How Magical Is The Magic Money ? - Bitcoin

[ColdLava40]

Becoming your own bank wouldn't have been possible, until Satoshi Nakamoto can up with a brilliant idea. Third party interference has been a major issue affecting those who are not part of the governmental system, making them feel almost less important especially when it comes to accessing their own deposits.

Been your own banks literally gives you the same authority that financial institutions (banks) posses, such as:
1. Sending money to anyone around the world with out intercountry restrictions.
2. Sending any amount unlike banks that gives limit
3. Acting as a third party in approving your own transactions, etc.

The volatile nature of this form of money makes it a suitable investment option for those that believes in it. Interestingly, price increase and price decrease are both different opportunities that favors it's users. When the price goes up, those in possession makes  decent profit for themselves depending on how much they bought and how many they've acquired. When the price drops, people sees it  as an opportunity to accumulate more. I would say that Bitcoin is indeed a marvelous piece of art.

Is there anything more interesting than becoming your own bank, approving your own transactions and also enjoying both the positive and the negative price aspect of the currency ?. What more can be magical than this ?.

[1714871470]

1714871470

[1714871470]

1714871470

[1714871470]

1714871470

[Casdinyard]

Don't want to sound like the grammar police out here but implying that what bitcoin does is magic hurts its reputation in a way. It makes people think as if everything that bitcoin is all for constitutes nothing but the collective delusion and imagination of those who support it, which can't be the case. The concept of being your own bank is a little bastardized too, since for the most part the only thing that makes bitcoin similar to a bank is the fact that it's a store of value, and even that is a massive stretch.

At its core bitcoin is nothing but a payment system done digitally, which we happened to find out is also capable of giving us profits down the line. The discovery is purely coincidental and had we not discovered this we wouldn't even think of bitcoin as a "bank for the people".

[Hatchy]

Been your own banks literally gives you the same authority that financial institutions (banks) posses, 

I would rather say having control over your own funds(that's if you use decentralized mediums to store your funds) yes, Bitcoin is serving these purposes and many more. Alot of person has decided to adobt Bitcoin as a store of value, because of the freedom it give. Just as you've stated it has help make cross border transactions possible and with ease.  Banks on the other hand has lots of processing to complete for one to send money across his countries border. But if we look at it from what you've said, being your own bank. It no longer follows that way anymore because today, we now have centralized bodies that helps other keep their funds. Similar to the banks. So the idea is that what ever freedom you've choose to get using Bitcoin depends on how you've decided to store it.

[un_rank]

Been your own banks literally gives you the same authority that financial institutions (banks) posses, such as:
1. Sending money to anyone around the world with out intercountry restrictions.
...

Even local banks cannot send across countries without any restrictions. SWIFT regulates transaction across borders and can put restrictions on banks cause of political reasons like was done after the onset of the war between Russia and Ukraine.

- Jay -

[hugeblack]

Frankly, I did not understand the idea you are trying to convey, but in general, there are some incorrect points you mentioned.

Is there anything more interesting than becoming your own bank, approving your own transactions and also enjoying both the positive and the negative price aspect of the currency ?. What more can be magical than this ?.

Not everyone can confirm or reject a transaction except those who have mining devices connected to mining pools, and even those cannot reject a transaction as long as it is compatible with the network protocol, and even if they refuse, there are other pools that will accept these transactions.

If you use closed source wallets, leave your money in third-party custody services, in CEXs, then you are not becoming your own bank.

[goldkingcoiner]

Don't want to sound like the grammar police out here but implying that what bitcoin does is magic hurts its reputation in a way. It makes people think as if everything that bitcoin is all for constitutes nothing but the collective delusion and imagination of those who support it, which can't be the case. The concept of being your own bank is a little bastardized too, since for the most part the only thing that makes bitcoin similar to a bank is the fact that it's a store of value, and even that is a massive stretch.

At its core bitcoin is nothing but a payment system done digitally, which we happened to find out is also capable of giving us profits down the line. The discovery is purely coincidental and had we not discovered this we wouldn't even think of bitcoin as a "bank for the people".

I would agree with you, albeit perhaps not quite as aggressively.

OP probably does not mean to throw dirt on the image of Bitcoin but rather he seeks to address the meme of Bitcoin being "magic internet money". We have all heard it and seen it. And we had a few laughs. But ultimately, there are people who misunderstood Bitcoin because of that meme. That hurts the overall adoption of Bitcoin and slows down value progress. (I say slow down because a rising value is inevitable.)


