Bitcoin Solves This - Money and Banking

[Silberman]

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".

...

This is because most people are not really curious about the world, so as long as something works they do not care how this comes to happen, an obvious example of this are cars, despite being so widespread and a common sight, at most people will know how to put gas in their car and that is it, they have no interest at all to know how it works, and the same is true about the monetary system, so as long as they get paid and they can buy what they want they care nothing about anything else.

[HelliumZ]

In my country, even if you keep money in the bank for years, there is no increase in interest, instead, due to the low security of the bank, various customers are losing their savings. So the importance of keeping money in the bank is decreasing day by day in our country. In this situation the only solution cannot be anything other than Bitcoin. So while Bitcoin can be claimed as one's own wealth, putting money in a bank cannot claim that money as one's own.

[Darker45]

~snip~

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.

I don't think most people go through life believing they have sufficient understanding of money. Indeed, they're just putting faith in the system because it is something guaranteed by the laws and the government. Again, nothing wrong about it if only the laws and the government are genuinely working for the welfare of the people.

But, yeah, they're not. I agree that devaluation of money is tantamount to theft. It is a desecration of people's hard work and labor. But I don't think this tragedy has nothing to do with money. It has become like this because the fiat system is prone and accommodating to such tendency. Fiat money, in the first place, is soft money. Anybody who is in power can abuse the system. It is a weak monetary system that is susceptible to the very nature of men.

[GreatArkansas]

• Holding Bitcoin made me to start learning about the technology, economic principles, and the fundamentals of currency and transactions.

I don't think you really need to hold Bitcoin first before you can start learning about technology related to Bitcoin like the blockchain. With basic understanding and will to learn is already enough.
Because it's a must for me before you buy any amount of Bitcoin.
You have a point here about learning these such things but be careful of holding without basic understand because you could lose money.

[Minor Miner]

In my country, even if you keep money in the bank for years, there is no increase in interest, instead, due to the low security of the bank, various customers are losing their savings. So the importance of keeping money in the bank is decreasing day by day in our country. In this situation the only solution cannot be anything other than Bitcoin. So while Bitcoin can be claimed as one's own wealth, putting money in a bank cannot claim that money as one's own.

I agree with you that bank interest rates have not increased for many years while inflation continues to increase, causing the value of our assets to gradually lose over time if we deposit money in banks. But it is not true that banks are less secure, people who deposit money in banks will face the risk of devaluation due to inflation and will not have full control over their money. I have never heard of a case where a person depositing money in a bank was attacked by hackers and lost their money. Banks are a place to save money and bitcoin is an investment, so comparing them is not entirely accurate.

[Blitzboy]

In my country, even if you keep money in the bank for years, there is no increase in interest, instead, due to the low security of the bank, various customers are losing their savings. So the importance of keeping money in the bank is decreasing day by day in our country. In this situation the only solution cannot be anything other than Bitcoin. So while Bitcoin can be claimed as one's own wealth, putting money in a bank cannot claim that money as one's own.

I agree with you that bank interest rates have not increased for many years while inflation continues to increase, causing the value of our assets to gradually lose over time if we deposit money in banks. But it is not true that banks are less secure, people who deposit money in banks will face the risk of devaluation due to inflation and will not have full control over their money. I have never heard of a case where a person depositing money in a bank was attacked by hackers and lost their money. Banks are a place to save money and bitcoin is an investment, so comparing them is not entirely accurate.

When people put their money in standard banks, the value of their assets will eventually go down. Even though banks usually have strong security, it's important not to forget that there are other types of risks besides hackers. Loan risk, cash flow risk, and market risk are some of the risks that banks face.

You made a good distinction between banks as places to save money and Bitcoin as a way to trade. Still, there is a point where their usefulness as stores of value overlaps. Banks offer safety, but Bitcoin has the ability to grow. This dichotomy needs to be negotiated. Could one possibly think about combining the two, which would increase safety and possible returns?

[Dunamisx]

In my country, even if you keep money in the bank for years, there is no increase in interest, instead, due to the low security of the bank, various customers are losing their savings.

This does not applies to your country alone, it's what is common with the use of the banks, they tend to steal from your savings for maintenance without your consent and yet loose the value of your money with time, they engage your personal money for their own usual businesses and yet returned nothing for you into your account as interest, they have control over our bank account.

So the importance of keeping money in the bank is decreasing day by day in our country. In this situation the only solution cannot be anything other than Bitcoin. So while Bitcoin can be claimed as one's own wealth, putting money in a bank cannot claim that money as one's own.

Bitcoin is causing this to begin to happen because you don't need a maintenance fee to hold your money on the blockchain using any wallet, your money can be profitable in the same way, no transaction charges you will not be aware of and you have the total control of your account with bitcoin.

[Faisal2202]

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.

