Who to Trust, Fiat Banks or BTC?

[uneng]

I think we shouldn't trust 100% in any, because all of them are out of our control. We, as individuals, aren't the ones who control bitcoin price fluctuations, manipulate fiat politics or manage the banks, so it's better to invest personal patrimony in another places, like real state and lands. These are totally under your control, with the exception of the case your country becomes a socialist one, confiscating everyone's goods.

Anyway that is very unlikely to happen.

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[Mr.sprin]

You can trust both!

You dont need to choose since both things can really be possibly for you to engage on without needing to focus because you do really need both specially fiat.

Even if we do hate up centralization but still we are heavily dependent in fiat and other centralized institutions and we cant really deny such thing.

Dont focus on one because even how hard you do believe on crypto, fiat would still remain no matter what.

We think that fiat bank is more safe and reliable since it has centralize control but still its not 100% secure. Like for example we have a big holdings inside the bank and unluckily time comes that the bank declare bankruptcy then sadly we cant claim all the money we have on that bank. Unlike crypto that is decentaralized we have all the controls and mostly has bigger chances to gain more profit on our long term holdings.

Sometimes banks declared bankruptcy with notice and some people can't take money with having a lots of Fiat In Bank but cryptocurrencies fully control on mine and anytime we can withdraw our assets with huge amounts of profits if we hold cryptocurrency for longer periods.

In my place, I rarely find banks going bankrupt, but I don't know where you are. Personally, I believe in both fiat and btc, but for long-term investments I believe in btc for fiat, I only save for daily savings.

[molsewid]

I think we shouldn't trust 100% in any, because all of them are out of our control. We, as individuals, aren't the ones who control bitcoin price fluctuations, manipulate fiat politics or manage the banks, so it's better to invest personal patrimony in another places, like real state and lands. These are totally under your control, with the exception of the case your country becomes a socialist one, confiscating everyone's goods.

Anyway that is very unlikely to happen.

You have a point mate fiat banks or BTC is out of our control but all we have in control is how we manage the risks by deciding on putting any amount of investment either way. But if we were going to differentiate between the two both have a benefits to everyone. In my case I just don't put 100% trust in fiat banks but I'd still have to deal with the fiat banks for a transaction and at the same time I'd still need to transfer my crypto asset into fiat to avail products.

[awik p]

I think we shouldn't trust 100% in any, because all of them are out of our control. We, as individuals, aren't the ones who control bitcoin price fluctuations, manipulate fiat politics or manage the banks, so it's better to invest personal patrimony in another places, like real state and lands. These are totally under your control, with the exception of the case your country becomes a socialist one, confiscating everyone's goods.

Anyway that is very unlikely to happen.

You have a point mate fiat banks or BTC is out of our control but all we have in control is how we manage the risks by deciding on putting any amount of investment either way. But if we were going to differentiate betwwleen the two both have a benefits to everyone. In my case I just don't put 100% trust izn fiat banks but I'd still have to deal with the fiat banks for a transaction and at the same time I'd still need to transfer my crypto asset into fiat to avail products.

right, both fiat and btc have their respective roles in my life. until now I'm looking for money from bitcoin and finally I transfer it to the bank to be used as fiat currency, that way I can diversify into other real businesses or I use it to make ends meet. this is because in my country bitcoin is prohibited as a means of payment, so it must be converted to fiat currency first

[amihada]

I think we shouldn't trust 100% in any, because all of them are out of our control. We, as individuals, aren't the ones who control bitcoin price fluctuations, manipulate fiat politics or manage the banks, so it's better to invest personal patrimony in another places, like real state and lands. These are totally under your control, with the exception of the case your country becomes a socialist one, confiscating everyone's goods.

Anyway that is very unlikely to happen.

You have a point mate fiat banks or BTC is out of our control but all we have in control is how we manage the risks by deciding on putting any amount of investment either way. But if we were going to differentiate betwwleen the two both have a benefits to everyone. In my case I just don't put 100% trust izn fiat banks but I'd still have to deal with the fiat banks for a transaction and at the same time I'd still need to transfer my crypto asset into fiat to avail products.

right, both fiat and btc have their respective roles in my life. until now I'm looking for money from bitcoin and finally I transfer it to the bank to be used as fiat currency, that way I can diversify into other real businesses or I use it to make ends meet. this is because in my country bitcoin is prohibited as a means of payment, so it must be converted to fiat currency first

I also do the same thing as you I'm looking for coins for me to exchange into fiat I'm sure everyone who joins bounty hunter sinature or their social media is also doing the same thing looking for money by exchanging their coins.

