Advantages of Bitcoin over fiat and local banks

[usekevin]

Financial freedom is not the same as financial security. Bitcoin gives you control, but its value is not stable, it's not backed by something that you can predict. Bitcoin showed great performance in the past, but there is no proven model that can guarantee same performance in the future. Or even good performance. You can say that fiat can crash too and be right, but any asset can crash. So the key to managing wealth is diversification between many different uncorrelated and reliable assets, instead of going all in on one thing.

Bitcoin give financial freedom to many people most the freelancers,the people population in almost all the countries had huge compared to the last decade.But the employment to the people was not increased with the increase in population.So many people became a freelancer to work for their livelihood.The forum give those people income and the bitcoin give them financial independence.Some people doing the cryptocurrency trading for the full time to support their families.In one or many ways bitcoin helping the people to earn some money.

[1715545816]

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[RockBell]

Financial freedom is not the same as financial security. Bitcoin gives you control, but its value is not stable, it's not backed by something that you can predict. Bitcoin showed great performance in the past, but there is no proven model that can guarantee same performance in the future. Or even good performance. You can say that fiat can crash too and be right, but any asset can crash. So the key to managing wealth is diversification between many different uncorrelated and reliable assets, instead of going all in on one thing.

the two are totally different and the truth of the matter is that there is no way fiat and local banks can be left out of the picture, Bitcoin and local banks are on the same line but have different functionalities, and the advantage Bitcoin has is the fact that you are in full control of your asset, not your key, not your coin but another thing is that the percentage of financial security I think local banks can held responsible if anything should go wrong and both bitcoin and banks have there advantages and disadvantage. and I don't think anyone can do without fiat.

Bitcoin give financial freedom to many people most the freelancers,the people population in almost all the countries had huge compared to the last decade.But the employment to the people was not increased with the increase in population.So many people became a freelancer to work for their livelihood.The forum give those people income and the bitcoin give them financial independence.Some people doing the cryptocurrency trading for the full time to support their families.In one or many ways bitcoin helping the people to earn some money.

Financial freedom has helped a lot of people because opportunities are opening up in different windows. Thank God, the world is changing, and since the government is finding it difficult to provide jobs, a lot of people are diversifying to freelance work where you can sit in the comfort of your own home and earn. And the growth in population is complicating matters because the administration is not considering alternative ways to keep people employed. That is why many individuals are eager to accept Bitcoin now that it has a means. And the greatest thing to do is to think of the box and engage in several modes of income.

[serjent05]

Financial freedom has helped a lot of people because opportunities are opening up in different windows. Thank God, the world is changing, and since the government is finding it difficult to provide jobs, a lot of people are diversifying to freelance work where you can sit in the comfort of your own home and earn. And the growth in population is complicating matters because the administration is not considering alternative ways to keep people employed. That is why many individuals are eager to accept Bitcoin now that it has a means. And the greatest thing to do is to think of the box and engage in several modes of income.

Bitcoin does not give people financial freedom in the sense of financial security since as stated in the earlier reply, Bitcoin is too volatile for it.  Bitcoin can only give us freedom on financial transaction where no one can mute us from sending our transactions since Bitcoin is immutable. The context of Bitcoin in financial freedom is not the same as the normal meaning of financial freedom.  Bitcoin is more on the freedom of the execution of the transaction than that of financial security.

[Ojima-ojo]

Truth be told, diversification is so important and as an alternative model to help cover up in time of crisis such as the one in the ops, it makes it more easier to switch between the line, like you said a out the risk associated with holding a single pair of coin such as Bitcoin is that, you can not predict it future outcome on the long run since Bitcoin is highky volatile in price but more also, bitcoin have fone oassed the level of high volatility and have become relatively stable.

Financial freedom is not the same as financial security. Bitcoin gives you control, but its value is not stable, it's not backed by something that you can predict. Bitcoin showed great performance in the past, but there is no proven model that can guarantee the same performance in the future. Or even good performance. You can say that fiat can crash too and be right, but any asset can crash. So the key to managing wealth is diversification between many different uncorrelated and reliable assets, instead of going all in on one thing.

