Bank’s failure

[moneystery]

It's easy to see that Fiat isn't going away any time soon, only those who are into crypto will understand that the world is craving for decentralization but millions of people still find FIAT as a easier way of spending than crypto this is why I believe that crypto still have a long way to go if truly it's going to be a better easier means of making payments in future, all we have to do is keep supporting this technology and hope for the best, since the government will always be in our world centralisation will keep ruling.

everything takes time and rest assured that one day the dominance of fiat will be replaced by crypto.
Paper money destroys nature and fiat can be printed as much as anything....BTCitcoin fixed it

[1714507367]

1714507367

[Ryu_Ar1]

A few years ago I worked at a bank in my area and it sounded pretty bad at it but we can't forget one important thing here.
The influence of the bank is still very large and even though what you say is true, many people still believe in the bank because they do not feel the effect at this time, it is only temporary.
There are still many benefits that are felt by those who believe in banks and that is proof because they are still quite strong in terms of support

The banking system is much followed, because one can reach the respective bank and request support. This works good with a common person who isn't much into technology. The same can't be expected to happen with cryptocurrency, because we don't have physical support centres. Maybe in future this could get implemented depending on the massive adoption taking place.

Adoption sooner or later is bound to happen but as you said not many people like about it especially those who don't like developing technology.
Their mindset is only limited to previous thoughts that should have been changed, but they seem to reject something new because they feel they have benefited from the old system.

[Gozie51]

It's easy to see that Fiat isn't going away any time soon, only those who are into crypto will understand that the world is craving for decentralization but millions of people still find FIAT as a easier way of spending than crypto this is why I believe that crypto still have a long way to go if truly it's going to be a better easier means of making payments in future, all we have to do is keep supporting this technology and hope for the best, since the government will always be in our world centralisation will keep ruling.

Yeah there could be a long way to go for cryptocurrency because of access to control and the government won't sleep over giving up control of currency whether fiat or crypto as that generate power for them. However cryptocurrency is finding ways into the fibres of financial importance and recognition to the world stage, take example with Ukraine that is requesting for donation through cryptocurrency to execute the war with Russia.

[Shasha80]

It's easy to see that Fiat isn't going away any time soon, only those who are into crypto will understand that the world is craving for decentralization but millions of people still find FIAT as a easier way of spending than crypto this is why I believe that crypto still have a long way to go if truly it's going to be a better easier means of making payments in future, all we have to do is keep supporting this technology and hope for the best, since the government will always be in our world centralisation will keep ruling.

Yeah there could be a long way to go for cryptocurrency because of access to control and the government won't sleep over giving up control of currency whether fiat or crypto as that generate power for them. However cryptocurrency is finding ways into the fibres of financial importance and recognition to the world stage, take example with Ukraine that is requesting for donation through cryptocurrency to execute the war with Russia.

We will indeed see crypto increasingly in demand, because crypto has started to prove to have many benefits. Like when the pandemic started,
a lot of people lost their income, but crypto shows that in a pandemic situation can provide income to many people. Because crypto is different
from other assets, crypto performance is amazing in a pandemic situation, even in 2021 some coins managed to break records and provide
huge profits. Then now in a war situation, we can make donations to victims in Ukraine through crypto, which is a much faster process than
making a donation through a bank. So the future of crypto is definitely bright, although today there are still countries that reject crypto.
But with the passage of time, circumstances can change, a country that used to reject crypto, may turn into supporting crypto.

[24Kt]

It's easy to see that Fiat isn't going away any time soon, only those who are into crypto will understand that the world is craving for decentralization but millions of people still find FIAT as a easier way of spending than crypto this is why I believe that crypto still have a long way to go if truly it's going to be a better easier means of making payments in future, all we have to do is keep supporting this technology and hope for the best, since the government will always be in our world centralisation will keep ruling.

Yeah there could be a long way to go for cryptocurrency because of access to control and the government won't sleep over giving up control of currency whether fiat or crypto as that generate power for them. However cryptocurrency is finding ways into the fibres of financial importance and recognition to the world stage, take example with Ukraine that is requesting for donation through cryptocurrency to execute the war with Russia.

We will indeed see crypto increasingly in demand, because crypto has started to prove to have many benefits. Like when the pandemic started,
a lot of people lost their income, but crypto shows that in a pandemic situation can provide income to many people. Because crypto is different
from other assets, crypto performance is amazing in a pandemic situation, even in 2021 some coins managed to break records and provide
huge profits. Then now in a war situation, we can make donations to victims in Ukraine through crypto, which is a much faster process than
making a donation through a bank. So the future of crypto is definitely bright, although today there are still countries that reject crypto.
But with the passage of time, circumstances can change, a country that used to reject crypto, may turn into supporting crypto.

