A reminder that with your bitcoin in a cold storage, you can be your own bank

[Davidvictorson]

SVB and Credit Suisse has fallen and more woes in banking sector are yet to follow believe it or not. Banks will ultimately fail and customers whose money will be lost or account frozen are the ones who will suffer not the shareholders. Imagine if the people who are victims of the banks had held their Bitcoin in a cold storage, I bet they wouldn't be in a bad place at the moment or have any iota of worry. The level of trust people have for banks is at an all time low at the money. The way I see it, having your money in the bank and having an institution or someone else hold it for you is just the same thing as they face the same risks. A reminder that with your bitcoin in a cold storage, you can be your own bank.

[un_rank]

This is one of many cases which has occurred and yet people still trust others to properly safeguard their assets. Hopefully as the trust in centralized establishments drop we have more people moving towards full custody and act as their own banks and put more emphasis on their privacy, which would reduce the segregation of privacy websites like bitcoin mixers, if Chipmixer could be taken down, then any of such platform could come under similar attack.

Be your own bank!

- Jay -

[Stalker22]

Totally agree with you, mate! That is one of the coolest things about Bitcoin, the fact that you do not have to rely on any intermediaries or banks to manage your money. It is all up to you and your private keys, which is pretty rad if you ask me.

However, as much as we would love to ditch the traditional banking system altogether, the reality is that it is not exactly practical for most of us. Sure, using Bitcoin for some transactions and investments is awesome, but we still need banks for things like getting our regular paychecks, mortgages, loans, and other financial services. Plus, there is the fact that not everyone is comfortable managing their own money. Some people prefer to leave that to the experts, and that is totally fine too, imo.

But, for those of us who want to take control of our finances, Bitcoin and cold storage is definitely a great option. Just gotta make sure we do it right and keep our private keys safe and secure.

[Godlovesyou]

This sounds cool, storing and holding makes you gain more freedom, one can actually gets to relax and watch your money grows. You own the system as your digital private bank without anyone monitoring your financial strength and all that craps. At risk or no risk you own the private key to your bank, you buy, sell, trade and invest your traditional digital banking system. I really buy the ideas your drop

[Obari]

The way I see it, having your money in the bank and having an institution or someone else hold it for you is just the same thing as they face the same risks.

I don't see it that because your number is always safe just the store of value if that currency remains the same  but giving your money to someone with proper documentation or record keeping just in case of demise of either parties of the agreement then the money is at the risk of total loss

Most times people should make it seems that the legalization of Bitcoin is dependent on the failure of banks or Fiat but rather these two can actually coexist without having to compete each other and I think most of this mentally are fueled by people who just want to take advantage of every every situation in the market rather than preaching the gospel of cryptocurrency which is a tually very wrong.

[decodx]

Having a Bitcoin wallet definitely gives you a lot more control over your funds. You can send and receive money without having to wait for a bank to approve it, and you don't have to worry about fees eating away at your hard-earned cash. Yeah, it's like being your own personal bank, but without all the hassle and paperwork. And let's be real, who wouldn't want that? And who knows, maybe one day we'll all be using it to buy our morning coffee and bagels like it's no big deal.

But like you said, with great power comes great responsibility. You gotta make sure your wallet is safe and secure, or else you risk losing all your coins. So don't forget to keep your private keys under lock and key, and maybe even consider using a hardware wallet for extra security.

[Merit.s]

All these things happening are sign to prove that banks are not competent enough to be in total custody of people's funds. Teaching us a lesson that we should only keep funds that is made for daily spending/weekly spending in banks,and keep more of our major funds in different assets by investing in bitcoin and gold to safeguard our future. To be in total control of your funds, you need to be your own bank and don't think that anyone can be a good bank better than your noncustodial wallet. Some persons with these whole saga happening will still keep their bitcoin in exchanges believing it is for easy accessibility. Bitcoin is the only way to financial freedom when you keep your coins in your cold storage wallet. Centralized system are bound to fail some day because they are vulnerable to attacks.

[MusaMohamed]

You can have your own bank if you have its key. With Bitcoin, it is private key of mnemonic seed.

Hot or cold wallet, if you have key, you own that is your own bank.

Cold wallet is better than hot wallet and you can use multi signature wallet or hardware wallet too.

Saying you only can be your own bank if you store your coin in a cold wallet is not correct.

Have your own bank does not means you own anything valuable. If Bitcoin becomes insolvent, your bank is still your bank but you only a zero valued asset.

[jrrsparkles]

SVB and Credit Suisse has fallen and more woes in banking sector are yet to follow believe it or not. Banks will ultimately fail and customers whose money will be lost or account frozen are the ones who will suffer not the shareholders. Imagine if the people who are victims of the banks had held their Bitcoin in a cold storage, I bet they wouldn't be in a bad place at the moment or have any iota of worry. The level of trust people have for banks is at an all time low at the money. The way I see it, having your money in the bank and having an institution or someone else hold it for you is just the same thing as they face the same risks. A reminder that with your bitcoin in a cold storage, you can be your own bank.

