More reasons why it will always be Bitcoin for me

[Lida93]

When growing up as a child in my elementary classes we were taught in commerce and economic subjects that savings account with banks are entitled to either weekly or monthly interested added into the account by the banks, as a way of encouraging savings amongst middle or average earners in the society. But growing up to an adult I am seeing an incongruous practice to that ideology as was been taught in my elementary days. What a shame! As reverse is rather the case.

Starching money in the bank as savings don't just only reduce  initial deposit amount through consistent unreasonable different charges but also also posed on the individual the possibility of not having access to your money when needed and even in the very amount needed to withdraw because of regulatory and centralized power placed in the hands of one man called the government. And all of these regulations only work in favour of the regulator at the centre.

This thread is informed by a trending news in the financial market I came across a day ago. According to a domestic newspaper VANGUARD, "The Central Bank of Nigeria through the governor of the bank has issued 48 hours deadline to commercial banks to deposit not less than N6.96trillion of customers' deposit into it's account".
A directive that was issued on Tuesday 27, Sept, 2022, for commercial banks to increase their CRR to 32.5 per cent with effect from 28, Sept, 2022. (CRR is the percentage or proportion of a bank's total cash deposit that must be kept as reserves with the CBN).
Source: www.legit.ng

Many bank customers have no knowledge yet on how this directive will affect them as the commercial banks will in turn create some restrictions on customers in anyway possible as to place a limit to their withdrawal amounts. A situation where an individual has money but can't access it in the amount desired to use in solving a pressing need aszhe case may be, cause on the other hand the commercial banks wouldn't want a situation where they will not have enough money within their confine to run their own business to making profit for themselves.
All these at the detriment and cost of the powerless customer.

This among other issues had made me stunch proponent and advocate of cryptocurrency especially Bitcoin as the best alternative to starching or savings, with probably just a very insignificant amount of Fiat money for bank savings if you so wish. Cause the centrality and regulatory authority enjoyed by the government woul never make for decisions in the best interest of the ordinary citizens.
An argument many out there can relate with.

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[Welsh]

Ultimately, I believe this will be the reason people choose Bitcoin. I think it's one of the biggest reasons. Plus, us entering a recession, and likely banks needed to be bailed out once the housing market crashes, and people can't pay their mortgages it'll be very likely to happen. Then, people will find that the remaining banks which either haven't been bailed out or have survived will become very restrictive in their services, which will ultimately push people to other solutions.

Bitcoin being one of those options. The other will be that people will just hold onto cash. I believe that's where the world is heading, as the compounding effect of recessions means we'll likely get more recessions quicker than he have done in the past, meaning that the consumers attitude towards back will continue to decrease. 

The thing with the past was they didn't happen within years of each other, it was usually after a long time so people regain that confidence. However, we had one in 2008/2009, and we're in one right now, that's probably going to be the biggest. For banks to get bailed out twice just over ten years, that'll stay fresh in people's memory.

If Bitcoin reacts positively to fiat crashing, then we may well see Bitcoin further increase consumer confidence in it, because of that fact.

[cabron]

Be your own bank. That's what Bitcoin offer to everyone. But because people wants convenience, the banks are useful for online transaction thru their app.

The banks today will start to act like they are worrying whether you are going to pay the kidnappers upon trying to withdraw $50K. You are perfectly fine and all your family but they may hold it for a bit. You will have to answer a lot of questions and will just give you $10K in the end. This is what happen to a friend recently.

[so98nn]

You mean they literally forced users to keep the money as it is to increase the cashflow? I thought it’s better for banks to keep the money moving rather than sitting in the accounts itself. With the time what they gonna get from this sitting Money anyways? No interest, no commercial value etc.

Though it seems more or less inflationary action. Because adding 6.9 trillion cash to the deposits account is like adding more supply without understanding actual demand of the money required. Could be risky for them.

[Falconer]

The banks today will start to act like they are worrying whether you are going to pay the kidnappers upon trying to withdraw $50K.

Lol, I'm really worried about whether the government through the bank will also come to my house to investigate where the funds that have entered my bank account have come from. I started wondering about it because some time ago I heard that a successful Youtuber was visited by the police after buying a car for $30K, they suspected that it was the result of drug dealing.

Have your own bank with bitcoin, that's great as a solution. However, I personally still comply with the government's rules and regulations regarding bitcoin, which until now should not be used as a legal currency and means of payment. I have to convert bitcoin to fiat if I really want to buy something in my country.

