The role of bank and why we still need them, or do we?

[Joy- maker]

I see many people saying that they trust bitcoin more than they trust their banks, well it's a matter of choice anybody can choose what to trust either to trust bitcoin or to trust their banks, and many too has developed the habit of saving all their money in cryptocurrency, like bitcoin rather than putting some in the bank and putting some in bitcoin as an investment, though it's not a problem, I just want quickly remind some focks the role of Bank and why we still need them.

The role of banks
Banks play a multifaceted role in the economy, and it serve as a intermediaries between savers and borrowers, it facilitate transactions and provide financial services to individuals, companies and government.

Banks collect deposit form individuals and businesses, and then use the funds to make loans to others. This process by which banks collect deposit from individuals and businesses to make loans for others can help allocate capital efficiently in the economy.

Banks help individuals and businesses to manage risk by providing insurance services, investment products and other financial instruments that can mitigate potential losses.

Banks also provide a safe and convenient way to conduct transactions, such as online banking, savings account, debit card, checking, and credit card.

Banks also offer access to financial services for individuals and businesses, promoting economic growth and development.

Why we need banks
Banks play a crucial role in facilitating economic growth, by providing financial services to individuals, government and businesses.

Banks also offer a safe and secure to store and manage money deposited in Banks, by reducing risk of theft or loss.

Banks also provide a  wiide range of financial services for individuals and businesses, making it easy for them to manage their finances.

Banks are also driving Innovation in financial services, such as online lending, digital payments and mobile banking, which can as well increase financial inclusion and access to financial services.

Banks also provide loans and credit to individuals, businesses and government, enabling them to invest, grow and achieve their goals.

So my question now is with all I just said do we still need banks.

[sokani]

I just want quickly remind some fucks the role of Bank and why we still need them.

I know the forum promotes freedom of expression, but no one is quarrelling with you mate and you can succinctly drive home your points without using a derogatory word.

Having said that, it's true that we cannot downplay the role of a bank in the society but people also have choices. They're free to put their money wherever they want. People who do not trust the bank do so out of personal experience. Since you're a Nigerian, I believe you're no stranger to some of the failings of the banks. A good example is the 2023 Nigerian currency crisis where people were denied access to their cash despite having money in their bank accounts. Though, it was temporary but some persons went through hell because of it

[Plaguedeath]

The government need fiat because that's the only way for them to make the country survive.

Imagine if the legal currency is limited e.g. gold or Bitcoin, the money distribute well at the first time, but as time goes, only few people own a lot of gold/Bitcoin while rest of them own little amount.

The poor likely to commit crime in order to get gold/Bitcoin, in order to prevent this, the government give donation to the poor. But if they keep doing this, the government likely going to bankrupt.

That's why fiat exist, the government can print it, they can help the poor and they can "steal" the money from the middle class and up.

Banks also offer a safe and secure to store and manage money deposited in Banks, by reducing risk of theft or loss.

Doubt.

Banks also provide a  wise range of financial services for individuals and businesses, making it easy for them to manage their finances.

If your money aren't huge enough, yeah using banks will help you to manage and transfer your money.

But, if you have a lot of money in banks, they will likely to call/invite you to use their product e.g. insurance, investment program etc. They would delay your withdrawal and trying to make you not withdraw all of your money, if you insist, they might allow but there's a maximum amount to withdraw in every week/month.

[Ambatman]

Bitcoin never came to crush they current system but serve as an alternative to those who believe their funds are safer in their control.
We are not saying Banks are inherently evil
No they have their uses and advantage over Bitcoin.

I won't dispute your claim but if bank was so impressive Bitcoin wouldn't have survived inception.

Offering low interest for savings in an inflationary system
One of the advantage they have is that they are quite old and backed by the government.

[Joy- maker]

I just want quickly remind some fucks the role of Bank and why we still need them.

I know the forum promotes freedom of expression, but no one is quarrelling with you mate and you can succinctly drive home your points without using a derogatory word.

Having said that, it's true that we cannot downplay the role of a bank in the society but people also have choices. They're free to put their money wherever they want. People who do not trust the bank do so out of personal experience. Since you're a Nigerian, I believe you're no stranger to some of the failings of the banks. A good example is the 2023 Nigerian currency crisis where people were denied access to their cash despite having money in their bank accounts. Though, it was temporary but some persons went through hell because of it

I got your points, but most time when you listen to people speak and do some comparisons  it can trigger you to anger, but that's the case next time I we mind my tunes.

[slapper]

Nobody’s denying that banks helped build the modern economy. But do we still want to live in an economy designed for the 20th century while the rest of our lives are running on a 21st-century operating system?