For security of investment, it is better to hold more bitcoin against altcoins or other highly volatile assets, Bitcoin has a higher chance of becoming my top choice in the future since I have already built a high level of trust in the ability of Bitcoin to rise again.

[Y3shot]

Yes, my bitcoins are accessible 24/7 for 365 days in a year.... other than centralized services that cannot help you outside of office hours, when you run into problems with your Banking Apps or your ATM cards.  

I can also have my bitcoins in Paper wallets, where I am not paying "fees" for someone else "securing" my money.   Also, something that very little people know, is the fact that there are not enough money in the Banks for everyone to withdraw their money, if there are some crisis. (In Greece... Banks closed their doors and put limits on people's withdrawals during a Bank run .... so people could not withdraw their own money)  

This is how the banking system plays with our intellect . Honestly their are no enough money that is why all time banks put limit to the money customers can withdraw for the day because they want they want the little money they have to go round. The bank tend to have money and claims keeping money is safe and yet people still struggle to get back their money . Bitcoin  is nothing but freedom and it is accessible in the 24hours of the day. I'm so glad for Bitcoin because if not for Bitcoin the banking system would have played with the intelligence of People and keep people in a situation as if they do not have right to do whatever they want to do with their money.

[Yatsan]

Yes, my bitcoins are accessible 24/7 for 365 days in a year.... other than centralized services that cannot help you outside of office hours, when you run into problems with your Banking Apps or your ATM cards.  

I can also have my bitcoins in Paper wallets, where I am not paying "fees" for someone else "securing" my money.   Also, something that very little people know, is the fact that there are not enough money in the Banks for everyone to withdraw their money, if there are some crisis. (In Greece... Banks closed their doors and put limits on people's withdrawals during a Bank run .... so people could not withdraw their own money)  

This is how the banking system plays with our intellect . Honestly their are no enough money that is why all time banks put limit to the money customers can withdraw for the day because they want they want the little money they have to go round. The bank tend to have money and claims keeping money is safe and yet people still struggle to get back their money . Bitcoin  is nothing but freedom and it is accessible in the 24hours of the day. I'm so glad for Bitcoin because if not for Bitcoin the banking system would have played with the intelligence of People and keep people in a situation as if they do not have right to do whatever they want to do with their money.

Yes, we are all aware of Bitcoin's advantages but banking and Biycoin in the first place are two different tecnhology and system. One has limitiation and same thing with the other. For example, we have the accessibility with crypto anytime we would want to but would you be using it 24/7? 'coz for sure we are mostly into holding more than spending it due to profit potential. And with banking, amounts we can withdraw is limited but that's dependent with the amount we may put into it. Banking and fiat are accepted and accessible widely across countries while Bitcoin is not. However, wiyh Bitcoin it has a higher increase rate which generates way bigger profit from investing into it. Fiat and crypto are both currencies but are having different characteristics which I think it is nonsense to compare. Let us jist allow people to use whichever would give more convenience depending on your goals and lifestyles.

[wiss19]

Decentralization is obviously the best advantage that Bitcoin provides to its users because we have been under the control of these financial institutions for centuries and there was never a way for people to actually keep their own money with them in a safe manner without having to keep them in paper cash that is prone to a lot of issues and without giving anyone else access to their money and always having access to their funds no matter where they are.

With centralized financial institutions, our financial holdings along with our financial activities, all are tracked and looked at by those who are managing our money, and as you said, they also use our money in all sorts of things so that they can generate more revenue for themselves without our consent.

[Solokan]

If we save money in a bank there will always be positive and negative sides, and indeed fiat money is always subject to inflation, especially over a long period of time, but if we invest in BTC there is the potential not to be affected by inflation, because the price of BTC has the potential to continue to rise. but in this case I will support everything, namely I support banks, support fiat currency and support bitcoin. because I think everything has its positive and negative sides.

