Who to Trust, Fiat Banks or BTC?

[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!