[livingfree]

I also do the same thing as you I'm looking for coins for me to exchange into fiat I'm sure everyone who joins bounty hunter sinature or their social media is also doing the same thing looking for money by exchanging their coins.

It's what it is.

Everyone who has earned a token has to exchange that for fiat to be used actually. But there are other bounty hunters that don't exchange it in fiat.

Instead, they exchange it in btc for more holdings.

[Jazzi Mahesh]

Bitcoin fairs better than gold as well as the fiat currency in this regard. Bitcoin is also considered to be more portable, durable, safe, divisible, and smart than gold and fiat currency.

[stadus]

Bitcoin fairs better than gold as well as the fiat currency in this regard. Bitcoin is also considered to be more portable, durable, safe, divisible, and smart than gold and fiat currency.

That's what we thought, but most people out there, think the opposite.

If we invest in crypto, it's considered a high-risk investment, but if we invest in gold, they will stay it's a safe investment as gold is proven over a number of years to be a stable investment and it will not devalue.

[temple]

You can trust both!

You dont need to choose since both things can really be possibly for you to engage on without needing to focus because you do really need both specially fiat.

Even if we do hate up centralization but still we are heavily dependent in fiat and other centralized institutions and we cant really deny such thing.

Dont focus on one because even how hard you do believe on crypto, fiat would still remain no matter what.

Fiat is a necessary evil because of the fact that Bitcoin's adoption rate hasn't reached the level that fiat has attained. But I'm definitely sure that when bitcoin is accepted at most online and offline merchant stores then fiat relevance would drop significantly and even start to become less used. If there one thing fiat is good at, it's the adoption level and until bitcoin reaches such level, we would still have to make do with fiat and traditional banking systems even though its proven that they shouldn't be used further or trusted. Like I said, it's a necessary evil. We don't like it but there's no choice.

For that to happen Bitcoin would need quite an extremely level of price stability. The stores accepting Bitcoin these days still go through a fiat conversion channel immediately, which the translates into fiat not losing quite the relevance.The only way is stable cryptos, but they must be pegged to something as well. What banks can't do is rob you off with hidden fees or (even illegal) interest rates on credit cards and so on.

[seramania]

I only trust the bank with only my money, without my data. In my country there are lots of banks trading someone's data for the benefit of the bank. so this is really against the rules but the government is silent and can't control it further

[dortheamangum]

@kingsden, it's an ever changing economic world my friend. We can trust anything for 100% or be certain of such fiat banks and BTC’s.

[stadus]

I only trust the bank with only my money, without my data. In my country there are lots of banks trading someone's data for the benefit of the bank. so this is really against the rules but the government is silent and can't control it further

Which country are you living dude?

I think that's a serious problem and people will have no confidence in the banks if they will trade their clients' personal data. Banking is a business of trust, that includes protecting your client information as it's on the bank secrecy law, only the bank knows your information so you will be safe. If they trade information, then they should not operate, and you had already said that it's against the rules and the government cannot be silent about it.

Our government's job is to implement the law, if they can't then our government is corrupt.

[Fredomago]

I only trust the bank with only my money, without my data. In my country there are lots of banks trading someone's data for the benefit of the bank. so this is really against the rules but the government is silent and can't control it further

Which country are you living dude?

I think that's a serious problem and people will have no confidence in the banks if they will trade their clients' personal data. Banking is a business of trust, that includes protecting your client information as it's on the bank secrecy law, only the bank knows your information so you will be safe. If they trade information, then they should not operate, and you had already said that it's against the rules and the government cannot be silent about it.

Our government's job is to implement the law, if they can't then our government is corrupt.

I agree with that! that's a bad practice sharing information since it's part of client security. Not good for someone to entrust their money from such kind of practices. Better not to store anything or keep your money on your own house than exposing your asset with other banks aside from the one that you sign your participation.