[kryptqnick]

The bad thing about my school education was that we didn't learn almost anything on our Economics lessons. The good thing was that nobody told is savings accounts were good, and given the general lack of trust in our banking system when I was growing up, people didn't think of them as reliable for savings (I think many still don't). While Bitcoin can decrease in value by a lot, and if at that moment a person would need the money back, there's no way of getting as much as it used to be worth if it's a bear market. However, at least it's actually your money, it's actually in your wallet, and you're deciding what to do with it, whereas a bank can go bankrupt, freeze funds, adhere to some financial restrictions if they are set by the state etc.

[JohnBitCo]

The bad thing about my school education was that we didn't learn almost anything on our Economics lessons. The good thing was that nobody told is savings accounts were good, and given the general lack of trust in our banking system when I was growing up, people didn't think of them as reliable for savings (I think many still don't). While Bitcoin can decrease in value by a lot, and if at that moment a person would need the money back, there's no way of getting as much as it used to be worth if it's a bear market. However, at least it's actually your money, it's actually in your wallet, and you're deciding what to do with it, whereas a bank can go bankrupt, freeze funds, adhere to some financial restrictions if they are set by the state etc.

Still in schools and other educational institutions, no one talks about bitcoins and cryptocurrencies. Anyways, there are people who learn about crypto on their own and they know how valuable is to invest in bitcoin and also how the world's current financial system will not exist much longer and will move towards the digital currency.

[uneng]

The only problem is that by holding only bitcoin and by not using banks (centralized) services you are going to be under risk of severe volatility which can push your holdings' value downside for unlimited time period.

Even being your own bank and having your funds under your control the whole time, it still doesn't look efficient if you can lose 50% of that value in a day due to market's fluctuations.

For that reason I believe it would be better to avoid any means of currency, going for properties instead, whichis still the most solid category of investment and reliable method to store value.

[Anonylz]

This is no longer news, every day the central bank of Nigeria always coming up with one directive or another to make life even more difficult for the people.
They already introduce a daily spending limit long ago, but it seems that's not enough for cbn and the government, several limitations yet more are still coming.
If only btc is generally accepted perhaps it will lighten the situation, but that's not the case, and the majority of people are still ignorant of btc and crypto in general. So the problem will persist.

[bitbunnny]

The reason why people chose bitcoin as preferable currency is because you control and monitor it by yourself with out anyone interference. Why bank every of your deposit is in charge by them, and sometimes they will be a limitation of withdrawal from bank, why it's happening such way because it's a centralized, people found Bitcoin system of savings a safer, because you have access to your bitcoin and you are monitoring you coin at any point in time.

That is all true and Bitcoin gives us the feeling of independency and financial freedom. However, majority of us still can't rely only on Bitcoin without using traditional payment methods and banks. I don't know if that will ever change and will there be times when cryptocurrencies will be enough to cover all our financial needs but at the moment Bitcoin is good alternative, of course only if it's used with care and reasonable investments.

[Russlenat]

Be your own bank. That's what Bitcoin offer to everyone. But because people wants convenience, the banks are useful for online transaction thru their app.

The banks today will start to act like they are worrying whether you are going to pay the kidnappers upon trying to withdraw $50K. You are perfectly fine and all your family but they may hold it for a bit. You will have to answer a lot of questions and will just give you $10K in the end. This is what happen to a friend recently.

This is why there’s no reason anymore to trust banks because they can’t simply help us with our own money, instead they keep on holding our deposits because of the bank’s interest to use our money first for its own progress. But with bitcoin, this will not clearly happen. Bitcoin will be our own trusted bank, and no one will have the right to access except our own selves, and no other interruptions from the government or from the banks personnel.

[SatoPrincess]

Bitcoin is your own bank as long as you do not store your bitcoin in a centralized exchange. Being the sole proprietor of your money so to speak, comes with a huge responsibility of security. You can’t afford to be careless with your private keys or seed phrase. How best to store seed phrase is a regular topic in b&h, people find it difficult to simply store their phrase offline.

[BIT-BENDER]

It's a real shame that banks aren't even fair as regards their stands in the interest of their costumers. I have seen in the news where people complain to their banks about debit and bad transactions that they weren't refunded. Bank is more of the financial prospects it can bring to them and they BS the interest of the consumers. A bank would rather give loan to a man that shows them a key to a Lamborghini than a person that has been banking with them for years.

