Bitcoin Solves This - Money and Banking

[Faisal2202]

Your points are so valid, I also was not aware of the world's financial status (country by country) I did not know how banks work, how they manipulate money, and how they misuse their power (which is of having a big amount of money). Overall, I was not even a customer of the banking system but when I stepped into cryptocurrencies I had to use banks to withdraw tokens to my local currency. But the plus point here is, I got to know about blockchain, centralization, and decentralization-like topics before I got into banking. So when I started to use banks I found out the differences and the pros of using BTC and cons of using Banks.

But despite all the differences of pros and cons we still need banks and we cannot live independently of them. We might use some other local-level financing apps, like PayPal, Payoneer, (which are worldwide used) Easypaisa, and Jazzcash (which are locally used here in my country).

These apps can eliminate the need to use banks but at some point in your life, you have to use banks and cannot live without them. Well, besides all that, I also made a topic that is basically saying the same thing that your topic said

• To Understand the Potential of BTC, What we Must Know?

[ZAINmalik75]

The most significant lesson I learned from my initial experience with holding Bitcoin is that hardly anyone ponders money and banking. Despite dedicating our entire lives to working for money and revolving our lives around it, the average person, if asked, typically lacks a clue about its intricate details or history. However as I began to read news on the internet about the problems in the monetary and banking system. I would mutter to myself, 'Bitcoin solves this".

BTC opened new gateways for every digital business. It is not only beneficial for organisations but for individuals too. A merchant or vendor can easily set up a BTC payment system for his shop without providing any documents like we have to provide to banks to increase the daily or monthly limits. There are no transaction limits, and the benefits of BTC exceed those of the fiat system..

• Bitcoin, prompted me to explore concepts like blockchain technology, decentralization, and the flaws in traditional financial systems.
• Holding Bitcoin made me to start learning about the technology, economic principles, and the fundamentals of currency and transactions.
• Holding bitcoin lead me to research and explore the underlying principles of money, thereby increasing my level of financial knowledge.
• Holding and understanding bitcoin have enabled me to be able to delve into discussions about the flaws and inefficiencies of conventional banking systems and the potential solutions proffered by it.

I agree with you. While using banks, we don't give a second thought to how they work or how the financial system works, but when we get into BTC, we start to think about whether it is trustworthy or not. How can we protect ourselves from spam and scams? Questions like these are not aroused when we are dealing with banks because banks have companies all over the world that have built a huge level of trust among many people.

A new person will definitely choose banks over BTC because his elders were in banks and they made huge profits from banks too, so why would they risk their assets by converting them to BTC, where the risk of volatility is always there and the possibility of making a loss is always there? While they can make fixed profits if they go to banks, This explains the nature of why people adopt banks over BTC, but many adopt BTC over banks due to the knowledge they get from the questions in their minds. They get to know more about BTC and the financial world and how they manage money to make more profit and take risks with their money.

[hugeblack]

I always see that financial problems are what make people read about the economy and think about solutions. Inflation has made thousands think about investing and Bitcoin, and thus it has succeeded that Bitcoin and cryptocurrencies are thriving in Africa and some countries based on that.
It is true that Bitcoin will not solve all your economic problems, but it is the beginning of solving these problems, and diversifying your investments will enhance the possibility of doubling your profits.

[Hamza2424]

• Bitcoin, prompted me to explore concepts like blockchain technology, decentralization, and the flaws in traditional financial systems.
• Holding Bitcoin made me to start learning about the technology, economic principles, and the fundamentals of currency and transactions.
• Holding bitcoin lead me to research and explore the underlying principles of money, thereby increasing my level of financial knowledge.
• Holding and understanding bitcoin have enabled me to be able to delve into discussions about the flaws and inefficiencies of conventional banking systems and the potential solutions proffered by it.

I'm sure most of us have gone through this and these learning and observations can be considered common to everyone, OP your topic idea is decent and your topic is not prising anyone and providing a full-length topic discussing the pros & cons of the systems, etc.

your approach is more natural towards the newbies & OG's personally a big thanks to the forum, members, and Bitcoin as well because I knew nothing about Finance and planning was on that time like day-dreaming. The maturity level was also too near, to Bitcoin, and by discussing it here over and over with different perspectives and practicing it, I've almost got the maximum of the things about financial planning, Investment approaches, etc.

[oktana]

The most significant lesson I learned from my initial experience with holding Bitcoin is that hardly anyone ponders money and banking. Despite dedicating our entire lives to working for money and revolving our lives around it, the average person, if asked, typically lacks a clue about its intricate details or history. However as I began to read news on the internet about the problems in the monetary and banking system. I would mutter to myself, 'Bitcoin solves this".