People aren’t dropping banks because they dumb. They’re choosing alternatives because they’re exhausted. They’re over bureaucracy. They’re done playing games where rules change based on income level. For many, storing value in Bitcoin is less about trust in technology and more about a rejection of systemic patronization

Yes, banks provide services. But they also gatekeep access to those services through legacy systems of control. Yes, they allocate capital but often not to the people who need it most. Yes, they support the economy but there is a hierarchy of who gets supported and who gets denied based on invisible metrics. when people stop trusting institutions, they build parallel systems. That’s what crypto is. Not a rebellion, a fork

We still “need” banks. But maybe we also need to stop treating that need as permanent and unchangeable. Because institutions, like myths, only last as long as we believe they serve us

[yudi09]

-snip-

So my question now is with all I just said do we still need banks.

It is impossible for us to not need a bank with all kinds of banks' roles and functions that require us to need the bank.
In short, as long as we live in a country that still makes paper currency as a valid payment tool, so as long as we still need a bank even though we do not want to deal with banks such as credit and so forth.

Indirectly, the role and function of the bank began to decline since the existence of digital payments. This is only felt by people who feel it in daily activities in conducting large or small transactions.
If I need big money, I can still get it only with trust and internet packages to contact the parties I need and they will send it online.

[Accardo]

Banks are working hard to facilitate transactions through digitalization, but the high fees are alarming. Even in ATMs customers pay to withdraw money, despite the gain banks get by lending out customers money. With no banks how would local transactions progress? Of course we need them to save funds and see new investment opportunities.

[Mate2237]

I don't think that nobody expected m this forum is against Bank because it plays a key role in the financial sector because it plays the role very important role in making sure that we have financial services because Banks help keep our money safe and anything we need them we can go and get it from the bank.



But what people on this forum is saying is that instead of keeping your money in the bank which will not bring anything to you in return to you as value for your money rather people should invest money in profitable ventures that will add value to you on your money, that is why people on the forum is of the view that investing your money in bitcoin should be advised rather than saving your money on the bank so i don't think that I have seen any post on the forum condemning people not to save their money on the bank

[arabspaceship123]

Banks aren't going to stop their business because ppl are using crypto. More ppl use banks than crypto. Govt's need banks to keep their economy operating. Cryptos got it's own value in economies but it's in infant stages it can't replace banking system we're using.

[YOSHIE]

So my question now is with all I just said do we still need banks.

You cannot view the bank from the negative or bad side of the bank's behavior, you must look at the positive side of the bank.
Of course I all still need a bank to facilitate the economy of the community.
The bank is very much needed, if not.
* You cannot attract or exchange your crypto assets to Fiat, if there is no Crypto bank will freeze in wallet, wallet or exchange cannot be melted.
The reason: Crypto assets are not valid as a means of selling/buying goods in general.
* Robbers or thieves every day come to your house and every day we will hear money in every house will be lost, intermediary banks for safe storage from criminal attacks.
* Banks are needed by lower and lower class people, because they have the nature of credit, those who do not have an economy with the existence of a community bank can open a business.

That's a common reason, there are many other reasons for the use of the bank, the bank's positive view, so you will need a bank.

[kotajikikox]

You have provided with a very detailed explanation about banks but really the simple reason why we still need banks is because fiat still exist and will continue to do so. Fiat is a product of the central bank. Not needing banks means not needing the biggest bank of them all which is what issues currencies in the first place. It is a matter of choice as you have said. I think that cryptocurrencies and banks can coexist and it is up to people to determine which they would prefer more.

[Fiatless]

So my question now is with all I just said do we still need banks.

Have you read any thread in this forum where the majority of members said that banks are not important? Banks have some major roles to play in the economy. And I am not sure I have seen any post where it was recommended that banks should be closed.

It is evident that saving money in banks is not profitable. Even interest from fixed deposits is not commensurate with the inflation rate. It is advisable to keep Bitcoin since it could be a viable hedge against inflation.

It is also good to state that nobody is forcing you to use or own Bitcoin. It's just an alternative to fiat and you can decide to avoid it.

[bias]

Banks aren't going to stop their business because ppl are using crypto. More ppl use banks than crypto. Govt's need banks to keep their economy operating. Cryptos got it's own value in economies but it's in infant stages it can't replace banking system we're using.

The truth is that BTC can replace it, but they will never let it happen. The system that they created is based on debt, with banks as their instrument, and they will keep it as much as they can. However, this equation/ system has a limit that is already expired, and we all feel the trembles of a possible quake/ downfall. Will they change their course? IMO, not in a million years.

[tabas]

I got your points, but most time when you listen to people speak and do some comparisons  it can trigger you to anger, but that's the case next time I we mind my tunes.

It's okay, you have to relax joy.

So my question now is with all I just said do we still need banks.

I think you have already answered your question about why we need them. They will also play an important role in Bitcoin's thriving. Remember that Central Banks are banks as well and they give go signals to what can contribute to the economy. This time, CBs are not going to turn down Bitcoin when it's considered by many as a store of value and legal asset.

