you would really be going all in with your life savings, always think off about the risk no matter how great it is, we cant still be sure on when
it would last so better be aware.

[goldade]

The issue of Trust is not only evident in relationships, it is applicable in our daily endeavours. People are more committed to system they trust than the one they don't trust. Even in this forum, you can easily do business with someone with a positive trust than one with a negative trust.

As the saying goes "wherever ones treasure is, there his soul is". So, in this article we would try to establish if ;
1. If people have fallen out of Trust with the Traditional banking system.
2. If people can trust BTC than banks.

Discussing issues 1. I'll use myself as a case study;
Most times I would feel cheated by my banks even when I have no evidence to prove same. I always have this feeling that a bank with over 3million customers can decide to deduce 0.5cents from each customers account without sending them alert. The customers may also not notice because the figure is small. Multiplying 0.5cents by 3m customers will give you $1.5m. I don't know why I always believe there are hidden charges in the traditional banking system.

Secondly, data management: I know of few companies that pay hugely in order to know how people spend their money, on which products, which days and which class of people spends much.
This company can quietly walk to the bank and get these information. They will pay the bank, and our data would be released to them without our consent. Because, with debit cards, how often you visit the grocery can be determined, etc.. I also feel cheated here.
Further; information privacy is another concern of mine. In most cases, the bank can give out your bank statements or any other salient information of yours to the government or public without your consent.
Considering my above worries, the issue of trust in the context is therefore not limited to trusting your bank to save your money, but also trusting them with your personal data.

On this premise I created a poll to know if we still trust the traditional banking system or we would rather trust the BTC (self bank).

I wouldn't want to repeat your words because you have, in details, highlighted the shortcomings of the banks and I believe that was why bitcoin was created.
With bitcoin, one is in full control of one's money and there are no hidden charges. Even transaction fees can be controlled depending on how fast you want your transactions unlike the banks have a fixed amount you can't do anything about.
The anonymity that bitcoin provides is another major advantage it has over the banks. My data are protected and I don't even have to know who I'm transacting with.
We, however, still need the banks for some day to day operations until bitcoin becomes the number one currency in the world being widely accepted

[mindrust]

Keeping cash is usually a foolish idea anyway. Now the interest rates are very low, it doesn't make much sense to hold too much FIAT in a bank. (or somewhere else) It is probably a better idea to own some assets like real estate, precious metals and crypto instead of FIAT.

However I do trust banks with my FIAT. It is because I don't have any other choice.

[DeathAngel]

I use my fiat bank for my salary & daily shopping but I will never trust them again with my larger net worth. I’m all bitcoin in that sense. Imagine getting less than 1% interest in a savings account & enjoying it? Pathetic man, fiat currency is dead.

[sapnu]

No matter how much we dislike the fiat system, the fact that the banking system of bitcoin is still much flawed leaves us with no choice but to be smart and wise on where we should settle our money at. Either way, both are not proper way of handling money but as long as you got your own way on how you can grow your money regardless of the trouble each has, it is still possible that you entrust your money on either of the two. I would trust Bitcoin more because I know it is near from getting fixed considering the corrections and innovations being made on it as time passes by.

[gundala]

the bank is officially recognized by the government, our data and money are also under the protection of the law, so I don't have any worries. after all I'm not a customer with a lot of funds I use the bank as needed, use it to facilitate transactions to meet monthly needs such as paying electricity bills, buying tickets, shopping online, etc. what's there to worry about while I still need it?
well, for some people there may be those who don't believe it because of the involvement of third parties and so on, that's the right of each. so it's not a matter of debate which one is better, everything has its good and bad sides.

[carlfebz2]

the bank is officially recognized by the government, our data and money are also under the protection of the law, so I don't have any worries. after all I'm not a customer with a lot of funds I use the bank as needed, use it to facilitate transactions to meet monthly needs such as paying electricity bills, buying tickets, shopping online, etc. what's there to worry about while I still need it?
well, for some people there may be those who don't believe it because of the involvement of third parties and so on, that's the right of each. so it's not a matter of debate which one is better, everything has its good and bad sides.

This should be put in consideration because we've been using banks through ages now and even we do only own a small amount of cash or not really have much funds but the services and the convenience that it gives is undeniably good.

It does have pro's and cons but since banks are regulated then expect on what are the good and the bad in terms of kyc and something like that but we should not forget on how these institutions did really give out
some benefit and convenience for us users.

BTC is just an option to take if you do really value your identity and does mind about being decentralized.

[2double0]

If you want to put something fixed, choose banks because your fiat will remain of the same value 'except if the bank goes bankrupt'. Fiat will always give control in the hands of banks because you depend on their cash availability if the amount of fiat is higher.
Choose bitcoin over banks if you want top notch security for your funds but are ready to take the risks of high volatility that come as strings attached with it. Bitcoin gives you complete control of your finance if you choose non-custodial wallets and keep your private keys safe.

[Kiley33]

To some extent, I trust the bank, but I trust Bitcoin completely. The bank is at risk of running away. Bitcoin does not. Bitcoin will not deceive people. However, the usage rate of Bitcoin is not very high. Banks should not expose our data, our data is disclosed by apps on mobile phones. When we need something, we search for it, and then he will recommend similar things to us on various applications.

[Nunoluck]

I trust bank, although I don't like fiat money as the value keep decrease but for me bank is trusted organization. Something that I don't like about bank is the loan. Although it is the easiest way for bank to gain income but I think the bad thing is bigger than the good thing. I think it will be good if bank invest it directly to the company to produce product and make an agreement that bank will be get some percentage of the profit, it seems that the profit could be higher rather than the interest. I trust bank and bitcoin equally but I don't trust fiat money.

[Connor Britton]

the bank is officially recognized by the government, our data and money are also under the protection of the law, so I don't have any worries. after all I'm not a customer with a lot of funds I use the bank as needed, use it to facilitate transactions to meet monthly needs such as paying electricity bills, buying tickets, shopping online, etc. what's there to worry about while I still need it?
well, for some people there may be those who don't believe it because of the involvement of third parties and so on, that's the right of each. so it's not a matter of debate which one is better, everything has its good and bad sides.

This should be put in consideration because we've been using banks through ages now and even we do only own a small amount of cash or not really have much funds but the services and the convenience that it gives is undeniably good.

It does have pro's and cons but since banks are regulated then expect on what are the good and the bad in terms of kyc and something like that but we should not forget on how these institutions did really give out
some benefit and convenience for us users.

BTC is just an option to take if you do really value your identity and does mind about being decentralized.

I also agree with you that trading cryptocurrency in my country currently has a negative attitude, so in most scenarios in my life, I need to use various services provided by the bank. In fact, it also protects me. The security of my property. Although I am not sure whether the bank will leak my personal privacy, I have never suffered property losses without a bank. Bitcoin is decentralized, open source, and transparent. These advantages make me like it very much. , It allows me to control my wallet, and I can trust it absolutely, I don’t have to worry about losing my wallet, unless I don’t remember my private key, I don’t reject legal currency banks, everyone There is a choice that suits you.

[andriarto]

although in this year BTC began to show a positive side and made people who used to be in the bank and now switch to BTC it looks like this might make many people switch to BTC.
but not all of them switch to BTC, only crypto lovers love bitcoin and I think this is a competition between banks and BTC. because if people switch to BTC maybe the bank will experience a shock, but the bank is also still trusted because it is safe to store money

for now bitcoin is only used as a tool to print money, and finally the fiat money is stored in banks, and can finally be used to buy necessities. therefore we actually only carry out their respective functions, because we need both, considering we are cryptocurrency lovers

[slaman29]

I dislike PayPal more than I dislike banks.

I don't like the fact that I am losing money for international transactions whenever I am receiving funds to my account due to intermediary banks. 
I don't like the fact that by bank takes out €2 every month under the pretext of monthly account maintenance.
I don't like that "suspicious activity" will and can be reported to my local tax authority or other government agencies without my knowledge.

Same here, as I explained above, I also do feel that the insurance for my deposits are something of a unique thing not even PayPal can offer me. If I tell my bank immediately that my account was stolen or card was used, guess what? They block and refund the used balance almost immediately and I get a replacement card like tomorrow.

PayPal? Try it.

I do like sending free and instant transactions with my bank account. No fees ever. Interest is daily calculated BUT I don't like that my FIAT is losing value all the time which makes the interest useless.

[Kelvinid]

I trust them both and apparently using them all. However, it was mind-changing and I realize that a bank is not the right place to store your money coz it never grows much there unlike if you put this into investment. If I would just put it on BTC and hold for several years, I gain multiple times than the banks could give me.

I don't just consider the safety assurance that the bank could give us but we are getting into practicality and we want to grow our money fast rather than wasting a lot of time getting just small bucks.

[Reid]

I think we have something to agree on here.
I hate banks and I don't know why. I guess it's also base on my experience that I can't even remember anymore.
Right now when I transact it's either on fiat or digital cash. Cryptocurrency options are still not accepted at my place and I hope they will soon.
My entire life I never had a credit card, even with all the invitations that had been coming in my mailbox.
Annual fees, losing credits, and giving you a hard time how to get it back then stories from friends that dug their own grave with credits. They will let you think it gives ease to all your transactions but I don't think so.

[kryptqnick]

Maybe it depends on where you're from, but I my country it's unwise to generalize when it comes to banks because they're very different. There was a time when banks were not to be trusted at all because they basically performed exit scams or managed finances so badly that they kept going bankrupt. It's not a big issue these days, but there are still banks which are more trustworthy and those which are less trustworthy. I'm largely okay with the bank I use because it was nationalized (so, it's state-owned, basically) and pretty much everyone uses it here. And I must admit that I try saving some money on my bank account, even though I'd rather not. I trust the bank when it comes to day-to-day operations and money I use for my everyday purchases, but I still have a feeling that one day, the bank might go bankrupt and I'll lose my money. However, as I've said, I'm still trying to save money on my bank account, and that's because otherwise I won't be able to use it for what I'm saving for, as the authorities will ask to provide a bank statement proving that I have the funds I need. I trust BTC in my wallet more than I trust my fiat in the bank account because I know that I don't actually own the fiat, and the bank has power over it. So I hodl some BTC as well, but I wish I didn't have to keep any savings in a bank.

[Nightz]

I dislike PayPal more than I dislike banks.

I don't like the fact that I am losing money for international transactions whenever I am receiving funds to my account due to intermediary banks. 
I don't like the fact that by bank takes out €2 every month under the pretext of monthly account maintenance.
I don't like that "suspicious activity" will and can be reported to my local tax authority or other government agencies without my knowledge.

Same here, as I explained above, I also do feel that the insurance for my deposits are something of a unique thing not even PayPal can offer me. If I tell my bank immediately that my account was stolen or card was used, guess what? They block and refund the used balance almost immediately and I get a replacement card like tomorrow.

PayPal? Try it.

I do like sending free and instant transactions with my bank account. No fees ever. Interest is daily calculated BUT I don't like that my FIAT is losing value all the time which makes the interest useless.

The problem aren't the people who have banks available that live up to their insurance policies. By the way, I am not so sure how many got their money back from Lehmann and Brothers. The real problem are the people who live in countries with corrupt banks, or banks that do not live up to their insurance policies/promises. They are smashed if something happens, and it happens at their cost. This is where Bitcoin comes into play. Countries with high inflation and corrupt administrations that might raid your house and take your assets. Those living in peaceful countries with decent and stable orders are not so much dependent on decentralized currencies.

[Desmong]

The issue of Trust is not only evident in relationships, it is applicable in our daily endeavours. People are more committed to system they trust than the one they don't trust. Even in this forum, you can easily do business with someone with a positive trust than one with a negative trust.

As the saying goes "wherever ones treasure is, there his soul is". So, in this article we would try to establish if ;
1. If people have fallen out of Trust with the Traditional banking system.
2. If people can trust BTC than banks.

Discussing issues 1. I'll use myself as a case study;
Most times I would feel cheated by my banks even when I have no evidence to prove same. I always have this feeling that a bank with over 3million customers can decide to deduce 0.5cents from each customers account without sending them alert. The customers may also not notice because the figure is small. Multiplying 0.5cents by 3m customers will give you $1.5m. I don't know why I always believe there are hidden charges in the traditional banking system.

Secondly, data management: I know of few companies that pay hugely in order to know how people spend their money, on which products, which days and which class of people spends much.
This company can quietly walk to the bank and get these information. They will pay the bank, and our data would be released to them without our consent. Because, with debit cards, how often you visit the grocery can be determined, etc.. I also feel cheated here.
Further; information privacy is another concern of mine. In most cases, the bank can give out your bank statements or any other salient information of yours to the government or public without your consent.
Considering my above worries, the issue of trust in the context is therefore not limited to trusting your bank to save your money, but also trusting them with your personal data.

On this premise I created a poll to know if we still trust the traditional banking system or we would rather trust the BTC (self bank).

You have really done well by creating a poll for individual opinions and also bringing this topic on board.

Really traditional banks like you have written are depriving us of our right by selling or giving our information to government or third parties without individual consent. Our data are being distributed for monetary reasons, multiple debit alerts using different names without an official reason which continues maybe because they are in charge of our money.

There is no more freedom in keeping money in the banks without being queried of excess fund or money laundering which have been a continuous fight against citizens by government. Thank God for the existence of Bitcoin and other cryptocurrency that had make us to regain our liberty again reducing the rate of monetary cases that is being prosecuted.

[Rengga Jati]

In fact, we must trust banks with their own manipulations and we seem to be forced to believe and trust them. Moreover, they are centralized where the government has the right role of any bank to be like what they said.
However, to be honest, I will never trust banks, moreover if we have seen several conditions related to the banking system. It is very very complicated.

However about BTC? Who should I believe? the creator/ the market or others?

So far, Bitcoin has its own advantages and disadvantages that will lead us to trust or not.

[aysg76]

A fully secured network running on the trust system of miners,nodes and every participant and with proper transparency of each transaction on global and open ledger blockchain there is nothing that you can't trust of Bitcoin if your are familiar with its core working.But to the contrary the banks that have no transparency and have huge NPA's every year and bad debts and loan scams arising you can't trust them even with your funds as bank don't loose but common people money is drained through them.So I don't trust them anymore I have came to know about bitcoin.The more you know it more distrust you have about the banking system of your country.

[pawanjain]

Just like what the Poll results is showing I don't trust the banks. I hated them right from the beginning.
They treat us nicely when we open an account with them but after that they their true colors.
They charge us for service which we don't even know if it exists and then provide a bad support.
They make us roam here and there just to access all our money. They restrict us from using our own money.
There are many other reasons why I hate them. Crypto on the other hand is like a blessing where we can be our own bank.

[Shenzou]

the current state of the crypto and bitcoin, does not allow us to fully move towards using them, love it or hate it we live in a fiat society and we still have to use banks even if we don't trust them, i personally don't like banks because they can have full control over my funds and my transactions anytime they want to, and because my real life job requires me to have a banks account to receive my salary i can't stop using banks and move toward crypto in a full way.

[imstillthebest]

. I always have this feeling that a bank with over 3million customers can decide to deduce 0.5cents from each customers account without sending them alert. The customers may also not notice because the figure is small

Its not easy to notice if your balance has more digits and every digit is different but it can be noticeable if you check you wallet at all times and your balance compose of mostly zeroes .
Even theres no hidden fees , most Banks still charge a fees for using their service and others .
This is why I don't like to use a bank but btc can offer a better service . people shall soon realized it

[slaman29]

I do like sending free and instant transactions with my bank account. No fees ever. Interest is daily calculated BUT I don't like that my FIAT is losing value all the time which makes the interest useless.

The problem aren't the people who have banks available that live up to their insurance policies. By the way, I am not so sure how many got their money back from Lehmann and Brothers. The real problem are the people who live in countries with corrupt banks, or banks that do not live up to their insurance policies/promises. They are smashed if something happens, and it happens at their cost. This is where Bitcoin comes into play. Countries with high inflation and corrupt administrations that might raid your house and take your assets. Those living in peaceful countries with decent and stable orders are not so much dependent on decentralized currencies.

I think no one got their money back from Lehmann brothers BUT the governments in their countries paid them back all their deposits. This is what I'm talking about the countries having such banks sign up citizens to guarantee schemes that pay back everyone in worst case scenarios like the bank going bust.

Of course, when the countries go bust, that's another story (and can happen even in supposedly less corrupt European countries too like Greece).

[Obito]

the current state of the crypto and bitcoin, does not allow us to fully move towards using them, love it or hate it we live in a fiat society and we still have to use banks even if we don't trust them, i personally don't like banks because they can have full control over my funds and my transactions anytime they want to, and because my real life job requires me to have a banks account to receive my salary i can't stop using banks and move toward crypto in a full way.

I think that a coexistence is a much better than domination because if you think about it, if bitcoin were to replace banks, they have to replace a really big hole and I don't think that hole can be easily replaced because that's probably the lifeline of many countries and government and suddenly replacing it with something volatile is going to be a disaster. For me, trust isn't something that you should give out easily especially with financial instruments.

[ethereumhunter]

Discussing issues 1. I'll use myself as a case study;
Most times I would feel cheated by my banks even when I have no evidence to prove same. I always have this feeling that a bank with over 3million customers can decide to deduce 0.5cents from each customers account without sending them alert. The customers may also not notice because the figure is small. Multiplying 0.5cents by 3m customers will give you $1.5m. I don't know why I always believe there are hidden charges in the traditional banking system.