Not necessarily there is need for cold storage for everyone, just a commoner with few hundreds or thousands worth of cryptos can opt for loght weight wallet or HW if they can afford to spend $100 or little more.

Many small banks are suffering since the covid and multiple waves because they can't maintain the liquidity since many people are withdrawing and not much people have funds to deposit so an average middle class people should understand the risks of giving our money in the hands of trusted third parties so called banks cause they also bankrupted and they won't pay you completely and that is what their policies say which we signed while the creation of a bank account.

[Solosanz]

I don't want to defend banks, but SVB and Credit Suisse's customer can claim his money back since there's an insurance company can backup the banking bankruptcy isn't? it's different with the centralized exchange or platform collapse where you have no way to claim back your funds.

But it's obviously better to store your wealth in Bitcoin, because you're the one who have full control over your coins as long as you're hold it on non custodial wallet.

[salad daging]

That is cool! we must be able to become our own bank and the bitcoins that are owned must be in full control by us including storing them in Cold Storage we will be safe and there will not be misery.

With this news, SVB and Credit Suisse, many customers are panicking, at least their funds will definitely be frozen because we have no control, even though we are the owners of the money, most of the time, many banks fail and eventually collapse, they cannot pay customers. because failing to run this is really terrible if it happens to us, now I better believe in bitcoin to store bigger assets and Cold Storage is a safe place for these assets.

[Nwada001]

To those of us who have knowledge of crypto, we all like being in charge of both funds and security, which has always been the best for us and has resulted in lots of savings, especially when one has a hardware wallet, which is top rated when it comes to wallet security. 

The way I see it, having your money in the bank and having an institution or someone else hold it for you is just the same thing as they face the same risks. A reminder that with your bitcoin in a cold storage, you can be your own bank.

Having your money in the bank and allowing someone else to hold it for you are kind of the same thing, but they are to some degree different. Most people run to the bank to be safe, not just because they want to keep their money with a financial institution or someone who can hold it for them. But they believe the banking sector is safer than having your money stockpiled in someone else's hands. The reason being that banking sectors are legal and fund saving is among their primary purposes, and as such, they can't tempt customers with their money apart from their own if the law isn't against them. I believe this and a few other reasons are the major reasons people trust the banking system.

I don't want to defend banks, but SVB and Credit Suisse's customer can claim his money back since there's an insurance company can backup the banking bankruptcy isn't?

Yes, this is also another reason why customers believe their money is always safe in the hands of the bank, but insurance companies don't pay all insurance claims; there is only a certain percentage that they can pay to reduce the amount of loss that the bank incurred. This insurance policy can't even, at some point, pay off 50–80% of the affected customers. The customer is always the victim, which is why the investors, to some point, always get back their investment. 

[cryptoaddictchie]

Some didnt realize that yet but now that a big incident occure in one of the largest banks. Maybe some consider the storage of crypto that holds their own key but their problem most likely is the value its not constant and stable. Unless stablecoin can be considered as decentralized as btc. Cause for bitcoin it is decentralized but these people wont surr about its volatility it can go up in value or go down anytime.

[348Judah]

Snipped

This is an exact definition to not your keys not your coins, when you're claiming having something which is obviously yours but in someone's else's possession means you're at risk of the third party unless ut got into your own hands, why will a centralized exchange have my wallet keys in their custody when am trying to avoid this with banks and yet fall into the hands of exchanges? once I've been wise to know that my wallet should only possess my access only, choosing bitcoin isn't the entire process to decentralization except you have your keys with you by using a non custodial wallet.

[m2017]

SVB and Credit Suisse has fallen and more woes in banking sector are yet to follow believe it or not. Banks will ultimately fail and customers whose money will be lost or account frozen are the ones who will suffer not the shareholders. Imagine if the people who are victims of the banks had held their Bitcoin in a cold storage, I bet they wouldn't be in a bad place at the moment or have any iota of worry. The level of trust people have for banks is at an all time low at the money. The way I see it, having your money in the bank and having an institution or someone else hold it for you is just the same thing as they face the same risks. A reminder that with your bitcoin in a cold storage, you can be your own bank.

Your reasoning touches only one side of the problem. Keeping money in bitcoin stored in a cold storage also comes with some risks. Do you want to be your own bank? Then be prepared to take personal responsibility for your actions. No one will help you and no one will solve your problems if it arise. No support, no insurance, no compensation and so on. Just you, your btc and a bunch of tasks that you have to solve to ensure safety.

I'm not trying to scare, but I'm trying to draw attention to important nuances. If you don't take them into account and treat your bank negligently, then expect trouble.

[Vaculin]

Having a Bitcoin wallet definitely gives you a lot more control over your funds. You can send and receive money without having to wait for a bank to approve it, and you don't have to worry about fees eating away at your hard-earned cash. Yeah, it's like being your own personal bank, but without all the hassle and paperwork. And let's be real, who wouldn't want that? And who knows, maybe one day we'll all be using it to buy our morning coffee and bagels like it's no big deal.

