Who to Trust, Fiat Banks or BTC?

[Fatunad]

Our money will be safe in the bank as it's insured, most banks I believe has insurance to secured the funds of the depositors, however, the real problem here is the inflation as eventually as the economy will struggle, the value of our money will decrease due to inflation, and we can already see it now since government continuously printing money, compared to bitcoin where the supply is already fixed.

Banks are insured, but they're heavily manipulated by the government. You don't have any kind of freedom when you store money in a bank. The moment banks determine your transactions to be suspicious, will be such when your account will get frozen or seized for good. Not like Bitcoin where you have control of your own money. It may have its limitations such as price volatility and high fees, but it's still better than trusting a bank. Ultimately, people will decide which type of currency (Fiat or BTC) to trust from the other. As long as Bitcoin has some loyal supporters behind it, nothing else matters. Just my opinion

But we've been using it since from the beginning of time which had been trusted by most of us and when crypto had existed then we do end up on having some options which is totally opposing
total centralization and risk of manipulation but we cant really just deny that we do still trust fiat banks than with crypto but the fact on why we do really need to have some choice if we
can do both things or depending on what we do believe on? They do serve out different market and does have typical different usage and its up to someone
on which one he would support or would use up but to think that crypto is still getting value from fiat then you do know on whats next.

[DarkDays]

Our money will be safe in the bank as it's insured, most banks I believe has insurance to secured the funds of the depositors, however, the real problem here is the inflation as eventually as the economy will struggle, the value of our money will decrease due to inflation, and we can already see it now since government continuously printing money, compared to bitcoin where the supply is already fixed.

Banks are insured, but they're heavily manipulated by the government. You don't have any kind of freedom when you store money in a bank. The moment banks determine your transactions to be suspicious, will be such when your account will get frozen or seized for good.

Yes, in that respect banks have the ultimate say in governing and accessing your money even if it may be noting related to your activity. Banks are only useful

because of their wide adoption, almost every merchant accepts credit cards, and it is due to that that most people use banks but now BTC provides an alternative

where the user is in control of their data and money. What more can we want??? As long as wider adoption of crypto occurs, in my view, crypto payments will pave the future of personal finance.

[dzonikg28]

I trust fiat banks and Bitcoin both actually. I trust some fiat banks, not all of them. Because some banks can turn out to be a fraud after some time. There have been some people I know who lost some amount of their savings because of that. So we should choose the banks to trust very carefully.

I guess when the discussion comes to banks, among the most important factors to judge whether it is mostly trustworthy or not is its geolocation. Sure you could argue that American banks can go bankrupt, be corrupt and what not, but I would rather entrust my money with a bank that is located in a democratic county than with a bank that is located in a dictatorship with corrupt governments.

Your money, your way of safekeeping it, if you don't trust the banking system, that means you don't trust the government too, so there's no reason living in a dictator country, time to migrate to other countries where you think the law suited your interest. The banking system will still exist because although there are people who do not trust it anymore, the majority of people still have confidence in the banking system.

It might not be able to serve everyone, but it will surely serve the majority.

I don't think that most of the people using the banking system in a corrupt state means that most people still trust the banking system. That is quite an unsubstantiated or one-sided conclusion. They just don't have a single alternative most of the time. They must use the banking system. It's like choosing between two evils: put your money under the pillow and get robbed very likely or put your money into an account of a corrupt bank and also get robbed very likely. 90% chance to get your money robbed if it is under the pillow, 85% chance to get it robbed from a bank account. No other options given. What do you go for? Do you trust the bank more than your pillow?

[stadus]

I trust fiat banks and Bitcoin both actually. I trust some fiat banks, not all of them. Because some banks can turn out to be a fraud after some time. There have been some people I know who lost some amount of their savings because of that. So we should choose the banks to trust very carefully.

I guess when the discussion comes to banks, among the most important factors to judge whether it is mostly trustworthy or not is its geolocation. Sure you could argue that American banks can go bankrupt, be corrupt and what not, but I would rather entrust my money with a bank that is located in a democratic county than with a bank that is located in a dictatorship with corrupt governments.

Your money, your way of safekeeping it, if you don't trust the banking system, that means you don't trust the government too, so there's no reason living in a dictator country, time to migrate to other countries where you think the law suited your interest. The banking system will still exist because although there are people who do not trust it anymore, the majority of people still have confidence in the banking system.

It might not be able to serve everyone, but it will surely serve the majority.

