Who to Trust, Fiat Banks or BTC?

[nicecrypto]

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.

I only trust Bitcoin over fiat money because it is safer and I can benefit from bitcoin if I hold it for a very long time, but I am forced to use fiat money and banks because in my country do not accept bitcoin as a legal tender like in El Salvador.
I really want to be in El Salvador because I want to enjoy the advantages of bitcoin and I also want to buy everything using bitcoin.

I don't seem to have issues with Banks because even before Bitcoin I have been dealing with banks and still do however I love Bitcoin for what it is. I also believe that I can save my money in Bitcoin better than to just leave them in my bank account since it can grow in value with bitcoin over time and considering how fast fiat depreciates in value due to high inflation.
Bottom line is, I still use fiat/banks when I have to since I have never had issues and still also Keep my investment in Bitcoin even though I dont use it much as currency just investment.

[1715639709]

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[1715639709]

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[Stunzz]

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 can never trust Bank with my fiat currency again. I've encountered many unusual charges countless times than I can't even imagined.

I prefer to have my money in BTC than in my bank account, after all, there's tendency of having my money grows in BTC rather than having useless deductions from what I called a safe deposit account.

[btc78]

practically i trust them both though majority of my funds now are in bitcoin and altcoins yet i never leave using banking because in my country there are limited use of crypto. so best to have them both, i can use my crypto but also i can access in banking.
maybe in the future i will purely covert to bitcoin but not at the moment.

[Fredomago]

If only crypto are totally legal to use as an alternative to fiat then its time to never use and trust banks many people have horrible stories about banks missing money takes investigation and never been resolved banks really cannot be trusted but we have no choice as its supported by our government to handle or money other say banks and current financial system will collapse in the future, well not a problem btc is here the most trusted form of assets in this world.

I share your sentiments, if Bitcoin is already recognized as a legal alternative to fiat and adoptions already take place to all major businesses, the use of banks will be lesser, but until now doubts with bitcoin still high and even there are now billionaires who recognize this asset, there are lots of businesses who still not ready for adopting and using this system.

Those examples that you mentioned are reality. There are cases of hacks where banks unable to explain or help the owner of the account in resolving their issue after losing their money. Is better to have bitcoin if you fully understand how to work with your security, as you have full responsibilities of your money and no one else.

[worldofcoins]

I trust big banks to keep my data secure as I know the regulations around this are pretty harsh especially for banks.

Are you kidding me?, The place where i live banks usually share my data with some advertisers and this pisses me off.
I've only 1 email and that's registered specially to online banking of the bank that i use but for some reason, i get emails on different soaps, Doctors for penis enlargement (lol) xD.
Banks can't keep ur data secure, you're data is for them to make money.

[Fatunad]

I trust big banks to keep my data secure as I know the regulations around this are pretty harsh especially for banks.

Are you kidding me?, The place where i live banks usually share my data with some advertisers and this pisses me off.
I've only 1 email and that's registered specially to online banking of the bank that i use but for some reason, i get emails on different soaps, Doctors for penis enlargement (lol) xD.
Banks can't keep ur data secure, you're data is for them to make money.

Their privacy law or something like that is utter shit yet i had experienced the same way too on where i do get various ads on different things which i had only set out a specific email which
is been used when i do engage with banking neither online or over the counter registration of accounts. Im not surprised that they would really be leaking off those informations
and i wont really be surprised that personal identification would really leak as well.So i cant just trust up banks but since they are been the default thing on everything
then you wont really have any choice.

[roosbit]

It all depends! Fiat banks have their advantages over bitcoin in certain circumstances where some kind of evidence of both parties is need, I know you might argue with signed messages but this isn't enough.

The other short fall bitcoin has is it doesn't  have features like overdraft features which you can access with your bank for financing while getting financing with bitcoin requires third parties which some require personal data which is even dangerous as we don't know what they do with this data.

[Nathrixxx]

The currency both has advantages and disadvantages but this article clarifies their differences, using myself as an example and a case study of my today's experience in Fiat bank, my ATM card got expired while am in a different location to where I registered, the bank demand my presence for the card issuance but I can't travel down due to busy schedules and distance, I was informed they don't offer card transfer service anymore else am to apply for another new one and a stipulated amount for service charge will be deducted, it took me over an hour to get a new card aside the stress and other cost like transportation. To me enough of this enslavery over my own money, I would have never been through this stress and other denials of right to my money on crypto, I so much strongly adopt crypto personally than any form of currency.
The article below explain in details their merit and derimet as it depends on individual choice.

