Banks are WAY MORE secure then Bitcoin

[EXT4ZY]

Well, if you are rich then it's hard to hide from others, right.

Becoming wealthy itself a long process but once someone reaches that position then they should be careful with who they are sharing details and should also invest money on their security whether it's a weapon or dedicated bodyguards depends on how rich they are.

OP's argument is like I am afraid of robbers so I am giving access of my wealth to a big robber who steals from everyone.

Talking about hiding it, isn't it what coinjoin is exactly for?

I mean it obviously won't hide if you are wearing expensive clothes, driving expensive cars and staying at luxury hotels, but it makes it much harder for anyone to figure out how much bitcoin you actually hold and reduces the chances that a criminal group could identify your wealth level just by following on-chain traces, right?

[mrust_mobile]

There is no perfect system. Banks have lots of problems too. Instead of trying to achieve the impossible let's take advantage of banks the same way we do it with btc. Btc offers freedom and it is secure on a network level. Bitcoin can't do anything about your personal security. That's your responsibility. Yes banks can lock, freeze accounts of the scammers, revert transactions etc but they don't happen immediately as well. If a bank goes bankrupt government guarantee the safety of your money and that will never happen with bitcoin. Know the limitations and strengths of both worlds and use both. It doesn't have to be one or another. Bitcoin has changed the lives of many people. It doesn't make sense to hate it.

[johanzki]

Talking about hiding it, isn't it what coinjoin is exactly for?

I mean it obviously won't hide if you are wearing expensive clothes, driving expensive cars and staying at luxury hotels, but it makes it much harder for anyone to figure out how much bitcoin you actually hold and reduces the chances that a criminal group could identify your wealth level just by following on-chain traces, right?

Coinjoin won’t stop physical threats, and also not giving you perfect anonymity since it's not bulletproof, but it does make it much harder to determine how much btc you have.

[Smack That Ace]

There is no perfect system. Banks have lots of problems too. Instead of trying to achieve the impossible let's take advantage of banks the same way we do it with btc. Btc offers freedom and it is secure on a network level. Bitcoin can't do anything about your personal security. That's your responsibility. Yes banks can lock, freeze accounts of the scammers, revert transactions etc but they don't happen immediately as well. If a bank goes bankrupt government guarantee the safety of your money and that will never happen with bitcoin. Know the limitations and strengths of both worlds and use both. It doesn't have to be one or another. Bitcoin has changed the lives of many people. It doesn't make sense to hate it.

I don't understand why people keep comparing them and trying to exaggerate one or downplay the other when both are necessary and have different use cases.

No system is absolutely perfect, both bitcoin and banks have their own strengths and problems. What we should do is to utilize and combine both, instead of wasting time comparing and arguing with each other just because of them.

I want to ask, are there any bitcoin investors here who do not have and do not use bank account? Or do we still depend on them and use them every day? If we still use them, what good is it to speak ill of them?

[martinex]

Of course no bank will stop you from using your personal money but then the ability to use it exactly when you need to is what becomes the problem and the fact that it could be confisticated at anytime just either you have a difficulty with the bank and yet doesn't protect your funds but only helps people bear the consequences of not being able to handle their financial responsibility. it's one thing I know that people lack and are not even willing to do is take responsibility of their finances. however someone who loves freedom rather handles the control for themselves.

Bitcoin gives you all the accesses, control and total freedom but banks limit your actions because they don't operate alone instead government control their affairs.

Money is seized if there are reports and suspicious transactions observed in the bank's financial system. If the money is clean, why should it be seized? If the bank confirms where the money came from, just show proof and say I'm an investor and just made a withdrawal from the exchange due to urgent needs. I don't think banks would hold it, even if it's a large amount. In fact, they'd be happy to have deposits coming into their bank accounts, and they'd be recorded as being able to attract customers to deposit their money, even if it's only for 5 minutes, as recorded by their central bank.

When it comes to money management, everyone has their own strategies and practices, and if they're careless or miscalculate their spending, they'll suffer the consequences. It's important to remember that consciously, the need for funds isn't just for today, but also for tomorrow, the day after, and the future. For example, wherever we go, we always need money in our pockets. That's the reality.

[Bushdark]

There is no perfect system. Banks have lots of problems too. Instead of trying to achieve the impossible let's take advantage of banks the same way we do it with btc. Btc offers freedom and it is secure on a network level. Bitcoin can't do anything about your personal security. That's your responsibility. Yes banks can lock, freeze accounts of the scammers, revert transactions etc but they don't happen immediately as well. If a bank goes bankrupt government guarantee the safety of your money and that will never happen with bitcoin. Know the limitations and strengths of both worlds and use both. It doesn't have to be one or another. Bitcoin has changed the lives of many people. It doesn't make sense to hate it.