But like you said, with great power comes great responsibility. You gotta make sure your wallet is safe and secure, or else you risk losing all your coins. So don't forget to keep your private keys under lock and key, and maybe even consider using a hardware wallet for extra security.

That’s actually the best advantage when you are hodling bitcoin on your own wallet. You are in full control of your funds, whether to save more of it or withdraw, just being more convenient that in all that you do, there are no third parties that will approve first your deposit or withdrawal so you have all the freedom to enjoy. However, the need to be highly responsible of your own account is at its utmost. Otherwise, if you are always careless and take action without caution, and being irresponsible of your own private keys, eventually you will lost all your coins and leave you with an empty wallet. So we have to be responsible at all cost.

[ajiz138]

I don't want to defend banks, but SVB and Credit Suisse's customer can claim his money back since there's an insurance company can backup the banking bankruptcy isn't? it's different with the centralized exchange or platform collapse where you have no way to claim back your funds.

But it's obviously better to store your wealth in Bitcoin, because you're the one who have full control over your coins as long as you're hold it on non custodial wallet.

Even though the bank has insurance, but that's not all of the customer's money can be taken. There is a threshold set by the insurance, and this clearly makes it difficult for them, even though we know the bank has the ability to do that there because as big as any bank is if they fail to pay their customers then it will hurt a lot of customers and a big panic will ensue.

Centralized banks and exchanges are completely out of our control so when there is a problem or bankruptcy they will definitely fail to pay customers.

Well I believe more in bitcoin and storing it on hardware it will be much safer, because we ourselves control all of it without any interference.

[Die_empty]

SVB and Credit Suisse has fallen and more woes in banking sector are yet to follow believe it or not. Banks will ultimately fail and customers whose money will be lost or account frozen are the ones who will suffer not the shareholders. Imagine if the people who are victims of the banks had held their Bitcoin in a cold storage, I bet they wouldn't be in a bad place at the moment or have any iota of worry. The level of trust people have for banks is at an all time low at the money. The way I see it, having your money in the bank and having an institution or someone else hold it for you is just the same thing as they face the same risks. A reminder that with your bitcoin in a cold storage, you can be your own bank.

Most banks are insured by National Deposit Insurance Corporation which means that the majority of customers might not lose their funds. The US reserve has promised to bail out SVB and cover their debt in other to uphold the integrity of their banks. The shareholders are the people who will lose their investment.

Banks and exchanges will always disappoint their clients because they are controlled by sometimes selfish and inexperienced individuals. Bitcoin and decentralized wallets are two interconnected partners that unveil the true nature and benefit of using the coin.

Some didnt realize that yet but now that a big incident occure in one of the largest banks. Maybe some consider the storage of crypto that holds their own key but their problem most likely is the value its not constant and stable. Unless stablecoin can be considered as decentralized as btc. Cause for bitcoin it is decentralized but these people wont surr about its volatility it can go up in value or go down anytime.

Some bitcoin investors don't care about its volatility because it is far more stable than their local currency. My local currency has lost close to 80% of its worth and there is no indication that it will rise. I should keep my funds in bitcoin because there is hope that it might rise.

[Russlenat]

SVB and Credit Suisse has fallen and more woes in banking sector are yet to follow believe it or not. Banks will ultimately fail and customers whose money will be lost or account frozen are the ones who will suffer not the shareholders. Imagine if the people who are victims of the banks had held their Bitcoin in a cold storage, I bet they wouldn't be in a bad place at the moment or have any iota of worry. The level of trust people have for banks is at an all time low at the money. The way I see it, having your money in the bank and having an institution or someone else hold it for you is just the same thing as they face the same risks. A reminder that with your bitcoin in a cold storage, you can be your own bank.

There’s no other way to make it safer than to be with our own bank, and that is clearly not allowing any bank or third party that will make an access to our coins. While this way is more safe and secured, the risk of losing is still there. You could have lost all your coins if you never follow the rules to secure your account. That is the reason you have to take full responsibility of your account so you can lessen the risk of losing your hard earned funds.

[Distinctin]

SVB and Credit Suisse has fallen and more woes in banking sector are yet to follow believe it or not. Banks will ultimately fail and customers whose money will be lost or account frozen are the ones who will suffer not the shareholders. Imagine if the people who are victims of the banks had held their Bitcoin in a cold storage, I bet they wouldn't be in a bad place at the moment or have any iota of worry. The level of trust people have for banks is at an all time low at the money. The way I see it, having your money in the bank and having an institution or someone else hold it for you is just the same thing as they face the same risks. A reminder that with your bitcoin in a cold storage, you can be your own bank.

Banks are prone to hacking and failures, the reason why we should not entrust all our funds into banks completely. However, if we can convert some of our funds into bitcoin, that’s much better and we can save them in our personal cold storage wallet to save them from hackers and scammers around. Knowing with bitcoin you can be on your own bank, that gives us bigger advantage as we can take the full control over our bitcoin, leaving banks not allowed to access our bitcoin.