Here's my observation from personal experience of holding bitcoin:

• Bitcoin, prompted me to explore concepts like blockchain technology, decentralization, and the flaws in traditional financial systems.
• Holding Bitcoin made me to start learning about the technology, economic principles, and the fundamentals of currency and transactions.
• Holding bitcoin lead me to research and explore the underlying principles of money, thereby increasing my level of financial knowledge.
• Holding and understanding bitcoin have enabled me to be able to delve into discussions about the flaws and inefficiencies of conventional banking systems and the potential solutions proffered by it.

 

The main thing Bitcoin taught me was not to leave my money in the bank. The bank uses our money to make even more money and gives us a tiny percentage of it as interest. The percentage they give back in a year is worth nothing compared to what one could make by just hoarding Bitcoin. Not to mention how you can send money to anyone across the globe without the stress of filling out forms and signing numerous documents. Along with you being the only owner and access to your account. Yet there's even a lot other importance than you listed. Bitcoin rules!

[libert19]

When I came across Bitcoin for the first time, and got hands on a few, I used it on gambling site called directbet. I loved how easy it was to bet with BTC there, you send the BTC, bet registered and you automatically receive your BTC (if you win).

I probably drifted there between gambling and btc here but this was my first experience using it and I loved how simple it was.

[Oasisman]

But despite all the differences of pros and cons we still need banks and we cannot live independently of them. We might use some other local-level financing apps, like PayPal, Payoneer, (which are worldwide used) Easypaisa, and Jazzcash (which are locally used here in my country).

These apps can eliminate the need to use banks but at some point in your life, you have to use banks and cannot live without them.

This could only mean one thing. No matter how we hate the traditional banking system, it will never going to be eradicated, it will continue to exist for a long time maybe forever. While these 3rd party money processing companies such as those mentioned above will also continue to co-exist due to the high demand of banking transactions in a daily basis.
Not everyone will engage in crypto or bitcoin though. We may be biased here, but the number of people who prefer to not use bitcoin will always way higher than who uses and adopt to it. Therefore, banks, 3rd party money processing apps, cryptocurrency, digital currencies, online banking system and everything along these line will continue to co-exist.

[Wexnident]

~

It was mostly because Bitcoin was a new idea, something that not much is known to your average joe. Banks were seen as the staple, something normal and something you'd inevitably experience and be a part of when you grow up, so the concepts and ideas were simplified to only things you'd ever really need, and as for the rest, you'd only ever need them until you actually need them. Not to mention a lot of businesses and partnerships are built on top of the idea that banks exist and can help with, for example, payroll for companies.

Even after I've read some stuff about financing, I still don't really understand a large majority of it, I doubt I ever will really. It did help me realize early on about the importance of understanding money though.

[Darker45]

Frankly speaking, you can't expect everybody to be aware let alone understand the intricacies of money. The great majority don't care about it for as long as what they consider money can buy them what they need. For me, that's completely understandable.

However, at the very least, money should function in favor of everybody. At some point, when money loses so much of its value, people will begin to wonder what happened. While they balance it with working harder, getting additional jobs, tightening the belt, and so on, that's completely unfair.

Worse, this isn't because money is naturally like that. This is simply because the ones who control it are abusive and greedy and insensitive and dumb. Indeed, Bitcoin solves this.

[YUriy1991]

The most significant lesson I learned from my initial experience with holding Bitcoin is that hardly anyone ponders money and banking. Despite dedicating our entire lives to working for money and revolving our lives around it, the average person, if asked, typically lacks a clue about its intricate details or history. However as I began to read news on the internet about the problems in the monetary and banking system. I would mutter to myself, 'Bitcoin solves this".

Well, both me, you, and other people who have invested now or in the future, will also understand, be amazed why BTC is so popular and crazy about it.

Here's my observation from personal experience of holding bitcoin:

• Holding and understanding bitcoin have enabled me to be able to delve into discussions about the flaws and inefficiencies of conventional banking systems and the potential solutions proffered by it.

I think this last point is very good because the main thing we need to understand is how we control our own money well. This is in line with the founder's wishes, who want the Bitcoin payment system to last a long time. Bitcoin is a payment system, plain and simple.

Yes. OP, There is always time and never too late to invest in Bitcoin and discover its potential.

[fuguebtc]

But despite all the differences of pros and cons we still need banks and we cannot live independently of them. We might use some other local-level financing apps, like PayPal, Payoneer, (which are worldwide used) Easypaisa, and Jazzcash (which are locally used here in my country).

These apps can eliminate the need to use banks but at some point in your life, you have to use banks and cannot live without them.

This could only mean one thing. No matter how we hate the traditional banking system, it will never going to be eradicated, it will continue to exist for a long time maybe forever. While these 3rd party money processing companies such as those mentioned above will also continue to co-exist due to the high demand of banking transactions in a daily basis.
Not everyone will engage in crypto or bitcoin though. We may be biased here, but the number of people who prefer to not use bitcoin will always way higher than who uses and adopt to it. Therefore, banks, 3rd party money processing apps, cryptocurrency, digital currencies, online banking system and everything along these line will continue to co-exist.

