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

[Saint-loup]

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.

I'm not sure Bitcoin can replace banks unfortunately because people put their funds at banks to avoid keeping large amounts of money at home that could be robbed by burglars or destroyed by a fire or another disaster. With bitcoin it's the same thing, not all people want to always be worried about potential hacks and losing their Bitcoin seed. That's why they prefer leaving their funds on custodial platforms like how they do with banks for their fiat money.

[capedbaldy]

I'm not sure Bitcoin can replace banks unfortunately because people put their funds at banks to avoid keeping large amounts of money at home that could be robbed by burglars or destroyed by a fire or another disaster. With bitcoin it's the same thing, not all people want to always be worried about potential hacks and losing their Bitcoin seed. That's why they prefer leaving their funds on custodial platforms like they do with banks for their fiat money.

Basically, no one recommends keeping assets on a custodial platform to let your assets be managed by third parties and that is very different from banks because banks have licenses from the government to operate in the field of economic and financial management, but an exchange license cannot be used as a guarantee for the security of assets from investors. . So avoid storing assets on custodial platforms and it is highly recommended to store assets in non-custodial wallets using a wallet application or hardware wallet.

[Saint-loup]

I'm not sure Bitcoin can replace banks unfortunately because people put their funds at banks to avoid keeping large amounts of money at home that could be robbed by burglars or destroyed by a fire or another disaster. With bitcoin it's the same thing, not all people want to always be worried about potential hacks and losing their Bitcoin seed. That's why they prefer leaving their funds on custodial platforms like they do with banks for their fiat money.

Basically, no one recommends keeping assets on a custodial platform to let your assets be managed by third parties and that is very different from banks because banks have licenses from the government to operate in the field of economic and financial management, but an exchange license cannot be used as a guarantee for the security of assets from investors. . So avoid storing assets on custodial platforms and it is highly recommended to store assets in non-custodial wallets using a wallet application or hardware wallet.

Where have you seen that no one is recommending it to anyone? It's recommended for beginners to use trusted custodial platforms till they are educated and fully aware of what they are doing when they are using their cryptos. Because they are very likely to get scammed or to make critical mistakes. Along with that there are people who just don't want or can't easily manage all that stuff. Kraken is becoming a crypto bank for example, because they think it will be the norm to store cryptos there in the coming years. Not all people on Earth are engineers or geeks. https://www.kraken.com/bank

[suzanne5223]

The sad fact about issues like this is that the masses are those that will be affected because most of the billionaires and stakeholders always invested their funds while living on debt to be tax-free so that the government will print more money.
Before issues like this happened to SVB and Credit Suisse. I think people ought to learn when thousands of people in China have their bank deposit accounts frozen.
Although, I was sad for those that were affected but I am also happy either because an issue like this will make people seek the best alternative which is Bitcoin.

[Darker45]

The sad fact about issues like this is that the masses are those that will be affected because most of the billionaires and stakeholders always invested their funds while living on debt to be tax-free so that the government will print more money.

Actually, when a bank as large as the ones mentioned fail, victims do not just include the masses. It may also include billionaires and billion-dollar companies.

Circle, for example, has billions of dollars in SVB when the latter collapsed. There are many others that had millions and billions stuck in the bank. Of course, there are also small depositors who are affected.

The difference, however, is that when these small individual account holders become the victims, they lose their life savings. When billionaires become victims, their lives are unchanged. When large companies lose billion, the CEOs and presidents and owners remain rich.

All I'm saying is that small fishes like us should be extra careful. Our choice between Bitcoin in cold storage and money in a bank account could mean everything to us.

[suzanne5223]

The sad fact about issues like this is that the masses are those that will be affected because most of the billionaires and stakeholders always invested their funds while living on debt to be tax-free so that the government will print more money.

Actually, when a bank as large as the ones mentioned fail, victims do not just include the masses. It may also include billionaires and billion-dollar companies.

Circle, for example, has billions of dollars in SVB when the latter collapsed. There are many others that had millions and billions stuck in the bank. Of course, there are also small depositors who are affected.

The difference, however, is that when these small individual account holders become the victims, they lose their life savings. When billionaires become victims, their lives are unchanged. When large companies lose billion, the CEOs and presidents and owners remain rich.

All I'm saying is that small fishes like us should be extra careful. Our choice between Bitcoin in cold storage and money in a bank account could mean everything to us.

Yeah, the masses need to be careful when they are using a centralized system, especially the setting that has to do with the institution.
Having said that, Do you think the millionaire and billionaires that have money on SVB will be affected? Mate,  they won't be affected. Have you ever guessed the reason why the US President set into the issue and also make the statement that tax payers will be saved?

[Viscore]

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 of owning bitcoin because you can have its full control through putting them in your own cold storage wallet. You can do whatever you want without worrying if the banks will approve or not, and you can earn unlimited amount of bitcoin without the interruption of banks like setting your account limited amount of bitcoin to save. This is really giving us freedom over the banks. But apart from this, we should also be responsible of the safety and security of our own account. We should keep it private as much as we can by not disclosing to others that we have bitcoins in our account because that will trigger some scammers to create harm against us so they can steal our coins without our awareness.