Who to Trust, Fiat Banks or BTC?

[Xinarae*]

Fiat Banks is good, but our money has no interest. While every year inflation occurs. That's why I prefer bitcoin, apart from being flexible and fast. Bitcoin value continue to rise if we keep a long time.

Yes bitcoin is a very good currency to hold for a long time fiat banks are controlled by the government and the government controls as it wishes. The government gets taxes from here but bitcoin is not under anyone's control investors manage to invest as they wish.

[KaliLinux]

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 are right and all this points cannot be totally ruled out of what can happen to your accounts balance/information at the Bank. The first scenario you mentioned actually happened in a my Bank but not directly by the Bank but from a staff of the Bank how have been withdrawing small amounts like that from customers accounts for a long time before it was discovered and the staff was arrested and confessed to it but what happens if it was the bank's themselves involved?
Even when we don't have that full trust for Bank's, most times we do not have the option but to continue to deal with banks until we have more and more places to spend Bitcoin and other cryptocurrencies directly.

[stadus]

Fiat Banks is good, but our money has no interest. While every year inflation occurs. That's why I prefer bitcoin, apart from being flexible and fast. Bitcoin value continue to rise if we keep a long time.

Yes bitcoin is a very good currency to hold for a long time fiat banks are controlled by the government and the government controls as it wishes. The government gets taxes from here but bitcoin is not under anyone's control investors manage to invest as they wish.

The government will never lose control of fiat as they have the central bank to create money, and don't forget that even if bitcoin is decentralized, but if we seek for it to be regulated, then we are asking the government to tax use bitcoin and crypto users, therefore, they are still in control of us.

[Tumanggor]

I believe in both but I trust Bitcoin more. I still need a fiat bank because I still transact with my clients using fiat
btw, the thing I don't like the most from bank is that they always ask questions which I don't think are important when I want to send a large amount of money

Bitcoin is different because we don't use third parties to make transactions, we can send large amounts of money anytime and anywhere
Bitcoin is a miracle

[taufik0911]

I believe in both but I trust Bitcoin more. I still need a fiat bank because I still transact with my clients using fiat
btw, the thing I don't like the most from bank is that they always ask questions which I don't think are important when I want to send a large amount of money

Bitcoin is different because we don't use third parties to make transactions, we can send large amounts of money anytime and anywhere
Bitcoin is a miracle

I also agree with you, but I want to acknowledge Fiat as a trusted bank because Fiat is controlled by the government and also because fiat uses a centralized financial system and can be regulated differently from bitcoin which uses a decentralized system that cannot be controlled by anyone to be printed at will.
that's the reason i trust bitcoin more

[temple]

Fiat Banks is good, but our money has no interest. While every year inflation occurs. That's why I prefer bitcoin, apart from being flexible and fast. Bitcoin value continue to rise if we keep a long time.

Yes bitcoin is a very good currency to hold for a long time fiat banks are controlled by the government and the government controls as it wishes. The government gets taxes from here but bitcoin is not under anyone's control investors manage to invest as they wish.

The government will never lose control of fiat as they have the central bank to create money, and don't forget that even if bitcoin is decentralized, but if we seek for it to be regulated, then we are asking the government to tax use bitcoin and crypto users, therefore, they are still in control of us.

Yes, taxes are the tool with the most leverage the government has. They do have to justify their law making in front of independent courts though. It is not like they could just charge a 90% tax on crypto transactions. In democratic states they have to undergo a process, too, before they can establish extra hard regulations for any asset class. They have to justify that. When they raise taxes on cigarettes, that's not that hard. But when it comes to crypto they have to prove their arguments and provide reason for their intended actions.

[drwoo]

I believe in both but I trust Bitcoin more. I still need a fiat bank because I still transact with my clients using fiat
btw, the thing I don't like the most from bank is that they always ask questions which I don't think are important when I want to send a large amount of money

Bitcoin is different because we don't use third parties to make transactions, we can send large amounts of money anytime and anywhere
Bitcoin is a miracle

I also agree with you, but I want to acknowledge Fiat as a trusted bank because Fiat is controlled by the government and also because fiat uses a centralized financial system and can be regulated differently from bitcoin which uses a decentralized system that cannot be controlled by anyone to be printed at will.
that's the reason i trust bitcoin more

Both systems in their current form have their advantages and disadvantages. Depending on how well you can deal with technology you may prefer one over another. I think it is still cumbersome to hold Bitcoin securely and transact with it perhaps on a daily basis. Maybe not for the younger people who grew up with their iPhones, but for many others it's still complicated to handle. For them banks are the better option for now.

[LimLims]

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.