[noorman0]

-snip-
but if we invest in BTC there is the potential not to be affected by inflation,

Bitcoin is also volatile, it will indirectly have the perception of inflation in relative value, especially for speculators whose main activity is trading it with fiat currency.
And the term "long term" is also relative to some people. There's nothing wrong with using bitcoin as a hedge, but investors can be at more risk from the effects of inflation because of the relative time they can hold it.

[.gustafson]

Banks can be a hassle. Bitcoin's autonomy is great, but it's got its own quirks and risks. Always wise to diversify your financial strategies.

[Fuso.hp]

When you deposit your money in the bank, your access to the money is definitely in the hands of the bank and as long as you keep the money in the bank account, the bank can do anything or invest anywhere with the money in your account. Sometimes there are some technical problems in mobile banking but most of the time those problems are solved quickly by the mobile banking companies but the experience you mentioned is undoubtedly very disappointing. Nowadays, to keep pace with the developed world, people now prefer to keep money in banks or mobile banking instead of cash, as a result of which it can be seen that people are depositing more money in mobile banking accounts, but sometimes the behavior of mobile banking is really disappointing. And users question their security for such activities. You may be involved with Bitcoin so you can easily convert your money through Bitcoin but those who depend only on mobile banking and have no idea about Bitcoin how can they get rid of this problem.

[bayu7adi]

For the OP, after experiencing such events and realizing that you find Bitcoin to be a superior option, have you now allocated all your funds into Bitcoin?

I personally acknowledge that the banking industry operates in stark contrast to the principles of Bitcoin. Banks generate profits through the lending and borrowing mechanisms, effectively acting as custodians of the public's money and capitalizing on it.

I don't mind storing money in a bank, as long as my balance remains secure and I can withdraw it in its entirety. Furthermore, banks must ensure the safety of my data to prevent misuse.

As of this moment, I haven't been able to place all my funds into Bitcoin due to the reasons of volatility, and also because I can't directly purchase goods using Bitcoin in my country, as per Indonesia's government regulations. The volatility makes me hesitant to withdraw money for urgent needs. It's quite a loss if I require a significant amount when the BTC price is down.

However, it must be acknowledged that Bitcoin indeed needs to receive a green light for broader adoption. While many people reject or find the blockchain system incompatible, at the very least, there are no barriers for those who wish to learn about cryptocurrencies or Bitcoin

[fuguebtc]

-snip-
but if we invest in BTC there is the potential not to be affected by inflation,

Bitcoin is also volatile, it will indirectly have the perception of inflation in relative value, especially for speculators whose main activity is trading it with fiat currency.
And the term "long term" is also relative to some people. There's nothing wrong with using bitcoin as a hedge, but investors can be at more risk from the effects of inflation because of the relative time they can hold it.

Bitcoin is an inflation hedge when we hold them for the long term, but in the short term that is not true. Look at what happened during the 2022 crisis, how badly bitcoin was hit when inflation skyrocketed and the Fed imposed interest rates. Those who bought bitcoin in 2021 are still losing more than the decline in fiat value. So I wouldn't consider bitcoin a short-term inflation hedge. But in the long run, bitcoin really works because its price goes up.

[uchegod-21]

OP, your story is what happens in our every day life. You have an emergency situation to take care of yet banks will not release your funds to you. In most cases, you are required to fill forms, get authorisation from specific authorities first before you could access your money. What's the stress for?
Having fixed deposit accounts in banks is no longer worth it. The money saved can lose its value any minute.
With all the benefits bitcoin has, one will easily embrace bitcoin that ensures you can easily access your funds anytime and day without third parties interference, no unnecessary bank charge and you're good to go.
Interestingly,  bitcoin is not easily affected by inflation or deflation.

If we save money in a bank there will always be positive and negative sides, and indeed fiat money is always subject to inflation, especially over a long period of time, but if we invest in BTC there is the potential not to be affected by inflation, because the price of BTC has the potential to continue to rise. but in this case I will support everything, namely I support banks, support fiat currency and support bitcoin. because I think everything has its positive and negative sides.

