Bitcoin Banking is more reliable and faster

[Oceat]

I believe in bitcoin so much but not so much I would be blind on some fact, yes you mentioned some disadvantages but you failed to add hack, ignorance, scam and so on.

Bitcoin transactions is more preferable to me than that of the traditional banking system but joining bitcoin I haven’t failed to acknowledge some of the disadvantages and I have avoided losses through that way.

It's their pros and cons that OP didn't mention but I find it reliable in terms of investment and usage compared to banks. But I wouldn't say it's a 100% reliable since both banks and BTC have their own pros and cons which will affect the entirety about of the whole transaction. If you just want to invest and earn some BTC it's better I would say since it's not just an asset but an investment also that over time your asset will grow that would give you a good profit.

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[Thomas Kralow]

I can boldly say that Bitcoin Banking is more reliable and fast because Bitcoin transactions is been done through wallet, the only problem that may occur is if the wallet is not correct another challenge is if the transaction is been encountered with down network but this is in rare cases.

The emergence of Bitcoin is to solve the problem of trust and security. For 14 years so far, Bitcoin has always been safe. If there is a problem, it is the loss of some mnemonics and keys on the wallet. While cryptocurrencies have been dismissed as scams or economic bubbles, there are human causes that go wrong. It has nothing to do with blockchain technology.

[Jawhead999]

Lol it seems you're don't have any idea what you're talking about.

It doesn't matter where you need to send your Bitcoin, it could be from wallet, exchange or any other centralized company. Bank system is actually an "exchange" but it's not that fast because they have a security check if there's an unknown source. However for small money usually it's quite fast as long as you're doing anything wrong or suspicious.

[KingsDen]

I can boldly say that Bitcoin Banking is more reliable and fast because Bitcoin transactions is been done through wallet, the only problem that may occur is if the wallet is not correct another challenge is if the transaction is been encountered with down network but this is in rare cases.

The emergence of Bitcoin is to solve the problem of trust and security. For 14 years so far, Bitcoin has always been safe. If there is a problem, it is the loss of some mnemonics and keys on the wallet. While cryptocurrencies have been dismissed as scams or economic bubbles, there are human causes that go wrong. It has nothing to do with blockchain technology.

Trustlessness is one attribute of bitcoin that has not been defeated. Bitcoin is still solving the problem of trust. It is not easy to trust a third party you don't know, probably a government or any her institutions.
These people are mean and could frozen your money at anytime, or in less severe cases denial you withdraw when you need it most.

In terms of reliability, I vouch for bitcoin as being reliable and honest with the people. As you rightly said, errors that lead to lose of funds are not necessarily blockchain imposed but human errors.
When bitcoin nearly was birthed, the human errors and lost of fund was at the higher side, but as we grow with the technology, everything is falling in place and losses are drastically reduced.

[Swordsoffreedom]

I can boldly say that Bitcoin Banking is more reliable and fast because Bitcoin transactions is been done through wallet, the only problem that may occur is if the wallet is not correct another challenge is if the transaction is been encountered with down network but this is in rare cases.

Lol! We all love bitcoin here! But that does not mean we will criticize the banking system and find flaws in it or even think about replacing the banking system. That should not be the case! Bitcoin can not challenge the retail banking segment in terms of speed and convenience. It can only challenge it in terms of anonymity. If you want to talk about speed and fees, bitcoin can only challenge international settlements. The entire banking system can't be replaced!

Bitcoin is convenient for some and banking is convenient for some! They must not be compared because they are structurally different. If you send money to an incorrect account by mistake - you may get it back in the centralized banking system, but in bitcoin, there's no way! Every system has its pros and cons, let's respect that and choose what's convenient for you!

I know we all here invest in bitcoin and love it, but we shouldn't exaggerate about it. I don't understand why people are looking for the bad points of banks, fiat and comparing it to bitcoin. It's a shame that we try to defame them while we still use banks and fiat every day. Bitcoin is excellent, but it is limited to some instances, it cannot solve or provide all the services that banks offer us.

I want to ask if someone wants to borrow money for business, can bitcoin help them? Or people will run to the bank to borrow money and we'll go back to talking bad about them behind their backs. Each has its own use function and use case, all of which are necessary for us.

[uneng]

I can boldly say that Bitcoin Banking is more reliable and fast because Bitcoin transactions is been done through wallet, the only problem that may occur is if the wallet is not correct another challenge is if the transaction is been encountered with down network but this is in rare cases.

