Bitcoin versus Banks

[tjtonmoy]

Decentralized is the key to BTC success. Bank can't provide that. And one of my worst personal experience from bank is waiting at the line. But BTC is the king in this business. We don't need centralized banks. We need BTC

[justdimin]

If you take a look at how banks work, it is clearly showing that they rely on one centralized entity which for sure it's a centralized database where all the information.
But Bitcoin, it's decentralized, no centralized entity that can become only one source of truth.

What are your thoughts about this?

Decentralization is one of the most misunderstood things in the crypto world. Like I remember very clearly when Elon talked about crypto and increased the price or decreased the price, people kept on saying "bitcoin is not centralized, one person can control it as you can see" and people never truly understood that the price is not what we are talking about when we say decentralization.

To make it short, if no government can print more bitcoin whenever they want to, then it is a fair currency. Sure, people may lose money in bitcoin and can even be in poverty so it is ruthless and fully liberal, but it doesn't give anyone extra unfair advantage neither and that is the point.

[Davidvictorson]

Bitcoin is too perfect for its own good. Humans are definitely far from being perfect. We lie, we get jealous, we don't want to get punished for our mistakes.
That's why bitcoin will never be as big as banks because humans will always prefer corruption&lies over perfection&honesty.
I am sorry but banks will win this one.

Sadly, this is the truth. Despite having knowledge of the freedom bitcoin offers, there are still folks who would rather die than see bitcoin progress because the banks and corporations have always been a medium to perpetrate and cover up a lot of the nefarious activities of corrupt politicians. Bitcoin puts power in the people's hands unlike the banks. I am not saying that banks should become non-existent but then they must find a way to coexist with bitcoin.

[famososMuertos]

They are such simple concepts that one could imagine that such an infographic is not necessary but that without a doubt some people and very well prepared and academic but even showing an image like the OP, It's not that they don't understand it, it's that they see the second as the first, haha, it's incomprehensible how such a simple explanation doesn't have an effect, at least on the idea of ​​being a supporter of the DeX concept.

But in a certain way it has the ironic aspect because bitcoin have the unequivocal condition of being decentralized, but its existence is allowed at both ends, a situation that in any case is not equally useful for those who they oppose him or that for doubts they do not finish at least beginning to have a balance between the use of banks and bitcoin.
In other words, it is inconceivable that people have their money depending 100% on banks, after explaining what DeX is.

[pawanjain]

I would say "Simple and deep". Banks are obviously centralized but the reason why I hate banks is because they make us suffer to access our own money.
They lay unfair charges on us to use our own money. For example if we make too many withdrawals then they levy charges on us.
While bitcoin on the other hand is peer to peer which is the best thing I like about it.
It doesn't levy any extra charges on us and to be honest the pros are way too much when compared to banks.
Yet the banks and the governments hate bitcoin and stick up to issues like more power consumption for mining while they don't consider the disaster done while mining gold and also the industrial hazards.
I guess things will take time to be in favor of bitcoin.

[Rruchi man]

Bitcoin (Right) and Banks (Left) works.

What are your thoughts about this?

Looking at this simple representative image, you can see that the financial hold the government formerly had on us their citizens was too much and unchallenged, one could simply just have an idea of what Satoshi must have seen that prompted the thought of how to not necessarily eliminate, but challenge the centralized system where every transaction had to be run through the banks. There would have been an absence of option had Satoshi not made the bold move.

[m2017]

~snip~
What are your thoughts about this?

I saw that picture a few days ago in WO and I don't think it has any importance in the sense that someone will understand Bitcoin better if you show them that banks are centralized and Bitcoin is decentralized. The fact that according to some research 99% of people in the world who have access to banks still prefer a centralized system over Bitcoin speaks for itself.

Some of these people certainly don't understand Bitcoin or haven't heard that it even exists, but most are not ready to be their own bank. Put a Bitcoin wallet with $100 on one side and a bank card with the same amount on the other and offer it to the average person on the street, what do you think they will choose?

The average person will choose what is familiar to him, which means it will be a bank card. This is the choice of most ordinary people. I am sure you would also choose a bank card if you didn't know about the features of bitcoin and the benefits received. So, the choice between a bank card and bitcoin is actually a choice between a well-known, understandable system and a system that frightens and repels in view of its obscurity and incomprehensibility (the view of the average person).