Bitcoin needs to be taken more seriously and much more professionally. It really helps Bitcoin's appeal towards investors and strengthens Bitcoin.

[BIT-BENDER]

Is there anything more interesting than becoming your own bank, approving your own transactions and also enjoying both the positive and the negative price aspect of the currency ?. What more can be magical than this ?.

It's not magic money it's digital money and yes it offers individual a unique and better option than the traditional financial system, but with great power which crypto-currency offers comes great responsibilities.

Being in charge of your finances means you also take the blow when it doesn't go too well that is why you need to also learn to prioritise safety and security while in crypto-currency. The usual advice is getting your own wallet, cross checking before making an transactions, using the right exchanges to buy or sell, trade, protecting your device with additional protection aside your private key like 2FA factor and being security conscious.

[Mpamaegbu]

Your caption got me the wrong way. For a second, I thought the "magic money' mentioned in your topic title was the type often pronounced by evangelical and pentecostal preachers or the entire African Christian pastors in their crusades to woo membership. This is a classical example of why nobody should read a headline alone and run off with its supposed story.

[SamReomo]

It's not fair to call yourself a bank because we aren't doing those shady things that most of the banks have been doing with their account holders. Satoshi introduced Bitcoin because he really didn't like the traditional banking system which was controlled by a few people. The banks have been controlling us and our money for a long time and now after the introduction of Bitcoin we have got an option which isn't controlled by anyone. But still unfortunately we will have to rely on banks in order to purchase Bitcoin and that's a bitter truth.

The volatility of Bitcoin is very high and you're right that because of its volatility investors and traders can make a lot of profit out of it. Most of the investors usually don't care much about the volatility of Bitcoin because they mainly buy it and hold it for decades and we call those investors as Hodlers. A few investors want to earn a lot of profits within 2-5 years and those investors usually accumulate Bitcoin during bear market and sell it during bull market.

Ah, another point I would let you know is that you can't approve your own Bitcoin transactions. The miners are the ones who approve those transactions by adding those in the next blocks. If you had that power then you maybe able to call yourself as a magician but my friend the miners are doing the thing for us. Well, still I must say that you have shared some good information about Bitcoin and I recommend you to learn more about it by regularly visiting this forum and reading the posts of the reputed members.

[gunhell16]

There is no doubt that Bitcoin gives us a reason to be able to manage our own money better than the bank. And some of the reasons why we can do this are because of the decentralization that Bitcoin has that banks don't have.

And this is also the main reason why Nakamoto did this—for all the people who will actually believe it. To protect our hard-earned money and also provide a good opportunity for us as users and believers in Bitcoin. And because of this matter, we are very thankful to Satoshi for so many reasons for providing these solutions in terms of financial problems.

[PX-Z]

Bitcoin was a so magical before when you can still mine it using PC's CPU and GPU, when faucets still gives enough, in short when you get it for free then get the benefits on how decentralized it works, how convenient it was to send and receive without restrictions and lastly get the monetary benefits when you just hold it.

[hatshepsut93]

Is there anything more interesting than becoming your own bank, approving your own transactions and also enjoying both the positive and the negative price aspect of the currency ?. What more can be magical than this ?.

Most people don't want their daily things, like currency, to be "magical". They want them to work smoothly, without any problems, without any extra effort, without risks. Being your own bank is not some fun activity, it's quite stressful and quite demanding. Most people have zero clue about cybersecurity and cryptography, they at best google some advice on the Internet, which will often be quite poor if they don't put effort in their research.

[OcTradism]

3. Acting as a third party in approving your own transactions, etc.

You don't and can not approve (confirm) your own transaction.

What you can do with your bitcoin and your Bitcoin transaction?

Compose it: Choose inputs, outputs; set amount you what to send to a receiver;  receiving address and fee rate for  your transaction. Then a final step is Signing your transaction with your private key to broadcast it to mempools.

After broadcasting it to mempools, you only can wait for miners to confirm your transaction. If waiting time is longer than what you want, you can use Replace-by-Fee to bump the fee but you must use this opt-in initially when you broadcast your transaction; or can use Child-Pay-For-Parents in some cases.

How Replace-By-Fee (RBF) an Child-Pays-For-Parent (CPFP) can speed up confirmation
[TUTORIAL]getting a low-fee transaction unstuck by creating a CPFP with electrum

[Learn Bitcoin]

We are not using Bitcoin the way Satoshi wanted to use it. Satoshi wanted to eliminate the involvement of 3rd parties, but we are using it with banks, centralized exchanges, etc. The moral have been changed in a decade. Still, we have options to use it correctly. Deal with the people you trust so you don't need 3rd party to get involved in your transaction.