Crypto-currency now can awaken the banking sector, with almost all the issues people have been complaining about getting solved by Crypto-currency through the functionalities it brings in.

[lalabotax]

no doubt.
strong reasons that make more and more people or parties decide to prefer Bitcoin. even in this bearish era. more and more people are more willing to buy Bitcoin for long-term holding. Really different from how banks work, or how other centralized platform work under government regulation and control which is sometimes very complicated and not fair. For Bitcoin, even if there are still a lot of FUDs scattered about Bitcoin, especially in bearish times, this is not a barrier for us to buying more Bitcoin. because the trust in Bitcoin is already very large and is not owned by other cryptocurrencies. Trus is very difficult to build and requires a fairly complex process. And here, Bitcoin seems to have gone through it and has earned a very high trust, even under any circumstances.

[livingfree]

Aside from that, most rich people are putting their money more with money generating wealth or assets and won't deposit a lot in the bank.

If they deposit in the bank, that's mostly ready to be spent money and not just to be there forever. They know that the value of fiat depreciates and with all of the issues in the banks that we've seen lately in some countries.

We're really going to think on how we can get to have that full control to our own money and through bitcoin is the great way of holding our own way although we have to bear the swings of it.

[Viscore]

Be your own bank. That's what Bitcoin offer to everyone. But because people wants convenience, the banks are useful for online transaction thru their app.

The banks today will start to act like they are worrying whether you are going to pay the kidnappers upon trying to withdraw $50K. You are perfectly fine and all your family but they may hold it for a bit. You will have to answer a lot of questions and will just give you $10K in the end. This is what happen to a friend recently.

The freedom to be with our own bank is what I think bitcoin’s irresistible offer for all of us. Thus, we can save and withdraw them anytime we want, and can even grow them through investing in bitcoin. While for fiat and centralized banks, they are established and founded with greed, so our own good and convenience is not their priority but only their own progress. That is why if you have understood about bitcoin, you will never trust those banks anymore.

[Doan9269]

Starching money in the bank as savings don't just only reduce  initial deposit amount through consistent unreasonable different charges but also also posed on the individual the possibility of not having access to your money when needed and even in the very amount needed to withdraw because of regulatory and centralized power placed in the hands of one man called the government. And all of these regulations only work in favour of the regulator at the centre.

Ever since the discovery of bitcoin serving an alternative to using banks, i see no reason why it should still remain a priority anymore since the downfalls is more than the benefits it places on users, there's nothing than vexation of the spirit with using banks because of their entangled protocols that are just an advanced abuse on user's confidential privacy, funds and access to it through their instituted policies, thanks to Satoshi Nakamoto for bringing light of liberty into handling of finances in the economy a d government have nothing to do about decentralization network by any form of hindrance against it, p2p is the means we all enjoyed to freely exercise the freedom

[Darker45]

Actually, saving is indeed a good practice. When we were kids, we're also taught to save so that when the time comes that we want to buy something we won't have to ask money from our parents. That's fine, I think. And probably because that's short-term.

This might not really be as interesting when talking about adults saving huge sums of money for long-term purposes like saving for their kids' college education. For one, the thing with fiat savings in a bank is that fiat is fast losing its value that the bank's interest cannot make up for what's lost. By the time the savings is withdrawn, it has already lost so much purchasing power.

[Baofeng]

Actually we are being taught that saving and investing are good and we should start as young as we can. The problem is that majority of us didn't take this seriously when our schools or parents start to teach us about investing.

But in any case, it's not late though, specially with bitcoin investment. The return is huge but you need to have patience and the timing when to invest and when to take profit, just saying.

[Mate2237]

_one man called the government.

The government mentioned in the argument is not in the hands of one man but few. Yest crypto, mostly bitcoin is always the best, that is why it is always on the All Time High (AHT) rate with other coin. But from the country you come from any how you save bitcoin, you most come back and meet your fiat because bitcoin is illegal or not yet adopt as a legal tender so you can not use bitcoin to buy something and you must change your bitcoin to the fiat currency before using them. The regulation of the fiat currency by the CBN is for the benefit of the shareholders not for the customers, we all know that as usual. There is one thing I came to realize that there is no need to paint the fiat currency black because we will definitely come back to it for our daily needs. But we can preach the gospel of bitcoin.