I've always been afraid of saving money in the bank, because we could lose our data or money. Banks that are managed by other people or controlled by bank employees so that the money we have continues to be taken little by little every month to pay the salaries of bank officers, in contrast to BTC which has a personal wallet and no interference from others.
Saving money in BTC is a very good option for security and huge profits.

Even if we are afraid of saving money in the bank, we still do that because there is no other way to keep that money with us unless we have a box to keep that money from others. The employee of the bank is not doing anything but their system to that without we know. The bank employee paid from the bank, and I think the bank's money is not for their employee but for the bank itself. With BTC, we can convert our money to BTC to manage by ourselves without other people know. That is the advantage of bitcoin that people out there do not know.

[Max_Headroom]

I trusted banks before, but not again

Now I can only trust a bank if I can physically punch the bank owner in a face in case of misconduct on my account...

P2P Rulez

[geegaw]

Just like what the Poll results is showing I don't trust the banks. I hated them right from the beginning.
They treat us nicely when we open an account with them but after that they their true colors.
They charge us for service which we don't even know if it exists and then provide a bad support.
They make us roam here and there just to access all our money. They restrict us from using our own money.
There are many other reasons why I hate them. Crypto on the other hand is like a blessing where we can be our own bank.

You may not be satisfied with the way they operate as well as the services and some of their costs but regardless of such low-rated attitudes, you still need to open a bank account in your country, it's already in a required range, without it, this would be very inconvenient to problems, for example, the form of receiving a monthly salary and the rules about buying and selling products, bank cards are always the king here. Bitcoin gets better comments but people only talk well about it but openly transferring all their money to bitcoin is something they dare not do

[Woodie]

The poll options all lead me to thinking I have trust issues with my bank both holding my money and data.

But unfortunately even with the distrust that exists,  I still need them for certain financial services, which includes acquiring my beloved bitcoin using their platforms.

I go with "I neither trust them for saving my money nor for holding my data"

[Nightz]

I do like sending free and instant transactions with my bank account. No fees ever. Interest is daily calculated BUT I don't like that my FIAT is losing value all the time which makes the interest useless.

The problem aren't the people who have banks available that live up to their insurance policies. By the way, I am not so sure how many got their money back from Lehmann and Brothers. The real problem are the people who live in countries with corrupt banks, or banks that do not live up to their insurance policies/promises. They are smashed if something happens, and it happens at their cost. This is where Bitcoin comes into play. Countries with high inflation and corrupt administrations that might raid your house and take your assets. Those living in peaceful countries with decent and stable orders are not so much dependent on decentralized currencies.

I think no one got their money back from Lehmann brothers BUT the governments in their countries paid them back all their deposits. This is what I'm talking about the countries having such banks sign up citizens to guarantee schemes that pay back everyone in worst case scenarios like the bank going bust.

Of course, when the countries go bust, that's another story (and can happen even in supposedly less corrupt European countries too like Greece).

No... The mechanism you are talking about is also limited. Apart from that don't forget that bailouts are not financed for the people but by the people, the citizens, through tax money. When Lehmann Brothers died, a lot of people lost a lot of money. I once read that the overall damage during the financial crisis was around 13 to 17 trillion dollars! Do you think anyone paid that ever back to whoever lost that money? Certainly not. It is not as easy as you put it here. The guarantees the states give are often in the six figure realm, not more than that. Even low six figures.

[CryptoStar19]

BTC is a digital system that doesn't have self-interest. Banks are run so as to maximize gains for themselves... it's a no brainer that BTC can be trusted far more than banks.

[pawanjain]

Just like what the Poll results is showing I don't trust the banks. I hated them right from the beginning.
They treat us nicely when we open an account with them but after that they their true colors.
They charge us for service which we don't even know if it exists and then provide a bad support.
They make us roam here and there just to access all our money. They restrict us from using our own money.
There are many other reasons why I hate them. Crypto on the other hand is like a blessing where we can be our own bank.

You may not be satisfied with the way they operate as well as the services and some of their costs but regardless of such low-rated attitudes, you still need to open a bank account in your country, it's already in a required range, without it, this would be very inconvenient to problems, for example, the form of receiving a monthly salary and the rules about buying and selling products, bank cards are always the king here. Bitcoin gets better comments but people only talk well about it but openly transferring all their money to bitcoin is something they dare not do

Unfortunately that is true. Having a bank account has become a necessity because of it being a mandatory thing linking all our online payments.
For the time being we can't fully depend on bitcoin or any other cryptocurrency since crypto is not well established and widely adopted yet.
But I believe things will change in future and once cryptocurrencies start to become widely adopted then we might not depend on bank accounts as we do today.
Some people have already started getting their salary in crypto although the amount of such people is very low.

[sarmrakib]

I did trust bank before but not now .Its may secure who don't know about the latest world .Crypto and Blockchain are my own bank .So why i need to trust the bank then .I feel secured here to control my wallet myself .I just use Bank for my local transaction if here crypto accepted i would not use Bank i would use Crypt for Sure .So i just voted here that i did trust Bank not for now .

[molsewid]

Unfortunately that is true. Having a bank account has become a necessity because of it being a mandatory thing linking all our online payments.
For the time being we can't fully depend on bitcoin or any other cryptocurrency since crypto is not well established and widely adopted yet.
But I believe things will change in future and once cryptocurrencies start to become widely adopted then we might not depend on bank accounts as we do today.
Some people have already started getting their salary in crypto although the amount of such people is very low.

I'm dealing with fiat banks but it is only the way to transfer my money from my crypto or digital wallets to my bank accounts. I didn't mean that I don't trust fiat banks but at some point i didn't want to put a big amount of money in my bank account because there are some issues that they have lost money even they didn't use it well at the end of the day i'd still need to deal with the fiat banks until crypto became legal tender here in our country it seems that I don't have any other choice.

[MinoRaiola]

Clearly, no trust in the banks.
At least since the financial crisis, the trust between banks and customers has been broken. Financial advisors have almost the worst reputation, including call center employees, real estate agents and politicians.

Banks keep our money in custody, but all they would like to do is to charge fees and sell savings contracts to increase their liquidity.

[acener]

I trust crypto more than the centralized banks.
I hold my own key hold my own coin and have my own privacy (Of course it depends on what wallet you would use).
Crypto is much better than the bank if you'll ask me they doesn't have any hidden charges,
Have a higher chance of gains or let our holdings grow,
And I feel that my money is more secured since there are so many card scam going around.

[clint25n]

This goes back to each individual's personality whether you trust the bank or save your money in your own way because this is also not coercive against someone. Indeed, many people prefer to keep money in banks and maybe with tighter security than us saving with our own way, but if we use bitcoin then we can send it in a large enough amount and without going through a long and complicated process

[Mr.sprin]

I believe both fiat and btc are equally important in my life but if you want to save in large quantities I am more confident in btc because btc is a very important asset for the future if I only save fiat in the bank then the amount of fiat I save does not increase and I can not make it as an asset for the future.

[Prettyjing34]

I trust Bitcoin, because Bitcoin does not deceive people and does not fake it. Bitcoin transactions are now part of daily life. Bitcoin is similar to legal currency. Banks will have a third party. Bitcoin is decentralized and there is no third-party supervision. This will make me more free.

[Kong Hey Pakboy]

I trust Bitcoin, because Bitcoin does not deceive people and does not fake it. Bitcoin transactions are now part of daily life. Bitcoin is similar to legal currency. Banks will have a third party. Bitcoin is decentralized and there is no third-party supervision. This will make me more free.

Even if you trust bitcoin that doesn't mean that your privacy is intact, if you have a driver's license or you have a birth certificate, chances are your information can be accessed if not been accessed already. You are right that you can trust bitcoin but you have to be careful with the people who are using it because they are going to deceive you.

[verita1]

Yes, I only trust the bank with my money up to a point. In the past it was not easy for me to get another product at the bank. I wanted a credit card to continue studying at the university, I also needed to buy my first computer. Although I made several requests for credit cards, my records did not give the bank confidence.

Today I can see that a modest job gives you few possibilities and that banking products are exclusive.
That is why I can say that bitcoin managed to give me the financial freedom that I was looking for so much and that I do not need to be depending on a modest job as I had in the past.

[Renampun]

I believe both fiat and btc are equally important in my life but if you want to save in large quantities I am more confident in btc because btc is a very important asset for the future if I only save fiat in the bank then the amount of fiat I save does not increase and I can not make it as an asset for the future.

I still need a bank for my various needs so I also choose both...

long-term savings in the bank is just a waste of time because the money we save, the value will be the same as when depositing it. but if you save in Bitcoin then the possibility of a profit of 5x-7x from the initial savings is very large.

[lepbagong]

I believe both fiat and btc are equally important in my life but if you want to save in large quantities I am more confident in btc because btc is a very important asset for the future if I only save fiat in the bank then the amount of fiat I save does not increase and I can not make it as an asset for the future.

it is clear that for investment all will agree with you that entrusting bitcoin will have greater benefits and advantages compared to just saving or depositing our money in the bank. the comparison is very much different but usually people who already understand will do that, because there are still many who do not understand.

I still need a bank for my various needs so I also choose both...

long-term savings in the bank is just a waste of time because the money we save, the value will be the same as when depositing it. but if you save in Bitcoin then the possibility of a profit of 5x-7x from the initial savings is very large.

I can agree, that on the other hand we still really need a bank for things that bitcoin may not be able to do.
but when it comes to saving or investing, it's clear that the bank is still far from being able to give those who invest their funds, still the best bitcoin.
So if you think about it, actually both of them are still really needed with different sides and let each other cover the shortcomings that each other does not have.

[Maslate]

I believe both fiat and btc are equally important in my life but if you want to save in large quantities I am more confident in btc because btc is a very important asset for the future if I only save fiat in the bank then the amount of fiat I save does not increase and I can not make it as an asset for the future.

I still need a bank for my various needs so I also choose both...

long-term savings in the bank is just a waste of time because the money we save, the value will be the same as when depositing it. but if you save in Bitcoin then the possibility of a profit of 5x-7x from the initial savings is very large.

Indeed, banks are still useful to us. Just like you did, I choose both of them. They have different purposes and people had options were to save their money. Because even though we are using digital currencies but the fact that not all establishments are accepting Bitcoin, there are times that we converted it to fiat money and we need banks for that particular situation.
But if we talk about saving, banks just only give you a few cents of interest which is too far behind when we just save in form of Bitcoin.

[Nightz]

I believe both fiat and btc are equally important in my life but if you want to save in large quantities I am more confident in btc because btc is a very important asset for the future if I only save fiat in the bank then the amount of fiat I save does not increase and I can not make it as an asset for the future.

I still need a bank for my various needs so I also choose both...

long-term savings in the bank is just a waste of time because the money we save, the value will be the same as when depositing it. but if you save in Bitcoin then the possibility of a profit of 5x-7x from the initial savings is very large.

Indeed, banks are still useful to us. Just like you did, I choose both of them. They have different purposes and people had options were to save their money. Because even though we are using digital currencies but the fact that not all establishments are accepting Bitcoin, there are times that we converted it to fiat money and we need banks for that particular situation.
But if we talk about saving, banks just only give you a few cents of interest which is too far behind when we just save in form of Bitcoin.

For now, aren't banks still the most important on ramp into crypto we have? Whenever I buy crypto, I need my bank and also when I sell. I remember the times around 2015 when the banks made some trouble because they could identify transactions coming from crypto exchanges. That has totally changed by now and you can actually do whatever you want and how you want to trade, it doesn't quite matter. Times have changed a lot.

[swiftbits]

Bitcoin could be the future of finance, but might not be in my lifetime. We should use what is accessible by most to say that it is credible. Compared to Bitcoin; Banks are more open and mainstream. Even though Bitcoin has a great utility potential, Banks are still stapled for livelihood benefits.
Answer to the question, there is a huge probability of encountering a problem with banks compared to Bitcoin since we solely manage it.
Bitcoin is much more reliable as long as you know how to operate.

[drwoo]

Bitcoin could be the future of finance, but might not be in my lifetime. We should use what is accessible by most to say that it is credible. Compared to Bitcoin; Banks are more open and mainstream. Even though Bitcoin has a great utility potential, Banks are still stapled for livelihood benefits.
Answer to the question, there is a huge probability of encountering a problem with banks compared to Bitcoin since we solely manage it.
Bitcoin is much more reliable as long as you know how to operate.

Banks are more open and mainstream just because banks are older. There is nothing that plays a bigger role than banks' age. I am sure banks will be quite outdated in a decade or two decades from now if they don't completely change. You can see already that pure online banks are taking over. Only elder people still need to go to a bank personally. For everyone else most processes are widely automated and what can't be automated can be done via video calls and identification calls and what not. Give Bitcoin some time and it will be mainstream.

[7788bitcoin]

When you need to send money, you are bound to go your banking account even when you want to purchase cryptocurrency, so i trust bank to an extent but i do not trust them with my data and i have no idea what they will be doing with the data they are collecting as a hack in the banking network or a rogue employ can always have your data.

The difference with the Bitcoin market is as long as we trust the developers there is nothing much to worry.

[Mr.sprin]

I believe both fiat and btc are equally important in my life but if you want to save in large quantities I am more confident in btc because btc is a very important asset for the future if I only save fiat in the bank then the amount of fiat I save does not increase and I can not make it as an asset for the future.

I still need a bank for my various needs so I also choose both...

long-term savings in the bank is just a waste of time because the money we save, the value will be the same as when depositing it. but if you save in Bitcoin then the possibility of a profit of 5x-7x from the initial savings is very large.

it's true that in our current era we still need banks for our needs but maybe in the future we will no longer need banks unless banks provide coin services. In the future we will shop using coins so fiat is no longer needed or fiat may become extinct, then the transaction will be replaced with coins or gold, what do you think if it really happened?

[MFahad]

Ofcourse i only trust Bitcoin. Even though our fiat money is save in the banks but in case of emergency situation (like war etc), government can always seize your funds. Also they have the right to investigate if they found that you have a lot of money.

[gabbie2010]

Just like what the Poll results is showing I don't trust the banks. I hated them right from the beginning.
They treat us nicely when we open an account with them but after that they their true colors.
They charge us for service which we don't even know if it exists and then provide a bad support.
They make us roam here and there just to access all our money. They restrict us from using our own money.
There are many other reasons why I hate them. Crypto on the other hand is like a blessing where we can be our own bank.

You may not be satisfied with the way they operate as well as the services and some of their costs but regardless of such low-rated attitudes, you still need to open a bank account in your country, it's already in a required range, without it, this would be very inconvenient to problems, for example, the form of receiving a monthly salary and the rules about buying and selling products, bank cards are always the king here. Bitcoin gets better comments but people only talk well about it but openly transferring all their money to bitcoin is something they dare not do

Unfortunately that is true. Having a bank account has become a necessity because of it being a mandatory thing linking all our online payments.
For the time being we can't fully depend on bitcoin or any other cryptocurrency since crypto is not well established and widely adopted yet.
But I believe things will change in future and once cryptocurrencies start to become widely adopted then we might not depend on bank accounts as we do today.
Some people have already started getting their salary in crypto although the amount of such people is very low.

Unfortunately we can't do without the bank for now transactions and exchanging cryptocurrencies to fiat via P2P must involve a bank that is the reality, physical cash transfer between a seller and buyer is not possible also they have to depend on bank too.
However I don't trust any bank with my funds and data, in my country some dismissed or retrenched banks officials are always in possession of customers data stolen from their former workplace which they use in defrauding or scamming unsuspecting customers of the banks their hard earn money.

[worldofcoins]

The issue of Trust is not only evident in relationships, it is applicable in our daily endeavours. People are more committed to system they trust than the one they don't trust. Even in this forum, you can easily do business with someone with a positive trust than one with a negative trust.

As the saying goes "wherever ones treasure is, there his soul is". So, in this article we would try to establish if ;
1. If people have fallen out of Trust with the Traditional banking system.
2. If people can trust BTC than banks.

The thing is you cannot completely removing the Banking system without causing huge damage to the economy of a country and multiple sectors of income sources.

I'm not saying to trust the banking system and let them have their way every time, if you don't fight for what if yours in this world including money then there are many who'll take that from you either by hook or crook, the banking system is no exception.

Bitcoin cannot transact money instantly like UPI payments and multiple instant payments to locals so that's a drawback, even if you pay with bitcoin you have to rely on the security of the transaction which is none if the other person double-spends while the shop-keeper is waiting for 1 confirmation and it never came, In the banking system, you can at least file a case that your credit/debit card was used without your approval and you may get your money back but not in case of bitcoin, There're pros and cons in everything so it's better to find a balance in things that you use to get maximum output.

[haidil]

For the bank itself, I might be neutral because I still keep my money there and believe it or not, fiat itself is still very applicable in social life (in my country) so like it or not we have to follow developments in social life so we don't get left behind. but this is only to a certain extent.
because I prefer to keep my money in bitcoin or altcoin and that's why I choose neutral and don't judge bad banks and so on.
I don't know others like me or not but in my country crypto is still very taboo and not familiar so fiat still dominates

[DarkDays]

When you need to send money, you are bound to go your banking account even when you want to purchase cryptocurrency, so i trust bank to an extent but i do not trust them with my data and i have no idea what they will be doing with the data they are collecting as a hack in the banking network or a rogue employ can always have your data.