Not everyone can confirm or reject a transaction except those who have mining devices connected to mining pools

I guess he didn't mean that. By saying approve your transaction, maybe he means you don't need approvals from some special entities like the bank. Usually, miners do not reject any specific transaction if it has enough fees. No matter if it's scammer transactions. There is no way people can check who is the owner.

[Dave1]

Lol, when I read the subject it reminds me of this wizard meme,



Yes, bitcoin gives us so much freedom right now, used as a payment method, remittances across border, form or investment, (HODL) and others that give us so much advantage over the traditional banks.

I just want to reiterate though that BYOB also entails responsibility, you need to know how to protect your bitcoin from hackers and any other cyber criminals.

[SquirrelJulietGarden]

We are not using Bitcoin the way Satoshi wanted to use it. Satoshi wanted to eliminate the involvement of 3rd parties, but we are using it with banks, centralized exchanges, etc. The moral have been changed in a decade. Still, we have options to use it correctly. Deal with the people you trust so you don't need 3rd party to get involved in your transaction.

Some people use Bitcoin transactions through centralized services and connect their trading activities with banks, cards without any break in between. It's not good practice for privacy and anonymity but it's personal choice. They are free to choose what they do and I can assume they don't care about either privacy or anonymity. They can change their mind and practice in future, anytime, because they have freedom to do so.

Why KYC is extremely dangerous and useless
No-KYC Exchange Encyclopedia
https://kycnot.me/

[Learn Bitcoin]

We are not using Bitcoin the way Satoshi wanted to use it. Satoshi wanted to eliminate the involvement of 3rd parties, but we are using it with banks, centralized exchanges, etc. The moral have been changed in a decade. Still, we have options to use it correctly. Deal with the people you trust so you don't need 3rd party to get involved in your transaction.

Some people use Bitcoin transactions through centralized services and connect their trading activities with banks, cards without any break in between. It's not good practice for privacy and anonymity but it's personal choice. They are free to choose what they do and I can assume they don't care about either privacy or anonymity. They can change their mind and practice in future, anytime, because they have freedom to do so.

What I think is, once you have used those services and compromised your identity, you never know if they are going to sell your identity to others. Anything leaked on the internet is not safe anymore. Coinbase admits that their KYC data collector company sold users' data on the darknet for $1 each. So, we don't know if we are safe on any platform.

Banks are one hand on the government. They will give your information to the authorities whenever they ask. No, it is recommended not to use banks or cards to transact your cryptocurrency. But, who cares?

[bayu7adi]

Such a level of freedom was indeed hard to come by before Bitcoin emerged. We owe our gratitude to Satoshi for initiating and demonstrating to the world that a fair alternative to the conventional banking industry truly exists. I've also come to realize that traditional banks aren't as pristine as they seemed, at least not until I learned about Bitcoin. I concur that there are numerous advantages to the presence of Bitcoin.

However, I'm not quite ready to part ways with some of the services offered by conventional banks at this point. Yes, BTC is a digital currency, but I can't yet use it directly for all my needs. When I contemplate abandoning traditional banks, I reconsider because I still rely on them to exchange BTC for FIAT.

In my country, BTC and traditional banks have become complementary financial elements due to government regulations that do not fully open the door to the adoption of Bitcoin.

[alexforneus]

The main point as for me that your coins are really yours. No one can block your account if you are holding your sats in non custodial wallets

[lombok]

What I like most about BTC is that banks and governments don't know how much Bitcoin/crypto I own. They don't know how much income I get, there are many ways to withdraw BTC/crypto and spend it, now there are many platforms that accept BTC payments. Crypto/BTC exempts me from income tax 😅. I hate taxes, when our hard work is demanded by a corrupt government, I don't want to. I'd better donate it directly to someone who needs it.

[Plaguedeath]

Aside from decentralization, I'd say Bitcoin is magic since you can carry your coins as much as you can in everywhere without losing it, lightweight and can be used everywhere through DEX, not like carrying gold or cash that's heavy if you hold a lot money.

2. Sending any amount unlike banks that gives limit

Most of people in this world are low-middle class people, there's no chance for them to reach the limit when they're only send small amount of money, you're just exaggerating the situations.