Yes, you are right, because those traditional banking systems came into being thousands of years ago, and till now, many improvements and linkages between worldwide banks have been made. Many policies are there, so in short, the overall world is so dependent on money, without money, we can't do anything, and money requires banks, so banks cannot be eradicated, but BTC's presence is the first step to eradicating them. Well, its presence did decrease the volume of money in banks. That's why local currencies might lose value due to less demand.

These third-party finance apps are a big help, but those that are at the local level, as I mentioned above, have no official office in our country. If we lose funds, we can't go there, we just have to deal on the phone (well, this happens in rare cases, but most of the time stuck money can be withdrawn).

And BTC cannot be accepted fully because the BTC blockchain may not be able to process all the TXs made if it gets accepted at the global level.

[gunhell16]

Honestly speaking, while I see the beauty of Bitcoin over time, I also see that there is also a good opportunity besides Bitcoin, and I also see this in other cryptocurrencies, to be honest. I often read here that it is always said that it is better to invest in Bitcoin than other cryptocurrencies or altcoins. This thing is not really wrong.

There must be something missing in what others are saying, because there must be other altcoins that can help us, like Bitcoin can do for us in terms of financial problems. Sometimes it seems that it is wrong to always mention that only Bitcoin is the only solution for us to earn a lot or to get rich in this industry. At this point, I no longer agree based on my assessment.

[AmoreJaz]

Honestly speaking, while I see the beauty of Bitcoin over time, I also see that there is also a good opportunity besides Bitcoin, and I also see this in other cryptocurrencies, to be honest. I often read here that it is always said that it is better to invest in Bitcoin than other cryptocurrencies or altcoins. This thing is not really wrong.

There must be something missing in what others are saying, because there must be other altcoins that can help us, like Bitcoin can do for us in terms of financial problems. Sometimes it seems that it is wrong to always mention that only Bitcoin is the only solution for us to earn a lot or to get rich in this industry. At this point, I no longer agree based on my assessment.

if you are already here in this market. you are always free to explore your other options with other alts. even if others are saying btc is the only viable option, you can always study and do your homework on how to take advantage of this market.
there's no one dictating you to just check btc. you have your free will to do what's best for your funds.

[Faisal2202]

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.

No, we don't have to combine BTC with banks, and both parties won't agree on it. Because both are opposite to each other (not like positive or negative charges because they attract), instead they will repel each other because banks are centralized and BTC is decentralized. So we don't have to combine both BTC and banks, but yeah, we can use them separately.

I really like your last line. that we should learn about BTC, whether we invest in it or not. I would suggest it to anyone, but when most people get to know about BTC, they become greedy because they have seen the potential it has and want to make some money too by holding or trading, but they should first become avid about that and have to read and learn the basics of crypto.

Because the BTC and crypto industries have taught me the basics of finance, how banks work, and how both are so different from each other. Overall, in reality, both banks and BTC cannot be brought together on a single platform, if they are tried to be brought together, then one cannot use the full features of Bitcoin. Like anonymity, security, and decentralization.

[Strongkored]

• 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.

To be honest, at this time I only see Bitcoin as a good investment rather than as a currency because its value changes too quickly, which is enough to make its owners feel at a loss to use it as a financial transaction tool, so in the end conventional banking is still the first choice for anyone who wants to make transactions, and the limited use of Bitcoin as a payment option in offline and online stores means that in the end the use of Bitcoin does not completely use Bitcoin but must first exchange it for fiat and then transact so that conventional banks are used again, so I don't see Bitcoin as a solution for the current banking system for now.

[Rockstarguy]

• Holding bitcoin lead me to research and explore the underlying principles of money, thereby increasing my level of financial knowledge.

Hodling doesn’t just starts like that, it takes a good research to get a better understanding to able to hodl bitcoin. That is why it is very difficult for some to make attempts to hodl because they do not have understanding how this thing is done. When their is no understanding it very hard to believe in hodling that it can yield more profit. People who hodl already have build up their mindset and they understand what it will profit them in the future.  Their is good benefit in making research it makes hodling easy for investors to exercise patience till good profits is achieved.

[jrrsparkles]

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.

 

For the record, we could learn all about the flaws even without holding the Bitcoin but governments and people at power intentionally create systems like education, lending, and anything that stops us from paying attention to what it is and just chasing behind it forever.

Bitcoin acted as catalyst to bring this into spot light then only we are actually introduced to the concept of decentralization even today people are ignorant about bitcoin and significance of decentralization but sooner or later everyone will come on board.

[Ayers]

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.

To be honest, at this time I only see Bitcoin as a good investment rather than as a currency because its value changes too quickly, which is enough to make its owners feel at a loss to use it as a financial transaction tool, so in the end conventional banking is still the first choice for anyone who wants to make transactions, and the limited use of Bitcoin as a payment option in offline and online stores means that in the end the use of Bitcoin does not completely use Bitcoin but must first exchange it for fiat and then transact so that conventional banks are used again, so I don't see Bitcoin as a solution for the current banking system for now.

