Who to Trust, Fiat Banks or BTC?

[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.