[CarnagexD]

I think OP’s definition of magical is very relative in here. Maybe because decades and decades ago, no one imagined that BTC would exist? And now that it is happening, it feels surreal. But for me, it isnt magic magic. Magic when it comes to bitcoin is a negative connotation for some people that’s why some think that it is a scam. But yeah, Bitcoin still has a long way to go and I think it will open more things in the future that we aren’t thinking of today.

[Cookdata]

The volatile nature of this form of money makes it a suitable investment option for those that believes in it. Interestingly, price increase and price decrease are both different opportunities that favors it's users. When the price goes up, those in possession makes  decent profit for themselves depending on how much they bought and how many they've acquired. When the price drops, people sees it  as an opportunity to accumulate more. I would say that Bitcoin is indeed a marvelous piece of art.

Suitable is relative though, you enjoy the good side of volatility if you have bitcoin on your hands and it pump upward but there is nothing good in watching your investment crash in just a matter of hours. Take it or leave it, it hurt feelings of diamond hands that are longing their investment for future.

However, the good side of it is that, as investors are going, more are also coming to buy opening opportunities for others that couldn't buy in those cheap prices. Subsequently, if it grows back in value, they can equally sell or continue to hold the bag for future purposes.

Is there anything more interesting than becoming your own bank, approving your own transactions and also enjoying both the positive and the negative price aspect of the currency ?. What more can be magical than this ?.

Bank and Bitcoin are two different entity's, one is control by monetary policy govern by central banks while the other is govern by absolutely nobody  because it run on the protocol that was designed by Satoshi. You can't blame the banks actually, commercial and micro finances to be precise, they work on the instructions of the CBN, going against that implemened monetary policy means they are out of the business for good, so don't blame them to with the sick rules of fiat. Bitcoin still need safe hands for people to get into bitcoin and that's what the banks do, that's why we need the banks to get that adoption for people that didn't get into bitcoin in the early days.

[bettercrypto]

Since the creation of Bitcoin, those who believe in it know that we can be like a bank or even more. Even though we didn't put out any capital to have our own bank, We were able to do this because of the decentralized system that exists in Bitcoin and the blockchain technology that comes with it.

This is just one of the things that attracted investors as to why there are even other big companies that have invested in Bitcoin. Recently,  the Honda and Ferrari companies have invested in it, and they even accepted part of their business as an option payment for their products.

[taufik123]

Since the creation of Bitcoin, those who believe in it know that we can be like a bank or even more. Even though we didn't put out any capital to have our own bank, We were able to do this because of the decentralized system that exists in Bitcoin and the blockchain technology that comes with it.

More than the current banking system. Decentralized Bitcoin provides transparency for all transactions made whereas banks will not provide this.
We who own the asset then we will be responsible for managing it, to maintain its security.
Blockchain is a ledger technology that is the supporting technology for Bitcoin or crypto, so it is a revolutionary future technology.

This is just one of the things that attracted investors as to why there are even other big companies that have invested in Bitcoin. Recently,  the Honda and Ferrari companies have invested in it, and they even accepted part of their business as an option payment for their products.

The correct news is not investing in crypto or bitcoin, Honda only provides an option for crypto payments using FCF Pay and does not make direct payments in crypto to Honda.

The partnership between Honda and FCF Pay, as well as other important collaborations,
represents a significant step toward cryptocurrency adoption and blockchain integration.
FCF Pay is only available to US citizens, but will be expanded to other countries in the future.

https://cointelegraph.com/news/honda-denies-accepting-crypto-payment

[m2017]

Is there anything more interesting than becoming your own bank, approving your own transactions and also enjoying both the positive and the negative price aspect of the currency ?. What more can be magical than this ?.

The charm of the “magic” will quickly evaporate as soon as you “experience” the downside of these benefits for yourself.

- Once you lose access to “your own bank” (bitcoin wallet) or have your bitcoin stolen, you stop enjoying being “your own bank.”

- If transactions get stuck for a couple of days due to the mem pool being overloaded, and the recipient demands to send payment right away, or if you make a mistake with the amount of the transaction fee and overpay by a lot, then this “magic” will seem like a “curse” to you.

- Will you enjoy "the negative price aspect of the currency", if this leads to your losses, another question.


There is no need to idealize bitcoin - in inept hands, the advantages of a bitcoin turn into disadvantages.

[adaseb]

Is there anything more interesting than becoming your own bank, approving your own transactions and also enjoying both the positive and the negative price aspect of the currency ?. What more can be magical than this ?.

The charm of the “magic” will quickly evaporate as soon as you “experience” the downside of these benefits for yourself.

- Once you lose access to “your own bank” (bitcoin wallet) or have your bitcoin stolen, you stop enjoying being “your own bank.”