The situation is completely different if a person is familiar with both bank card and bitcoin wallet. In this case, the choice will be in favor of what is more profitable in terms of advantages, and which is more trustworthy. I think you already understand what will be chosen this time. But for this it is necessary that the average person be well informed and have sufficient knowledge of the alternatives, which is bitcoin. 

[TimeTeller]

I would say "Simple and deep". Banks are obviously centralized but the reason why I hate banks is because they make us suffer to access our own money.
They lay unfair charges on us to use our own money. For example if we make too many withdrawals then they levy charges on us.
While bitcoin on the other hand is peer to peer which is the best thing I like about it.
It doesn't levy any extra charges on us and to be honest the pros are way too much when compared to banks.
Yet the banks and the governments hate bitcoin and stick up to issues like more power consumption for mining while they don't consider the disaster done while mining gold and also the industrial hazards.
I guess things will take time to be in favor of bitcoin.

I believe, in our lifetime, banks will remain the main financial institution that will take care of our money.
We can't avoid them, unless, you have other options that can stick to cash or crypto, which is actually hard these days.
At some point, we need the services from our bank. So even if the advantages between bitcoin vs banks are clear,
still we can't disregard the role of banks in our financial aspect of life. Just enjoy the benefits of knowing bitcoin or crypto.
As banking industry is seeing the role of crypto in today's generation, they may soon innovate their services and improve on how they treat their customers.

[WatChe]

Bitcoin is a decentralized financial system in a centralized world and its real value is not know yet. Bitcoin differs from current banking system because it brings too many new things which were not known to us before like inflation resistant financial system, a system that's censorship proof, removal of middlemen etc.

[_BlackStar]

But Bitcoin, it's decentralized, no centralized entity that can become only one source of truth.

What are your thoughts about this?

There is no opinion more phenomenal than saying bitcoin is the best choice for anyone who no longer believes in banks. Rising inflation can help you move to another country with a lower cost of living if your home country strictly prohibits bitcoin ^{[payments - trades - investments].} Bitcoin fulfills the dream of many people to no longer need to queue at the cashier or atm just to send some money at domestically or abroad. El Salvador adopted it to reduce remittances, also useful for overseas workers looking to save on remittances fees.

Bank are needed, that's right. But as long as bitcoin was introduced then everyone who believes in bitcoin has an alternative option to use it as a means of payment or something else. Bitcoin is not centralized, it stands alone which is a stark difference compared to banks.

Bitcoin is a decentralized financial system in a centralized world and its real value is not know yet.

What do you mean?

1 bitcoin = 1 bitcoin. But if you want the exchange rate in fiat, then make sure you understand the fluctuations.

[bocyaj]

Your pictorial representation of Bitcoin and Bank was looking good bro.The explanation is Bitcoin was the decentralized technology, where Bank system is the centralized one.This was the only reason for the huge pump and dump in the Bitcoin.Their won't be risk in banking system because of centralized one. But the profit percentage of the Bitcoin is 10 times greater than Bank in long run.

[Vaskiy]

This difference have created the success, if bitcoin have been innovated in the same way as the banks there won't be any difference. Such pictorial representation needs to be shared often, even now many people doesn't know how the traditional system different from the bitcoin. Majority get into the market looking upon the growth and the profit it can through its volatility and the long term growth. But they fail to understand how this growth is happening and why banks weren't able to deliver it.

[KingsDen]

What are your thoughts about this?

I had to quote the picture so that I will have it in my wall, it needs to be in my profile. Though I know very well how bitcoin works and how banks work, but the picture is very very clear and self-explanatory. Every newbies and established members need to see this picture every time, maybe they will begin to make decisions where to save their money, whether in one central server or where nobody controls it but everybody controls it.

I believe that the power of Bitcoin is underestimated, the world will one day realise how powerful bitcoin is.

[Leviathan.007]

It is very clear and simple to understand everything in the picture, which might be a bit confusing for someone who is not familiar with decentralized systems, and to put it simply, these days people are becoming more and more interested in decentralized systems, and in the same way, the economy is experiencing similar concerns regarding third-party monitoring as well, despite the fact that they do not really have full access to their funds in centralized systems like banks because banks can suspend transactions or even do anything with people's funds, whereas a decentralized system does not.