People have seen the benefits of crypto market particularly during this pandemic crisis. Many people have lost their sources of income. And they discovered crypto market as potential source of additional income. However, it depends on how people are getting on board here. Are they using their programming or other technical skills or just joining these bounty campaigns? Either way, it depends on the person how he will use his knowledge and skills to generate income from this market. They are also discovering that in crypto, you can be your own bank but you should know your responsibilities to take care of your assets.

[Marvell1]

It's easy to see that Fiat isn't going away any time soon, only those who are into crypto will understand that the world is craving for decentralization but millions of people still find FIAT as a easier way of spending than crypto this is why I believe that crypto still have a long way to go if truly it's going to be a better easier means of making payments in future, all we have to do is keep supporting this technology and hope for the best, since the government will always be in our world centralisation will keep ruling.

Even if crypto is accepted as a means of payment, the possibility of fiat will not disappear. There is a lot of backlog in the banking and fiat sectors, which is more evident in the war between Russia and Ukraine, they were almost unable to use their services and cash when the war broke out. But the government will always control us no matter what, fiat is the best means by which they can continue to centralize with us, so it is hard to see the end of fiat and banking.

[robattfield]

We find a way to navigate to BTC for this

Bank’s failure

I don't want to blame any organization because in this situation, our relationship creates problems in life. And the story to please everyone is never easy, especially at the present time when competition takes place among individuals, organizations, and countries who all want their own benefits.

[jrrsparkles]

Today we have witnessed how easy is for the banks to freeze all assets that people rely on. The economy across the globe will change, trading will be much more difficult given the current situation. Over the last few years a lot of people have been affected by disrupting events and virus outbreak being unable to work and earn to support their families. It comes to the point where trusting the banks will no longer apply. Even there is war or not, the population still needs to work, travel and move money where needed. Other people have to travel from one country to another and if credit/debit cards are suspended, there will be no trade. The problem occurred in 2008 is just around the corner waiting to burst again but this time is different. We have to look at alternative ways to produce and distribute energy.

Bank failure will affect the government and economy more than the actual people because if there is no money is in circulation government will suffer to generate revenue especially the countries with consumer based economies. But that is the only possible solution as of now, when everyone realize that the money in the bank is actually safe and can be used as we want the things will change.

[TravelMug]

Today we have witnessed how easy is for the banks to freeze all assets that people rely on. The economy across the globe will change, trading will be much more difficult given the current situation. Over the last few years a lot of people have been affected by disrupting events and virus outbreak being unable to work and earn to support their families. It comes to the point where trusting the banks will no longer apply. Even there is war or not, the population still needs to work, travel and move money where needed. Other people have to travel from one country to another and if credit/debit cards are suspended, there will be no trade. The problem occurred in 2008 is just around the corner waiting to burst again but this time is different. We have to look at alternative ways to produce and distribute energy.

That's have been the case way before the advent of crypto, and this could be one motivation for Satoshi to create his bitcoin as an alternative to the banking system. Take note that I said alternative and not a replacement because there are still some people who wanted crypto to replacement the banking system. I don't think it will happen in the future, banks will still be here and will stay here for the next centuries. Maybe there will be more people going full crypto, but it doesn't mean that banks will be obsolete.

[Obito]

The problems the bank is having have been complained about a lot before. We have looked for solutions from crypto BTC, but it has never been easy. The more I believe the banks will have satisfactory solutions, after each time the market goes up, we will all find the direction it is going. Transforming something in life will always take time for people to know and understand.

It's not easy because banks are a big part of a country and we can't really change or replace them entirely, they're going to cause a power black hole which is much worse than a vacuum, economies will collapse and the recovery might take decades because we are going to replace a mechanism that's vital to our economy so the best approach is integration and then slowly taking over the system implemented with added improvements.

[jc12345]

The traditional banking system has had the luxury of decades and millennia to develop procedures to protect the public and the flow of money through the various economies. There exist many checks and balances that do not exist in decentralized financial systems. One of the mechanisms to protect the financial system and combat illegal money flows is through freezing of assets. This can only be done because of the centralized nature of the financial system. Banks will not willy-nilly freeze accounts or assets, only if it can be linked to illegal money flows, crime or if required by legislation. The traditional safety and protection of the public includes other advantages like the return of funds. These protection measures do not exist for crypto. I do think however that in future such mechanisms of protection may be developed for crypto but is still far off. For the short to medium term banks will continue to exist and will freeze accounts if required.

[hyudien]

Today we have witnessed how easy is for the banks to freeze all assets that people rely on. The economy across the globe will change, trading will be much more difficult given the current situation. Over the last few years a lot of people have been affected by disrupting events and virus outbreak being unable to work and earn to support their families. It comes to the point where trusting the banks will no longer apply. Even there is war or not, the population still needs to work, travel and move money where needed. Other people have to travel from one country to another and if credit/debit cards are suspended, there will be no trade. The problem occurred in 2008 is just around the corner waiting to burst again but this time is different. We have to look at alternative ways to produce and distribute energy.