The difference with the Bitcoin market is as long as we trust the developers there is nothing much to worry.

To me the points raised are relevant and can relate. Banks are of course, important because BTC has not yet become a mainstream adopted currency. In the eyes of most governments BTC is not far from a scam and a dead challenge to the fiat system, and understandably these governments will take some time to decide how to categorise all these forms of digital fiat.

While BTC and crypto is starting to give people the power banks are still needed to mediate that fiat-digital fiat/crypto transition without which the latter will not be able to be so pervasive.

[Hamphser]

When you need to send money, you are bound to go your banking account even when you want to purchase cryptocurrency, so i trust bank to an extent but i do not trust them with my data and i have no idea what they will be doing with the data they are collecting as a hack in the banking network or a rogue employ can always have your data.

The difference with the Bitcoin market is as long as we trust the developers there is nothing much to worry.

To me the points raised are relevant and can relate. Banks are of course, important because BTC has not yet become a mainstream adopted currency. In the eyes of most governments BTC is not far from a scam and a dead challenge to the fiat system, and understandably these governments will take some time to decide how to categorise all these forms of digital fiat.

While BTC and crypto is starting to give people the power banks are still needed to mediate that fiat-digital fiat/crypto transition without which the latter will not be able to be so pervasive.

They should really be having that kind of realization because no matter how we do hate Banks but they are still playing a big role into this economy and payment system correlated with Fiat.

Crypto hadnt really reached that mainstream level yet for now and its just way too dumb on going all in or way too optimistic with it.You do still convert your crypto to fiat in the end of the day

Therefore i dont see the point on why some people are way just too overreacting but i cant really ignore the fact that blockchain tech or simply crypto is totally revolutionary.

[stadus]

Obviously, people trust banks over BTC, we have a government and what the government makes is something they will make us trust, in short, if we trust the government, we should trust the fiat system as that reflects our economic situation. Bitcoin is a global currency but it could not be a countries currency if we want stability because we cannot handle the manipulation resulting in high volatility.

[Mr.sprin]

Bitcoin could be the future of finance, but might not be in my lifetime. We should use what is accessible by most to say that it is credible. Compared to Bitcoin; Banks are more open and mainstream. Even though Bitcoin has a great utility potential, Banks are still stapled for livelihood benefits.
Answer to the question, there is a huge probability of encountering a problem with banks compared to Bitcoin since we solely manage it.
Bitcoin is much more reliable as long as you know how to operate.

right now there are still many people who believe in fiat compared to bitcoin because in general now fiat transactions are easier in everyday life.
people who believe in bitcoin people who know more about bitcoin and they know bitcoin can be a very valuable asset in the future.

[hd49728]

Obviously, people trust banks over BTC, we have a government and what the government makes is something they will make us trust, in short, if we trust the government, we should trust the fiat system as that reflects our economic situation. Bitcoin is a global currency but it could not be a countries currency if we want stability because we cannot handle the manipulation resulting in high volatility.

They believe banks are backed by governments and fiat currencies are backed by banks.

They don't know that governments can print as many fiat currencies as possible and it is what we saw since the pandemic. Lock down, quarantines, financial crisis, unemployments, etc. all forced governments to release their QE and over printed more fiat.

Fiat currencies only have values if governments exist, not collapse and replace by new ones. Venezuela is good nation to use as example that how fast and how terrible fiat currency can lose its value, in a few months, or several years

Bitcoin is decentralized, finite and there will be more demand on Bitcoin. Price will rise more and it does not need banks, governments behind to grow more.

[izsara]

in this case I think there must be vigilance in both because it concerns the assets you have.
but if I choose I can't choose because I have assets in both because in my country fiat is still influential and whether we like it or not we have to follow the existing system, especially in buying a product.
but for my own fiat trust I am only in certain limits and not completely sure here.
as well as in btc because here we have to be really observant in looking at existing candles and charts because I am a trader. and here we must be required to be vigilant because there are so many cases of people losing their assets due to being cheated or hacked and so on and I am here to emphasize to everyone to always be vigilant in any case, be it fiat or btc

[Yamifoud]

I trust fiat banks because of their services made and in terms of fund security, they can protect it.
But for now that Bitcoin has come, it was interesting to know that your money can grow faster than keeping it in the bank.
Banks could just give us security while Bitcoin could give us more money. In this way, we need to be more practical as we are simply aiming for more profit rather than the banks make use of it and only give you a small share from their huge profit using our money.
Of course, we can't hide that Bitcoin investment is risky, well, I think it was still manageable on my end.

[coolcoinz]

I used to trust banks but when they begun to steal from me with negative interest rates and growing card fees I changed my mind. Not to mention what happened in Cyprus.
At this point I hold 90% of my money in cryptocurrencies and I'm happy with the results of this decision. I chose to invest years ago and have not sold when we were at 3k, 6k, 10k... I don't mind price fluctuations that people are so scared of. Once you go through it you become immune.

[Fatunad]

Bitcoin could be the future of finance, but might not be in my lifetime. We should use what is accessible by most to say that it is credible. Compared to Bitcoin; Banks are more open and mainstream. Even though Bitcoin has a great utility potential, Banks are still stapled for livelihood benefits.
Answer to the question, there is a huge probability of encountering a problem with banks compared to Bitcoin since we solely manage it.
Bitcoin is much more reliable as long as you know how to operate.

right now there are still many people who believe in fiat compared to bitcoin because in general now fiat transactions are easier in everyday life.
people who believe in bitcoin people who know more about bitcoin and they know bitcoin can be a very valuable asset in the future.

Cant really deny on how fast and instant fiat transactions are and we've been using this since the beginning of time and been trusted by people but of course there would be some con's to it
like heavily centralized and something like that and when Btc exist then this is where people do mind about decentralization which does actually have some benefits if you are really that
mindful about being private or cant be traced up when it comes to your finances but the thing since it isnt regulated or cant be controlled then it would just really remain
as an alternative which its up to someone neither they would be dealing with both things.Its a personal choice.

[nurilham]

None can be trusted 100%, both banks and BTC has weaknesses. However, we cannot deny using fiat banks because it is the only payment tool in my country. BTC is a good thing to invest money, but cannot be used as a payment tool in my country. Having BTC is also high risk, it may be called an illegal thing in my country someday. So, use both fiat banks and BTC, but don't rely on them or put all funds in one of them.

[carrigan]

idk if I should bank or not, but if banks, our asset may be more trusted than in Bitcoin if sometimes it is hacked. but, in fact, in banks, there are also some accidents where the deposit money is lost after several years, and the mechanism to track it is very complicated. Moreover in banks, the interest of loans and other things related to banks are always like giving money to banks with our free money. They only want to get money from us, using our money to lend others and get money from others. And we? get nothing. I don't like banks, but unfortunately, I cannot be separated from banks.

About Bitcoin, I better choose Bitcoin, but of course, it may not be trusted 100% exactly moreover about the security system. hacked program or system may also happen and it is a bad thing.

[seoincorporation]

None can be trusted 100%, both banks and BTC has weaknesses. However, we cannot deny using fiat banks because it is the only payment tool in my country. BTC is a good thing to invest money, but cannot be used as a payment tool in my country. Having BTC is also high risk, it may be called an illegal thing in my country someday. So, use both fiat banks and BTC, but don't rely on them or put all funds in one of them.

I was thinking the same, you can't trust banks because they can freeze your account, you cant trust bitcoin because the price can crash hard, and you can't trust fiat because the coins and bills aren't forever.

At this point the only thing you can trust it's gold.

[swiftbits]

Bitcoin could be the future of finance, but might not be in my lifetime. We should use what is accessible by most to say that it is credible. Compared to Bitcoin; Banks are more open and mainstream. Even though Bitcoin has a great utility potential, Banks are still stapled for livelihood benefits.
Answer to the question, there is a huge probability of encountering a problem with banks compared to Bitcoin since we solely manage it.
Bitcoin is much more reliable as long as you know how to operate.

right now there are still many people who believe in fiat compared to bitcoin because in general now fiat transactions are easier in everyday life.
people who believe in bitcoin people who know more about bitcoin and they know bitcoin can be a very valuable asset in the future.

Cant really deny on how fast and instant fiat transactions are and we've been using this since the beginning of time and been trusted by people but of course there would be some con's to it
like heavily centralized and something like that and when Btc exist then this is where people do mind about decentralization which does actually have some benefits if you are really that
mindful about being private or cant be traced up when it comes to your finances but the thing since it isnt regulated or cant be controlled then it would just really remain
as an alternative which its up to someone neither they would be dealing with both things.Its a personal choice.

We all have the same point. Even though bitcoin is getting the hype, Banks are still the choice of the most. Only time will tell when the system was changed and bitcoin becomes more dominant in the finance sector. Bitcoin is *decentralized, and it would be hard to circulate the supply for the working economy. Banks are still the staple cause they can still normally work, even though there's some negative connotation. It is still acceptable.

*my bad

[cheezcarls]

I wouldn’t trust banks for both my money and data. Once our money is stored in our respective bank accounts, we don’t have the full custody of it. The banks do as they are centralized and can control the movement of our money like transferring, depositing, withdrawing, etc. Same thing goes to data where there are no assurances that our privacy is respected.

Not only Bitcoin gave us the ultimate freedom of our money, but it also assures our privacy (unless if it’s coming from a centralised wallet).

[marilynmanson21]

I still believe in the bank to save my shopping money and my daily needs, but when investing I am more inclined to bitcoin even though the price is uncertain I am more comfortable saving my savings in bitcoin. because my main reason is the interest rate in the bank is small and there are too many admin fees

[Tim-BTC]

At the moment I have to trust the bank. Because within the scope of the law, it protects the safety of my funds. But I don’t believe it completely. I turned part of my assets into Bitcoin. I can switch freely when my friends need funds without being regulated by the country and bank regulations.

[Slash61]

I still believe in the bank to save my shopping money and my daily needs, but when investing I am more inclined to bitcoin even though the price is uncertain I am more comfortable saving my savings in bitcoin. because my main reason is the interest rate in the bank is small and there are too many admin fees

currently, the use of crypto such as BTC is indeed different from the bank system.
we save our money for daily needs of course in the bank. any system that can give us benefits, I think the bank is the most suitable for now because it can be done directly for us to do transactions.
but BTC or crypto, so far we keep it for investment assets. not many are successful and do use crypto as a means of payment.

[iv4n]

It's like do you trust people or algorithms? Banks are people, to be more specific a group of people, and they are working for themselves, and for their close partners... they don't care about anything else, except how to keep the control and power, while they are making tons of money every second!
With Bitcoin, it's a different story! It's the same for everyone! You know the rules, and those rules are the same for all of us! Unlike with banks, where rules can be bend or strict, depending on your "position"!
In the end, banks are a big and important institution in this rigged system! And I believe we can agree that this system now is broken, we need some changes!

[temple]

I still believe in the bank to save my shopping money and my daily needs, but when investing I am more inclined to bitcoin even though the price is uncertain I am more comfortable saving my savings in bitcoin. because my main reason is the interest rate in the bank is small and there are too many admin fees

currently, the use of crypto such as BTC is indeed different from the bank system.
we save our money for daily needs of course in the bank. any system that can give us benefits, I think the bank is the most suitable for now because it can be done directly for us to do transactions.
but BTC or crypto, so far we keep it for investment assets. not many are successful and do use crypto as a means of payment.

As long as commerce is done in fiat you won't be able to survive without a bank account. Depending on the country you live in I'd say banks are safe for sure. Give it a couple more years and I guess more commerce will take place in cryptocurrencies. The fees for bank accounts are currently on the rise and you have stuff like negative interest rates. All those factors will lead to cryptocurrencies being more widely adopted over time. A crypto wallet is for free and if you use stable coins you are good to go without the volatility risk.

[ChiBitCTy]

As someone whom has worked in the financial sector for a decade and a half, I can tell you one thing that holds true, Banks are utterly corrupt.  Well, let me specify.. unless it is a "mom and pop" bank in some small town that knows your name when you walk through the front door, or a credit union, then you should not trust banks.  Banks are constantly stealing money, creating fake accounts, nickel and diming you for the littlest reasons etc.  Just take a look at what Wells Fargo recently did with customer account. 

Also, at least here in the US, there is something called FDIC insurance.  This "insurance" protects up to I believe $100,000 a bank customer has in their accounts.  The real truth is that if these big banks ever do go under, you're NEVER going to see that money again and even if you do, it will take many years before you do.  So many people have misplaced trust in the regard.  I tend to see older people being the ones who still believe in banks because they simply don't know any better. Of course its not just older people but those whom do nothing to educate themselves on the truth.

[SacriFries11]

Yes, only with my money.
I trust bank to an extent

I trust banks with my money because banks have been there for a long time. It has proven that banks are secure storage of money. You can withdraw anytime at banks. It is useful in managing your finances and controlling it. You can save your hard earned money for the future.

[Tigerheart3026]

(my personal opinion) i don’t believe banking system for many reasons:
-i know in my country banks provided our data with 3rd parties without our consent, government can take at anytime for the purposes investigation that's ok.

-i observed sometimes banks cut of extra charge without the customer's permission and they can't show valid reason(i faced the problem in several times)

[Aliceooo78]

I have had the experience of being frozen by a statutory bank and making mistakes in accounting, and sometimes I have to withdraw money from the bank. There are a lot of troublesome things to prepare. It's not that we don't believe in fiat currency banks. In fact, there is no other choice. Relatively speaking, fiat currency banks are safer than putting money under the bed.

Although Bitcoin has undergone 10 years of development, more and more people have participated, but it has not yet reached the level of free circulation in various fields. I am looking forward.

Think about this problem in reverse. Banks are centrally located. If they are lost, they can still be appealed, and there is still the possibility of recovering them. At most, the police may recover some of them after they are lost. For Bitcoin, if your wallet's private key is leaked, then I have been receiving it all the time, and the bitcoin is transferred to the wrong address, so I can’t get it back again.

[lepbagong]

(my personal opinion) i don’t believe banking system for many reasons:
-i know in my country banks provided our data with 3rd parties without our consent, government can take at anytime for the purposes investigation that's ok.

-i observed sometimes banks cut of extra charge without the customer's permission and they can't show valid reason(i faced the problem in several times)

It's a shame that your bad experience with banking makes you distrustful. In fact, banking needs are still very much needed in everything related to various transactions connected with other parties. because if we are connected with banking, we will get convenience that we may not be able to do alone and many relationships that cannot be done by our own actions.

I do not believe that banks will disclose the secrets of people's personal data without any very important purpose. who may be able to ask is the legal apparatus if it is suspected that there is a suspicious transaction. If the data can be retrieved, I believe it is because it could have been taken from when we made a credit card by filling out an application and it could be duplicated.

[conected]

(my personal opinion) i don’t believe banking system for many reasons:
-i know in my country banks provided our data with 3rd parties without our consent, government can take at anytime for the purposes investigation that's ok.

-i observed sometimes banks cut of extra charge without the customer's permission and they can't show valid reason(i faced the problem in several times)

- I think selling data or providing customer data to third parties as you say, bank employees are relatively insecure in that regard because a most recent case in my country, the direct manager of the customer information has been bribed to disclose the transaction status, the purpose of this work is to tarnish the reputation of some famous person with hypocrisy. The bank side also apologized directly and took it to court and resolved it by law, and I think this is something that can be sympathized with banks, their presence is too wide and the staff situation is too many, making it very difficult to manage each individual.

[Tigerheart3026]

(my personal opinion) i don’t believe banking system for many reasons:
-i know in my country banks provided our data with 3rd parties without our consent, government can take at anytime for the purposes investigation that's ok.

-i observed sometimes banks cut of extra charge without the customer's permission and they can't show valid reason(i faced the problem in several times)

It's a shame that your bad experience with banking makes you distrustful. In fact, banking needs are still very much needed in everything related to various transactions connected with other parties. because if we are connected with banking, we will get convenience that we may not be able to do alone and many relationships that cannot be done by our own actions.

I do not believe that banks will disclose the secrets of people's personal data without any very important purpose. who may be able to ask is the legal apparatus if it is suspected that there is a suspicious transaction. If the data can be retrieved, I believe it is because it could have been taken from when we made a credit card by filling out an application and it could be duplicated.

i didn’t share everything what happen with me others incident in which bank i using for more than 5 years. btw my first debit card accidentally damaged then i apply for a new card and i go to bank to receive this card i see they provided another customer card (although both of card name almost similar name) btw how it’s happen with their consent because they didn’t cross checked before provide. i attempt to leave this bank because i have doubts about their credibility.

[Bigmikie]

One thing you should know is that the Commercial Banks we have around are just there make profit and nothing aside of that count except for profit maximizing. Talking about the duo, I think BTC has come to a point where even least person can hit bis chest with trust tohe platform, why, because it is only that the price fluctuate at times if not properly understood will lead to a loss on investment whereas the banks are there to ensure that your fund is fully secured with them  especially when the account is receiving turns of income
So, as for me the banks are not that trust worthy because there charges are something else looking for a way to even reduce your fiat investment so as to make your investment plan fall.

[blackened515]

I trust the bank as a custodian of my money, but don't trust the bank for my data. because many cases many seem to have sold someone's data for things that are not important and that happened in my country. bank is only safe for saving money, but not safe for personal data

I don't trust bank with my personal  data. They can only keep and secure my money, I trust them with my money, although, their charges are high. But when it comes to Investments. Bitcoin is already on my mind. I invest in Bitcoin, because it has a bright future, and I am 100% in charge of my Investment, and no extra charge, unlike Banks.