- If transactions get stuck for a couple of days due to the mem pool being overloaded, and the recipient demands to send payment right away, or if you make a mistake with the amount of the transaction fee and overpay by a lot, then this “magic” will seem like a “curse” to you.

- Will you enjoy "the negative price aspect of the currency", if this leads to your losses, another question.


There is no need to idealize bitcoin - in inept hands, the advantages of a bitcoin turn into disadvantages.

Because before you decide to self custody your own bitcoins or any other crypto you need to learn about the security in safekeeping your money safe. There are cold storage services and hardware wallets. You can even just keep it on an exchange as long as your practise basic safety protocols like not reusing passwords, using 2fa not sms, whitelist addresses, etc.

The mempool rarely gets attacked these days. Even during the 2021 bull run the fees werent that expensive unless it was ETH. Plus lightning network is going more and more on stream.

[el kaka22]

These type of topics makes me chuckle, I mean why are we trying to praise or bash bitcoin, why can't we just act normal and just carry on with our life. Why is it that we must see something as either the very best or the worst? Is there really a reason for that at all? I do not see the point of it to be fair and I think it has to be something that will change a lot on the long run. I get that it may not be all that great for the time being, but the current situation shows that we are going to end up with something that will not be all that big.

I hope that we could get to a point where we could maybe see things change, and for that to happen we need to approve the situation to a point where it could end up with a better result eventually. If we can help it get better that would be lovely but that doesn't mean that we have to have an opinion that is so one sided, we can enjoy something without trying to praise it or bash it forever, that would not help anything.

[BVeyron]

Becoming your own bank wouldn't have been possible, until Satoshi Nakamoto can up with a brilliant idea. Third party interference has been a major issue affecting those who are not part of the governmental system, making them feel almost less important especially when it comes to accessing their own deposits.

Been your own banks literally gives you the same authority that financial institutions (banks) posses, such as:
1. Sending money to anyone around the world with out intercountry restrictions.
2. Sending any amount unlike banks that gives limit
3. Acting as a third party in approving your own transactions, etc.

The volatile nature of this form of money makes it a suitable investment option for those that believes in it. Interestingly, price increase and price decrease are both different opportunities that favors it's users. When the price goes up, those in possession makes  decent profit for themselves depending on how much they bought and how many they've acquired. When the price drops, people sees it  as an opportunity to accumulate more. I would say that Bitcoin is indeed a marvelous piece of art.

Is there anything more interesting than becoming your own bank, approving your own transactions and also enjoying both the positive and the negative price aspect of the currency ?. What more can be magical than this ?.

Bitcoin can be considered an ivestment tool only in case of long-term personal hodling, in general investors prefer fiat money, so the crypto investments into fiat projects are limited, and usualy require crypto to fiat transfer, which makes btc dependent on fiat banks, since fiat banks establish exchange prices. As for personal bank... I think that its much easier to create a personal crypto bank, than a personal fiat bank, but there is still a problem with collecting enough money to consider yourself a bank

[GbitG]

What more can be magical than this ?.

In my opinion, the best and rarest argument to justify Bitcoin as the magic of the currency is that, due to the qualities that they do not have in anything else, it is the decentralized nature that can be bought or sold by anyone and anywhere, no third party, fast, and with a low transaction fee. And the second is my In my view, the best justification that makes Bitcoin called the magic of the currency is the decreasing value, which no other thing had done before Bitcoin. It is true that the value of gold also decreases, but the way Bitcoin showed its price increase, gold did not show half of its value; the way Bitcoin doubled with its features

Bitcoin is magic since you can carry your coins as much as you can in everywhere without losing it, lightweight and can be used everywhere through DEX,
not like carrying gold or cash that's heavy if you hold a lot money.

Well, this is the point to further elaborate and discuss what you mentioned. Bitcoin can be carried everywhere without any effort, and it is very light. And under this problem we don't like fait currency just like if we carry 1 million dollars of cash somewhere, its weight is approximately 20 kg, and it becomes difficult to carry this cash anywhere as compared to Bitcoin, and it also requires more security for such a big thing as cash and Gold. While Bitcoin as a digital currency can be carried in a small hardware wallet without any major security or fear, And this is the quality that makes Bitcoin superior to other things.

[famososMuertos]

It is good that people have "financial" emotions and that translates into a popular conversation, but in a simple sense exaggerations can end in misunderstandings, as you can read some previous thoughts (post), some a little exaggerated, even putting bitcoin as" it is nothing more than... such a thing", perhaps falling into your thoughts.