Trusting fiat than any banks or if you can go deeper you can go and learn more about Bitcoin and enjoy your freedom.

[Nightz]

I only trust the bank with only my money, without my data. In my country there are lots of banks trading someone's data for the benefit of the bank. so this is really against the rules but the government is silent and can't control it further

Which country are you living dude?

I think that's a serious problem and people will have no confidence in the banks if they will trade their clients' personal data. Banking is a business of trust, that includes protecting your client information as it's on the bank secrecy law, only the bank knows your information so you will be safe. If they trade information, then they should not operate, and you had already said that it's against the rules and the government cannot be silent about it.

Our government's job is to implement the law, if they can't then our government is corrupt.

I agree with that! that's a bad practice sharing information since it's part of client security. Not good for someone to entrust their money from such kind of practices. Better not to store anything or keep your money on your own house than exposing your asset with other banks aside from the one that you sign your participation.

Trusting fiat than any banks or if you can go deeper you can go and learn more about Bitcoin and enjoy your freedom.

I am sure banks do much more with our data than we think. I mean they already create complete profiles about their clients like consumer behavior, frequency of your purchases, places where you do your shopping etc. As far as I know in some countries that isn't even allowed, but if Facebook gets away with their scandals banks also know there is nothing to worry about even if they break laws.

[romero121]

I believe banks to be the primary infrastructure development platform for all forms of financial services. Maybe there is flaws, but they've made the financial system operate in a way to make things easier. Even before the existence of banks people are well aware of savings, transaction and exchange, but the banking process made things in an organised manner. This has made me believe on banking for some extent.

Why one should trust BTC?

It is an advancement to the bank. People are independent and when we think of financial freedom we aren't in such a level. This can be achieved through the usage of Bitcoin. For this reason and the same being limited in number makes a demand for it and avoid the inflation. This makes me trust completely on bitcoin even though it is much of a risk asset.

[pjvperes]

There is only one advantage of fiat banks: liquidity (everybody accepts fiat money).

However, if cryptos had mass adoption, fiat banks would crash

[dimonstration]

I believe banks to be the primary infrastructure development platform for all forms of financial services. Maybe there is flaws, but they've made the financial system operate in a way to make things easier. Even before the existence of banks people are well aware of savings, transaction and exchange, but the banking process made things in an organised manner. This has made me believe on banking for some extent.

Why one should trust BTC?

It is an advancement to the bank. People are independent and when we think of financial freedom we aren't in such a level. This can be achieved through the usage of Bitcoin. For this reason and the same being limited in number makes a demand for it and avoid the inflation. This makes me trust completely on bitcoin even though it is much of a risk asset.

Crypto or BTC is for risk taker while bank is for those who just firmly want the same and safe money they deposited. They both have different purposes depending on how we use it. My bank now is only for emergency funds, while fiat for budgeting and BTC for investment and future plans.

[Fatunad]

There is only one advantage of fiat banks: liquidity (everybody accepts fiat money).

However, if cryptos had mass adoption, fiat banks would crash

Crash? I dont think so because this is a thing that we've been using since ages and there's no way that it would be replaced that easily just because a new payment system had surfaced?
Not everybody would really be dealing up nor agree about irreversible transactions which centralized things do able to do so but of course it would really be having its pro's and con's
which people should really think or mind about.About on trust matters then its up to you on which one you would trust on since this is a personal choice.,

[MoneyJ]

Still banks hold regulatory guidelines for each sovereign money that are circulated. There will be drafts as to how crypto and fiat work together because cash right now is expensive to make specially coins being minted where its value is less than its raw material. By digitizing money government can save a lot to produce its medium of exchange.

[DOH!]

Banks will be at risk in the event that short-term interest rates increase, major shareholders decline with long-term goals, which will raise the alarm level.  Over time, it will be gradually eroded into the original fund, look at the situation caused by Covid 19, banks are overloaded in finding solutions to balance "short interest", early maturity also causes passivity.  .  I have no reason to believe that at this stage banks can no longer be trusted and bitcoin is the side of choice.  and I predict, in the next 10 years, banks will fail one by one for all the major conditions right now.