[virasog]

I still believe in the bank to save my shopping money and my daily needs, but when investing I am more inclined to bitcoin even though the price is uncertain I am more comfortable saving my savings in bitcoin. because my main reason is the interest rate in the bank is small and there are too many admin fees

The only reason for me to trust the bank is that in any case of mishap in the transaction , i can call the bank and resolve my issue. Also i don't like to put more money in the bank as that money is being monitored by the tax authorities.

Bitcoin, on the other hand is my own money and no one in the world know how many bitcoin i owns. If i lost the private keys, its my own fault and i would never get my coins back. That's the only risk with bitcoin.

[Malam90]

I trust banks in my country for saving my money there but it doesn't generate much profits like holding Bitcoin although Bitcoin is volatile but holding for long term don't deprived me in the last couple of years. Trust in Bitcoin is a risky in terms of profits/losses taking but holding cash in Bank will be more preferable than Bitcoin. I think both are separate part, one (Bitcoin) is for investment and another (Bank) is for life saving cash.

[Ararbermas]

For me perhaps banks is the most safest place than crypto currency because crypto is so volatile wherein there's a possibility that you will lose your money in it without knowing like for example if you just store it through crypto wallet for long time, yes there's a possibility as well you can multiply your money but it depends, what i mean not 100 percent sure if it will gonna happen or not as the market were getting unpredictable everytime when it experience a massive declined . unlike fiat banks that so stable wherein even you just hold for long term no worries and you're 100 percent sure that you still have a money to withdraw from it.

[mrongoz22]

I trust banks in my country for saving my money there but it doesn't generate much profits like holding Bitcoin although Bitcoin is volatile but holding for long term don't deprived me in the last couple of years. Trust in Bitcoin is a risky in terms of profits/losses taking but holding cash in Bank will be more preferable than Bitcoin. I think both are separate part, one (Bitcoin) is for investment and another (Bank) is for life saving cash.

if you trust the bank in your country, that's your personal right, but if we keep our money in the bank, most likely we won't get anything, we can't make profit, but if we save in bitcoin, most likely in the future profit we will definitely get it, but there must be a risk, if you are afraid of risk you should not play in bitcoin, you just play hide and seek..

[Btcvilla]

I really believe in both of them because they both have very tight security, but for me I prefer to withdraw my money in the bank and invest it to buy bitcoin, especially now it has a relatively stable price, and we can control it every time. when it is different from the bank system, everyone will also say that both are equally good for us to save, but bitcoin is more inclined to investment

[Slow death]

In my country it became normal for banks to steal money from customers and when the person goes to complain they can never explain what is going on and they cannot solve the problem and the situation gets worse when the person borrows money from the bank, the robberies start to run frequently, sometimes the bank withdraws the amount of the monthly installment twice in the same month, which is to pay the loan, but people have no other choice and use the banks because to receive salary it is necessary to have a bank account in my country. in short, banks are impoverishing people and making bank owners richer

[Hamphser]

You can trust both!

You dont need to choose since both things can really be possibly for you to engage on without needing to focus because you do really need both specially fiat.

Even if we do hate up centralization but still we are heavily dependent in fiat and other centralized institutions and we cant really deny such thing.

Dont focus on one because even how hard you do believe on crypto, fiat would still remain no matter what.

[nelson4lov]

You can trust both!

You dont need to choose since both things can really be possibly for you to engage on without needing to focus because you do really need both specially fiat.

Even if we do hate up centralization but still we are heavily dependent in fiat and other centralized institutions and we cant really deny such thing.

Dont focus on one because even how hard you do believe on crypto, fiat would still remain no matter what.

Fiat is a necessary evil because of the fact that Bitcoin's adoption rate hasn't reached the level that fiat has attained. But I'm definitely sure that when bitcoin is accepted at most online and offline merchant stores then fiat relevance would drop significantly and even start to become less used. If there one thing fiat is good at, it's the adoption level and until bitcoin reaches such level, we would still have to make do with fiat and traditional banking systems even though its proven that they shouldn't be used further or trusted. Like I said, it's a necessary evil. We don't like it but there's no choice.

[zhelis74]

You can trust both!

You dont need to choose since both things can really be possibly for you to engage on without needing to focus because you do really need both specially fiat.

Even if we do hate up centralization but still we are heavily dependent in fiat and other centralized institutions and we cant really deny such thing.

Dont focus on one because even how hard you do believe on crypto, fiat would still remain no matter what.

We think that fiat bank is more safe and reliable since it has centralize control but still its not 100% secure. Like for example we have a big holdings inside the bank and unluckily time comes that the bank declare bankruptcy then sadly we cant claim all the money we have on that bank. Unlike crypto that is decentaralized we have all the controls and mostly has bigger chances to gain more profit on our long term holdings.

[nhaila]

You can trust both!

You dont need to choose since both things can really be possibly for you to engage on without needing to focus because you do really need both specially fiat.

Even if we do hate up centralization but still we are heavily dependent in fiat and other centralized institutions and we cant really deny such thing.

Dont focus on one because even how hard you do believe on crypto, fiat would still remain no matter what.

We think that fiat bank is more safe and reliable since it has centralize control but still its not 100% secure. Like for example we have a big holdings inside the bank and unluckily time comes that the bank declare bankruptcy then sadly we cant claim all the money we have on that bank. Unlike crypto that is decentaralized we have all the controls and mostly has bigger chances to gain more profit on our long term holdings.

Sometimes banks declared bankruptcy with notice and some people can't take money with having a lots of Fiat In Bank but cryptocurrencies fully control on mine and anytime we can withdraw our assets with huge amounts of profits if we hold cryptocurrency for longer periods.

[uneng]

I think we shouldn't trust 100% in any, because all of them are out of our control. We, as individuals, aren't the ones who control bitcoin price fluctuations, manipulate fiat politics or manage the banks, so it's better to invest personal patrimony in another places, like real state and lands. These are totally under your control, with the exception of the case your country becomes a socialist one, confiscating everyone's goods.

Anyway that is very unlikely to happen.

[Mr.sprin]

You can trust both!

You dont need to choose since both things can really be possibly for you to engage on without needing to focus because you do really need both specially fiat.

Even if we do hate up centralization but still we are heavily dependent in fiat and other centralized institutions and we cant really deny such thing.

Dont focus on one because even how hard you do believe on crypto, fiat would still remain no matter what.

We think that fiat bank is more safe and reliable since it has centralize control but still its not 100% secure. Like for example we have a big holdings inside the bank and unluckily time comes that the bank declare bankruptcy then sadly we cant claim all the money we have on that bank. Unlike crypto that is decentaralized we have all the controls and mostly has bigger chances to gain more profit on our long term holdings.

Sometimes banks declared bankruptcy with notice and some people can't take money with having a lots of Fiat In Bank but cryptocurrencies fully control on mine and anytime we can withdraw our assets with huge amounts of profits if we hold cryptocurrency for longer periods.

In my place, I rarely find banks going bankrupt, but I don't know where you are. Personally, I believe in both fiat and btc, but for long-term investments I believe in btc for fiat, I only save for daily savings.

[molsewid]

I think we shouldn't trust 100% in any, because all of them are out of our control. We, as individuals, aren't the ones who control bitcoin price fluctuations, manipulate fiat politics or manage the banks, so it's better to invest personal patrimony in another places, like real state and lands. These are totally under your control, with the exception of the case your country becomes a socialist one, confiscating everyone's goods.

Anyway that is very unlikely to happen.

You have a point mate fiat banks or BTC is out of our control but all we have in control is how we manage the risks by deciding on putting any amount of investment either way. But if we were going to differentiate between the two both have a benefits to everyone. In my case I just don't put 100% trust in fiat banks but I'd still have to deal with the fiat banks for a transaction and at the same time I'd still need to transfer my crypto asset into fiat to avail products.

[awik p]

I think we shouldn't trust 100% in any, because all of them are out of our control. We, as individuals, aren't the ones who control bitcoin price fluctuations, manipulate fiat politics or manage the banks, so it's better to invest personal patrimony in another places, like real state and lands. These are totally under your control, with the exception of the case your country becomes a socialist one, confiscating everyone's goods.

Anyway that is very unlikely to happen.

You have a point mate fiat banks or BTC is out of our control but all we have in control is how we manage the risks by deciding on putting any amount of investment either way. But if we were going to differentiate betwwleen the two both have a benefits to everyone. In my case I just don't put 100% trust izn fiat banks but I'd still have to deal with the fiat banks for a transaction and at the same time I'd still need to transfer my crypto asset into fiat to avail products.

right, both fiat and btc have their respective roles in my life. until now I'm looking for money from bitcoin and finally I transfer it to the bank to be used as fiat currency, that way I can diversify into other real businesses or I use it to make ends meet. this is because in my country bitcoin is prohibited as a means of payment, so it must be converted to fiat currency first

[amihada]

I think we shouldn't trust 100% in any, because all of them are out of our control. We, as individuals, aren't the ones who control bitcoin price fluctuations, manipulate fiat politics or manage the banks, so it's better to invest personal patrimony in another places, like real state and lands. These are totally under your control, with the exception of the case your country becomes a socialist one, confiscating everyone's goods.

Anyway that is very unlikely to happen.

You have a point mate fiat banks or BTC is out of our control but all we have in control is how we manage the risks by deciding on putting any amount of investment either way. But if we were going to differentiate betwwleen the two both have a benefits to everyone. In my case I just don't put 100% trust izn fiat banks but I'd still have to deal with the fiat banks for a transaction and at the same time I'd still need to transfer my crypto asset into fiat to avail products.

right, both fiat and btc have their respective roles in my life. until now I'm looking for money from bitcoin and finally I transfer it to the bank to be used as fiat currency, that way I can diversify into other real businesses or I use it to make ends meet. this is because in my country bitcoin is prohibited as a means of payment, so it must be converted to fiat currency first

I also do the same thing as you I'm looking for coins for me to exchange into fiat I'm sure everyone who joins bounty hunter sinature or their social media is also doing the same thing looking for money by exchanging their coins.

[livingfree]

I also do the same thing as you I'm looking for coins for me to exchange into fiat I'm sure everyone who joins bounty hunter sinature or their social media is also doing the same thing looking for money by exchanging their coins.

It's what it is.

Everyone who has earned a token has to exchange that for fiat to be used actually. But there are other bounty hunters that don't exchange it in fiat.

Instead, they exchange it in btc for more holdings.

[Jazzi Mahesh]

Bitcoin fairs better than gold as well as the fiat currency in this regard. Bitcoin is also considered to be more portable, durable, safe, divisible, and smart than gold and fiat currency.

[stadus]

Bitcoin fairs better than gold as well as the fiat currency in this regard. Bitcoin is also considered to be more portable, durable, safe, divisible, and smart than gold and fiat currency.

That's what we thought, but most people out there, think the opposite.

If we invest in crypto, it's considered a high-risk investment, but if we invest in gold, they will stay it's a safe investment as gold is proven over a number of years to be a stable investment and it will not devalue.

[temple]

You can trust both!

You dont need to choose since both things can really be possibly for you to engage on without needing to focus because you do really need both specially fiat.

Even if we do hate up centralization but still we are heavily dependent in fiat and other centralized institutions and we cant really deny such thing.

Dont focus on one because even how hard you do believe on crypto, fiat would still remain no matter what.

Fiat is a necessary evil because of the fact that Bitcoin's adoption rate hasn't reached the level that fiat has attained. But I'm definitely sure that when bitcoin is accepted at most online and offline merchant stores then fiat relevance would drop significantly and even start to become less used. If there one thing fiat is good at, it's the adoption level and until bitcoin reaches such level, we would still have to make do with fiat and traditional banking systems even though its proven that they shouldn't be used further or trusted. Like I said, it's a necessary evil. We don't like it but there's no choice.

For that to happen Bitcoin would need quite an extremely level of price stability. The stores accepting Bitcoin these days still go through a fiat conversion channel immediately, which the translates into fiat not losing quite the relevance.The only way is stable cryptos, but they must be pegged to something as well. What banks can't do is rob you off with hidden fees or (even illegal) interest rates on credit cards and so on.

[seramania]

I only trust the bank with only my money, without my data. In my country there are lots of banks trading someone's data for the benefit of the bank. so this is really against the rules but the government is silent and can't control it further

[dortheamangum]

@kingsden, it's an ever changing economic world my friend. We can trust anything for 100% or be certain of such fiat banks and BTC’s.

[stadus]

I only trust the bank with only my money, without my data. In my country there are lots of banks trading someone's data for the benefit of the bank. so this is really against the rules but the government is silent and can't control it further

Which country are you living dude?

I think that's a serious problem and people will have no confidence in the banks if they will trade their clients' personal data. Banking is a business of trust, that includes protecting your client information as it's on the bank secrecy law, only the bank knows your information so you will be safe. If they trade information, then they should not operate, and you had already said that it's against the rules and the government cannot be silent about it.

Our government's job is to implement the law, if they can't then our government is corrupt.

[Fredomago]

I only trust the bank with only my money, without my data. In my country there are lots of banks trading someone's data for the benefit of the bank. so this is really against the rules but the government is silent and can't control it further

Which country are you living dude?

I think that's a serious problem and people will have no confidence in the banks if they will trade their clients' personal data. Banking is a business of trust, that includes protecting your client information as it's on the bank secrecy law, only the bank knows your information so you will be safe. If they trade information, then they should not operate, and you had already said that it's against the rules and the government cannot be silent about it.

Our government's job is to implement the law, if they can't then our government is corrupt.

I agree with that! that's a bad practice sharing information since it's part of client security. Not good for someone to entrust their money from such kind of practices. Better not to store anything or keep your money on your own house than exposing your asset with other banks aside from the one that you sign your participation.

Trusting fiat than any banks or if you can go deeper you can go and learn more about Bitcoin and enjoy your freedom.

[Nightz]

I only trust the bank with only my money, without my data. In my country there are lots of banks trading someone's data for the benefit of the bank. so this is really against the rules but the government is silent and can't control it further

Which country are you living dude?

I think that's a serious problem and people will have no confidence in the banks if they will trade their clients' personal data. Banking is a business of trust, that includes protecting your client information as it's on the bank secrecy law, only the bank knows your information so you will be safe. If they trade information, then they should not operate, and you had already said that it's against the rules and the government cannot be silent about it.

Our government's job is to implement the law, if they can't then our government is corrupt.

I agree with that! that's a bad practice sharing information since it's part of client security. Not good for someone to entrust their money from such kind of practices. Better not to store anything or keep your money on your own house than exposing your asset with other banks aside from the one that you sign your participation.

Trusting fiat than any banks or if you can go deeper you can go and learn more about Bitcoin and enjoy your freedom.

I am sure banks do much more with our data than we think. I mean they already create complete profiles about their clients like consumer behavior, frequency of your purchases, places where you do your shopping etc. As far as I know in some countries that isn't even allowed, but if Facebook gets away with their scandals banks also know there is nothing to worry about even if they break laws.

[romero121]

I believe banks to be the primary infrastructure development platform for all forms of financial services. Maybe there is flaws, but they've made the financial system operate in a way to make things easier. Even before the existence of banks people are well aware of savings, transaction and exchange, but the banking process made things in an organised manner. This has made me believe on banking for some extent.

Why one should trust BTC?

It is an advancement to the bank. People are independent and when we think of financial freedom we aren't in such a level. This can be achieved through the usage of Bitcoin. For this reason and the same being limited in number makes a demand for it and avoid the inflation. This makes me trust completely on bitcoin even though it is much of a risk asset.

[pjvperes]

There is only one advantage of fiat banks: liquidity (everybody accepts fiat money).

However, if cryptos had mass adoption, fiat banks would crash

[dimonstration]

I believe banks to be the primary infrastructure development platform for all forms of financial services. Maybe there is flaws, but they've made the financial system operate in a way to make things easier. Even before the existence of banks people are well aware of savings, transaction and exchange, but the banking process made things in an organised manner. This has made me believe on banking for some extent.

Why one should trust BTC?

It is an advancement to the bank. People are independent and when we think of financial freedom we aren't in such a level. This can be achieved through the usage of Bitcoin. For this reason and the same being limited in number makes a demand for it and avoid the inflation. This makes me trust completely on bitcoin even though it is much of a risk asset.

Crypto or BTC is for risk taker while bank is for those who just firmly want the same and safe money they deposited. They both have different purposes depending on how we use it. My bank now is only for emergency funds, while fiat for budgeting and BTC for investment and future plans.

[Fatunad]

There is only one advantage of fiat banks: liquidity (everybody accepts fiat money).

However, if cryptos had mass adoption, fiat banks would crash

Crash? I dont think so because this is a thing that we've been using since ages and there's no way that it would be replaced that easily just because a new payment system had surfaced?
Not everybody would really be dealing up nor agree about irreversible transactions which centralized things do able to do so but of course it would really be having its pro's and con's
which people should really think or mind about.About on trust matters then its up to you on which one you would trust on since this is a personal choice.,

[MoneyJ]

Still banks hold regulatory guidelines for each sovereign money that are circulated. There will be drafts as to how crypto and fiat work together because cash right now is expensive to make specially coins being minted where its value is less than its raw material. By digitizing money government can save a lot to produce its medium of exchange.

[DOH!]