Banks and fiat currencies are so much a part of our world and our lives, we wouldn't be able to survive without them. But thanks to bitcoin, we know the disadvantages of banks and fiat, and can limit them to avoid unnecessary losses such as loss of value or loss of privacy...we need to combine both bitcoin and banking to have a perfect life. We won't be able to completely eliminate banking from our lives even if it gets worse but we will reduce our dependence on it through bitcoin. Even if we don't invest in bitcoin, we should learn about currency, finance, economics...all of those things will be very useful for us.

[Kakmakr]

Yea, the moment when you start to understand things like "Fractional reserve banking" and how Inflation are calculated and also manipulated and how much control governments have over the supply of fiat currencies, then the light goes on ...when you see how different this is with Bitcoin.

We live in a world where too many people live like sheep..... they do not question anything and they just accept the norm. This continue until something goes wrong... or until they see how it is supposed to be. 

[wiss19]

However as I began to read news on the internet about the problems in the monetary and banking system. I would mutter to myself, 'Bitcoin solves this".

Bitcoin itself has serious problems - lack of scalability, huge price volatility, complexity of "being your own bank". Banks have problems, but most people are satisfied with them, because those problems arise rarely and often just get solved. This explains why people aren't abandoning banks for Bitcoin like bitcoiners had hoped since the early days;

Nothing can be completely perfect, but one thing can be better than the other or offer things that the other doesn't even if it comes with its flaws. The same goes for Bitcoin and traditional financial systems. The percentage of people who have trust in banks and traditional financial institutions might be greater but the number of believers in Bitcoin is increasing over time, and I'm pretty sure that the people who hold their wealth in Bitcoin are way more satisfied than they could ever be with a bank.

The volatility of Bitcoin surely has its positives and negatives. On one side, it might become the reason for someone to lose value for their money if the price goes down, but on the other hand, they might see their money gaining value and possibly getting doubled or even tripled over a certain period of time.

[Texac]

However as I began to read news on the internet about the problems in the monetary and banking system. I would mutter to myself, 'Bitcoin solves this".

Bitcoin itself has serious problems - lack of scalability, huge price volatility, complexity of "being your own bank". Banks have problems, but most people are satisfied with them, because those problems arise rarely and often just get solved. This explains why people aren't abandoning banks for Bitcoin like bitcoiners had hoped since the early days;

Nothing can be completely perfect, but one thing can be better than the other or offer things that the other doesn't even if it comes with its flaws. The same goes for Bitcoin and traditional financial systems. The percentage of people who have trust in banks and traditional financial institutions might be greater but the number of believers in Bitcoin is increasing over time, and I'm pretty sure that the people who hold their wealth in Bitcoin are way more satisfied than they could ever be with a bank.
.

But in short, bitcoin will never completely replace or disrupt banks because banks are providing us with more services than just deposits and savings.  if you want to borrow money for business, bitcoin cannot help you do that, or insurance, bitcoin cannot provide that either...
When talking about banks, people only think about depositing money and saving, few people think about other services that banks provide to organizations and businesses.  so they claim that bitcoin is superior to banks, but in reality, bitcoin only solves some of the problems that banks and currencies face.  Bitcoin cannot provide all the features and services that banks and traditional currencies provide.

[Blitzboy]

Frankly speaking, you can't expect everybody to be aware let alone understand the intricacies of money. The great majority don't care about it for as long as what they consider money can buy them what they need. For me, that's completely understandable.

However, at the very least, money should function in favor of everybody. At some point, when money loses so much of its value, people will begin to wonder what happened. While they balance it with working harder, getting additional jobs, tightening the belt, and so on, that's completely unfair.

Worse, this isn't because money is naturally like that. This is simply because the ones who control it are abusive and greedy and insensitive and dumb. Indeed, Bitcoin solves this.

Isnt that kind of tragic? Most of them go through life believing they have a sufficient understanding of money. They go about their daily lives, obligingly putting their faith in a system that they dont completely understand. Though its easy to write this off as a case of simple ignorance, it also serves as a sobering critique of the level of financial literacy and awareness in our culture.

The main problem is that money, which ought to be a tool for everyone's empowerment, frequently becomes a tool for the oppression of the masses. Its not just unjust, but an irony when hardworking people are forced to work more and take on more tasks in order to keep up with the depreciating value of their currency. A tragedy that has nothing to do with money itself but the unbridled greed of those who control it. In this situation, Bitcoin steps in by providing an alternative that guarantees power isnt centralised in the hands of a select few.

