Who to Trust, Fiat Banks or BTC?

[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

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[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.