Banks will be at risk in the event that short-term interest rates increase, major shareholders decline with long-term goals, which will raise the alarm level.  Over time, it will be gradually eroded into the original fund, look at the situation caused by Covid 19, banks are overloaded in finding solutions to balance "short interest", early maturity also causes passivity.  .  I have no reason to believe that at this stage banks can no longer be trusted and bitcoin is the side of choice.  and I predict, in the next 10 years, banks will fail one by one for all the major conditions right now.

[Hughes_Ryan]

I still trust the bank but not completely. Banks are still a necessary liquidity, we need some to maintain, some cash to operate and defend during the pandemic. Of course, I made a big withdrawal to invest in bitcoin & crypto. My trust level in the bank has decreased greatly during the current covid situation.

[Imran232]

In the trust case both are safe according to me. Look as a bitcoinre and according to my research it is most potential assets ever world seen. And in  this case it has most trust worthy in crypto world. So we can trust it easily and we can say blindly. And now bank well we don't have to say how much needed the bank is. If we need a security of money, if we don't need any tax issue then bank is must needed. And for our money safty and transaction safty bank has no alternative. So in that case both are safe from their own position or own side.

[temple]

I believe banks to be the primary infrastructure development platform for all forms of financial services. Maybe there is flaws, but they've made the financial system operate in a way to make things easier. Even before the existence of banks people are well aware of savings, transaction and exchange, but the banking process made things in an organised manner. This has made me believe on banking for some extent.

Why one should trust BTC?

It is an advancement to the bank. People are independent and when we think of financial freedom we aren't in such a level. This can be achieved through the usage of Bitcoin. For this reason and the same being limited in number makes a demand for it and avoid the inflation. This makes me trust completely on bitcoin even though it is much of a risk asset.

That's correct, but they have also set up the infrastructure in a way such that they are benefitting from whatever you do with your bank account while they don't have any extra work no matter the number of transactions or actions you do. This changed a good bit since more regulatory requirements were introduced due to crises. They pay a lot for regulatory and legal expertise, but it is still the same that they didn't really innovate for decades yet prices for customers are increasing constantly.

[ninkdwi]

At the moment I have to trust the bank. Because within the scope of the law, it protects the safety of my funds. But I don’t believe it completely. I turned part of my assets into Bitcoin. I can switch freely when my friends need funds without being regulated by the country and bank regulations.

if you can do both, why should you choose one because both have their own advantages and disadvantages, because basically I think both have their own benefits and are very beneficial both in daily life and in the future.
because fiat still dominates in social life so like it or not we have to follow so as not to be clumsy in real life, on the other hand bitcoin is one of the investment tools for a bright future that we can take advantage of from now on

[germsite]

At the moment I have to trust the bank. Because within the scope of the law, it protects the safety of my funds. But I don’t believe it completely. I turned part of my assets into Bitcoin. I can switch freely when my friends need funds without being regulated by the country and bank regulations.

if you can do both, why should you choose one because both have their own advantages and disadvantages, because basically I think both have their own benefits and are very beneficial both in daily life and in the future.
because fiat still dominates in social life so like it or not we have to follow so as not to be clumsy in real life, on the other hand bitcoin is one of the investment tools for a bright future that we can take advantage of from now on

Banks started out similarly. It was not like they were the safest place to store your money right from the beginning. There was accounting fraud in the early days and even today. There was forgery and theft and so on. Over time they developed into a safe place with supervision from yet another institution, namely auditing. Bitcoin will need development on many fronts, and in particular when it comes to wallet practicability and security. Give it some time and we will see more and more people feel comfortable enough to take the risk that then might still be left.

[AakZaki]

Crash? I dont think so because this is a thing that we've been using since ages and there's no way that it would be replaced that easily just because a new payment system had surfaced?
~snip~

It took a long time, to be able to make Crypto the money of the future. In addition, a worldwide agreement is needed if the legalization is carried out. Basically because its value is not fixed and it prevents it from becoming a means of payment, because at some point it can harm the recipient. Fiat banknotes will remain a favorite today. This is because they are legal and legal. In addition, traditional communities are still very much using paper money or coins. So Fiat will not be destroyed as long as crypto has not become a legal tender in the world.

[shield132]

Trust what? A currency? Which one? The one who is under the government's control or the one who was 60K yesterday and is 30K today. You can't trust any currency that's valued in USD. If you trust Bitcoin, then it automatically means that you trust USD/fiat because bitocoin's value is determined in USD and every time you have to pay for something, you always pay the BTC amount equal of a certain USD.

I would just say that Bitcoin or most of the cryptocurrencies are just safer alternative to store money in case there is something wrong happening around you. Government, etc, can seize your bank's account and your home but they can't seize the Bitcoins that you have stored in online or offline wallet, somewhere.

[nhaila]

In fact, people will believe all the currencies that are measured in dollars. Because Bitcoin is measured directly in dollars. You can even reserve your money in the bank as a dollar or fiat. You have to calculate your assets in Fiat currency. So bitcoin not Fiat is the main sign of your wealth.

[Quidat]

In fact, people will believe all the currencies that are measured in dollars. Because Bitcoin is measured directly in dollars. You can even reserve your money in the bank as a dollar or fiat. You have to calculate your assets in Fiat currency. So bitcoin not Fiat is the main sign of your wealth.

This is true and if we do really think of on where bitcoin do really get its value then its on fiat itself which means people would still end up on using fiat in the end of the day.
Bitcoin turns out to be store of value on where most people been thinking of this way and when it comes to trust then we do trust up bitcoin but people would normally be going
back to conversion to fiat since bitcoin isnt still a main currency where you can spend and use it everywhere.So its normal that people would still stick out to fiat.

[Mr.sprin]

why choose, aren't bitcoin and fiat as important as fiat is important for daily transactions and bitcoin is more precisely used as an asset for the future so in my opinion to choose between bitcoin and fiat depends on the holder whether to invest or to spend for basic needs.

[drwoo]

In fact, people will believe all the currencies that are measured in dollars. Because Bitcoin is measured directly in dollars. You can even reserve your money in the bank as a dollar or fiat. You have to calculate your assets in Fiat currency. So bitcoin not Fiat is the main sign of your wealth.

This is true and if we do really think of on where bitcoin do really get its value then its on fiat itself which means people would still end up on using fiat in the end of the day.
Bitcoin turns out to be store of value on where most people been thinking of this way and when it comes to trust then we do trust up bitcoin but people would normally be going
back to conversion to fiat since bitcoin isnt still a main currency where you can spend and use it everywhere.So its normal that people would still stick out to fiat.

That shows how powerful the dollar actually is. Whatever you would use to buy something, the seller would check what the value in USD is for whatever you use for payment. It's a remarkable position the United States is in due to the fact that there currency is the world or reserve currency.

[XUNing]

Bitcoin itself is relatively trustworthy. After realizing its value and accepting this new system, Bitcoin has more revenue opportunities. It can also provide services and store data.
I believe that Bitcoin is the future development trend, and it still has a long way to go before the global adaptation.

[Chato1977]

I am a practical person that's why i choose to Invest on both , I have investment in Stocks exchange , In crypto Currencies and also have my funds in Time deposit in banks.

In these segregation i felt more comfortable and secure for my self and my family's future.

[ropyu1978]

Indeed, many of us now still believe in banks, and there are still many who keep their money in banks, because banks are controlled by the government, because everyone who is in control by the government, our people feel comfortable, even though there is a risk they are not afraid, if bitcoin most of all people are made into assets,, because not many countries accept bitcoin as a legal digital currency, we hope that in the future bitcoin can be equivalent to fiat currency,

[Zilon]

You can't have a system who provides open source to it's users and decide to trust a centralized management system. I would rather trust any decentralized system that operates on the blockchain network than trust the centralized traditional banking system that only gives me access to what the feel I should know about my transactions restricting me from partaking in the system directly compared to Bitcoin that isn't centralized but rather operate on a peer to peer software and cryptography.

[lepbagong]

why choose, aren't bitcoin and fiat as important as fiat is important for daily transactions and bitcoin is more precisely used as an asset for the future so in my opinion to choose between bitcoin and fiat depends on the holder whether to invest or to spend for basic needs.

maybe in general what you say can be said that bitcoin and fiat are equally important, I agree with that. although maybe its use and form are very different because bitcoin does not have a form while fiat is still in shape but its use is clearly the same, it can be used as a trade and exchange with what we need.

but the two are so different that it is appropriate not to make comparisons but rather to support each other. where of course there is a shortage of fiat and bitcoin can work there and vice versa if fiat is not able to do then bitcoin will be able to solve it. This is clearly a much-needed cooperation between the two.

[kakonlin]

Fiat Banks is good, but our money has no interest. While every year inflation occurs. That's why I prefer bitcoin, apart from being flexible and fast. Bitcoin value continue to rise if we keep a long time.

[Shasha80]

why choose, aren't bitcoin and fiat as important as fiat is important for daily transactions and bitcoin is more precisely used as an asset for the future so in my opinion to choose between bitcoin and fiat depends on the holder whether to invest or to spend for basic needs.

maybe in general what you say can be said that bitcoin and fiat are equally important, I agree with that. although maybe its use and form are very different because bitcoin does not have a form while fiat is still in shape but its use is clearly the same, it can be used as a trade and exchange with what we need.

but the two are so different that it is appropriate not to make comparisons but rather to support each other. where of course there is a shortage of fiat and bitcoin can work there and vice versa if fiat is not able to do then bitcoin will be able to solve it. This is clearly a much-needed cooperation between the two.

I agree it's best not to compare fiat and Bitcoin, because I agree the existence of the two is very important and can complement each other.
As fiat is needed for small transactions, and areas that do not yet have internet access are in dire need of fiat to conduct financial transactions.
While Bitcoin can be an alternative to sending money abroad, which is faster and cheaper than fiat. Bitcoin is also very good as a store of value
compared to fiat, the conclusion is either fiat or Bitcoin has advantages and disadvantages. So it is better that fiat and Bitcoin co-exist.

[just_Alice]

I don’t trust banks majorly because of the way they function. I’d like to know that whenever I put my money on a bank account it’s going to stay there, but the idea of my money circulating and being used for other purposes makes it look like an unsafe place.

Certain miscalculations and greed, that makes banks lure customers into taking loans may result in bankruptcy, and your money will be gone just like that.

I’m okay with receiving a salary via bank and storing the monthly allowance there, but I most certainly won’t store there my savings. For that purpose, I have much more trust in Bitcoin.

[Charot12345]

At the moment I have to trust the bank. Because within the scope of the law, it protects the safety of my funds. But I don’t believe it completely. I turned part of my assets into Bitcoin. I can switch freely when my friends need funds without being regulated by the country and bank regulations.

In some point you are right. Many people used BTC then switch when they need to.  
It was decentralized and BTC fluctuates.
But they are useful in many ways so even though we can't trust them we need to take a risk on it.

[Xinarae*]

Fiat Banks is good, but our money has no interest. While every year inflation occurs. That's why I prefer bitcoin, apart from being flexible and fast. Bitcoin value continue to rise if we keep a long time.

Yes bitcoin is a very good currency to hold for a long time fiat banks are controlled by the government and the government controls as it wishes. The government gets taxes from here but bitcoin is not under anyone's control investors manage to invest as they wish.

[KaliLinux]

The issue of Trust is not only evident in relationships, it is applicable in our daily endeavours. People are more committed to system they trust than the one they don't trust. Even in this forum, you can easily do business with someone with a positive trust than one with a negative trust.

As the saying goes "wherever ones treasure is, there his soul is". So, in this article we would try to establish if ;
1. If people have fallen out of Trust with the Traditional banking system.
2. If people can trust BTC than banks.

Discussing issues 1. I'll use myself as a case study;
Most times I would feel cheated by my banks even when I have no evidence to prove same. I always have this feeling that a bank with over 3million customers can decide to deduce 0.5cents from each customers account without sending them alert. The customers may also not notice because the figure is small. Multiplying 0.5cents by 3m customers will give you $1.5m. I don't know why I always believe there are hidden charges in the traditional banking system.

Secondly, data management: I know of few companies that pay hugely in order to know how people spend their money, on which products, which days and which class of people spends much.
This company can quietly walk to the bank and get these information. They will pay the bank, and our data would be released to them without our consent. Because, with debit cards, how often you visit the grocery can be determined, etc.. I also feel cheated here.
Further; information privacy is another concern of mine. In most cases, the bank can give out your bank statements or any other salient information of yours to the government or public without your consent.
Considering my above worries, the issue of trust in the context is therefore not limited to trusting your bank to save your money, but also trusting them with your personal data.

On this premise I created a poll to know if we still trust the traditional banking system or we would rather trust the BTC (self bank).

You are right and all this points cannot be totally ruled out of what can happen to your accounts balance/information at the Bank. The first scenario you mentioned actually happened in a my Bank but not directly by the Bank but from a staff of the Bank how have been withdrawing small amounts like that from customers accounts for a long time before it was discovered and the staff was arrested and confessed to it but what happens if it was the bank's themselves involved?
Even when we don't have that full trust for Bank's, most times we do not have the option but to continue to deal with banks until we have more and more places to spend Bitcoin and other cryptocurrencies directly.

[stadus]

Fiat Banks is good, but our money has no interest. While every year inflation occurs. That's why I prefer bitcoin, apart from being flexible and fast. Bitcoin value continue to rise if we keep a long time.

Yes bitcoin is a very good currency to hold for a long time fiat banks are controlled by the government and the government controls as it wishes. The government gets taxes from here but bitcoin is not under anyone's control investors manage to invest as they wish.

The government will never lose control of fiat as they have the central bank to create money, and don't forget that even if bitcoin is decentralized, but if we seek for it to be regulated, then we are asking the government to tax use bitcoin and crypto users, therefore, they are still in control of us.

[Tumanggor]

I believe in both but I trust Bitcoin more. I still need a fiat bank because I still transact with my clients using fiat
btw, the thing I don't like the most from bank is that they always ask questions which I don't think are important when I want to send a large amount of money

Bitcoin is different because we don't use third parties to make transactions, we can send large amounts of money anytime and anywhere
Bitcoin is a miracle

[taufik0911]

I believe in both but I trust Bitcoin more. I still need a fiat bank because I still transact with my clients using fiat
btw, the thing I don't like the most from bank is that they always ask questions which I don't think are important when I want to send a large amount of money

Bitcoin is different because we don't use third parties to make transactions, we can send large amounts of money anytime and anywhere
Bitcoin is a miracle

I also agree with you, but I want to acknowledge Fiat as a trusted bank because Fiat is controlled by the government and also because fiat uses a centralized financial system and can be regulated differently from bitcoin which uses a decentralized system that cannot be controlled by anyone to be printed at will.
that's the reason i trust bitcoin more

[temple]

Fiat Banks is good, but our money has no interest. While every year inflation occurs. That's why I prefer bitcoin, apart from being flexible and fast. Bitcoin value continue to rise if we keep a long time.

Yes bitcoin is a very good currency to hold for a long time fiat banks are controlled by the government and the government controls as it wishes. The government gets taxes from here but bitcoin is not under anyone's control investors manage to invest as they wish.

The government will never lose control of fiat as they have the central bank to create money, and don't forget that even if bitcoin is decentralized, but if we seek for it to be regulated, then we are asking the government to tax use bitcoin and crypto users, therefore, they are still in control of us.

Yes, taxes are the tool with the most leverage the government has. They do have to justify their law making in front of independent courts though. It is not like they could just charge a 90% tax on crypto transactions. In democratic states they have to undergo a process, too, before they can establish extra hard regulations for any asset class. They have to justify that. When they raise taxes on cigarettes, that's not that hard. But when it comes to crypto they have to prove their arguments and provide reason for their intended actions.

[drwoo]

I believe in both but I trust Bitcoin more. I still need a fiat bank because I still transact with my clients using fiat
btw, the thing I don't like the most from bank is that they always ask questions which I don't think are important when I want to send a large amount of money

Bitcoin is different because we don't use third parties to make transactions, we can send large amounts of money anytime and anywhere
Bitcoin is a miracle

I also agree with you, but I want to acknowledge Fiat as a trusted bank because Fiat is controlled by the government and also because fiat uses a centralized financial system and can be regulated differently from bitcoin which uses a decentralized system that cannot be controlled by anyone to be printed at will.
that's the reason i trust bitcoin more

Both systems in their current form have their advantages and disadvantages. Depending on how well you can deal with technology you may prefer one over another. I think it is still cumbersome to hold Bitcoin securely and transact with it perhaps on a daily basis. Maybe not for the younger people who grew up with their iPhones, but for many others it's still complicated to handle. For them banks are the better option for now.

[LimLims]

Before, most of my savings or money is in my bank account. But starting last year, I am slowly moving them on-chain, especially in Bitcoin.
What money left in my bank is the money that I can easily access if I want or need money immediately, so it is considered a very small amount for me.
By that, I am showing that I can't trust the bank to hold my money, I rather hold it by myself, by keeping my private keys myself.

Yes that’s the most common answer that all the users will now claim.
Earlier when we don’t had option to save our money, we were bound to use the Bank.
But as now we are have many options, so yes it’s time to leave the hands of hands.
We due to BTC have now became independent and were free to use our money whenever we can.
Waiting for community members replies regarding this.