People have always had the opportunity to be their own bank and such a thing still exists for many today, there are people who do not use a bank, some literally keep it under their "bed," others simply use safes, and in general People from remote region using cash payments for everything, when they have to send money very far they use things like Western Union, or something as simple as sending money with family member.

And to be honest, there may be more users doing that, yeah, so old-fashioned ("old-tecn") than there are people using bitcoin. If you don't believe me I can bet 1 satoshi.

In general, you do the "magic," not the money. Finally, I like the phrase more; money* makes dreams come true.
*BTC

[The Cryptovator]

The topic title and the post are conflicting. I can't see anything magical about the topic. Rather, you mention it's your own bank, which is true. However, to claim your own bank, the first concern is how you store your cryptocurrency. You owning Bitcoin doesn't mean you become your own bank; there's nothing magical here. You should have a secure, non-custodial wallet to be your own bank. When you are storing funds in a central wallet or exchange, you can't claim your own bank. I believe you got everything from the above discussions.

[Dunamisx]

The main point as for me that your coins are really yours. No one can block your account if you are holding your sats in non custodial wallets

That's true, this is one of the strongest reasons for the creation of bitcoin which the people have always hold unto in other to receive the best performance with bitcoin being a digital currency, it's such a reliable and consistent cryptocurrency that does not create sentiment over anyone, it's made available for everyone use if adopted, bitcoin is just like a seasonal film in the eye of governments, they can't finish watching it.

[Blitzboy]

Satoshi Nakamoto wisely broke traditional banking. Bitcoin gives people authority mainstream financial institutions have denied them. Operating internationally, defying limitations, and self-validating transactions are liberties many now cherish. But, with great power comes great responsibility. Being your own bank is more than just a title; it gives you power and responsibility.

Price increases can tempt both experienced and novice investors. In contrast, price drops are accumulation windows. However, crypto booms and busts are essential. The appeal of self-banking and financial freedom is strong, but are we ready for the challenges, highs, and lows of this newfound independence? Bitcoin's true art is balancing magic with metrics.

[TimeTeller]

The main point as for me that your coins are really yours. No one can block your account if you are holding your sats in non custodial wallets

That's true, this is one of the strongest reasons for the creation of bitcoin which the people have always hold unto in other to receive the best performance with bitcoin being a digital currency, it's such a reliable and consistent cryptocurrency that does not create sentiment over anyone, it's made available for everyone use if adopted, bitcoin is just like a seasonal film in the eye of governments, they can't finish watching it.

As we put it this way, we are our own bank holding our coins or any cryptocurrencies. We don't need to bother others if we know how to manage and secure our assets.
This is why if you put your coins in other third party apps or trading platforms, it is not considered yours because you have no full control of it.
There's no magic in here but it teaches people to be responsible with their assets. And it is your fault if you fall to click baits, traps or fraudsters.
And the best thing here is that everyone can own any amount, at their own convenience, without being known to anybody. It is all on you if you want to disclose your holdings to others.

[TravelMug]

The topic title and the post are conflicting. I can't see anything magical about the topic. Rather, you mention it's your own bank, which is true. However, to claim your own bank, the first concern is how you store your cryptocurrency. You owning Bitcoin doesn't mean you become your own bank; there's nothing magical here. You should have a secure, non-custodial wallet to be your own bank. When you are storing funds in a central wallet or exchange, you can't claim your own bank. I believe you got everything from the above discussions.

I think it steam from the what the critics have been saying about Bitcoin, it's a magical money, just consists of numbers and with leading zeroes. So it's like getting it out of thin air with this cryptographic and what not. But we all know that it's very simple, although it could be complex for the majority. But if you look closely and read the whitepaper, everything is explain there.

And yeah, when we talk of traditional banking, we don't have control of money, even technically it's ours in the first place. And there are a lot of example that you can't withdraw your money in the bank. But with bitcoin, you hold the key, mnemonic phrase and there's no need for a middle man. Transactions are transparent in the blockchain and once it's record, it cannot be change.

[DapanasFruit]

I would try to avoid the reference to Bitcoin as something magical though I understand that maybe from the perspective of people who are mesmerized of the things that BTC can do then maybe there is certain in it that constitute beyond what we can imagine and experience...just like the story of maybe Cinderella who lost her shoe. Anyway, there is some truth that with Bitcoin you can somehow be your own bank but for now we still lack some infrastructures and some players for us to conclude that this is so true though in the future this can be so possible.