"Be your own Bank with Bitcoin" - A reminder why this is so important!

[Asiska02]

It's really terrible that Beirut's citizens don't have access to their money because they don't have complete control over it; it resembles a dictatorship where you are forced to follow instructions on when and how to spend your money.

Bitcoin allows you to be your OWN Bank .....and it allows you to have access to your own money, without any intermediary having the power to block it.

Even if you already own bitcoins, you might be unable to use them without first exchanging them for fiat, particularly if you live in a nation that does not recognize bitcoin as legal tender. However, compared to a bank, the security associated with storing your money in bitcoin is superior.

[freedomgo]

This type of story always makes me laugh. She literally had to "rob" the bank to get her own money, and like she could have asked for more, she could have asked for everyone’s money, the bank was probably willing after seeing her with the gun, and that means she purposely didn't want anyone’s money, she just wanted her own money and that is a wonderful thing.

I know that we shouldn't glorize these type of gun related stuff, it is traumatizing to so many people who were in the bank that day, and the teller has no say in this, banks decide this and the one you point the gun to is a teller, not the bank CEO, but still, getting out with only her money is a good move.

But that won’t change the fact that what she did is still against the law, threatening a lot of people intentionally. Although she has her own reasons, but I guess the bank itself has its certain reason too why they did that. But apparently, if the woman trusted bitcoin instead, it would be very impossible to happen. I hope this will be a wake up call for everyone to be responsible on managing their own finances, even without the presence of centralized banks.

[Silberman]

This type of story always makes me laugh. She literally had to "rob" the bank to get her own money, and like she could have asked for more, she could have asked for everyone’s money, the bank was probably willing after seeing her with the gun, and that means she purposely didn't want anyone’s money, she just wanted her own money and that is a wonderful thing.

I know that we shouldn't glorize these type of gun related stuff, it is traumatizing to so many people who were in the bank that day, and the teller has no say in this, banks decide this and the one you point the gun to is a teller, not the bank CEO, but still, getting out with only her money is a good move.

But that won’t change the fact that what she did is still against the law, threatening a lot of people intentionally. Although she has her own reasons, but I guess the bank itself has its certain reason too why they did that. But apparently, if the woman trusted bitcoin instead, it would be very impossible to happen. I hope this will be a wake up call for everyone to be responsible on managing their own finances, even without the presence of centralized banks.

Without doubt what she did is inexcusable, but at the same time this shows how little banks care about their customers, after all it is easy to guess from the situation that she most likely had an emergency and she needed that money desperately and the banks are simply not going to give you your money back if their policies state that they should not do it, so if you are creating an emergency fund you must remember to at least keep it in cash form as you do not know how long it could take you to get that money out of the bank of your choice.

[lienfaye]

It's really terrible that Beirut's citizens don't have access to their money because they don't have complete control over it; it resembles a dictatorship where you are forced to follow instructions on when and how to spend your money.

This is the risk of saving your money in bank. Even it's your hard-earned money, you dont have full control over it and it's up to the bank if they will allow you to withdraw your money because they can come up for many reasonings to stop you for doing so. Like this situation of Beirut citizens, a woman were coerced to do this act in order to get money from her account. Worse case that can happen to anyone who's desperate.

Even if you already own bitcoins, you might be unable to use them without first exchanging them for fiat, particularly if you live in a nation that does not recognize bitcoin as legal tender. However, compared to a bank, the security associated with storing your money in bitcoin is superior.

Indeed. You still need centralized platforms (bank, exchanges etc.) to cash out your Bitcoin. However saving your money in Bitcoin is much safer because you're the one in control and you can keep it for long period without worries that your account might get freeze or stolen. As long as you're using a non-custodial wallet and you're holding your keys then you would be at ease.

Nevertheless we still need banks but dont be complacent that your money is safe.

[Joshapat]

Bitcoin is increasingly popular and now many countries have opened a tender to pass Bitcoin, the best thing from Bitcoin is that we have fully control with the assets that we save, in contrast to banks which if we transactions then need banks services so that we are like those who do not have money .

[livingfree]

Nevertheless we still need banks but dont be complacent that your money is safe.

We still need them because they run the economy of a country and we have that in our minds that we should still save in the bank for some purpose.