Both the bank that is being regulated by the government and Bitcoin that is decentralized has their limitations which we need to know so we don't think that Bitcoin is a safe heaven or seeing bank has a place where you will get full dominion of your money.
The government can freeze your account, limit your withdrawal and ban you from making any transaction but this is different when you hold your Bitcoin. Nobody can control how you choose to hold, send or use your Bitcoin because it's out if the reach of the government to control. If you lose your seed phrase, you might not access your Bitcoin again but this is different with bank.

[uneng]

With great power comes great responsibility. If you decided being a Bitcoin adopter, you have to take extra precautions. Why exposing yourself as a maximalist Bitcoin adopter in first place? You can also be creative when adopting security measures to protect your Bitcoins from thieves.

By being wealthy, I guess you would have different addresses and properties, right? So it would be a good idea to split your money into different wallets, which would be stored in different properties. If a gangster took you as hostage, he would have access only to one of your wallets. And in case he wished more money, the same principle of banking system would apply here (probably even in a more efficient way when dealing with Bitcoin).

Moreover, it wouldn't take long until tracking and finding out the thieves through blockchain transactions and security cameras and other resources available for wealthy individuals. So, I don't think security is a big cons when adopting Bitcoin in large scale.

[Egii Nna]

Why the comparison? Every system ever created must have flaws somehow and to me this comparison isn’t even valid because the fact that bitcoin allows you to be your own bank means you take full responsibility of your security and privacy just as the bank would do if you’re to give them full responsibility over your money, so if you choose to Hodl bitcoin then you must learn to stay private if you want to avoid this kind of situations.

Banks offer you security but controls you and your money the way they like and with bitcoin you take full control of your money and also you have to take the security of your money to yourself, so you have to do your possible best to secure your funds.

[Mhassan38]

In as much as you gave your reasons, i still do not agree with them. if you ask me why I would say the advantage of making large transactions without requiring you being physically present at the bank supersedes its disadvantage. Let me give an instance. you have a contract that requires you to make a large transfer and you are outside the country which you do not  have access to  physical banks. how do you wanna just lose the contract cus you couldn’t access your bank at the moment? Secondly in bitcoin once transaction is confirmed, it is cryptographically final. No entity not  even the sender can reverse it. But bank wire transfer are revocable Wch can be compromised.

[GiftedMAN]

When owning Bitcoin, one needs to understand how best to safeguard it. If you know what you're holding is valuable, then don't go to risky places or let anyone know you have Bitcoin stored in your wallet.

If someone is smart and understands the responsibilities of owning Bitcoin, they will take steps to minimize the possibility of getting into trouble. Unless they genuinely don't care, then it's their own fault for taking it too lightly.

One can own tons of Bitcoin and still be the only one that knows about it, and that’s what it means when they say Bitcoin promotes anonymity, but if you have millions in your bank account, even without telling nobody, people already know you’ve got such amount in your account. But if you don’t tell anybody you own Bitcoin, no one will know, so the best way to keep your assets secure is by keeping your mouth shut. One who invests in bitcoin should understand the threats and dangers associated with Bitcoin, many bitcoin holders are attacked around the world only because people know.

[john_egbert]

In as much as you gave your reasons, i still do not agree with them. if you ask me why I would say the advantage of making large transactions without requiring you being physically present at the bank supersedes its disadvantage. Let me give an instance. you have a contract that requires you to make a large transfer and you are outside the country which you do not  have access to  physical banks. how do you wanna just lose the contract cus you couldn’t access your bank at the moment? Secondly in bitcoin once transaction is confirmed, it is cryptographically final. No entity not  even the sender can reverse it. But bank wire transfer are revocable Wch can be compromised.

Yep, being your own bank has its benefits. Just as well as having the details of having your imaginary bank in safety

[juttsab@]

In as much as you gave your reasons, i still do not agree with them. if you ask me why I would say the advantage of making large transactions without requiring you being physically present at the bank supersedes its disadvantage. Let me give an instance. you have a contract that requires you to make a large transfer and you are outside the country which you do not  have access to  physical banks. how do you wanna just lose the contract cus you couldn’t access your bank at the moment? Secondly in bitcoin once transaction is confirmed, it is cryptographically final. No entity not  even the sender can reverse it. But bank wire transfer are revocable Wch can be compromised.