[bitzizzix]

And simply, banks play a role in helping people not to hide money in unsafe or damaged places. Like under the mattress, behind the breast pad, in a cookie jar, or in a coffee can buried in the backyard and so on and the bank is a good and safe place from all of that and also protected from robbery or theft.

And as long as the country needs or uses fiat, then the bank will always be there and the bank also helps the economy by circulating money to create money, the bank does play an important role in life. However, if we want to store wealth or money in large amounts, Bitcoin is the best choice because the money we have will increase or can store value. It's just that as long as Bitcoin is not legal, then Bitcoin can only be treated like that even though it can be used for transfers like fiat but without being hypocritical we still need a bank that will be in touch.

[AmaGold70]

I see many people saying that they trust bitcoin more than they trust their banks, well it's a matter of choice anybody can choose what to trust either to trust bitcoin or to trust their banks, and many too has developed the habit of saving their money in cryptocurrency, like bitcoin rather than putting some in the bank and putting some in bitcoin as an investment, though it's not a problem, I just want quickly remind some focks the role of Bank and why we still need them.

The role of banks
Banks play a multifaceted role in the economy, and it serve as a intermediaries between savers and borrowers, it facilitate transactions and provide financial services to individuals, companies and government.

Banks collect deposit form individuals and businesses, and then use the funds to make loans to others. This process by which banks collect deposit from individuals and businesses to make loans for others can help allocate capital efficiently in the economy.

Banks help individuals and businesses to manage risk by providing insurance services, investment products and other financial instruments that can mitigate potential losses.

Banks also provide a safe and convenient way to conduct transactions, such as online banking savings account, debit card, checking, and credit card.

Banks also offer access to financial services for individuals and businesses, promoting economic growth and development.

Why we need banks
Banks play a crucial role in facilitating economic growth, by providing financial services to individuals, government and businesses.

Banks also offer a safe and secure to store and manage money deposited in Banks, by reducing risk of theft or loss.

Banks also provide a  wise range of financial services for individuals and businesses, making it easy for them to manage their finances.

Banks are also driving Innovation in financial services, such as online learning, digital payments and mobile banking, which can as well increase financial inclusion and access to financial services.

Banks also provide loans and credit to individuals, businesses and government, enabling them to invest, grow and achieve their goals.

So my question now is with all I just said do we still need banks.

Without thinking twice, yes we still need Banks. Given the role it plays in facilitating economic growth and promoting financial services to citizens, storing our assets in Bitcoin is great but we still need Banks to run our everyday expenses, there are still countries that haven't fully accepted cryptocurrency as a means of buying and selling so while we store our assets in cryptocurrency we still need banks in the background. Banks has been an essential part of the financial ecosystem services and voting it out is like saying no to our tradition currency, Bitcoin is not for everyone but bank is for everyone and both are equally important.

[Josefjix]

Banks aren't going to stop their business because ppl are using crypto. More ppl use banks than crypto. Govt's need banks to keep their economy operating. Cryptos got it's own value in economies but it's in infant stages it can't replace banking system we're using.

It's obvious that banks are the starting point of flow of money into the crypto space and vice versa, so it's impossible to proceed to crypto without the use of bank payments. Many people always say, banks will evade out of the monetary system by crypto in the future but I disagree on that because there is no way you can deposit into the crypto balance without the use of banks to transfer funds.

[Reatim]

So my question now is with all I just said do we still need banks.

Have you read any thread in this forum where the majority of members said that banks are not important? Banks have some major roles to play in the economy. And I am not sure I have seen any post where it was recommended that banks should be closed.

people are not hoping for all banks to be closed but they are also not promoting for banks to be used which could lead to closing of the banks if they do not have enough clients

It is evident that saving money in banks is not profitable. Even interest from fixed deposits is not commensurate with the inflation rate. It is advisable to keep Bitcoin since it could be a viable hedge against inflation.

banks are centralized a lot of people nowadays are very concerned with their privacy protection and it is clear that banks are not the most secure when it comes to that and our money may not be as protected in banks rather than if we just held them in crypto

[Alpha Marine]

well it's a matter of choice anybody can choose what to trust either to trust bitcoin or to trust their banks, and many too has developed the habit of saving all their money in cryptocurrency, like bitcoin rather than putting some in the bank and putting some in bitcoin as an investment, though it's not a problem,

The fact that something is a choice doesn't make it the right choice. Using the banks is one thing; you can't avoid them, but trusting them is a whole different thing. I don't know how things are in other countries, but in my country, you'll be delusional if you think you can lie without the banks or only on bitcoin.

What you can do is save all your money in bitcoin, in fact, I advise it. My country is stuck with inflation and a very unstable economy, one of the worst things you can do for your money is save it in our local currency for the long term, especially now with the economic and trade unrest stored up by the trade administration.
Bitcoin is easily liquidable, so it won't be a problem to have all your long-term savings in bitcoin.