That's have been the case way before the advent of crypto, and this could be one motivation for Satoshi to create his bitcoin as an alternative to the banking system. Take note that I said alternative and not a replacement because there are still some people who wanted crypto to replacement the banking system. I don't think it will happen in the future, banks will still be here and will stay here for the next centuries. Maybe there will be more people going full crypto, but it doesn't mean that banks will be obsolete.

The role of the bank is always there and cannot be replaced when the government is still the sole controller of a country economy. Moreover, a state policy is to strengthen its finances, so like it or not they will stick with their fiat even though they are experiencing inflation. Cryptocurrency as an alternative that can convert fiat money anytime and anywhere. It is also always considered as an act of money laundering by the government which prioritizes fiat as the only transaction tool. Therefore, cryptocurrencies, especially Bitcoin, are made parallel to investment alternatives that are no different from gold.

[adzino]

Today we have witnessed how easy is for the banks to freeze all assets that people rely on. The economy across the globe will change, trading will be much more difficult given the current situation. Over the last few years a lot of people have been affected by disrupting events and virus outbreak being unable to work and earn to support their families. It comes to the point where trusting the banks will no longer apply. Even there is war or not, the population still needs to work, travel and move money where needed. Other people have to travel from one country to another and if credit/debit cards are suspended, there will be no trade. The problem occurred in 2008 is just around the corner waiting to burst again but this time is different. We have to look at alternative ways to produce and distribute energy.

It is not the first time the banks have frozen assets of other people. This is what happens when you use something centralized. You don't have power over your own assets. It is someone else that will always have control of your assets. They seize or freeze it at their own will and you can't say anything. This is why decentralized currencies like bitcoins are considered superior when it comes to cases similar to this. But if you store your coins in a centralized exchange, you face the same problem once again. The centralized exchange can freeze your funds and account if they want or if they are ordered by the law. To have full control of your funds, always store your coins in a wallet where only you have access to your keys.

[Gyfts]

The support for banking is still felt all over the world even in Russia that they got banned from Swift, you can still see queues around the bank and ATM despite the awareness that Russian banks don't have money. The banks still relevant another instance with the banks in Russia, after the remover just recently the Russian government now making plans to trade with China. The bank is still a huge institution that the world is relying on for global trading.

1.Not all Russian banks are excluded from Swift.AFAIK,the biggest Russian bank Sberbank wasn't excluded from the SWIFT system.
2.The banking system will remain strong in the upcoming decades.People will always have the need to borrow money.
3.People aren't really that dependent of the banks.You can deposit money into a bank,if you want to.Nobody is forcing you to do that.You can use bank loans and credit cards if you want to.Nobody is forcing you to borrow money and use credit cards.Saying that the people are innocent victims of those greedy predatory bankers is pretty much an oversimplification.There are greedy bankers for sure,but nobody in the world would force you to use a bank.Probably your employer could force you to make a bank account,in order to receive your salary,but you could just withdraw the money.

You're pretty much forced to use the central banks because that is how most governments operate their financial systems. That's not necessarily the issue. In a crypto based economy, loans are still possible. You just wouldn't be able to create loans out of thin air or create a bubble like the U.S. housing market crisis. A crypto bank could loan as much as they wanted to granted they had the assets to back it up.

[teosanru]

Today we have witnessed how easy is for the banks to freeze all assets that people rely on. The economy across the globe will change, trading will be much more difficult given the current situation. Over the last few years a lot of people have been affected by disrupting events and virus outbreak being unable to work and earn to support their families. It comes to the point where trusting the banks will no longer apply. Even there is war or not, the population still needs to work, travel and move money where needed. Other people have to travel from one country to another and if credit/debit cards are suspended, there will be no trade. The problem occurred in 2008 is just around the corner waiting to burst again but this time is different. We have to look at alternative ways to produce and distribute energy.

Really true. Globalization now would become a very doubtful concept, before this incident world was thinking that the old age war type scenarios between big countries are now thing of the past. All the countries now know how to remain together in peace. But this recent Russia attacking Ukraine and West attacking back with sanctions thing has actually shown people that it is still not an easy task to trust other countries with your funds. Talking about traveling and trading, I think it still won't stop, the world today has reached such a level that no matter what every country is dependent on each other for various resources. So that obviously would still carry on. With integration of metaverse travel might become even less important.

[stepwilli]

Today we have witnessed how easy is for the banks to freeze all assets that people rely on. The economy across the globe will change, trading will be much more difficult given the current situation. Over the last few years a lot of people have been affected by disrupting events and virus outbreak being unable to work and earn to support their families. It comes to the point where trusting the banks will no longer apply. Even there is war or not, the population still needs to work, travel and move money where needed. Other people have to travel from one country to another and if credit/debit cards are suspended, there will be no trade. The problem occurred in 2008 is just around the corner waiting to burst again but this time is different. We have to look at alternative ways to produce and distribute energy.