Yep, being your own bank has its benefits. Just as well as having the details of having your imaginary bank in safety

Banks are doing scams with the most of the people because they are using other people money and people are thinking their money is safe. I saw many cases when banks blocked the amount of the person who have good amount in the bank but after that they gave application but there was no response. There are many people who have money but they could not withdraw their amount because banks want to to hold people's money to generate more money. They are giving loan to the people and they are getting interest on that. No bank is safe because we saw Mang scams when banks announced bankruptcy and millions of people were on the road because they saved the pensions and savings from each salary . There is BTC which is best of all time cryptocurrency and will remain  king in that future as it is decentralized and no one can snatch these Bitcoin from us .

[ZAINmalik75]

Banks are doing scams with the most of the people because they are using other people money and people are thinking their money is safe. I saw many cases when banks blocked the amount of the person who have good amount in the bank but after that they gave application but there was no response. There are many people who have money but they could not withdraw their amount because banks want to to hold people's money to generate more money. They are giving loan to the people and they are getting interest on that. No bank is safe because we saw Mang scams when banks announced bankruptcy and millions of people were on the road because they saved the pensions and savings from each salary . There is BTC which is best of all time cryptocurrency and will remain  king in that future as it is decentralized and no one can snatch these Bitcoin from us .

I don't know how rules work in some countries, but in most countries, banks can't actually announce bankruptcy and then pay nothing to their customers, because when you deposit your money in the bank, your money is insured, and they have to return the money to you at any cost. It's true that banks use our money to do their own business, such as giving out loans, maybe buying and selling properties, etc. However, they can't scam us just like that, it's true that they might give you a hard time sometimes when they block your account or freeze your funds.

Bitcoin is a good alternative to banks for keeping our money, but as we know, Bitcoin has a volatile price and it can go up or down any time, so if we save our money in Bitcoin in a non-custodial wallet, we should know the possible consequences of doing that, and we should be ready to bear anything that may happen.

[Smack That Ace]

Banks are doing scams with the most of the people because they are using other people money and people are thinking their money is safe. I saw many cases when banks blocked the amount of the person who have good amount in the bank but after that they gave application but there was no response. There are many people who have money but they could not withdraw their amount because banks want to to hold people's money to generate more money. They are giving loan to the people and they are getting interest on that. No bank is safe because we saw Mang scams when banks announced bankruptcy and millions of people were on the road because they saved the pensions and savings from each salary . There is BTC which is best of all time cryptocurrency and will remain  king in that future as it is decentralized and no one can snatch these Bitcoin from us .

I don't know how rules work in some countries, but in most countries, banks can't actually announce bankruptcy and then pay nothing to their customers, because when you deposit your money in the bank, your money is insured, and they have to return the money to you at any cost. It's true that banks use our money to do their own business, such as giving out loans, maybe buying and selling properties, etc. However, they can't scam us just like that, it's true that they might give you a hard time sometimes when they block your account or freeze your funds.

Bitcoin is a good alternative to banks for keeping our money, but as we know, Bitcoin has a volatile price and it can go up or down any time, so if we save our money in Bitcoin in a non-custodial wallet, we should know the possible consequences of doing that, and we should be ready to bear anything that may happen.

I'm sure these are just fabrications to smear banks and hype up Bitcoin, nothing more. Unless he comes from a country with a bankrupt economy and a government that has abandoned its people. Otherwise, there would never be commercial banks going bankrupt and people would not be protected and compensated. Because basically, commercial banks are controlled and supervised by the central bank. Whenever a bank fails, the central bank steps in to protect everyone's interests.

Also, banks won't block people from withdrawing money unless they violate banking regulations. Banks are financial institutions that create and distribute money into the economy. They are not so short of money that they would stoop to stealing a few small amounts from ordinary people.

Bitcoin is a better solution because it overcomes the limitations of banks and is an option for those who want complete control over their assets. But that does not mean banks are unreliable and not worth using, as both have their own pros and cons.

[Webutxo]

There is no perfect system. Banks have lots of problems too. Instead of trying to achieve the impossible let's take advantage of banks the same way we do it with btc. Btc offers freedom and it is secure on a network level. Bitcoin can't do anything about your personal security. That's your responsibility. Yes banks can lock, freeze accounts of the scammers, revert transactions etc but they don't happen immediately as well. If a bank goes bankrupt government guarantee the safety of your money and that will never happen with bitcoin. Know the limitations and strengths of both worlds and use both. It doesn't have to be one or another. Bitcoin has changed the lives of many people. It doesn't make sense to hate it.