Even though we own bitcoin and other cryptos as sign of our investments. It can't be removed that we'll live completely without them. There's a way for crypto and the bank to co-exist and most people won't be into crypto and that's a fact.

The good thing about us, we understand these two sectors where we can use at the same time if we want to. But mostly, our funds would be kept stored and held by us in the form of bitcoin which we think is way better because we have it on our possession.

[Leviathan.007]

Bitcoin doesn't remove the risks of you getting mugged. If anything, it's potentially worse with bitcoin/crypto. They just hit you with a wrench at your home until you give up access to your wallet. Hence why being private/secretive about your holdings is very important!

https://cryptosec.info/wrench-attack/

The risk is always there no matter if you are talking about bitcoin or any other asset when you are walking on the street there is a chance for your phone to be mugged and there is the same situation for many other things such as the car and physical wallet but regarding bitcoin, since you can save your assets on the wallet you have better chance to hide your private keys or recovery seeds to access your account, and is you leave in bitcoin security you know none can have access to your wallet unless you share your private keys with them which can bring higher security.

[Apocollapse]

The risk is always there no matter if you are talking about bitcoin or any other asset when you are walking on the street there is a chance for your phone to be mugged and there is the same situation for many other things such as the car and physical wallet but regarding bitcoin, since you can save your assets on the wallet you have better chance to hide your private keys or recovery seeds to access your account, and is you leave in bitcoin security you know none can have access to your wallet unless you share your private keys with them which can bring higher security.

Lol it's useless, the fraudster who robbed your phone already have full access about the wallet inside your phone, how hiding private keys or recovery seeds is the way to prevent that's attack? It's just prevent from anything except $5 wrench attack.

Do you think if the fraudster holding a gun and ask you about your private key, you will just shut up your mouth and not tell it to them? you will get torture by them and would force you to tell your private key in order to make your life safe.

[Davidvictorson]

Bitcoin allows you to be your OWN Bank .....and it allows you to have access to your own money, without any intermediary having the power to block it. Just make sure that you have sole access to your Private keys. 

Being your own bank is the best feeling in the world. There are several benefits. For instance, you would be absolutely certain that no one could access your money after you had taken the necessary security precautions, knew precisely how much you had, and knew how to get to it. Additionally, it is hassle-free to transfer and receive it anywhere in the globe. Another argument is that, in contrast to banking institutions, bitcoin transactions are quite open. Think about the Russian-Ukrainian situation as well. What do you suppose happened to those who had money in their bank accounts and also those who had bitcoin. And then suddenly they needed to get up and seek safety? With bitcoin, you can carry your "bank" around.

[n0ne]

Bitcoin allows you to be your OWN Bank .....and it allows you to have access to your own money, without any intermediary having the power to block it. Just make sure that you have sole access to your Private keys. 

Being your own bank is the best feeling in the world. There are several benefits. For instance, you would be absolutely certain that no one could access your money after you had taken the necessary security precautions, knew precisely how much you had, and knew how to get to it. Additionally, it is hassle-free to transfer and receive it anywhere in the globe. Another argument is that, in contrast to banking institutions, bitcoin transactions are quite open. Think about the Russian-Ukrainian situation as well. What do you suppose happened to those who had money in their bank accounts and also those who had bitcoin. And then suddenly they needed to get up and seek safety? With bitcoin, you can carry your "bank" around.

Having control over our money is a must. No bank assure it, whereas bitcoin gives assurance of the same. For different purpose we're in need of the banks, but it is always good to know our limits and make use of the banks. Another thing, all of the sudden banks won't close. We will come to know about the situation of the bank, if something is bad just withdraw entire funds. Very few exceptions happen same as that happened in Ukraine and Russia due to war.

[Silberman]

Bitcoin allows you to be your OWN Bank .....and it allows you to have access to your own money, without any intermediary having the power to block it. Just make sure that you have sole access to your Private keys. 

Being your own bank is the best feeling in the world. There are several benefits. For instance, you would be absolutely certain that no one could access your money after you had taken the necessary security precautions, knew precisely how much you had, and knew how to get to it. Additionally, it is hassle-free to transfer and receive it anywhere in the globe. Another argument is that, in contrast to banking institutions, bitcoin transactions are quite open. Think about the Russian-Ukrainian situation as well. What do you suppose happened to those who had money in their bank accounts and also those who had bitcoin. And then suddenly they needed to get up and seek safety? With bitcoin, you can carry your "bank" around.

