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).

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[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