Who to Trust, Fiat Banks or BTC?

[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,

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[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.