[_BlackStar]

It is very clear and simple to understand everything in the picture, which might be a bit confusing for someone who is not familiar with decentralized systems, and to put it simply, these days people are becoming more and more interested in decentralized systems, and in the same way, the economy is experiencing similar concerns regarding third-party monitoring as well, despite the fact that they do not really have full access to their funds in centralized systems like banks because banks can suspend transactions or even do anything with people's funds, whereas a decentralized system does not.

Do you still remember about the freeze of customer funds by Chinese banks that occurred around April to May? That is the consequence when people choose banks as a safe place to save money rather than choosing other investment assets such as gold or bitcoin.

Banks can freeze their customers' funds for any reason because they are centralized and cooperate with the government. While bitcoin is decentralized where we deserve to be called our own bank without any authority. It is not easy to get everyone to believe in bitcoin which is just over a decade old, but time will answer all those doubts for them.

[mk4]

Bitcoin is a decentralized financial system in a centralized world and its real value is not know yet. Bitcoin differs from current banking system because it brings too many new things which were not known to us before like inflation resistant financial system, a system that's censorship proof, removal of middlemen etc.

Very common misconception: Bitcoin is not "inflation resistant", bitcoin literally has inflation today. It's just the fact that it's inflation schedule is set in stone, not something like the USD where the inflation rate can go haywire.

[tomos81]

In fact we think buying Bitcoin with money will cost you. But no if we invest in bitcoin then definitely huge success will come from here which we can't even imagine. Because of Bitcoin Now is the best time to invest as prices are dumping the most. Of course, the price of Bitcoin will be pumping, so if you invest, it is possible to get a lot of benefits from here.

[Flexystar]

Definitely decentralised nature brings more protection against our transaction and its data integrity. Look at the image, everyone holds the chunk of info for the transaction we made and the record is kept at multiple places encrypted and forever available. In case of banks, that central server holds the key to everything. It’s human controlled, it’s manipulative and could turn out to be disaster in case of emergency situation in the country. For example, heavy national debts, deprivation of national reserve funds and what not, then this centralised system holds the power to hold your accounts and you beg for your own money. That’s why bitcoin is asset where it’s always available to you.

[Oilacris]

In fact we think buying Bitcoin with money will cost you. But no if we invest in bitcoin then definitely huge success will come from here which we can't even imagine. Because of Bitcoin Now is the best time to invest as prices are dumping the most. Of course, the price of Bitcoin will be pumping, so if you invest, it is possible to get a lot of benefits from here.

To know that Bitcoins true motive of its existence is really about pertaining about its utility aspect but on the other hand it did really give out some opportunity into those people who do get a hold of it

on where they do able to have those chances on making profits on via simply holding it which it did turn out to be a store of value but it wasnt really the intent on the first place.
It is really just an another benefits which bitcoin could give but of course we should know that accompanied risk with it.Back into that image then yet it is really something that you could
directly able to understand about into being centralized and being decentralized and this is where people do love.

[pawanjain]

I would say "Simple and deep". Banks are obviously centralized but the reason why I hate banks is because they make us suffer to access our own money.
They lay unfair charges on us to use our own money. For example if we make too many withdrawals then they levy charges on us.
While bitcoin on the other hand is peer to peer which is the best thing I like about it.
It doesn't levy any extra charges on us and to be honest the pros are way too much when compared to banks.
Yet the banks and the governments hate bitcoin and stick up to issues like more power consumption for mining while they don't consider the disaster done while mining gold and also the industrial hazards.
I guess things will take time to be in favor of bitcoin.

I believe, in our lifetime, banks will remain the main financial institution that will take care of our money.
We can't avoid them, unless, you have other options that can stick to cash or crypto, which is actually hard these days.
At some point, we need the services from our bank. So even if the advantages between bitcoin vs banks are clear,
still we can't disregard the role of banks in our financial aspect of life. Just enjoy the benefits of knowing bitcoin or crypto.
As banking industry is seeing the role of crypto in today's generation, they may soon innovate their services and improve on how they treat their customers.

To be honest, the only advantage of having banks is that it is widespread around the country and this enables us to make the payments easily.
But this is something that can be done with crypto too but the fact that governments restrict it is the only reason why global adoption of crypto is still lacking.
If crypto becomes widespread just like the banks then most of the people will prefer making transactions in crypto than banking platforms.