Lol! We all love bitcoin here! But that does not mean we will criticize the banking system and find flaws in it or even think about replacing the banking system. That should not be the case! Bitcoin can not challenge the retail banking segment in terms of speed and convenience. It can only challenge it in terms of anonymity. If you want to talk about speed and fees, bitcoin can only challenge international settlements. The entire banking system can't be replaced!

Bitcoin is convenient for some and banking is convenient for some! They must not be compared because they are structurally different. If you send money to an incorrect account by mistake - you may get it back in the centralized banking system, but in bitcoin, there's no way! Every system has its pros and cons, let's respect that and choose what's convenient for you!

I know we all here invest in bitcoin and love it, but we shouldn't exaggerate about it. I don't understand why people are looking for the bad points of banks, fiat and comparing it to bitcoin. It's a shame that we try to defame them while we still use banks and fiat every day. Bitcoin is excellent, but it is limited to some instances, it cannot solve or provide all the services that banks offer us.

I want to ask if someone wants to borrow money for business, can bitcoin help them? Or people will run to the bank to borrow money and we'll go back to talking bad about them behind their backs. Each has its own use function and use case, all of which are necessary for us.

Actually, the lending business is already a reality in crypto universe. People willing to borrow money can find it at different exchanges. I don't know if taxes are inferior to the ones from our traditional banks, though. In my opinion the only disadvantage of bitcoin banking services compared to fiat ones is the security issue. Our government has a Credit Guarantee Fund which ensures nobody is scammed by the bank as long as they hold up to 47.838,65$ on their accounts, per ID. So, scandals like Celsius and FTX wouldn't happen here, while in crypto industry it's a constant threat.

[virasisog]

I can boldly say that Bitcoin Banking is more reliable and fast because Bitcoin transactions is been done through wallet, the only problem that may occur is if the wallet is not correct another challenge is if the transaction is been encountered with down network but this is in rare cases.

I have also heard that Bitcoin and crypto is more faster and reliable than typical banks that offer us just hefty fee when we try to withdraw from one country to other countries that is just so much not good because crypto can be transferred from one person to other person without kyc and that's just applauding.

Unexpected occurrences could happen anytime but are still manageable and tolerable when using Bitcoin banking compared to traditional banks. There will be risks but mostly, things will rely on how responsible we are when it comes to transacting. From securing our wallets to double checking the receiving address before our transactions. It's really convenient because we can transact anywhere and everywhere even during the weekends and holidays.

[Getmon]

Naturally, Bitcoin has a limited supply that makes it significantly more dependable than the fiat banking system. That is also the case if we store our bitcoins in our own private wallets; however, this can be done with fiat too. The equivalent of fiat banking is CEX. Both are in charge of our own money. However, this does not imply that the old fiat-based banking system is in any way unuseful. Some businesses find it difficult to consider bitcoin due to its volatility. The same reason most of us thought of bitcoin as a gold-like store of value. 

[yhiaali3]

Bitcoin cannot be compared to the banking system anyway, they are completely different in every way, you could say they are completely opposites.

Certainly Bitcoin is better and more reliable than the banking system, but let's be realistic, Bitcoin is not eligible to replace the banking system yet, Bitcoin is not eligible for daily use until the moment, it is difficult to buy daily necessities from a grocery store, for example, with Bitcoin, due to the fluctuation in prices And also because of the delay in network transactions.

When we get to the point where Bitcoin is able to overcome all of these problems then Bitcoin is ready to replace the banking system.

[lionheart78]

There is another case that tests the reliability of the Bank and self-custody of Bitcoin (Bitcoin banking).  In my country, most of the clients of BPI were subjected to double spending.  For no reason, several BPI clients get a surprise deduction on their balance[1].  The management said it was a glitch but I doubt it, I believe it was intentional to milk those accounts that are not closely monitoring the bank funds making the management of BPI collect amounts on their client secretly.  This is one risk in trusting banks,  they have full access to our accounts and can access/use them whenever they wanted.  Keeping our funds in Bitcoin and having self-custody will surely avoid this kind of scenario.


[1] https://www.rappler.com/business/bpi-customers-surprise-deduction-glitch-january-2022/

[pixie85]

The problem with this thinking is you're trying to choose one or the other.
Bankers and politicians are doing the same thing when they say that bitcoin cannot be used for this or for that and will never be a reserve currency when it's not trying to be!