All of what you said is true, however we must recognize that not everyone is ready to be their own bank, in fact that is the very reason why banks exist at all, people were not ready to take care of their gold and to protect it, and as such at the beginning banks were created with the idea of helping people to protect their savings, but since then the idea of banks has been completely distorted and now they manage the money that you deposit with them as it was their own money to the point they can even steal your money legally, and with this in mind it is not surprising that people like us have done our best effort to try to look for alternatives.

[maydna]

Having control over our money is a must. No bank assure it, whereas bitcoin gives assurance of the same. For different purpose we're in need of the banks, but it is always good to know our limits and make use of the banks. Another thing, all of the sudden banks won't close. We will come to know about the situation of the bank, if something is bad just withdraw entire funds. Very few exceptions happen same as that happened in Ukraine and Russia due to war.

For now, it looks like we still need a bank because many of us cannot use bitcoin directly as a means of payment. We also need bitcoin as an investment tool and our own bank because by storing bitcoins, we don't have to pay various fees like we do when we deposit money in a bank.

And we also cannot immediately withdraw funds from the bank if something bad happens to the bank because we have seen several cases where the bank asked for time to provide the funds. So we should have our own "bank". In this case, the presence of bitcoin has helped us a lot in having our own "bank".

[Bitstar_coin]

Bitcoin allows you to be your OWN Bank .....and it allows you to have access to your own money, without any intermediary having the power to block it. Just make sure that you have sole access to your Private keys. 

Being your own bank is the best feeling in the world. There are several benefits. For instance, you would be absolutely certain that no one could access your money after you had taken the necessary security precautions, knew precisely how much you had, and knew how to get to it. Additionally, it is hassle-free to transfer and receive it anywhere in the globe. Another argument is that, in contrast to banking institutions, bitcoin transactions are quite open. Think about the Russian-Ukrainian situation as well. What do you suppose happened to those who had money in their bank accounts and also those who had bitcoin. And then suddenly they needed to get up and seek safety? With bitcoin, you can carry your "bank" around.

Being your own bank is just one side of it, the other side which can not be ignored is still there, that is, exchange that btc into cash for spending, btc is not widely accepted and so the need to exchange to fiat through the bank still very much needed.
For now bank is the necessary evil which we have to deal with until such time btc becomes acceptable in all part of the world.

[tygeade]

All of what you said is true, however we must recognize that not everyone is ready to be their own bank, in fact that is the very reason why banks exist at all, people were not ready to take care of their gold and to protect it, and as such at the beginning banks were created with the idea of helping people to protect their savings, but since then the idea of banks has been completely distorted and now they manage the money that you deposit with them as it was their own money to the point they can even steal your money legally, and with this in mind it is not surprising that people like us have done our best effort to try to look for alternatives.

My dad still puts his money into saving accounts when he has any, that should tell you what it means to have some people using banks.

I have been in crypto but there are a lot of things that you could with your money between investing into a savings account with a very low interest rate that will lose your moneys value, and bitcoin, and he doesn't do any of them neither, he just puts it in a bank. That’s why I believe that we should be focusing on something that would be more profitable, and banks will not give you that. Look at what banks do with your money, that will surely be more profitable for you in the long run as well and that’s how you should use it.

[lalabotax]

For now, it looks like we still need a bank because many of us cannot use bitcoin directly as a means of payment. We also need bitcoin as an investment tool and our own bank because by storing bitcoins, we don't have to pay various fees like we do when we deposit money in a bank.

Yes, we cannot deny that banks still have a big role in our life. In my country, we cannot pay for goods or services with Bitcoin or other crypto coins, it must be using money printed by banks. Bitcoin or any other crypto coins are illegal to use for payment purposes here, they are only used for digital assets. Considering this matter, banks' role is still irreplaceable. For now, Bitcoin is still good for investment, it is legal already here.

[Viscore]

This type of story always makes me laugh. She literally had to "rob" the bank to get her own money, and like she could have asked for more, she could have asked for everyone’s money, the bank was probably willing after seeing her with the gun, and that means she purposely didn't want anyone’s money, she just wanted her own money and that is a wonderful thing.

I know that we shouldn't glorize these type of gun related stuff, it is traumatizing to so many people who were in the bank that day, and the teller has no say in this, banks decide this and the one you point the gun to is a teller, not the bank CEO, but still, getting out with only her money is a good move.