I don't think that most of the people using the banking system in a corrupt state means that most people still trust the banking system. That is quite an unsubstantiated or one-sided conclusion. They just don't have a single alternative most of the time. They must use the banking system. It's like choosing between two evils: put your money under the pillow and get robbed very likely or put your money into an account of a corrupt bank and also get robbed very likely. 90% chance to get your money robbed if it is under the pillow, 85% chance to get it robbed from a bank account. No other options given. What do you go for? Do you trust the bank more than your pillow?

That's how it is because we are living in a world where centralized government rules and all they create is something that we should trust. I would always trust putting my money in the bank than safekeeping it myself as I know my life would be at risk especially if I'm holding a lot of money. Maybe we don't have the same banking system but in our country, our deposits are insured so I'm certain that even if I keep it longer, my money will not be lost.

No one tries to hide millions of money in his house as his life could be put at risk as well.

[rony01941]

I trust Fiat than Btc, Why? Btc is not much popular in my country, very small of people know that and use btc but they always worried because their way is illegal in government rules. Bank is safe,easy,transparent,protected gateway till now in my opinion.

[Meysa_richa]

If I'm honest, the traditional banking system is still very much needed here and of course it has more trust from the public, even though there are often problems with the bank.  BTC is still not very familiar, and only known by certain circles.
I personally for now still believe in traditional banks, because I still have money in the bank and of course I still really need it. BTC also gives me great hope, about security, convenience and most importantly I can make a profit.
Between traditional BANK and BTC, I haven't been able to leave either one, and I still have great faith in both.

[South Park]

Your money, your way of safekeeping it, if you don't trust the banking system, that means you don't trust the government too, so there's no reason living in a dictator country, time to migrate to other countries where you think the law suited your interest. The banking system will still exist because although there are people who do not trust it anymore, the majority of people still have confidence in the banking system.

It might not be able to serve everyone, but it will surely serve the majority.

I don't think that most of the people using the banking system in a corrupt state means that most people still trust the banking system. That is quite an unsubstantiated or one-sided conclusion. They just don't have a single alternative most of the time. They must use the banking system. It's like choosing between two evils: put your money under the pillow and get robbed very likely or put your money into an account of a corrupt bank and also get robbed very likely. 90% chance to get your money robbed if it is under the pillow, 85% chance to get it robbed from a bank account. No other options given. What do you go for? Do you trust the bank more than your pillow?

This, it is obvious that even if most of us support bitcoin we still use the fiat system and the banks since we do not really have any other choice, but that does not mean that we trust in them at all, for example governments all over the world printed a lot of money to pay for the all the costs incurred during the pandemic and reduced what we can purchase with our money, could I trust a government that does that? Of course not.

[stadus]

-snip-

Our money will be safe in the bank as it's insured, most banks I believe has insurance to secured the funds of the depositors, however, the real problem here is the inflation as eventually as the economy will struggle, the value of our money will decrease due to inflation, and we can already see it now since government continuously printing money, compared to bitcoin where the supply is already fixed.

even in my country banking is not insured but gets a guarantee of replacement from the state, if the bank suffers a loss, of course this makes people still use the bank for collateral as well. although it is true that the value of money is unstable and the possibility of inflation is very possible, especially during a pandemic like this, almost all countries experiencing a prolonged economic crisis are certainly likely to occur. but not for bitcoin because the amount is fixed and the supply will keep decreasing due to the halving so the value will keep increasing. so it is profitable if you want to invest in bitcoin.

I don't but I think most banks have insurance from a government agency, the only problem is inflation which we cannot fight if we just put our money in the bank, banks are just to safeguard our money, not its value.

[Rruchi man]

No offence mate but I think you are being paranoid. Man, banks have been here since like forever. Sure they have their cons but I can’t just discard or disapprove of them because of BTC. Think about it for a minute without any sentiments. BTC has its cons too. About privacy, I’d say in our present day world it is an illusion. Everything we do on our electronic devices as much as it is connected to the internet is harvesting our data. About your poll, I’ll pick banks fiats over BTC at least until BTC can stand the test of time.

[oHnK]

I don't but I think most banks have insurance from a government agency, the only problem is inflation which we cannot fight if we just put our money in the bank, banks are just to safeguard our money, not its value.

If asked to trust Fiat and Banks completely I highly doubt it because there is no real evidence that there is no guarantee that our money is really safe in it even though in my country there is currently a financial services authority.  The Century Bank case is one of the bankruptcy cases that has not been resolved until now.  I prefer to save in crypto over fiat even now I'm trying to convert my fiat money in some high liquidity assets instead of increasing my savings in the bank.  Banks cannot be trusted at all, the issue that banks are most worried about is rush money.