Bitcoin is the ideal money for emergencies. It's also the ideal money for fighting unethical and unlawful government. Do you remember what happened in Canada during the protests? Trudeau started blocking people's accounts to make them freeze and starve. This was an abuse that wouldn't happen with bitcoin.

Bitcoin has its benefits and it's a great tool that people never had before but it won't be the death of fiat money. Even if one day the world goes digital it will be centralized currencies vs decentralized ones and most lazy people will continue to choose centralized because it's easy and you don't have to read anything.

[KupaCrypto]

Bitcoin banking is more reliable and faster but can't meet up the day to day activities of the people in our interior villages,  yes now bitcoin can be use to pay for bills like buying airtime and the rest through binance pay, but can't be compared to the running of a Bank,
Other services like taking a loan from your Bank I don't think bitcoin banking can be able to provide that services to customers, if bitcoin banking is to be more reliable than our banking system then bitcoin needs more time, am saying this using my country as a case study tho.

[lionheart78]

Bitcoin banking is more reliable and faster but can't meet up the day to day activities of the people in our interior villages,  yes now bitcoin can be use to pay for bills like buying airtime and the rest through binance pay, but can't be compared to the running of a Bank,
Other services like taking a loan from your Bank I don't think bitcoin banking can be able to provide that services to customers, if bitcoin banking is to be more reliable than our banking system then bitcoin needs more time, am saying this using my country as a case study tho.

It is kinda hard to find a decentralized lending platform that only focuses on Bitcoin but there are lots of decentralized cryptocurrency lending platforms.  So basically cryptocurrency can be able to provide lending services to the customer, aside from that there are also lots of centralized platforms that have lending services but I think that is out of the choice.

The problem with this thinking is you're trying to choose one or the other.
Bankers and politicians are doing the same thing when they say that bitcoin cannot be used for this or for that and will never be a reserve currency when it's not trying to be!

Bitcoin is the ideal money for emergencies. It's also the ideal money for fighting unethical and unlawful government. Do you remember what happened in Canada during the protests? Trudeau started blocking people's accounts to make them freeze and starve. This was an abuse that wouldn't happen with bitcoin.

Bitcoin has its benefits and it's a great tool that people never had before but it won't be the death of fiat money. Even if one day the world goes digital it will be centralized currencies vs decentralized ones and most lazy people will continue to choose centralized because it's easy and you don't have to read anything.

I agree instead of making these two entities compete with each other why not try to use them to supplement our needs as a client?  We can take advantage of the strength of both currencies to make our lives comfortable.  Besides, there is no one stopping us to use both of them unless our government bans Bitcoin and cryptocurrency.

[Scripture]

I can boldly say that Bitcoin Banking is more reliable and fast because Bitcoin transactions is been done through wallet, the only problem that may occur is if the wallet is not correct another challenge is if the transaction is been encountered with down network but this is in rare cases.

Faster transactions, I agree since banks takes a lot of time before you get your money and when you go to their physical banks, you’ll see a lot of people waiting for their turn to deposit their money, this is the situation in my country and its very hassle and a poor system. With Bitcoin, everything works fine as long as you did it correctly and as long as you didn’t expose your money into bad projects, you’ll be safe.

[lizarder]

I can boldly say that Bitcoin Banking is more reliable and fast because Bitcoin transactions is been done through wallet, the only problem that may occur is if the wallet is not correct another challenge is if the transaction is been encountered with down network but this is in rare cases.

There seems to be some language confusion from what the OP was trying to convey and maybe not being a native English speaker, I'm trying to summarize three points?
1. Bitcoin is very fast in terms of transactions
2. A wallet is not a safe place to store assets
3. Convert bitcoin to fiat currency using a bank.

If not I'm having the same confusion in summarizing some of the points the OP was trying to make, because until recently I had never heard of what Bitcoin Banking was like.

[Dr.Bitcoin_Strange]

I can boldly say that Bitcoin Banking is more reliable and fast because Bitcoin transactions is been done through wallet,

I don't think everyone here is a pro, but for the better understanding of others, you can back up your claims with some proofs like images, charts, past records, and events. 

another challenge is if the transaction is been encountered with down network but this is in rare cases.

blockchain transaction is transparent than the banking system. The banking system is centralized and Bitcoin is decentralized. some bank challenges take up to two days to resolve, which is sometimes annoying. Imagine someone has a hypothetical situation at hand and the bank is holding the customer's money in hostile custody.
For Blockchain network the transaction is either successful or fail and you still have your fund back to your wallet.

the only problem that may occur is if the wallet is not correct

It is the risk a user should bear if they lose their money in the wrong wallet. wallet doesn't have a name attached to it to indicate the true owner, so it's always advised to double check your wallet before carrying out a transaction.