Yes that’s the most common answer that all the users will now claim.
Earlier when we don’t had option to save our money, we were bound to use the Bank.
But as now we are have many options, so yes it’s time to leave the hands of hands.
We due to BTC have now became independent and were free to use our money whenever we can.
Waiting for community members replies regarding this.

[JerryKin]

I'm always sacred keeping my hard earned money in a bank because I know it won't remain the same as I kept it. Not that it would increase but it would have decreased by an annoying sum over time. I would rather invest in bitcoin where I know that I could make profits with my cash, even if the price of Bitcoin goes down I am rest assured it will come up later.

Now about my data. Really I don't know who to trust with that. Banks that suddenly close down lose data. One way or the other to say that they sell the data. Thats very possible. Also crypto companies can't really be banked on to be exclusive about your information about you.

[drwoo]

I'm always sacred keeping my hard earned money in a bank because I know it won't remain the same as I kept it. Not that it would increase but it would have decreased by an annoying sum over time. I would rather invest in bitcoin where I know that I could make profits with my cash, even if the price of Bitcoin goes down I am rest assured it will come up later.

Now about my data. Really I don't know who to trust with that. Banks that suddenly close down lose data. One way or the other to say that they sell the data. Thats very possible. Also crypto companies can't really be banked on to be exclusive about your information about you.

That is quite the naive opinion. Saying that you invest in Bitcoin to increase your money sounds like if it were guaranteed that that is going to happen. Sure you have the devaluation due to inflation in a normal bank, but it is still quite a safe place to keep your money. Also, what you have in a bank is often also the money you need on a daily basis. Not a good idea to put money into Bitcoin that you might need in a week from now because Bitcoin might fall by 20% over the course of a week.

[stadus]

Fiat Banks is good, but our money has no interest. While every year inflation occurs. That's why I prefer bitcoin, apart from being flexible and fast. Bitcoin value continue to rise if we keep a long time.

Yes bitcoin is a very good currency to hold for a long time fiat banks are controlled by the government and the government controls as it wishes. The government gets taxes from here but bitcoin is not under anyone's control investors manage to invest as they wish.

The government will never lose control of fiat as they have the central bank to create money, and don't forget that even if bitcoin is decentralized, but if we seek for it to be regulated, then we are asking the government to tax use bitcoin and crypto users, therefore, they are still in control of us.

Yes, taxes are the tool with the most leverage the government has. They do have to justify their law making in front of independent courts though. It is not like they could just charge a 90% tax on crypto transactions. In democratic states they have to undergo a process, too, before they can establish extra hard regulations for any asset class. They have to justify that. When they raise taxes on cigarettes, that's not that hard. But when it comes to crypto they have to prove their arguments and provide reason for their intended actions.

If they can't control regulation on crypto, then they will discourage people from using crypto. As people are looking for investment and an alternative way of transacting online, we can't deny that sometimes we were able to do away with our taxes obligation, so here comes the strict regulation and the government will ensure that everyone will pay as taxes are the lifeblood of a country.

[freedomgo]

Trust fiat to banks and btc to your crypto wallets. Each currency has its own purpose.

Exactly, I wonder if someone could live a normal life if he only has bitcoin as his money, there's no massive adoption for bitcoin yet and you can't just make transactions for a small amount as it's not instant and the fees are high. The real status of our world now is fiat is still adopted more and I think it will not change in the future as bitcoin will continue to be an alternative currency only.

[Fecofelix]

In the case of transfer of money, bitcoin is better than the fiat money with the increase in the price of bitcoin, the transfer amount will also increase with it. But it will still be cheaper compare to fiat curency.

[DibiaVxosis]

I don't trust bank with my data not at all, I only trust them with my money to a certain point in which I believe my funds is safe with them, the local banks are cheaters, most times I get debit for small fees I really don't know about, imagine them charging all of their customers with this little amount it turns out to fetch them a lot of money and in the case of data, our privacy is bridge by banks because there can easily give our data out to government officials, if not there is no way EFCC will get to know that a customer has so much funds in his account without the bank assistance

[blackened515]

Fiat Banks is good, but our money has no interest. While every year inflation occurs. That's why I prefer bitcoin, apart from being flexible and fast. Bitcoin value continue to rise if we keep a long time.

Bank charges are high, compare to that of Bitcoin, and also Bitcoin operates on an decentralized system. No organization or Government control's it. When you keep your money in Banks, no interest is added to it, instead, banks collects their charges from the money. I also prefer Bitcoin. Is very secure, and also have low fees.