You cannot say you support everything.  Fiat and bitcoin are not in a competition. Satoshi Nakamoto who introduced bitcoin did not see or make the bitcoin a replacement for fiat, rather he made the bitcoin an alternative coin one can easily fall to in cases like these.

[moneystery]

bitcoin is truly an innovation in the global payment system, because unlike the banking system where people sometimes have difficulty accessing their accounts, with bitcoin someone can make transactions whenever and wherever they want as long as they have internet access. comparing banking and bitcoin, bitcoin is clearly much better, especially in terms of accessibility and security, it is much better than any banking.

maybe right now there are still many people who are skeptical about the use of bitcoin, but it is quite certain that in the future there will be more people who are aware of the various benefits they can get by adopting bitcoin.

[romero121]

Bitcoin is innovated to eliminate the third party. The third party in a financial transaction is the banks. Majority of the people's money goes into the pocket of the banks in different forms starting from transaction fee. Bitcoin doesn't have any limitations on cross border payment whereas banks require big process on huge volume of money transactions. Bitcoin is universal and gives access to use it anywhere whereas local banks give access to local fiat within limited region/country.

The preference of bitcoin as investment have increased much compared to the usage as currency. There is high risk with bitcoin compared to fiat, but for users who have got the ability to hold will be benefitted big. Fiat we hold could get devalued over time, but with bitcoin the same happens in the opposite way.

[Rabata]

People are constantly being introduced to new technologies and now they are using some technology to do the same work they used to do before. We have been forced to serve the banks in the conventional banking system for ages. But the time has come to turn around. Before, we used to take various benefits of the bank with high interest without getting any other way. Banks acted as middlemen especially in payments and had to pay him over and over again. Since the birth of cryptocurrency or Bitcoin, the days of these middlemen are coming to an end.

Now we are able to send directly to the recipient their due amount in faster time. We have now been freed from the position in which we have been financially hostage for so long. Although not completely independent yet, we are going to get rid of that situation soon. Bitcoin is now not just a country, it is now used globally as a modified form of the dollar or other fiat currencies. In the future, people will use Bitcoin as a medium of exchange other than another fiat currencies.

[ShowOff]

Decentralization is obviously the best advantage that Bitcoin provides to its users because we have been under the control of these financial institutions for centuries and there was never a way for people to actually keep their own money with them in a safe manner without having to keep them in paper cash that is prone to a lot of issues and without giving anyone else access to their money and always having access to their funds no matter where they are.

Why is it so easy to forget about some other physical assets as a store of value, such as gold, silver, real estate, stock investments and so on, once you get to know bitcoin?

Bitcoin is still less than 2 decades old, but its innovations have made it a better store of value than some of the options before it. I haven't forgotten the history of storing asset value before bitcoin was invented, but maybe people have forgotten it just because they have managed to make huge profits from bitcoin in a relatively short time compared to other assets. Fiat is not a good store of value due to inflation, but some other physical assets can still be considered.

After all, Fiat has never supported your right to privacy, as it adheres to a centralized system controlled by financial institutions. Decentralized bitcoin provides better privacy protection, but you must follow and implement the recommended methods to ensure privacy.

[bakasabo]

For me there are two main advantages Bitcoin has over fiat and banks. 1) I can regulate myself how I store my funds, how I use them and most important for me is funds accessibility from any place where the internet is. 2) the amount if Bitcoins are limited. No one can just print more Bitcoins to solve his financial problem.

[UchihaSarada]

1) I can regulate myself how I store my funds, how I use them and most important for me is funds accessibility from any place where the internet is.

Only if you use a good Bitcoin wallet that must be open source, self-custodial (you own private key, mnemonic seed), support Replace-by-Fee, Coin Control feature, support Segwit address type and if best support Taproot, Coinjoin transaction.

Most basic but most important, open source and self-custodial.

2) the amount if Bitcoins are limited. No one can just print more Bitcoins to solve his financial problem.

It's true and very important. Even Satoshi Nakamoto can not add more bitcoin to its total supply (21 millions).