[Swordsoffreedom]

I can boldly say that Bitcoin Banking is more reliable and fast because Bitcoin transactions is been done through wallet, the only problem that may occur is if the wallet is not correct another challenge is if the transaction is been encountered with down network but this is in rare cases.

Lol! We all love bitcoin here! But that does not mean we will criticize the banking system and find flaws in it or even think about replacing the banking system. That should not be the case! Bitcoin can not challenge the retail banking segment in terms of speed and convenience. It can only challenge it in terms of anonymity. If you want to talk about speed and fees, bitcoin can only challenge international settlements. The entire banking system can't be replaced!

Bitcoin is convenient for some and banking is convenient for some! They must not be compared because they are structurally different. If you send money to an incorrect account by mistake - you may get it back in the centralized banking system, but in bitcoin, there's no way! Every system has its pros and cons, let's respect that and choose what's convenient for you!

I know we all here invest in bitcoin and love it, but we shouldn't exaggerate about it. I don't understand why people are looking for the bad points of banks, fiat and comparing it to bitcoin. It's a shame that we try to defame them while we still use banks and fiat every day. Bitcoin is excellent, but it is limited to some instances, it cannot solve or provide all the services that banks offer us.

I want to ask if someone wants to borrow money for business, can bitcoin help them? Or people will run to the bank to borrow money and we'll go back to talking bad about them behind their backs. Each has its own use function and use case, all of which are necessary for us.

Actually, the lending business is already a reality in crypto universe. People willing to borrow money can find it at different exchanges. I don't know if taxes are inferior to the ones from our traditional banks, though. In my opinion the only disadvantage of bitcoin banking services compared to fiat ones is the security issue. Our government has a Credit Guarantee Fund which ensures nobody is scammed by the bank as long as they hold up to 47.838,65$ on their accounts, per ID. So, scandals like Celsius and FTX wouldn't happen here, while in crypto industry it's a constant threat.

Maybe I missed it? Can we borrow money on exchanges? How? I guess if you want to borrow, you must have collateral, for example, if you're going to borrow USDT, you must ensure that your account has BTC or some valuable coin, then you can mortgage to borrow. Is that true? Because I've never tried them before? But in case, we don't have BTC or altcoins, can we get a loan, and can we borrow long term with a low interest rate? 

Currently, banks support many different types of loans, even if you don't have any assets to mortgage, you can get a loan with just your identification document. I don't think it will work on crypto. For large amounts and we need a long term loan to do business, I don't think exchanges can still handle it.

[kryptqnick]

If the op is simply referring to using a Bitcoin wallet and Bitcoin transactions instead of the banking system, then I'd say it depends. Within one country, banking transaction are often done in a several seconds. Of course, the money doesn't actually travel that fast, but it's blocked from usage on a person's account, the balance is updated, and you're good to go. Bitcoin, however, almost never arrives as fast, and if it arrives in half an hour, it's considered quite fast. But once it arrives, it's truly there. Also, if we are talking about international transfers, those can take from an hour to a couple of days, and definitely days if it's the weekend. In that case, Bitcoin is faster.

[tjtonmoy]

I can boldly say that Bitcoin Banking is more reliable and fast because Bitcoin transactions is been done through wallet, the only problem that may occur is if the wallet is not correct another challenge is if the transaction is been encountered with down network but this is in rare cases.

People have been saying this for ages. But not everyone is listening, that's for sure. Otherwise BTC adoption will be more spread out throughout the world. In order to see the bigger picture, you need to get out of your comfort zone and try the new things.
Hopefully people will understand this soon and they can move towards BTC.
And to tackle the issue with wrong wallet address, why don't you just send a little amount first and save the wallet (if successful) for later use. Or you can just try QR codes instead. Fast and reliable.

[Frankolala]

OP, I can understand what you were trying to say since other forum members has made your view cleared in their contributions. Bitcoin dealings is the best, it can be used to make transactions within different boarders,this makes it more unique and safer than our fiat banks who needs a third party for anything to be done.

Decentralization has its all to financial freedom and privacy from government. Bitcoin cannot be compared with fiat currency,since fiat currency is deprecating gradually due to inflation. Inflation is something constant and I wonder if fiat currency will survive in the next generation due to high adoption of cryptocurrency by countries, which is making them to create their own centralized coin CBDC.