[Hendra gunawan]

I actually trust bitcoin rather than fiat banks.  Because fiat banks are very complicated and especially if we have a lot of account balances.  They must have kept asking for information about it.  As for bitcoin, we feel comfortable, safe and then by storing our money in bitcoin.  It's the same as we have invested, if our money is only stored in the bank there is no interest.

[stadus]

Our money will be safe in the bank as it's insured, most banks I believe has insurance to secured the funds of the depositors, however, the real problem here is the inflation as eventually as the economy will struggle, the value of our money will decrease due to inflation, and we can already see it now since government continuously printing money, compared to bitcoin where the supply is already fixed.

Banks are insured, but they're heavily manipulated by the government. You don't have any kind of freedom when you store money in a bank. The moment banks determine your transactions to be suspicious, will be such when your account will get frozen or seized for good. Not like Bitcoin where you have control of your own money. It may have its limitations such as price volatility and high fees, but it's still better than trusting a bank. Ultimately, people will decide which type of currency (Fiat or BTC) to trust from the other. As long as Bitcoin has some loyal supporters behind it, nothing else matters. Just my opinion

Well, then don't make suspicious transactions, when you put your money with the bank, you also need to comply with the rules so your money is safe, and as long as you will not get involved in illegal transactions, you should not fear your money.

As a citizen, we should be aware of the laws of our country, that's the best way of protecting our interest and to ensure our funds are safe.

[rina aulia]

Well, then don't make suspicious transactions, when you put your money with the bank, you also need to comply with the rules so your money is safe, and as long as you will not get involved in illegal transactions, you should not fear your money.

As a citizen, we should be aware of the laws of our country, that's the best way of protecting our interest and to ensure our funds are safe.

We do not make transactions that violate bank rules and if that happens, the bank will ban the account until we confirm the information on the transaction data. Actually I don't want to save money in the bank because I am disappointed with bank employees who work unprofessionally and ignore their customers.

[stadus]

Well, then don't make suspicious transactions, when you put your money with the bank, you also need to comply with the rules so your money is safe, and as long as you will not get involved in illegal transactions, you should not fear your money.

As a citizen, we should be aware of the laws of our country, that's the best way of protecting our interest and to ensure our funds are safe.

We do not make transactions that violate bank rules and if that happens, the bank will ban the account until we confirm the information on the transaction data. Actually I don't want to save money in the bank because I am disappointed with bank employees who work unprofessionally and ignore their customers.

Not all banks have that kind of employees, most of the banks I think values their customers as they are the life blood of the business. If you are not satisfied with the customer service, you can find another bank to entrust your money, for sure in your location there are other banks that are operating.

[YouYou0321]

The issuance of currency is to build consensus.

Only a common and strong cognition can create sacredness and legitimacy, and this currency can be accepted by the public.

Banks have the credit and authority of the country as endorsements, and Bitcoin has blockchain technology and the support of its holders. Bitcoin was originally the worship of geeks and technology. Then some anarchist liberals like it. This is a decentralized consensus.

I'm not sure which side I want to favor, I just take Bitcoin as an investment choice, and I am optimistic about its future development.

[ChrisPop]

I trust big banks to keep my data secure as I know the regulations around this are pretty harsh especially for banks. I don't use obscure banks and no, I don't feel like banks could charge my account without me knowing the costs. Check the terms & conditions and the fee schedule of the bank. That should cover all the costs associated with every type of operation.

Banking is a necessity in capitalism. I don't want to take a loan from a private person. I want the security and professionalism of a bank. On the other part, I think DeFi will be part of the future, but there is still a lot to be done. I mean, at the current level of development of DeFi platforms I wouldn't take a loan to fund any major project from a protocol that could rug pull me over anytime. I want to sleep peacefully at night, not worrying about my collateral safety.

[Reatim]

seems like trusting banks and hating it are balanced ?   but why not trust Fiat and crypto than banks right?



there are so much thing to hate in banking so why we need to deal with it from the very beginning.

I actually trust bitcoin rather than fiat banks.  Because fiat banks are very complicated and especially if we have a lot of account balances.  They must have kept asking for information about it.  As for bitcoin, we feel comfortable, safe and then by storing our money in bitcoin.  It's the same as we have invested, if our money is only stored in the bank there is no interest.

actually what i hate in banking? it is the idea that it can only give me a peanut interest when in bitcoin can make me doubled or even x10 in a matter of years.