I see OP post as someone pushing Banks, as far banking is concern their system is worse than that of Bitcoin, you can buy Bitcoin and keep on your wallet and check to see that amount anytime you check but you can't put millions or billions to your account and comes back to meet the money. It will be there but if the bank don't have enough liquidity, you will be delay. I will chose centralized exchanges better than local banks that are not free from problems, they don't act on their own alone, the central banks control them and they can be stop from sending and receiving payment  but Bitcoin isn't control by anyone.

[NotATether]

I'm sure these are just fabrications to smear banks and hype up Bitcoin, nothing more. Unless he comes from a country with a bankrupt economy and a government that has abandoned its people. Otherwise, there would never be commercial banks going bankrupt and people would not be protected and compensated. Because basically, commercial banks are controlled and supervised by the central bank. Whenever a bank fails, the central bank steps in to protect everyone's interests.

Also, banks won't block people from withdrawing money unless they violate banking regulations. Banks are financial institutions that create and distribute money into the economy. They are not so short of money that they would stoop to stealing a few small amounts from ordinary people.

Bitcoin is a better solution because it overcomes the limitations of banks and is an option for those who want complete control over their assets. But that does not mean banks are unreliable and not worth using, as both have their own pros and cons.

I would not go as far as calling banks not worth using, but some parts of it can be unreliable (I'm not talking about bankruptcy). Let me list a few points:

- Most branches won't let you withdraw a large amount of money unless you call or make arrangements in advance. That is because there's simply not enough cash in the vault.
- Mobile banking apps are usually riddled with bugs and weird technical issues when managing your account, and in some instances they last longer than it takes for a single Bitcoin confirmation on average.
- I have heard (not experienced myself) reports of outgoing transactions being blocked until the account holder explains where the funds are being sent.
- Sometimes wires take hours or even days to reach your account.

I guess it's because we've used Bitcoin too much, but I'm so spoiled by its efficiency, I sometimes forget what the real world is like.

[betswift]

^ Heavily depends on the country and the situation in it, but I agree: banks have all the leverage we can have when we use BTC without them, all the rest is history.

I didn't experience any problems with banks myself, but I do love to be in charge while using BTC.

[Mpamaegbu]

This is by far the biggest flaw about bitcoin. One person knowing that you own large amounts of bitcoin is all that's needed to lose your life savings. In order to steal a persons stock market investments, it takes WEEKS and tons of in person verification making it virtually impossible and too risky for gangs to pursue. In order to steal a persons bitcoin it takes about 30 minutes.

This's why Bitcoin lovers, investors and hodlers are advised to be discreet with their crypto involvement. It doesn't profit much to be loud mouthed and too revealing. Rather, it exposes one to danger. You're accurate in your explanation there and in your other paragraphs.

If the entire world adopted Bitcoin and ditched fiat currency, the amount of robbings, hacks and killings would increase 100 times because it's so much easier for criminals to steal a man's life savings and get away with it.

That's a scary scene there, though I know it's just imaginary.

On the brighter side, there's no way the entire world will adopt Bitcoin. Adopt something that one can't assess without the help of the internet? Nah! It's not going to be possible.

[fikrett]

This is by far the biggest flaw about bitcoin. One person knowing that you own large amounts of bitcoin is all that's needed to lose your life savings. In order to steal a persons stock market investments, it takes WEEKS and tons of in person verification making it virtually impossible and too risky for gangs to pursue. In order to steal a persons bitcoin it takes about 30 minutes.

This's why Bitcoin lovers, investors and hodlers are advised to be discreet with their crypto involvement. It doesn't profit much to be loud mouthed and too revealing. Rather, it exposes one to danger. You're accurate in your explanation there and in your other paragraphs.

If the entire world adopted Bitcoin and ditched fiat currency, the amount of robbings, hacks and killings would increase 100 times because it's so much easier for criminals to steal a man's life savings and get away with it.

That's a scary scene there, though I know it's just imaginary.

On the brighter side, there's no way the entire world will adopt Bitcoin. Adopt something that one can't assess without the help of the internet? Nah! It's not going to be possible.

Fiat would still be there, one way or another..

BTC isn't there to demolish it and take its place, but to show the other way, where you are the one controlling the process.

So, yeah, I agree with that too, but such a scenario is just that: a scenario

[Mpamaegbu]

~

Fiat would still be there, one way or another..

BTC isn't there to demolish it and take its place...

Lovely put! This is the part maximalists miss or intentionally ignore. Fiat isn't going to be like cowries or barter to Bitcoin. I guess that's how a lot of people imagine it that fiat will fade out completely like cowries did. No, it won't happen. My stance is hinged on the fact that it will be near impossible even several decades from now for the entire globe to have access to the internet and be literate enough to understand how to transact in cryptos. Fiat will be here to complement Bitcoin/cryptos.