That's have been the case way before the advent of crypto, and this could be one motivation for Satoshi to create his bitcoin as an alternative to the banking system. Take note that I said alternative and not a replacement because there are still some people who wanted crypto to replacement the banking system. I don't think it will happen in the future, banks will still be here and will stay here for the next centuries. Maybe there will be more people going full crypto, but it doesn't mean that banks will be obsolete.

I think it's obvious that it was the goal of Satoshi Nakamoto, to fix the issues cause by banks and to provide total freedom for currency users. It's only crazy to think that some think btc is a bank or a bank replacement though I think both of them are not the same but each serves a function that cant be found by the other.

More people are joining crypto but most of those people also leave crypto because they can't get what they expect or their country bans it. That's why there will still be a demand for banks. Banks won't stay the same but banks know how to evolve too, they are adding new features and most banks now are transitioning to the online world.

[kaya11]

But investment wise, I am still seeing it very annoying to see people having their fiat in bank for over many years without touching it and the banks encouraging people to invest in fiat with annual profit return which is actually not a profit but a loss as the fiat depreciates over time.

So it is really useless for minimum wager like us to save our money on the bank. Good think I have withdrawn all my assets 4 years ago and decided to invest it on others like land, crypto, and started a small business two years ago. Even though I worked my ass hard day by day, my savings isn't getting me anywhere and as inflations hops in it's buying power becomes weak. Unless we have millions that would rake profits from annual interest on our money, but the thing is we commoners don't have that and it sucks.

[wxa7115]

Today we have witnessed how easy is for the banks to freeze all assets that people rely on. The economy across the globe will change, trading will be much more difficult given the current situation. Over the last few years a lot of people have been affected by disrupting events and virus outbreak being unable to work and earn to support their families. It comes to the point where trusting the banks will no longer apply. Even there is war or not, the population still needs to work, travel and move money where needed. Other people have to travel from one country to another and if credit/debit cards are suspended, there will be no trade. The problem occurred in 2008 is just around the corner waiting to burst again but this time is different. We have to look at alternative ways to produce and distribute energy.

I am not so sure we can call it a failure since that has been the business model of banks from the beginning, banks use whatever money that you deposit with them as if it is theirs, and while putting your money in a bank is easy getting it out of the banks is way more complex, so when we see things from that perspective everything is working according to their plan.

We may not agree with the faculty banks have to freeze your account for no reason at all, but you agreed to that the moment you are using their system, and if you do not want to comply your only options at the moment are to use cash or to use bitcoin, which is what most of us are doing anyway to protect ourselves from the banks and their policies.

[wozzek23]

Banks are one of the important points or arteries in the body of the global economy, you can withdraw your money in the form of cash and stay away from using banks but you are still linked to this economy.

Devaluation of the local value of your currency, printing money, inflation and other problems you will face even if you do not deposit your money in the bank or support the banking sector.

Therefore, the use of alternative systems, such as the return to gold, silver and other metals, which gain its value and purchasing power in all countries.
Or try to buy bitcoin and experiment with digital decentralized systems.

Other type of investment is linked directly to Fiat money.

Crypto is lowering that power of Banks hopefully. Maybe not right now, maybe not right away but we are working on it for sure. There are less and less people going to banks and more and more towards crypto.

I know plenty of friends who moved all of their money into full on crypto, and ways they use banks would not make them any money. Regular "have money in my bank account" is not something banks would want, that is just too much work. They want you to put it in interest, so they could loan that out to multiple different people (same money) and get a lot of profit. If you only use debit card and not take loans and so forth, then banks would collapse and DeFi was the first step towards that.

[Oceat]

But investment wise, I am still seeing it very annoying to see people having their fiat in bank for over many years without touching it and the banks encouraging people to invest in fiat with annual profit return which is actually not a profit but a loss as the fiat depreciates over time.

So it is really useless for minimum wager like us to save our money on the bank. Good think I have withdrawn all my assets 4 years ago and decided to invest it on others like land, crypto, and started a small business two years ago. Even though I worked my ass hard day by day, my savings isn't getting me anywhere and as inflations hops in it's buying power becomes weak. Unless we have millions that would rake profits from annual interest on our money, but the thing is we commoners don't have that and it sucks.

You were just actually helping the Banks to make more profit if you leave your money on their Bank without ever touching it for more than a year. Be it small or big amount that you deposited on the Bank you are still helping a Bank that would someone lock your own hard-earned money.

Can you imagine that they were just holding your own money and then if there's a problem they can easily lock your account. I prefer Bitcoin wallet as my own bank rather than put your own money on a bank that would eventually stop you from using your own money.