Cryptocurrencies are becoming a global phenomenon amidst talk that they could replace fiat currencies in the near future. Cryptocurrencies adoption continues to gain momentum in part because of the world’s progression towards a cashless society.

Cryptocurrencies can be quite difficult to understand – one of the reasons why some countries and regulators continue to shun them. A lack of knowledge on how to use them is another headwind that continues to clobber digital currencies prospects and sentiments.

The fact that it is not possible to reverse a transaction once it is made is another headache that has forced most people to shun cryptocurrencies. If a wrong a transaction is made the only thing one can do is ask for a reversal from the recipient. There is nothing one can do on recipients of a wrong transaction turning down a request for a refund

Volatility is by far the biggest disadvantage that has clobbered cryptocurrencies sentiments. Volatility goes a long way in affecting the value of a coin, which can be difficult to comprehend or contend with.

While both fiat money and cryptocurrencies can be used as a means of payment, there are some differences.

Legality

Governments issue fiat currencies, which are in return regulated by the central bank. Fiat money is deemed legal tender in that it is often the official means of finalizing transactions. Governments control fiat money supply and issue policies from time to time that affects their value.

Cryptocurrencies, on the other hand, are merely digital assets that act as a medium of exchange that governments have no control over. The decentralization aspect means no central body can control or influence their value.

Some countries have banned cryptocurrencies on concerns that some of them are being used to fuel illegal activities such as terrorism and money laundering.

Tangibility

It is not possible to have a physical feel of cryptocurrencies as they operate online as virtual coins. Fiat currencies, on the other hand, have a physical aspect as they can exist as coins and notes thus possible to have a physical feel. Fiat money physical aspect at times does present a lot of challenges as it can be a nuisance to move around with vast chunks of money.

Exchange Aspect

Cryptocurrencies exist in digital form as they are created by computers and operate as private pieces of code. The means of exchange is thus purely digital. In contrast, fiat money can exist in both digital and physical form. Electronic payment services allow people to transfer fiat money digitally. In addition, people can transact with one another and exchange money physically.

Supply

A major difference between fiat money and cryptocurrency has to do with supply. Fiat money has an unlimited supply which means central authorities have no cap to the extent in which they can produce money.

Most cryptocurrencies have a cap when it comes to supply, which means there is a set amount of coins that will ever be in supply.  For example, the total number of Bitcoin coins that will ever be in supply is capped at 21 million.

With fiat money, it is impossible to tell the amount of money in circulation at any given time, but with cryptocurrencies, it is possible.

Storage

Cryptocurrencies virtual aspect means they can only exist online thereby stored in digital wallets commonly referred to as cryptocurrency wallets. While most digital wallets claim to offer secure storage, some of them have been hacked resulting in people losing a substantial amount of holdings.

The versatility of fiat money, on the other hand, means it can be stored in various forms. For instance, there are payment providers such as PayPal that allow people to store fiat money in digital form. Banks also do act as custodian of hard currencies.

Bottom Line

Cryptocurrencies and fiat money come with attributes that make them stand out as a means of legal tender regardless of jurisdiction. However, they also come with cons that have seen them continue to divide opinion around the world.

While there are many advantages of cryptocurrencies over fiat money, it seems that cryptocurrencies are not yet mature to replace the current standard payment method. It is a matter of time and not necessarily will be in the form of Bitcoin, Ethereum or any other cryptocurrency. The crypto market will most likely evolve to create a positive product that might change the current money system.

Source link:
https://www.google.com/amp/s/amp.fxempire.com/en/the-difference-between-fiat-money-and-cryptocurrencies/520616

[DarkDays]

Trust yourself.

Nobody will be more careful with your own money than yourself. Yes, banks and fiat are still needed and Bitcoin is a great asset so each and every element have their own benefits and drawbacks. All of these are mere vehicles to keep your wealth safe, it is all about the medium and how you decide to use them.

Utilise them as and how it suits you best, you're in control of making the decision where your money go. Choose wisely

[oktana]

I trust bank to an extent; Here's the thing about banks. We bash the banks a lot, sometimes we do it more than it is required. The bank is not too damn bad. They store your information and money. But, since it is centralized, they have the tendency of selling out your information and that is why I can only trust them to an extent. However, Bitcoin came along the way and was like "Hey! What if U stored your money without giving out any information?" Seeing Bitcoin giving a better option is one of the major reasons why people are beginning to have distrust for banks. But then, before Bitcoin, there was still enough trust because people didn't really have a choice.