[Abiky]

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've used to trust banks way before Bitcoin came into existence. After seeing many cases of banks' manipulation and corruption, I've decided to look for an exit route to the current monetary system. Ever since I've discovered Bitcoin in 2014, I've never looked back. I still use a bank to store my Fiat money, but most of my capital is on crypto. With inflation hitting existing Fiat currencies, there's more reason to buy and "hodl" Bitcoin for the long term. People are starting to realize the true benefits of crypto/Blockchain tech, so it should only be a matter of time before banks lose traction in the mainstream world.

ultimately, a person will decide which system to trust for the long-term preservation of wealth. Not everyone will find Bitcoin attractive, as it's highly volatile in price. Keep in mind that most businesses and merchants accept Fiat on top of crypto. You don't need to "trust" Bitcoin, since everything is recorded on the Blockchain ledger. There's a reason why Blockchain's motto is "Don't trust, verify". It may never replace banks, but it'll be a nice alternative for those looking into sound money that will help them in times of need. As long as Bitcoin remains decentralized, nothing else matters. Just my thoughts

[temple]

Fiat Banks is good, but our money has no interest. While every year inflation occurs. That's why I prefer bitcoin, apart from being flexible and fast. Bitcoin value continue to rise if we keep a long time.

Yes bitcoin is a very good currency to hold for a long time fiat banks are controlled by the government and the government controls as it wishes. The government gets taxes from here but bitcoin is not under anyone's control investors manage to invest as they wish.

The government will never lose control of fiat as they have the central bank to create money, and don't forget that even if bitcoin is decentralized, but if we seek for it to be regulated, then we are asking the government to tax use bitcoin and crypto users, therefore, they are still in control of us.

Yes, taxes are the tool with the most leverage the government has. They do have to justify their law making in front of independent courts though. It is not like they could just charge a 90% tax on crypto transactions. In democratic states they have to undergo a process, too, before they can establish extra hard regulations for any asset class. They have to justify that. When they raise taxes on cigarettes, that's not that hard. But when it comes to crypto they have to prove their arguments and provide reason for their intended actions.

If they can't control regulation on crypto, then they will discourage people from using crypto. As people are looking for investment and an alternative way of transacting online, we can't deny that sometimes we were able to do away with our taxes obligation, so here comes the strict regulation and the government will ensure that everyone will pay as taxes are the lifeblood of a country.

But that is phrased way too general. Yes taxes are the lifeblood of a country, but only to a certain degree. The equation is not the more taxes equals the more lifeblood. If you have a brand new technology like Bitcoin you can also approach it from another angle and in fact become the leading nation in the world welcoming all the blockchain talent to work within your country. If you raise taxes everywhere and make it hard for crypto to thrive, you will ultimately be left behind.

[macson]

Fiat Banks is good, but our money has no interest. While every year inflation occurs. That's why I prefer bitcoin, apart from being flexible and fast. Bitcoin value continue to rise if we keep a long time.

we let our money use by the bank when we put it there.  banks cannot be trusted, trusting them will only make us lose, trusting Bitcoin is much better because its value will continue to increase and will not hurt when we have a strong hand.

[ReiMomo]

Fiat Banks is good, but our money has no interest. While every year inflation occurs. That's why I prefer bitcoin, apart from being flexible and fast. Bitcoin value continue to rise if we keep a long time.

we let our money use by the bank when we put it there.  banks cannot be trusted, trusting them will only make us lose, trusting Bitcoin is much better because its value will continue to increase and will not hurt when we have a strong hand.

Lots of ups and downs are there in safe guarding our money in banks. Besides the discussion, its currently the bank, where the majority almost to 99.99 percent of people have to rely on the banks and trust them. We believe in BTC and yes we do earn and save in wallets. However, that's converted into our local currency and that money has to fall into a bank account to take them off.

[dzonikg28]

Fiat Banks is good, but our money has no interest. While every year inflation occurs. That's why I prefer bitcoin, apart from being flexible and fast. Bitcoin value continue to rise if we keep a long time.

we let our money use by the bank when we put it there.  banks cannot be trusted, trusting them will only make us lose, trusting Bitcoin is much better because its value will continue to increase and will not hurt when we have a strong hand.

Lots of ups and downs are there in safe guarding our money in banks. Besides the discussion, its currently the bank, where the majority almost to 99.99 percent of people have to rely on the banks and trust them. We believe in BTC and yes we do earn and save in wallets. However, that's converted into our local currency and that money has to fall into a bank account to take them off.

Banks will be involved for a very long time even if crypto were to take over slowly. When merchants accept Bitcoin I think they usually immediately convert it into fiat, hence banks are involved in the process no matter what. A truly Bitcoin-based economy is decades away I would say. I might be wrong of course, but I just can't think of a scenario where in ten years time we'll be without bank accounts and with Bitcoin wallets only.