[JerryKin]

I'm always sacred keeping my hard earned money in a bank because I know it won't remain the same as I kept it. Not that it would increase but it would have decreased by an annoying sum over time. I would rather invest in bitcoin where I know that I could make profits with my cash, even if the price of Bitcoin goes down I am rest assured it will come up later.

Now about my data. Really I don't know who to trust with that. Banks that suddenly close down lose data. One way or the other to say that they sell the data. Thats very possible. Also crypto companies can't really be banked on to be exclusive about your information about you.

[drwoo]

I'm always sacred keeping my hard earned money in a bank because I know it won't remain the same as I kept it. Not that it would increase but it would have decreased by an annoying sum over time. I would rather invest in bitcoin where I know that I could make profits with my cash, even if the price of Bitcoin goes down I am rest assured it will come up later.

Now about my data. Really I don't know who to trust with that. Banks that suddenly close down lose data. One way or the other to say that they sell the data. Thats very possible. Also crypto companies can't really be banked on to be exclusive about your information about you.

That is quite the naive opinion. Saying that you invest in Bitcoin to increase your money sounds like if it were guaranteed that that is going to happen. Sure you have the devaluation due to inflation in a normal bank, but it is still quite a safe place to keep your money. Also, what you have in a bank is often also the money you need on a daily basis. Not a good idea to put money into Bitcoin that you might need in a week from now because Bitcoin might fall by 20% over the course of a week.

[stadus]

Fiat Banks is good, but our money has no interest. While every year inflation occurs. That's why I prefer bitcoin, apart from being flexible and fast. Bitcoin value continue to rise if we keep a long time.

Yes bitcoin is a very good currency to hold for a long time fiat banks are controlled by the government and the government controls as it wishes. The government gets taxes from here but bitcoin is not under anyone's control investors manage to invest as they wish.

The government will never lose control of fiat as they have the central bank to create money, and don't forget that even if bitcoin is decentralized, but if we seek for it to be regulated, then we are asking the government to tax use bitcoin and crypto users, therefore, they are still in control of us.

Yes, taxes are the tool with the most leverage the government has. They do have to justify their law making in front of independent courts though. It is not like they could just charge a 90% tax on crypto transactions. In democratic states they have to undergo a process, too, before they can establish extra hard regulations for any asset class. They have to justify that. When they raise taxes on cigarettes, that's not that hard. But when it comes to crypto they have to prove their arguments and provide reason for their intended actions.

If they can't control regulation on crypto, then they will discourage people from using crypto. As people are looking for investment and an alternative way of transacting online, we can't deny that sometimes we were able to do away with our taxes obligation, so here comes the strict regulation and the government will ensure that everyone will pay as taxes are the lifeblood of a country.

[freedomgo]

Trust fiat to banks and btc to your crypto wallets. Each currency has its own purpose.

Exactly, I wonder if someone could live a normal life if he only has bitcoin as his money, there's no massive adoption for bitcoin yet and you can't just make transactions for a small amount as it's not instant and the fees are high. The real status of our world now is fiat is still adopted more and I think it will not change in the future as bitcoin will continue to be an alternative currency only.

[Fecofelix]

In the case of transfer of money, bitcoin is better than the fiat money with the increase in the price of bitcoin, the transfer amount will also increase with it. But it will still be cheaper compare to fiat curency.

[DibiaVxosis]

I don't trust bank with my data not at all, I only trust them with my money to a certain point in which I believe my funds is safe with them, the local banks are cheaters, most times I get debit for small fees I really don't know about, imagine them charging all of their customers with this little amount it turns out to fetch them a lot of money and in the case of data, our privacy is bridge by banks because there can easily give our data out to government officials, if not there is no way EFCC will get to know that a customer has so much funds in his account without the bank assistance

[blackened515]

Fiat Banks is good, but our money has no interest. While every year inflation occurs. That's why I prefer bitcoin, apart from being flexible and fast. Bitcoin value continue to rise if we keep a long time.

Bank charges are high, compare to that of Bitcoin, and also Bitcoin operates on an decentralized system. No organization or Government control's it. When you keep your money in Banks, no interest is added to it, instead, banks collects their charges from the money. I also prefer Bitcoin. Is very secure, and also have low fees.

[Abiky]

The issue of Trust is not only evident in relationships, it is applicable in our daily endeavours. People are more committed to system they trust than the one they don't trust. Even in this forum, you can easily do business with someone with a positive trust than one with a negative trust.

As the saying goes "wherever ones treasure is, there his soul is". So, in this article we would try to establish if ;
1. If people have fallen out of Trust with the Traditional banking system.
2. If people can trust BTC than banks.

Discussing issues 1. I'll use myself as a case study;
Most times I would feel cheated by my banks even when I have no evidence to prove same. I always have this feeling that a bank with over 3million customers can decide to deduce 0.5cents from each customers account without sending them alert. The customers may also not notice because the figure is small. Multiplying 0.5cents by 3m customers will give you $1.5m. I don't know why I always believe there are hidden charges in the traditional banking system.

Secondly, data management: I know of few companies that pay hugely in order to know how people spend their money, on which products, which days and which class of people spends much.
This company can quietly walk to the bank and get these information. They will pay the bank, and our data would be released to them without our consent. Because, with debit cards, how often you visit the grocery can be determined, etc.. I also feel cheated here.
Further; information privacy is another concern of mine. In most cases, the bank can give out your bank statements or any other salient information of yours to the government or public without your consent.
Considering my above worries, the issue of trust in the context is therefore not limited to trusting your bank to save your money, but also trusting them with your personal data.

On this premise I created a poll to know if we still trust the traditional banking system or we would rather trust the BTC (self bank).

I've used to trust banks way before Bitcoin came into existence. After seeing many cases of banks' manipulation and corruption, I've decided to look for an exit route to the current monetary system. Ever since I've discovered Bitcoin in 2014, I've never looked back. I still use a bank to store my Fiat money, but most of my capital is on crypto. With inflation hitting existing Fiat currencies, there's more reason to buy and "hodl" Bitcoin for the long term. People are starting to realize the true benefits of crypto/Blockchain tech, so it should only be a matter of time before banks lose traction in the mainstream world.

ultimately, a person will decide which system to trust for the long-term preservation of wealth. Not everyone will find Bitcoin attractive, as it's highly volatile in price. Keep in mind that most businesses and merchants accept Fiat on top of crypto. You don't need to "trust" Bitcoin, since everything is recorded on the Blockchain ledger. There's a reason why Blockchain's motto is "Don't trust, verify". It may never replace banks, but it'll be a nice alternative for those looking into sound money that will help them in times of need. As long as Bitcoin remains decentralized, nothing else matters. Just my thoughts

[temple]

Fiat Banks is good, but our money has no interest. While every year inflation occurs. That's why I prefer bitcoin, apart from being flexible and fast. Bitcoin value continue to rise if we keep a long time.

Yes bitcoin is a very good currency to hold for a long time fiat banks are controlled by the government and the government controls as it wishes. The government gets taxes from here but bitcoin is not under anyone's control investors manage to invest as they wish.

The government will never lose control of fiat as they have the central bank to create money, and don't forget that even if bitcoin is decentralized, but if we seek for it to be regulated, then we are asking the government to tax use bitcoin and crypto users, therefore, they are still in control of us.

Yes, taxes are the tool with the most leverage the government has. They do have to justify their law making in front of independent courts though. It is not like they could just charge a 90% tax on crypto transactions. In democratic states they have to undergo a process, too, before they can establish extra hard regulations for any asset class. They have to justify that. When they raise taxes on cigarettes, that's not that hard. But when it comes to crypto they have to prove their arguments and provide reason for their intended actions.

If they can't control regulation on crypto, then they will discourage people from using crypto. As people are looking for investment and an alternative way of transacting online, we can't deny that sometimes we were able to do away with our taxes obligation, so here comes the strict regulation and the government will ensure that everyone will pay as taxes are the lifeblood of a country.

But that is phrased way too general. Yes taxes are the lifeblood of a country, but only to a certain degree. The equation is not the more taxes equals the more lifeblood. If you have a brand new technology like Bitcoin you can also approach it from another angle and in fact become the leading nation in the world welcoming all the blockchain talent to work within your country. If you raise taxes everywhere and make it hard for crypto to thrive, you will ultimately be left behind.

[macson]

Fiat Banks is good, but our money has no interest. While every year inflation occurs. That's why I prefer bitcoin, apart from being flexible and fast. Bitcoin value continue to rise if we keep a long time.

we let our money use by the bank when we put it there.  banks cannot be trusted, trusting them will only make us lose, trusting Bitcoin is much better because its value will continue to increase and will not hurt when we have a strong hand.

[ReiMomo]

Fiat Banks is good, but our money has no interest. While every year inflation occurs. That's why I prefer bitcoin, apart from being flexible and fast. Bitcoin value continue to rise if we keep a long time.

we let our money use by the bank when we put it there.  banks cannot be trusted, trusting them will only make us lose, trusting Bitcoin is much better because its value will continue to increase and will not hurt when we have a strong hand.

Lots of ups and downs are there in safe guarding our money in banks. Besides the discussion, its currently the bank, where the majority almost to 99.99 percent of people have to rely on the banks and trust them. We believe in BTC and yes we do earn and save in wallets. However, that's converted into our local currency and that money has to fall into a bank account to take them off.

[dzonikg28]

Fiat Banks is good, but our money has no interest. While every year inflation occurs. That's why I prefer bitcoin, apart from being flexible and fast. Bitcoin value continue to rise if we keep a long time.

we let our money use by the bank when we put it there.  banks cannot be trusted, trusting them will only make us lose, trusting Bitcoin is much better because its value will continue to increase and will not hurt when we have a strong hand.

Lots of ups and downs are there in safe guarding our money in banks. Besides the discussion, its currently the bank, where the majority almost to 99.99 percent of people have to rely on the banks and trust them. We believe in BTC and yes we do earn and save in wallets. However, that's converted into our local currency and that money has to fall into a bank account to take them off.

Banks will be involved for a very long time even if crypto were to take over slowly. When merchants accept Bitcoin I think they usually immediately convert it into fiat, hence banks are involved in the process no matter what. A truly Bitcoin-based economy is decades away I would say. I might be wrong of course, but I just can't think of a scenario where in ten years time we'll be without bank accounts and with Bitcoin wallets only.

[Lanatsa]

Fiat Banks is good, but our money has no interest. While every year inflation occurs. That's why I prefer bitcoin, apart from being flexible and fast. Bitcoin value continue to rise if we keep a long time.

we let our money use by the bank when we put it there.  banks cannot be trusted, trusting them will only make us lose, trusting Bitcoin is much better because its value will continue to increase and will not hurt when we have a strong hand.

Lots of ups and downs are there in safe guarding our money in banks. Besides the discussion, its currently the bank, where the majority almost to 99.99 percent of people have to rely on the banks and trust them. We believe in BTC and yes we do earn and save in wallets. However, that's converted into our local currency and that money has to fall into a bank account to take them off.

Banks will be involved for a very long time even if crypto were to take over slowly. When merchants accept Bitcoin I think they usually immediately convert it into fiat, hence banks are involved in the process no matter what. A truly Bitcoin-based economy is decades away I would say. I might be wrong of course, but I just can't think of a scenario where in ten years time we'll be without bank accounts and with Bitcoin wallets only.

Take over slowly is something that we cant just really able to see in the future.Crypto might progress or become mainstream but it would never overtake banks no matter what.

People would still trust banks no matter what and would accumulate fiat as much as they can even they are heavily believing with crypto investments and that's a fact.

We do have different decisions and perception in between things.Therefore, this is just really depending on personal preference.

[Sihab76]

I trust above all , Fiat , bank and cryptocurrency but in my country, people only few amount know about cryptocurrencies and in market all daily commudities exchanges with Fiat and banks card. But cryptocurrencies fully a illegal source. So for my child and wife life better safety I reserve some Fiat in a Bank for future . Others all my assets into cryptocurrencies .

[Abiky]

Banks will be involved for a very long time even if crypto were to take over slowly. When merchants accept Bitcoin I think they usually immediately convert it into fiat, hence banks are involved in the process no matter what. A truly Bitcoin-based economy is decades away I would say. I might be wrong of course, but I just can't think of a scenario where in ten years time we'll be without bank accounts and with Bitcoin wallets only.

Banks aren't going anywhere. Fiat is still "king" when it comes to paying for goods and services in the mainstream world. The number of merchants and businesses accepting Fiat currencies are far greater than those who accept Bitcoin as payment method. People seem to trust banks with their Fiat more than Bitcoin, because the former is stable and backed by the government. A decentralized cryptocurrency like Bitcoin makes people skeptical since there's no regulating or issuing authority that would give it a certain level of legitimacy. Fiat will eventually shift from paper to digital as banks take advantage of crypto/Blockchain tech. Trust into banks will never be gone, but Bitcoin will always be there for those who need it the most. Just my opinion

[swiftxi]

I've made big % profits its cryptos over the years. But also my opinion is that no one should risk their safety when investing online.
A lot of people will want to invest 1 time or 2 times, big cash ammounts into crypto. And then expect an even bigger result.
This is not very accurate to be honest, you can invest whenever and how much you want , and aswell convert it into fiat when it rockets a few hundred %.
Like in 2018-19 when it dipped to 2k$ usd , i know a lot of people thought they lost their money but after just a few months it rocketed again.

[bosede1]

These financial institutions have to stay in business to pay their staff and remain in operation this defines the charges they deduct for SMS and mobile banking transactions just that once in a while they overdo the tariff they deduct from their customers.

[distr@yopmail.com]

Fiat Banks is good, but our money has no interest. While every year inflation occurs. That's why I prefer bitcoin, apart from being flexible and fast. Bitcoin value continue to rise if we keep a long time.

Bank charges are high, compare to that of Bitcoin, and also Bitcoin operates on an decentralized system. No organization or Government control's it. When you keep your money in Banks, no interest is added to it, instead, banks collects their charges from the money. I also prefer Bitcoin. Is very secure, and also have low fees.

Those of us who know bitcoin will of course transfer all the money in the bank to a trusted wallet, the most important factor is that we don't get anything when we save it in banks, maybe only 6% per year, while bitcoin can get big profits up to hundreds of percent per year

transferring everything is a less wise choice. be careful in making your choice. even with trusted assets, you can get losses.
because putting all of our money into the crypto market is like making all of our money for our working capital. whether day trading or a long-term investment.

I myself believe in both. I use both to save money.
I separate the money needs in the bank and savings in other banks. and I always leave the money I make in real-world work to increase capital in the crypto market.

[xiboothrezi]

~

I myself believe in both. I use both to save money.
I separate the money needs in the bank and savings in other banks. and I always leave the money I make in real-world work to increase capital in the crypto market.

wise choice. After all, we can't be completely separated from the bank because all the ease of transactions and its very wide adoption make our lives easier. on the other hand, bitcoin is still limited in its use at this time, especially in many countries that prohibit its use as a means of payment, even though its other functions as an investment tool and trading commodity have been granted permission.
so please adjust it according to our individual needs, we don't have to choose one, right? just use both to maximize the function of each other.

[adzino]

wise choice. After all, we can't be completely separated from the bank because all the ease of transactions and its very wide adoption make our lives easier. on the other hand, bitcoin is still limited in its use at this time, especially in many countries that prohibit its use as a means of payment, even though its other functions as an investment tool and trading commodity have been granted permission.
so please adjust it according to our individual needs, we don't have to choose one, right? just use both to maximize the function of each other.

True, we don't have to choose only one, but if we keep on depending on fiat, bitcoin or cryptocurrencies won't be able to go mainstream. And who told you bitcoin is illegal in many countries? As far as I know only few selected countries have made bitcoin illegal (most of them are third world country with corrupted governments), while rest are welcome the modern currency.

Bank charges are high, compare to that of Bitcoin, and also Bitcoin operates on an decentralized system. No organization or Government control's it. When you keep your money in Banks, no interest is added to it, instead, banks collects their charges from the money. I also prefer Bitcoin. Is very secure, and also have low fees.

Lol, have you looked at the fees when the network is under heavy traffic? It's insane. Pay high fee or wait forever for a confirmation.

[Elsaveronicha]

Both are trustworthy.  But saving a lot of money in the bank makes us uneasy.  Because they always bother us by asking questions about our money.  While buying bitcoin, it makes us calmer and no one disturbs us and most importantly the price of bitcoin continues to rise.

[Marvell1]

I trust both Bitcoin and Banks.Bitcoin is the perfect alternative to banking, but that's very unlikely because the government won't allow.We cannot put all our trust in banks but we must use them.Banking is a part of our lives, it would be very difficult without fiat, banks.How to trade bitcoin without fiat? Can we buy 1 coffee with bitcoin and pay extra transaction fee for each coffee and wait for transaction confirmation to get 1 coffee? ,with fiat it's easier.

[temple]

I trust both Bitcoin and Banks.Bitcoin is the perfect alternative to banking, but that's very unlikely because the government won't allow.We cannot put all our trust in banks but we must use them.Banking is a part of our lives, it would be very difficult without fiat, banks.How to trade bitcoin without fiat? Can we buy 1 coffee with bitcoin and pay extra transaction fee for each coffee and wait for transaction confirmation to get 1 coffee? ,with fiat it's easier.

I wouldn't say it is the perfect alternative to banking yet. We are far from critical mass in terms of user numbers and user profiles. It is not like you can freely transact on a daily basis with everybody because by far not everybody has Bitcoin nor wants to transact with it because of the high fees. That might change in the future.