[Youngkhngdiddy]

Nothing can be completely perfect, but one thing can be better than the other or offer things that the other doesn't even if it comes with its flaws. The same goes for Bitcoin and traditional financial systems. The percentage of people who have trust in banks and traditional financial institutions might be greater but the number of believers in Bitcoin is increasing over time, and I'm pretty sure that the people who hold their wealth in Bitcoin are way more satisfied than they could ever be with a bank.

The volatility of Bitcoin surely has its positives and negatives. On one side, it might become the reason for someone to lose value for their money if the price goes down, but on the other hand, they might see their money gaining value and possibly getting doubled or even tripled over a certain period of time.

  Bitcoin brings an end to that centralized system where governments keep control of everything and even tell what your worth. A lot of people find bitcoin as a freedom from the government couple with its high market value it’s brings to the table. I have always seen saving money in bank as a loss cause at the end of the day after the bank as deducted the usual tax you won’t get the same amount you kept from the bank. The introduction of the blockchain technology and crypto market has caused a major setback in the financial sector people no longer need banks to keep their money, personally I love to save my money in foreign currency and thank God for  credible exchangers like Binance, trust wallet and so on I can achieve this.
  It does not only bring freedom but other opportunities, I can choose to invest in other crypto asset gain some more dollars then save again, saving in dollar is one of the smartest move one need to take, for instance imagine you had $100 in your wallet 3month ago which was worth about #766/$1 that is about #76000 let just assume you didn’t touch the money from that time till now your $100 will be worth about #120,000  saving in the bank won’t give you this profit, you can choose to do some other things and still have your $100 intact still. Bitcoin has done more good than the banking sector and will continue to be better. This is why governments are fighting really hard to get rid of it because of their lack of control.  But they can’t cause Bitcoin is not under any body or organization.

[Abu-Naim]

The most significant lesson I learned from my initial experience with holding Bitcoin is that hardly anyone ponders money and banking. Despite dedicating our entire lives to working for money and revolving our lives around it, the average person, if asked, typically lacks a clue about its intricate details or history. However as I began to read news on the internet about the problems in the monetary and banking system. I would mutter to myself, 'Bitcoin solves this".

Here's my observation from personal experience of holding bitcoin:

• Bitcoin, prompted me to explore concepts like blockchain technology, decentralization, and the flaws in traditional financial systems.
• Holding Bitcoin made me to start learning about the technology, economic principles, and the fundamentals of currency and transactions.
• Holding bitcoin lead me to research and explore the underlying principles of money, thereby increasing my level of financial knowledge.
• Holding and understanding bitcoin have enabled me to be able to delve into discussions about the flaws and inefficiencies of conventional banking systems and the potential solutions proffered by it.

 

Only Bitcoin has these advantages, and I'm sure there are more, because the banking system can never teach you anything economic; they only encourage you to keep believing them and giving them your money for their own personal business, which includes bitcoin and cryptocurrency investments that will yield huge profits.

Holding bitcoin gives me more confidence in my financial life because I am disciplined to hold it because I know it has enormous potential in the future because people are adopting it globally, and it is decentralized and a store of value, unlike fiat currency in my country's currency, which is constantly losing value due to inflation.

[Magic-Money]

Bitcoin has been created to solve all the problem that Bank has been lack of, while every Bitcoin users are simply means a staff workers to execute transaction at any given time including weekend as the case been applied.

[Bloodseekers]

Only Bitcoin has these advantages, and I'm sure there are more, because the banking system can never teach you anything economic; they only encourage you to keep believing them and giving them your money for their own personal business, which includes bitcoin and cryptocurrency investments that will yield huge profits.

Holding bitcoin gives me more confidence in my financial life because I am disciplined to hold it because I know it has enormous potential in the future because people are adopting it globally, and it is decentralized and a store of value, unlike fiat currency in my country's currency, which is constantly losing value due to inflation.

I agree with you that if we save money in the bank we don't get much profit, but they can use our money for their needs and they take advantage of the money we save.

If we already have confidence in investing in Bitcoin, of course we will be able to hold it for a long period of time because we are aware that we can benefit from the investment we make. with inflation occurring in various places, it will certainly reduce the value of fiat currency, so it is better if we use the savings we have to invest in Bitcoin.

[Frankolala]

Bitcoin has helped me to know how to invest and nurse my investment, and also to keep on increasing it. I have never had a good time to save money for a very long time because I see it as keeping money when there are important things to use the money for, but bitcoin made me to know how to manage my resources and cut down my expenses.

I have being holding and accumulating bitcoin now for more than a year, which I didn't touch any of it because I have plans to sell in the next bull run. I must say that bitcoin gave me the opportunity to have an investment and also learn how to be patient with your money that you have used to invest. I have learnt a lot from bitcoin, but the investment aspect is what I am more happy about, because it gives me hope for a better future.