It is a fact that people often compare bitcoin to banks and fiat, but they almost never use bitcoin to replace the role of fiat in everyday life. They make a lot of comparisons but at the end of the day, they use bitcoin as an investment to make profits and continue to depend on fiat currency for daily life.

I'm like you, I just consider bitcoin the best investment I've ever seen, I never intended to use it to replace fiat currency because of its volatility and popularity. It's difficult to find a store willing to accept bitcoin payments in my area. Not to mention, with its volatility, I'm not willing to spend bitcoin if I buy it at a higher price.

[Promocodeudo]

Bitcoin has many benefit attached to it, some persons went into online transaction because of bitcoin, as an asset hodler so, there many research you need to do in other to protect you asset that's why individuals further their finding in the technology that guarantees the safety of their bitcoin, with my little knowledge bitcoin has solve many problem for people, ranging from convenient transactions, but let's be realistic, bitcoin can not eliminate the wholesome deficit in banking sector because of our government inability to allow it scale through, fiat will always be fiat no matter what's done, we will definitely exchange btc to fiat unless the people we are transacting with, accepts bitcoin, the problem of money and banking may be solved in the future through bitcoin, if only it's been allowed to be a legal tender worldwide but for now it is what it is.

[Silberman]

It is a fact that people often compare bitcoin to banks and fiat, but they almost never use bitcoin to replace the role of fiat in everyday life. They make a lot of comparisons but at the end of the day, they use bitcoin as an investment to make profits and continue to depend on fiat currency for daily life.

I'm like you, I just consider bitcoin the best investment I've ever seen, I never intended to use it to replace fiat currency because of its volatility and popularity. It's difficult to find a store willing to accept bitcoin payments in my area. Not to mention, with its volatility, I'm not willing to spend bitcoin if I buy it at a higher price.

An ironic aspect of bitcoin is that it is such a good currency that people do not want to use in that way as it is better to simply hold it and obtain profits with it, which is nothing more than the Gresham’s law in action, but make no mistake, the high value of bitcoin derives from its characteristics as a currency, and given the right conditions it could become widely used around the world, it is just that those conditions have not appeared yet.

[n00ber]

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.

 

For the record, we could learn all about the flaws even without holding the Bitcoin but governments and people at power intentionally create systems like education, lending, and anything that stops us from paying attention to what it is and just chasing behind it forever.

Bitcoin acted as catalyst to bring this into spot light then only we are actually introduced to the concept of decentralization even today people are ignorant about bitcoin and significance of decentralization but sooner or later everyone will come on board.

Yes, even without bitcoin, if OP is passionate about finance, he can still learn these things, financial knowledge has been around for a long time but OP did not pay attention to it. Books about money and economic recession...were also published by many authors many years ago before bitcoin was born.

But it cannot be denied that since bitcoin was born, many people have also begun to learn more about finance, including OP. You're right, bitcoin is a powerful catalyst to bring those issues to light.

[oktana]

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.

To be honest, at this time I only see Bitcoin as a good investment rather than as a currency because its value changes too quickly, which is enough to make its owners feel at a loss to use it as a financial transaction tool, so in the end conventional banking is still the first choice for anyone who wants to make transactions, and the limited use of Bitcoin as a payment option in offline and online stores means that in the end the use of Bitcoin does not completely use Bitcoin but must first exchange it for fiat and then transact so that conventional banks are used again, so I don't see Bitcoin as a solution for the current banking system for now.

It is a fact that people often compare bitcoin to banks and fiat, but they almost never use bitcoin to replace the role of fiat in everyday life. They make a lot of comparisons but at the end of the day, they use bitcoin as an investment to make profits and continue to depend on fiat currency for daily life.

I'm like you, I just consider bitcoin the best investment I've ever seen, I never intended to use it to replace fiat currency because of its volatility and popularity. It's difficult to find a store willing to accept bitcoin payments in my area. Not to mention, with its volatility, I'm not willing to spend bitcoin if I buy it at a higher price.

I think we can say that this happens because we've not gotten to that point where it is easy to use Bitcoin for almost all our daily transactions. If we will get there, it'll actually take a while. Currently, even if you wish to use BTC for daily purchases, you may not find the corresponding vendor that accepts BTC. Hence, the reason why people convert their funds back to fiat before they can use it. And for some others, the volatility can also be a bit discouraging if you want to purchase something but then the price changes and then you now have to pay more to cover for that price change.

[serjent05]

In the creation of Bitcoin, and its emergence and popularity, Bitcoin solves the problem of the unbanked.  That is the major thing that I observed.  Previously unbanked are unable to participate in global economic activity since most of international money transfers needed banks or centralized financial services to process, the unbanked had been outcasted on these activities but with Bitcoin, they are then given the opportunity to participate in global trades and other international economic activities.