The store of value argument also doesn't fully hold true because there is too much volatility, potentially making your money put into bitcoin unavailable unless you are willing to use it at a loss. Banks still fulfill several very important functions and we are quite a bit away from having a strong banking substitute.

[dzonikg28]

Fiat Banks is good, but our money has no interest. While every year inflation occurs. That's why I prefer bitcoin, apart from being flexible and fast. Bitcoin value continue to rise if we keep a long time.

we let our money use by the bank when we put it there.  banks cannot be trusted, trusting them will only make us lose, trusting Bitcoin is much better because its value will continue to increase and will not hurt when we have a strong hand.

Lots of ups and downs are there in safe guarding our money in banks. Besides the discussion, its currently the bank, where the majority almost to 99.99 percent of people have to rely on the banks and trust them. We believe in BTC and yes we do earn and save in wallets. However, that's converted into our local currency and that money has to fall into a bank account to take them off.

Banks will be involved for a very long time even if crypto were to take over slowly. When merchants accept Bitcoin I think they usually immediately convert it into fiat, hence banks are involved in the process no matter what. A truly Bitcoin-based economy is decades away I would say. I might be wrong of course, but I just can't think of a scenario where in ten years time we'll be without bank accounts and with Bitcoin wallets only.

Take over slowly is something that we cant just really able to see in the future.Crypto might progress or become mainstream but it would never overtake banks no matter what.

People would still trust banks no matter what and would accumulate fiat as much as they can even they are heavily believing with crypto investments and that's a fact.

We do have different decisions and perception in between things.Therefore, this is just really depending on personal preference.

Maybe the institutional structure or appearance of what we understand under the term "bank" will change significantly. Maybe a bank won't be the big building anymore with dozens of clerks waiting to serve you. Maybe a bank is an online business helping you with custody services regarding digital assets. However, for as long as we have generations alive from the pre-digital age, we will also have traditional banks as we know them now because there is demand for it.

[Handpari]

At current time i support Fiat because in Banks our Data us saved and our money is fully secured. No one can steal or decrease our money. If any mistakes happen we can apeal to Government.
 While in Btc Big whale can half your portofolio. Also if all exchanges stop to exchange bitcoin we cannot do anything.

[stadus]

At current time i support Fiat because in Banks our Data us saved and our money is fully secured. No one can steal or decrease our money. If any mistakes happen we can apeal to Government.
 While in Btc Big whale can half your portofolio. Also if all exchanges stop to exchange bitcoin we cannot do anything.

Our money will be safe in the bank as it's insured, most banks I believe has insurance to secured the funds of the depositors, however, the real problem here is the inflation as eventually as the economy will struggle, the value of our money will decrease due to inflation, and we can already see it now since government continuously printing money, compared to bitcoin where the supply is already fixed.

[yohananaomi]

-snip-

Our money will be safe in the bank as it's insured, most banks I believe has insurance to secured the funds of the depositors, however, the real problem here is the inflation as eventually as the economy will struggle, the value of our money will decrease due to inflation, and we can already see it now since government continuously printing money, compared to bitcoin where the supply is already fixed.

even in my country banking is not insured but gets a guarantee of replacement from the state, if the bank suffers a loss, of course this makes people still use the bank for collateral as well. although it is true that the value of money is unstable and the possibility of inflation is very possible, especially during a pandemic like this, almost all countries experiencing a prolonged economic crisis are certainly likely to occur. but not for bitcoin because the amount is fixed and the supply will keep decreasing due to the halving so the value will keep increasing. so it is profitable if you want to invest in bitcoin.

[topbitcoin]

In my country, selling data is not something rare. Even we just bought cell number, we can get any SMS which offer something. It can be considered data breached too, especially in banks. Our name, address and etc can be sold to other companies and we can get any offer into our phone or anything else. For now bank i only used to save money only and BTC i only use to investment only. Not want to be anything believer as long i protect myself. And for bitcoin, when i think i get profit, i will sell my coins because i only use it as investment.

[caryoscar]

A recent poll by The Economist found that only 26% of people trust decentralized cryptocurrencies, and people are more willing to accept centralized digital currencies issued by the central bank.

The survey found that people have the highest level of trust in digital currencies supported by the central bank, the second place (40%) in digital currencies issued by large financial companies, and a slightly lower level of trust in large technology companies (36%) . Respondents said that they would trust banks and large companies-whether they are technology companies or financial companies-rather than a decentralized digital currency like Bitcoin that is not supported by any specific organization.

I am a believer in Bitcoin. There are already many posts on the forum to explain Bitcoin. There is no need to explain, just do it.

• Actively publicize, let more people know---user education
• Actively increase applications and consumption scenarios to allow Bitcoin to penetrate every corner of life
• I hope that more institutions, more people, and more sovereign countries will participate and increase the trust of Bitcoin.
• It is very important to make Bitcoin the safest value transmission network
• Simplify the transaction process of Bitcoin, reduce the handling fee, and make the speed faster.
• Effectively stop illegal criminal activities carried out on the Bitcoin network, and provide users with a safe and reliable financial environment.

[Abiky]

Our money will be safe in the bank as it's insured, most banks I believe has insurance to secured the funds of the depositors, however, the real problem here is the inflation as eventually as the economy will struggle, the value of our money will decrease due to inflation, and we can already see it now since government continuously printing money, compared to bitcoin where the supply is already fixed.

Banks are insured, but they're heavily manipulated by the government. You don't have any kind of freedom when you store money in a bank. The moment banks determine your transactions to be suspicious, will be such when your account will get frozen or seized for good. Not like Bitcoin where you have control of your own money. It may have its limitations such as price volatility and high fees, but it's still better than trusting a bank. Ultimately, people will decide which type of currency (Fiat or BTC) to trust from the other. As long as Bitcoin has some loyal supporters behind it, nothing else matters. Just my opinion

[dzonikg28]

I trust fiat banks and Bitcoin both actually. I trust some fiat banks, not all of them. Because some banks can turn out to be a fraud after some time. There have been some people I know who lost some amount of their savings because of that. So we should choose the banks to trust very carefully.

I guess when the discussion comes to banks, among the most important factors to judge whether it is mostly trustworthy or not is its geolocation. Sure you could argue that American banks can go bankrupt, be corrupt and what not, but I would rather entrust my money with a bank that is located in a democratic county than with a bank that is located in a dictatorship with corrupt governments.

[stadus]

I trust fiat banks and Bitcoin both actually. I trust some fiat banks, not all of them. Because some banks can turn out to be a fraud after some time. There have been some people I know who lost some amount of their savings because of that. So we should choose the banks to trust very carefully.

I guess when the discussion comes to banks, among the most important factors to judge whether it is mostly trustworthy or not is its geolocation. Sure you could argue that American banks can go bankrupt, be corrupt and what not, but I would rather entrust my money with a bank that is located in a democratic county than with a bank that is located in a dictatorship with corrupt governments.

Your money, your way of safekeeping it, if you don't trust the banking system, that means you don't trust the government too, so there's no reason living in a dictator country, time to migrate to other countries where you think the law suited your interest. The banking system will still exist because although there are people who do not trust it anymore, the majority of people still have confidence in the banking system.

It might not be able to serve everyone, but it will surely serve the majority.

[Fatunad]

Our money will be safe in the bank as it's insured, most banks I believe has insurance to secured the funds of the depositors, however, the real problem here is the inflation as eventually as the economy will struggle, the value of our money will decrease due to inflation, and we can already see it now since government continuously printing money, compared to bitcoin where the supply is already fixed.

Banks are insured, but they're heavily manipulated by the government. You don't have any kind of freedom when you store money in a bank. The moment banks determine your transactions to be suspicious, will be such when your account will get frozen or seized for good. Not like Bitcoin where you have control of your own money. It may have its limitations such as price volatility and high fees, but it's still better than trusting a bank. Ultimately, people will decide which type of currency (Fiat or BTC) to trust from the other. As long as Bitcoin has some loyal supporters behind it, nothing else matters. Just my opinion

But we've been using it since from the beginning of time which had been trusted by most of us and when crypto had existed then we do end up on having some options which is totally opposing
total centralization and risk of manipulation but we cant really just deny that we do still trust fiat banks than with crypto but the fact on why we do really need to have some choice if we
can do both things or depending on what we do believe on? They do serve out different market and does have typical different usage and its up to someone
on which one he would support or would use up but to think that crypto is still getting value from fiat then you do know on whats next.

[DarkDays]

Our money will be safe in the bank as it's insured, most banks I believe has insurance to secured the funds of the depositors, however, the real problem here is the inflation as eventually as the economy will struggle, the value of our money will decrease due to inflation, and we can already see it now since government continuously printing money, compared to bitcoin where the supply is already fixed.

Banks are insured, but they're heavily manipulated by the government. You don't have any kind of freedom when you store money in a bank. The moment banks determine your transactions to be suspicious, will be such when your account will get frozen or seized for good.

Yes, in that respect banks have the ultimate say in governing and accessing your money even if it may be noting related to your activity. Banks are only useful

because of their wide adoption, almost every merchant accepts credit cards, and it is due to that that most people use banks but now BTC provides an alternative

where the user is in control of their data and money. What more can we want??? As long as wider adoption of crypto occurs, in my view, crypto payments will pave the future of personal finance.

[dzonikg28]

I trust fiat banks and Bitcoin both actually. I trust some fiat banks, not all of them. Because some banks can turn out to be a fraud after some time. There have been some people I know who lost some amount of their savings because of that. So we should choose the banks to trust very carefully.

I guess when the discussion comes to banks, among the most important factors to judge whether it is mostly trustworthy or not is its geolocation. Sure you could argue that American banks can go bankrupt, be corrupt and what not, but I would rather entrust my money with a bank that is located in a democratic county than with a bank that is located in a dictatorship with corrupt governments.

Your money, your way of safekeeping it, if you don't trust the banking system, that means you don't trust the government too, so there's no reason living in a dictator country, time to migrate to other countries where you think the law suited your interest. The banking system will still exist because although there are people who do not trust it anymore, the majority of people still have confidence in the banking system.

It might not be able to serve everyone, but it will surely serve the majority.

I don't think that most of the people using the banking system in a corrupt state means that most people still trust the banking system. That is quite an unsubstantiated or one-sided conclusion. They just don't have a single alternative most of the time. They must use the banking system. It's like choosing between two evils: put your money under the pillow and get robbed very likely or put your money into an account of a corrupt bank and also get robbed very likely. 90% chance to get your money robbed if it is under the pillow, 85% chance to get it robbed from a bank account. No other options given. What do you go for? Do you trust the bank more than your pillow?

[stadus]

I trust fiat banks and Bitcoin both actually. I trust some fiat banks, not all of them. Because some banks can turn out to be a fraud after some time. There have been some people I know who lost some amount of their savings because of that. So we should choose the banks to trust very carefully.

I guess when the discussion comes to banks, among the most important factors to judge whether it is mostly trustworthy or not is its geolocation. Sure you could argue that American banks can go bankrupt, be corrupt and what not, but I would rather entrust my money with a bank that is located in a democratic county than with a bank that is located in a dictatorship with corrupt governments.

Your money, your way of safekeeping it, if you don't trust the banking system, that means you don't trust the government too, so there's no reason living in a dictator country, time to migrate to other countries where you think the law suited your interest. The banking system will still exist because although there are people who do not trust it anymore, the majority of people still have confidence in the banking system.

It might not be able to serve everyone, but it will surely serve the majority.

I don't think that most of the people using the banking system in a corrupt state means that most people still trust the banking system. That is quite an unsubstantiated or one-sided conclusion. They just don't have a single alternative most of the time. They must use the banking system. It's like choosing between two evils: put your money under the pillow and get robbed very likely or put your money into an account of a corrupt bank and also get robbed very likely. 90% chance to get your money robbed if it is under the pillow, 85% chance to get it robbed from a bank account. No other options given. What do you go for? Do you trust the bank more than your pillow?

That's how it is because we are living in a world where centralized government rules and all they create is something that we should trust. I would always trust putting my money in the bank than safekeeping it myself as I know my life would be at risk especially if I'm holding a lot of money. Maybe we don't have the same banking system but in our country, our deposits are insured so I'm certain that even if I keep it longer, my money will not be lost.

No one tries to hide millions of money in his house as his life could be put at risk as well.

[rony01941]

I trust Fiat than Btc, Why? Btc is not much popular in my country, very small of people know that and use btc but they always worried because their way is illegal in government rules. Bank is safe,easy,transparent,protected gateway till now in my opinion.

[Meysa_richa]

If I'm honest, the traditional banking system is still very much needed here and of course it has more trust from the public, even though there are often problems with the bank.  BTC is still not very familiar, and only known by certain circles.
I personally for now still believe in traditional banks, because I still have money in the bank and of course I still really need it. BTC also gives me great hope, about security, convenience and most importantly I can make a profit.
Between traditional BANK and BTC, I haven't been able to leave either one, and I still have great faith in both.

[South Park]

Your money, your way of safekeeping it, if you don't trust the banking system, that means you don't trust the government too, so there's no reason living in a dictator country, time to migrate to other countries where you think the law suited your interest. The banking system will still exist because although there are people who do not trust it anymore, the majority of people still have confidence in the banking system.

It might not be able to serve everyone, but it will surely serve the majority.

I don't think that most of the people using the banking system in a corrupt state means that most people still trust the banking system. That is quite an unsubstantiated or one-sided conclusion. They just don't have a single alternative most of the time. They must use the banking system. It's like choosing between two evils: put your money under the pillow and get robbed very likely or put your money into an account of a corrupt bank and also get robbed very likely. 90% chance to get your money robbed if it is under the pillow, 85% chance to get it robbed from a bank account. No other options given. What do you go for? Do you trust the bank more than your pillow?

This, it is obvious that even if most of us support bitcoin we still use the fiat system and the banks since we do not really have any other choice, but that does not mean that we trust in them at all, for example governments all over the world printed a lot of money to pay for the all the costs incurred during the pandemic and reduced what we can purchase with our money, could I trust a government that does that? Of course not.

[stadus]

-snip-

Our money will be safe in the bank as it's insured, most banks I believe has insurance to secured the funds of the depositors, however, the real problem here is the inflation as eventually as the economy will struggle, the value of our money will decrease due to inflation, and we can already see it now since government continuously printing money, compared to bitcoin where the supply is already fixed.

even in my country banking is not insured but gets a guarantee of replacement from the state, if the bank suffers a loss, of course this makes people still use the bank for collateral as well. although it is true that the value of money is unstable and the possibility of inflation is very possible, especially during a pandemic like this, almost all countries experiencing a prolonged economic crisis are certainly likely to occur. but not for bitcoin because the amount is fixed and the supply will keep decreasing due to the halving so the value will keep increasing. so it is profitable if you want to invest in bitcoin.

I don't but I think most banks have insurance from a government agency, the only problem is inflation which we cannot fight if we just put our money in the bank, banks are just to safeguard our money, not its value.

[Rruchi man]

No offence mate but I think you are being paranoid. Man, banks have been here since like forever. Sure they have their cons but I can’t just discard or disapprove of them because of BTC. Think about it for a minute without any sentiments. BTC has its cons too. About privacy, I’d say in our present day world it is an illusion. Everything we do on our electronic devices as much as it is connected to the internet is harvesting our data. About your poll, I’ll pick banks fiats over BTC at least until BTC can stand the test of time.

[oHnK]

I don't but I think most banks have insurance from a government agency, the only problem is inflation which we cannot fight if we just put our money in the bank, banks are just to safeguard our money, not its value.

If asked to trust Fiat and Banks completely I highly doubt it because there is no real evidence that there is no guarantee that our money is really safe in it even though in my country there is currently a financial services authority.  The Century Bank case is one of the bankruptcy cases that has not been resolved until now.  I prefer to save in crypto over fiat even now I'm trying to convert my fiat money in some high liquidity assets instead of increasing my savings in the bank.  Banks cannot be trusted at all, the issue that banks are most worried about is rush money.

[Hendra gunawan]

I actually trust bitcoin rather than fiat banks.  Because fiat banks are very complicated and especially if we have a lot of account balances.  They must have kept asking for information about it.  As for bitcoin, we feel comfortable, safe and then by storing our money in bitcoin.  It's the same as we have invested, if our money is only stored in the bank there is no interest.

[stadus]

Our money will be safe in the bank as it's insured, most banks I believe has insurance to secured the funds of the depositors, however, the real problem here is the inflation as eventually as the economy will struggle, the value of our money will decrease due to inflation, and we can already see it now since government continuously printing money, compared to bitcoin where the supply is already fixed.

Banks are insured, but they're heavily manipulated by the government. You don't have any kind of freedom when you store money in a bank. The moment banks determine your transactions to be suspicious, will be such when your account will get frozen or seized for good. Not like Bitcoin where you have control of your own money. It may have its limitations such as price volatility and high fees, but it's still better than trusting a bank. Ultimately, people will decide which type of currency (Fiat or BTC) to trust from the other. As long as Bitcoin has some loyal supporters behind it, nothing else matters. Just my opinion

Well, then don't make suspicious transactions, when you put your money with the bank, you also need to comply with the rules so your money is safe, and as long as you will not get involved in illegal transactions, you should not fear your money.

As a citizen, we should be aware of the laws of our country, that's the best way of protecting our interest and to ensure our funds are safe.