[Abiky]

Well, then don't make suspicious transactions, when you put your money with the bank, you also need to comply with the rules so your money is safe, and as long as you will not get involved in illegal transactions, you should not fear your money.

As a citizen, we should be aware of the laws of our country, that's the best way of protecting our interest and to ensure our funds are safe.

It sounds easy. But in fact, it is not. You can do as many legitimate transactions as possible, but you'll still have to face the risks of getting your funds seized or frozen for no reason. Banks have their terms so you need to satisfy them by doing what they want. Not like Bitcoin where you dictate your own terms. The pioneer cryptocurrency is truly sound money which enables people to take control of their financial lives. Fiat has been trusted for a long time because it's the one supported by reputable entities like governments and central banks. But as inflation grows, people will start to lose trust in the traditional monetary system. Bitcoin is trustless since it's decentralized. There are no middleman to go through, so the money is as safe as you want it to be. The responsibility of securing/protecting your money relies solely on yourself. If you follow the necessary security precautions, no one will be able to confiscate or gain access to your Bitcoin. That's not possible with Fiat as it's heavily manipulated and controlled by the government.

The only reason banks are relevant today is because Fiat is still used for mainstream transactions. If it wasn't because of that, Bitcoin would've dominated the world by now. With how everything's been going, it looks like both Fiat and Bitcoin will live alongside each other for many generations. Just my opinion

[dzonikg28]

I trust fiat banks and Bitcoin both actually. I trust some fiat banks, not all of them. Because some banks can turn out to be a fraud after some time. There have been some people I know who lost some amount of their savings because of that. So we should choose the banks to trust very carefully.

I guess when the discussion comes to banks, among the most important factors to judge whether it is mostly trustworthy or not is its geolocation. Sure you could argue that American banks can go bankrupt, be corrupt and what not, but I would rather entrust my money with a bank that is located in a democratic county than with a bank that is located in a dictatorship with corrupt governments.

Your money, your way of safekeeping it, if you don't trust the banking system, that means you don't trust the government too, so there's no reason living in a dictator country, time to migrate to other countries where you think the law suited your interest. The banking system will still exist because although there are people who do not trust it anymore, the majority of people still have confidence in the banking system.

It might not be able to serve everyone, but it will surely serve the majority.

I don't think that most of the people using the banking system in a corrupt state means that most people still trust the banking system. That is quite an unsubstantiated or one-sided conclusion. They just don't have a single alternative most of the time. They must use the banking system. It's like choosing between two evils: put your money under the pillow and get robbed very likely or put your money into an account of a corrupt bank and also get robbed very likely. 90% chance to get your money robbed if it is under the pillow, 85% chance to get it robbed from a bank account. No other options given. What do you go for? Do you trust the bank more than your pillow?

That's how it is because we are living in a world where centralized government rules and all they create is something that we should trust. I would always trust putting my money in the bank than safekeeping it myself as I know my life would be at risk especially if I'm holding a lot of money. Maybe we don't have the same banking system but in our country, our deposits are insured so I'm certain that even if I keep it longer, my money will not be lost.

No one tries to hide millions of money in his house as his life could be put at risk as well.

I am also fine with my banking system and Bitcoin doesn't solve a lot of problems for me personally, but I think about the people in Africa or elsewhere where it is very difficult to build up your savings because there is no safe place to put your money. You aren't correct though with your analysis. If you have a hidden place at home where you can put your money and you are silent about it not too many people have a good idea about how rich you could be assuming your lifestyle is still rather modest. If you put ten million in a bank, rest assured there are people going to know about your bank account. Being kidnapped isn't that much different of being robbed.

I do trust my bank as well and we also have insured deposits, although only up to a certain amount. If you have millions in the bank and the bank goes insolvent (like during the financial crisis), your money is gone. Or look at Cyprus and Greece, Cyprus took 5.8 billion from depositors savings, just within a blink of an eye balances were reduced with a few buttons. That' doesn't sound safe to me, does it for you?

[Pokapoka124]

I do not completely trust any second party with my money. I trust myself that's why I like Bitcoin. With bitcoin I get to be my own bank, that means no long queues waiting to access my money,  I'm the sole manager of my funds whatever I need to do I do it myself. And I take full responsibility for anything that happens. I'm very confident in the transparency and security of bitcoin.