This story is kind of joke but totally regretting to know that we become the victim of our own money because of some bank’s dirty manipulation. The woman might be so depressed already that she never think anymore the consequence of her own actions. Hopefully, this will give a lesson to everyone that not all banks can be trusted. Unlike with bitcoin, we can be on our own bank as long as we always keep the private keys completely safe.

[maydna]

For now, it looks like we still need a bank because many of us cannot use bitcoin directly as a means of payment. We also need bitcoin as an investment tool and our own bank because by storing bitcoins, we don't have to pay various fees like we do when we deposit money in a bank.

Yes, we cannot deny that banks still have a big role in our life. In my country, we cannot pay for goods or services with Bitcoin or other crypto coins, it must be using money printed by banks. Bitcoin or any other crypto coins are illegal to use for payment purposes here, they are only used for digital assets. Considering this matter, banks' role is still irreplaceable. For now, Bitcoin is still good for investment, it is legal already here.

Therefore maybe we can use bitcoin as an investment and later if we already get profit in fiat form, we can withdraw it to the bank and use it for our lives. At least, we can save crypto and turn it into fiat so we can use crypto and bank at the same time. And even though later in our country, we can use crypto to buy something, we should save crypto and cash it into fiat. It makes us have investments that can grow and provide benefits for us.

[beej]

Bitcoin doesn't remove the risks of you getting mugged. If anything, it's potentially worse with bitcoin/crypto. They just hit you with a wrench at your home until you give up access to your wallet. Hence why being private/secretive about your holdings is very important!

https://cryptosec.info/wrench-attack/

I acknowledge the importance of privacy with your holdings and
investments, I believe it is a matter of great importance to do so.
I think banks and bitcoins have different significance in storage
and accumulated wealth. Banks are safekeeping monetary
institutions, traditional in a sense if you think much about it.
However in today’s trend and computing advancements, the
emergence and rise of Bitcoins and cryptocurrency has given a
new kind of capability and control to peoples investment and money.
It’s a matter of preference since both are essentially vital in our modern 
financial framework. I think large amounts of money is safe in
banks, there are new and improved safeguards that keep things
that way, bitcoins are great investments options that has been
promising and competent throughout the years, That in fact if you
don’t mind the volatile nature and component bundled with it.

[TheGreatPython]

Being your own bank is just one side of it, the other side which can not be ignored is still there, that is, exchange that btc into cash for spending, btc is not widely accepted and so the need to exchange to fiat through the bank still very much needed.
For now bank is the necessary evil which we have to deal with until such time btc becomes acceptable in all part of the world.

In other words, bitcoin for now is only just an alternative to the real banks or to the fiats. Or maybe it will remain this way forever? Since, it's almost impossible to use your btc in most of the common services that we know locally to the fact that bitcoin is digital and there are some things which can work perfectly without having the need of internet, computers, mobile phones and other gadgets.

You can always try to use your btc for buying dry goods online since there are many shops now are accepting a bitcoin. In terms of exchanging our btc into fiat. There are places that you can do it without needing to go to an actual bank, if you are allergic with their presence.

[Vinaa77]

Let's just imagine this scenario where you have to "rob" a Bank to get access to your own money that you deposited with them. We think these things are impossible, but it is happening and this is a reminder that it does still happen.  

Bitcoin allows you to be your OWN Bank .....and it allows you to have access to your own money, without any intermediary having the power to block it. Just make sure that you have sole access to your Private keys.  

Bitcoin is one of the cryptos that we can trust 100% compared to others. Bitcoin is not controlled by anyone. But we can't make it a currency, because if we hold today at $20k, it's possible that tomorrow it will be $100k, or vice versa it will be $10k. This means that we can only make Bitcoin an asset. So that the authorities cannot confiscate or lock up our assets. This is 100% we control. In other words, instead of buying a building, it would be better to buy Bitcoin. Of course we are not willing to sell Bitcoin below the purchase price.

Maybe we can use stable coins as a substitute for fiat which does deal with banks. However I'm not sure it's 100% decentralized. As long as stable coins can still be sued by the authorities, of course, they also have long-term risks. So, what are we more likely to use today as a replacement for Fiat? Is that a steble coin? or a more decentralized Bitcoin?