[rina aulia]

Well, then don't make suspicious transactions, when you put your money with the bank, you also need to comply with the rules so your money is safe, and as long as you will not get involved in illegal transactions, you should not fear your money.

As a citizen, we should be aware of the laws of our country, that's the best way of protecting our interest and to ensure our funds are safe.

We do not make transactions that violate bank rules and if that happens, the bank will ban the account until we confirm the information on the transaction data. Actually I don't want to save money in the bank because I am disappointed with bank employees who work unprofessionally and ignore their customers.

[stadus]

Well, then don't make suspicious transactions, when you put your money with the bank, you also need to comply with the rules so your money is safe, and as long as you will not get involved in illegal transactions, you should not fear your money.

As a citizen, we should be aware of the laws of our country, that's the best way of protecting our interest and to ensure our funds are safe.

We do not make transactions that violate bank rules and if that happens, the bank will ban the account until we confirm the information on the transaction data. Actually I don't want to save money in the bank because I am disappointed with bank employees who work unprofessionally and ignore their customers.

Not all banks have that kind of employees, most of the banks I think values their customers as they are the life blood of the business. If you are not satisfied with the customer service, you can find another bank to entrust your money, for sure in your location there are other banks that are operating.

[YouYou0321]

The issuance of currency is to build consensus.

Only a common and strong cognition can create sacredness and legitimacy, and this currency can be accepted by the public.

Banks have the credit and authority of the country as endorsements, and Bitcoin has blockchain technology and the support of its holders. Bitcoin was originally the worship of geeks and technology. Then some anarchist liberals like it. This is a decentralized consensus.

I'm not sure which side I want to favor, I just take Bitcoin as an investment choice, and I am optimistic about its future development.

[ChrisPop]

I trust big banks to keep my data secure as I know the regulations around this are pretty harsh especially for banks. I don't use obscure banks and no, I don't feel like banks could charge my account without me knowing the costs. Check the terms & conditions and the fee schedule of the bank. That should cover all the costs associated with every type of operation.

Banking is a necessity in capitalism. I don't want to take a loan from a private person. I want the security and professionalism of a bank. On the other part, I think DeFi will be part of the future, but there is still a lot to be done. I mean, at the current level of development of DeFi platforms I wouldn't take a loan to fund any major project from a protocol that could rug pull me over anytime. I want to sleep peacefully at night, not worrying about my collateral safety.

[Reatim]

seems like trusting banks and hating it are balanced ?   but why not trust Fiat and crypto than banks right?



there are so much thing to hate in banking so why we need to deal with it from the very beginning.

I actually trust bitcoin rather than fiat banks.  Because fiat banks are very complicated and especially if we have a lot of account balances.  They must have kept asking for information about it.  As for bitcoin, we feel comfortable, safe and then by storing our money in bitcoin.  It's the same as we have invested, if our money is only stored in the bank there is no interest.

actually what i hate in banking? it is the idea that it can only give me a peanut interest when in bitcoin can make me doubled or even x10 in a matter of years.

[Abiky]

Well, then don't make suspicious transactions, when you put your money with the bank, you also need to comply with the rules so your money is safe, and as long as you will not get involved in illegal transactions, you should not fear your money.

As a citizen, we should be aware of the laws of our country, that's the best way of protecting our interest and to ensure our funds are safe.

It sounds easy. But in fact, it is not. You can do as many legitimate transactions as possible, but you'll still have to face the risks of getting your funds seized or frozen for no reason. Banks have their terms so you need to satisfy them by doing what they want. Not like Bitcoin where you dictate your own terms. The pioneer cryptocurrency is truly sound money which enables people to take control of their financial lives. Fiat has been trusted for a long time because it's the one supported by reputable entities like governments and central banks. But as inflation grows, people will start to lose trust in the traditional monetary system. Bitcoin is trustless since it's decentralized. There are no middleman to go through, so the money is as safe as you want it to be. The responsibility of securing/protecting your money relies solely on yourself. If you follow the necessary security precautions, no one will be able to confiscate or gain access to your Bitcoin. That's not possible with Fiat as it's heavily manipulated and controlled by the government.

The only reason banks are relevant today is because Fiat is still used for mainstream transactions. If it wasn't because of that, Bitcoin would've dominated the world by now. With how everything's been going, it looks like both Fiat and Bitcoin will live alongside each other for many generations. Just my opinion

[dzonikg28]

I trust fiat banks and Bitcoin both actually. I trust some fiat banks, not all of them. Because some banks can turn out to be a fraud after some time. There have been some people I know who lost some amount of their savings because of that. So we should choose the banks to trust very carefully.

I guess when the discussion comes to banks, among the most important factors to judge whether it is mostly trustworthy or not is its geolocation. Sure you could argue that American banks can go bankrupt, be corrupt and what not, but I would rather entrust my money with a bank that is located in a democratic county than with a bank that is located in a dictatorship with corrupt governments.

Your money, your way of safekeeping it, if you don't trust the banking system, that means you don't trust the government too, so there's no reason living in a dictator country, time to migrate to other countries where you think the law suited your interest. The banking system will still exist because although there are people who do not trust it anymore, the majority of people still have confidence in the banking system.

It might not be able to serve everyone, but it will surely serve the majority.

I don't think that most of the people using the banking system in a corrupt state means that most people still trust the banking system. That is quite an unsubstantiated or one-sided conclusion. They just don't have a single alternative most of the time. They must use the banking system. It's like choosing between two evils: put your money under the pillow and get robbed very likely or put your money into an account of a corrupt bank and also get robbed very likely. 90% chance to get your money robbed if it is under the pillow, 85% chance to get it robbed from a bank account. No other options given. What do you go for? Do you trust the bank more than your pillow?

That's how it is because we are living in a world where centralized government rules and all they create is something that we should trust. I would always trust putting my money in the bank than safekeeping it myself as I know my life would be at risk especially if I'm holding a lot of money. Maybe we don't have the same banking system but in our country, our deposits are insured so I'm certain that even if I keep it longer, my money will not be lost.

No one tries to hide millions of money in his house as his life could be put at risk as well.

I am also fine with my banking system and Bitcoin doesn't solve a lot of problems for me personally, but I think about the people in Africa or elsewhere where it is very difficult to build up your savings because there is no safe place to put your money. You aren't correct though with your analysis. If you have a hidden place at home where you can put your money and you are silent about it not too many people have a good idea about how rich you could be assuming your lifestyle is still rather modest. If you put ten million in a bank, rest assured there are people going to know about your bank account. Being kidnapped isn't that much different of being robbed.

I do trust my bank as well and we also have insured deposits, although only up to a certain amount. If you have millions in the bank and the bank goes insolvent (like during the financial crisis), your money is gone. Or look at Cyprus and Greece, Cyprus took 5.8 billion from depositors savings, just within a blink of an eye balances were reduced with a few buttons. That' doesn't sound safe to me, does it for you?

[Pokapoka124]

I do not completely trust any second party with my money. I trust myself that's why I like Bitcoin. With bitcoin I get to be my own bank, that means no long queues waiting to access my money,  I'm the sole manager of my funds whatever I need to do I do it myself. And I take full responsibility for anything that happens. I'm very confident in the transparency and security of bitcoin.

[nicecrypto]

I trust them with the little that I deposit on my bank account. 

I only use them to store for small amounts and I trust more my wallet and holding that I've got in bitcoin. But for the banks, we have no choice unless we're living in a place like El Salvador where you'll see people using bitcoin and accepting it if you want to pay.

I only trust Bitcoin over fiat money because it is safer and I can benefit from bitcoin if I hold it for a very long time, but I am forced to use fiat money and banks because in my country do not accept bitcoin as a legal tender like in El Salvador.
I really want to be in El Salvador because I want to enjoy the advantages of bitcoin and I also want to buy everything using bitcoin.

I don't seem to have issues with Banks because even before Bitcoin I have been dealing with banks and still do however I love Bitcoin for what it is. I also believe that I can save my money in Bitcoin better than to just leave them in my bank account since it can grow in value with bitcoin over time and considering how fast fiat depreciates in value due to high inflation.
Bottom line is, I still use fiat/banks when I have to since I have never had issues and still also Keep my investment in Bitcoin even though I dont use it much as currency just investment.

[Stunzz]

The issue of Trust is not only evident in relationships, it is applicable in our daily endeavours. People are more committed to system they trust than the one they don't trust. Even in this forum, you can easily do business with someone with a positive trust than one with a negative trust.

As the saying goes "wherever ones treasure is, there his soul is". So, in this article we would try to establish if ;
1. If people have fallen out of Trust with the Traditional banking system.
2. If people can trust BTC than banks.

Discussing issues 1. I'll use myself as a case study;
Most times I would feel cheated by my banks even when I have no evidence to prove same. I always have this feeling that a bank with over 3million customers can decide to deduce 0.5cents from each customers account without sending them alert. The customers may also not notice because the figure is small. Multiplying 0.5cents by 3m customers will give you $1.5m. I don't know why I always believe there are hidden charges in the traditional banking system.

Secondly, data management: I know of few companies that pay hugely in order to know how people spend their money, on which products, which days and which class of people spends much.
This company can quietly walk to the bank and get these information. They will pay the bank, and our data would be released to them without our consent. Because, with debit cards, how often you visit the grocery can be determined, etc.. I also feel cheated here.
Further; information privacy is another concern of mine. In most cases, the bank can give out your bank statements or any other salient information of yours to the government or public without your consent.
Considering my above worries, the issue of trust in the context is therefore not limited to trusting your bank to save your money, but also trusting them with your personal data.

On this premise I created a poll to know if we still trust the traditional banking system or we would rather trust the BTC (self bank).

I can never trust Bank with my fiat currency again. I've encountered many unusual charges countless times than I can't even imagined.

I prefer to have my money in BTC than in my bank account, after all, there's tendency of having my money grows in BTC rather than having useless deductions from what I called a safe deposit account.

[btc78]

practically i trust them both though majority of my funds now are in bitcoin and altcoins yet i never leave using banking because in my country there are limited use of crypto. so best to have them both, i can use my crypto but also i can access in banking.
maybe in the future i will purely covert to bitcoin but not at the moment.

[Fredomago]

If only crypto are totally legal to use as an alternative to fiat then its time to never use and trust banks many people have horrible stories about banks missing money takes investigation and never been resolved banks really cannot be trusted but we have no choice as its supported by our government to handle or money other say banks and current financial system will collapse in the future, well not a problem btc is here the most trusted form of assets in this world.

I share your sentiments, if Bitcoin is already recognized as a legal alternative to fiat and adoptions already take place to all major businesses, the use of banks will be lesser, but until now doubts with bitcoin still high and even there are now billionaires who recognize this asset, there are lots of businesses who still not ready for adopting and using this system.

Those examples that you mentioned are reality. There are cases of hacks where banks unable to explain or help the owner of the account in resolving their issue after losing their money. Is better to have bitcoin if you fully understand how to work with your security, as you have full responsibilities of your money and no one else.

[worldofcoins]

I trust big banks to keep my data secure as I know the regulations around this are pretty harsh especially for banks.

Are you kidding me?, The place where i live banks usually share my data with some advertisers and this pisses me off.
I've only 1 email and that's registered specially to online banking of the bank that i use but for some reason, i get emails on different soaps, Doctors for penis enlargement (lol) xD.
Banks can't keep ur data secure, you're data is for them to make money.

[Fatunad]

I trust big banks to keep my data secure as I know the regulations around this are pretty harsh especially for banks.

Are you kidding me?, The place where i live banks usually share my data with some advertisers and this pisses me off.
I've only 1 email and that's registered specially to online banking of the bank that i use but for some reason, i get emails on different soaps, Doctors for penis enlargement (lol) xD.
Banks can't keep ur data secure, you're data is for them to make money.

Their privacy law or something like that is utter shit yet i had experienced the same way too on where i do get various ads on different things which i had only set out a specific email which
is been used when i do engage with banking neither online or over the counter registration of accounts. Im not surprised that they would really be leaking off those informations
and i wont really be surprised that personal identification would really leak as well.So i cant just trust up banks but since they are been the default thing on everything
then you wont really have any choice.

[roosbit]

It all depends! Fiat banks have their advantages over bitcoin in certain circumstances where some kind of evidence of both parties is need, I know you might argue with signed messages but this isn't enough.

The other short fall bitcoin has is it doesn't  have features like overdraft features which you can access with your bank for financing while getting financing with bitcoin requires third parties which some require personal data which is even dangerous as we don't know what they do with this data.

[Nathrixxx]

The currency both has advantages and disadvantages but this article clarifies their differences, using myself as an example and a case study of my today's experience in Fiat bank, my ATM card got expired while am in a different location to where I registered, the bank demand my presence for the card issuance but I can't travel down due to busy schedules and distance, I was informed they don't offer card transfer service anymore else am to apply for another new one and a stipulated amount for service charge will be deducted, it took me over an hour to get a new card aside the stress and other cost like transportation. To me enough of this enslavery over my own money, I would have never been through this stress and other denials of right to my money on crypto, I so much strongly adopt crypto personally than any form of currency.
The article below explain in details their merit and derimet as it depends on individual choice.

Cryptocurrencies are becoming a global phenomenon amidst talk that they could replace fiat currencies in the near future. Cryptocurrencies adoption continues to gain momentum in part because of the world’s progression towards a cashless society.

Cryptocurrencies can be quite difficult to understand – one of the reasons why some countries and regulators continue to shun them. A lack of knowledge on how to use them is another headwind that continues to clobber digital currencies prospects and sentiments.

The fact that it is not possible to reverse a transaction once it is made is another headache that has forced most people to shun cryptocurrencies. If a wrong a transaction is made the only thing one can do is ask for a reversal from the recipient. There is nothing one can do on recipients of a wrong transaction turning down a request for a refund

Volatility is by far the biggest disadvantage that has clobbered cryptocurrencies sentiments. Volatility goes a long way in affecting the value of a coin, which can be difficult to comprehend or contend with.

While both fiat money and cryptocurrencies can be used as a means of payment, there are some differences.

Legality

Governments issue fiat currencies, which are in return regulated by the central bank. Fiat money is deemed legal tender in that it is often the official means of finalizing transactions. Governments control fiat money supply and issue policies from time to time that affects their value.

Cryptocurrencies, on the other hand, are merely digital assets that act as a medium of exchange that governments have no control over. The decentralization aspect means no central body can control or influence their value.

Some countries have banned cryptocurrencies on concerns that some of them are being used to fuel illegal activities such as terrorism and money laundering.

Tangibility

It is not possible to have a physical feel of cryptocurrencies as they operate online as virtual coins. Fiat currencies, on the other hand, have a physical aspect as they can exist as coins and notes thus possible to have a physical feel. Fiat money physical aspect at times does present a lot of challenges as it can be a nuisance to move around with vast chunks of money.

Exchange Aspect

Cryptocurrencies exist in digital form as they are created by computers and operate as private pieces of code. The means of exchange is thus purely digital. In contrast, fiat money can exist in both digital and physical form. Electronic payment services allow people to transfer fiat money digitally. In addition, people can transact with one another and exchange money physically.

Supply

A major difference between fiat money and cryptocurrency has to do with supply. Fiat money has an unlimited supply which means central authorities have no cap to the extent in which they can produce money.

Most cryptocurrencies have a cap when it comes to supply, which means there is a set amount of coins that will ever be in supply.  For example, the total number of Bitcoin coins that will ever be in supply is capped at 21 million.

With fiat money, it is impossible to tell the amount of money in circulation at any given time, but with cryptocurrencies, it is possible.

Storage

Cryptocurrencies virtual aspect means they can only exist online thereby stored in digital wallets commonly referred to as cryptocurrency wallets. While most digital wallets claim to offer secure storage, some of them have been hacked resulting in people losing a substantial amount of holdings.

The versatility of fiat money, on the other hand, means it can be stored in various forms. For instance, there are payment providers such as PayPal that allow people to store fiat money in digital form. Banks also do act as custodian of hard currencies.

Bottom Line

Cryptocurrencies and fiat money come with attributes that make them stand out as a means of legal tender regardless of jurisdiction. However, they also come with cons that have seen them continue to divide opinion around the world.

While there are many advantages of cryptocurrencies over fiat money, it seems that cryptocurrencies are not yet mature to replace the current standard payment method. It is a matter of time and not necessarily will be in the form of Bitcoin, Ethereum or any other cryptocurrency. The crypto market will most likely evolve to create a positive product that might change the current money system.

Source link:
https://www.google.com/amp/s/amp.fxempire.com/en/the-difference-between-fiat-money-and-cryptocurrencies/520616

[DarkDays]

Trust yourself.

Nobody will be more careful with your own money than yourself. Yes, banks and fiat are still needed and Bitcoin is a great asset so each and every element have their own benefits and drawbacks. All of these are mere vehicles to keep your wealth safe, it is all about the medium and how you decide to use them.

Utilise them as and how it suits you best, you're in control of making the decision where your money go. Choose wisely

[oktana]

I trust bank to an extent; Here's the thing about banks. We bash the banks a lot, sometimes we do it more than it is required. The bank is not too damn bad. They store your information and money. But, since it is centralized, they have the tendency of selling out your information and that is why I can only trust them to an extent. However, Bitcoin came along the way and was like "Hey! What if U stored your money without giving out any information?" Seeing Bitcoin giving a better option is one of the major reasons why people are beginning to have distrust for banks. But then, before Bitcoin, there was still enough trust because people didn't really have a choice.