Why trusting code is better than trusting banks

[Somegory]

We’ve trusted banks with money but they sometimes fail us.Bitcoin doesn’t rely on people It relies on code and math. Its supply is fixed and transactions are public. The rules are clear and can’t be easily changed unlike banks. This make them transparent over banking institutions

Would you trust code more than banks?

I hope you are not using a bank though, if truly banks have failed you how are you converting your Bitcoin and crypto back to Fiat? I need you to say something about this question that I just asked.

Banks failed you in what way?

We got charged for keeping our money for us, and the only thing I don't like about banks is monitoring and lack of privacy, bank did nothing to me, my money never went missing in the bank, there might be delays with funds when you needed it the most but this doesn't get close to failure that you are talking about.

[fuguebtc]

Would you trust code more than banks?

We are on a bitcoin forum and most of us are bitcoin investors. Not to mention, although profit is our top concern, most people choose and favor holding bitcoins in non-custodial wallets. This shows that most people prefer freedom and self-control over dependence on a third party. Or even if someone trusts banks more than bitcoin, they don't dare to say it because they don't want to be the center of criticism and be attacked by everyone. So I would be surprised if someone here said they trust banks more than bitcoin and code.

[doomloop]

Yes, I trust the code more than banks because it's not just a random code, but it's a proven innovation that has been tested and used by millions of people around the world, and hundreds of thousands of developers can say that the code is good and useful, so I trust it, and I also trust it more than banks because it allows me to keep my money safe without asking me a hundred questions and asking for verification or anything, and it doesn't confiscate your funds or block your account if it wants to, because there is no human controlling the code.

So yeah, these are probably the reasons why so many people believe the code more than the banks, even though that doesn't mean the banks are not used, they are used, and they are used because it's a compulsion for everyone to still use them since we can't do anything without them for now, and maybe we will have this compulsion in the future as well, but at least this code has given us an alternative.

[Wildwest]

Would you trust code more than banks?

We are on a bitcoin forum and most of us are bitcoin investors. Not to mention, although profit is our top concern, most people choose and favor holding bitcoins in non-custodial wallets. This shows that most people prefer freedom and self-control over dependence on a third party. Or even if someone trusts banks more than bitcoin, they don't dare to say it because they don't want to be the center of criticism and be attacked by everyone. So I would be surprised if someone here said they trust banks more than bitcoin and code.

Of course many people trust codes more than banks, because as you said, we don't want to involve third parties in the matter of our assets, especially Bitcoin. Of course, it is very important to maintain security. It's not that we don't trust banks, but there are times when banks have problems that can threaten our assets and at that time we will definitely blame them, but for our own code that protects it and it all depends on us personally in protecting our assets and we cannot blame others.

[betswift]

Would you trust code more than banks?

We are on a bitcoin forum and most of us are bitcoin investors. Not to mention, although profit is our top concern, most people choose and favor holding bitcoins in non-custodial wallets. This shows that most people prefer freedom and self-control over dependence on a third party. Or even if someone trusts banks more than bitcoin, they don't dare to say it because they don't want to be the center of criticism and be attacked by everyone. So I would be surprised if someone here said they trust banks more than bitcoin and code.

Agreed.

Some of those that hodl in banks or services like that just didn't experience problems that they may have doing so.

When they will, it will be too late.

[Seekher]

As a developer, code is as bug-prone as banks are.

[Felicity_Tide]

~snil

Would you trust code more than banks?

I won't think twice considering the fact that this particular code that we talk about has revealed to so many how a true and transparent system ought to look like. Who says that banks fail us sometimes when in reality, they actually they actually fail us at all times. They set limits on people's withdrawal, while loaning out their money to other people for the sole purpose of earning interest. The code is open, and it's record globally distributed. Upgrades and suggestions just doesn't get implemented overnight behind the scenes.

Unarguably, code is far better. And not just some random code, but code that has maintained its integrity while strictly adhering to what it was built for. Bitcoin is certainly the one.

[₿itcoin]

We’ve trusted banks with money but they sometimes fail us.Bitcoin doesn’t rely on people It relies on code and math. Its supply is fixed and transactions are public. The rules are clear and can’t be easily changed unlike banks. This make them transparent over banking institutions

Would you trust code more than banks?

If you are lookin for somethin like decentralized blockchain technology then Bitcoin is the only solution. Everything is as transparent as water, every transaction is transparent, once a transaction is recorded it can never be changed. in here you do not need to rely on any suspicious institution or government. You do not have to be accountable to any central authority. The use of code &  cryptography helps us reduce the rate of human error, reduces the risk of centralized data security &  there is nothing in the way of secret decisions. So the foundation of the world here is based on mathematics &  consensus, not on any so called promises

[purple_sparkles]

Banks are becoming more and more brazen when it comes to managing your money without any proper agreement. They set various limits and restrictions, can block your own funds, and force you to explain the origin of your money, which causes a lot of stress and unpleasant situations. I’m waiting for the time when cryptocurrencies become more widespread among the population so that interaction with these institutions can be minimized. Lately, at least in my country, banks have taken too much control over money that isn’t even theirs, and they’ve become extremely inconvenient. I feel as if I’m working for the banks instead of being their client and receiving proper service.

[nakamura12]

It is all fun and games until someone loses his private keys. You can do charge backs with credit cards when you get scammed or even reverse transactions with banks in some rare cases but none of those are available for btc. Btc is superior to banks as long as you are in control of what you are doing but it also takes a second of distraction to lose your coins forever. A tiny copy/paste trojan can ruin everything for you irreversibly. Or a infected browser plugin… a misclicked spam email link… a hacked electrum update…  As long as you are aware of those risks, btc is invincible. If you even miss one of those threats, then banks win. Banks don’t win directly but your loss of btc becomes their victory. I think it is still way too early to ditch banks. They will be around for a long time.

What you explained is right that btc can't be reversed but bankings have also disadvantage and also doesn't have good privacy since it's linked to an identity unlike Bitcoin where you won't know who owns the wallet. Many disadvantage of the banking are the reason why many people preferred using bitcoin to store their funds and also for investment rather than banks where the reason are already explained by others.

[The Cryptovator]

We’ve trusted banks with money but they sometimes fail us.Bitcoin doesn’t rely on people It relies on code and math. Its supply is fixed and transactions are public. The rules are clear and can’t be easily changed unlike banks. This make them transparent over banking institutions

The fact is interesting; the bank we have been using depends on the trust. It means we are trusting the traditional banking system, and definitely we need to trust banks. Otherwise people won't use banks anymore. But Bitcoin itself is trusted. Whether you trust or not doesn't make any difference. But if you don't trust a bank, then you probably won't deposit there. Bitcoin is like money; you don't need to trust your native fiat because you are forced to use it. Bitcoin is also treated as money, and we already trusting it. A lot of people don't even know how Bitcoin works.

Would you trust code more than banks?

It's not a random code; it's Bitcoin codes. You have no way other than to trust Bitcoin. The codes are deployed on the blockchain, and it's open source; anyone could read it, and it can't be modified. Means Bitcoin codes are above the trust.

[macson]

It's not trusting the code, but trusting what Satoshi built. If you trust the code, shitcoin is also built using code. But is that the same as Bitcoin? It's not the same because shitcoin is built by developers who can abandon the project or change it at will.

But Bitcoin was built by Satoshi with a well-designed and, more specifically, decentralized system with a consensus model that prevents any entity from changing the Bitcoin core code at will. This is why Bitcoin is more trusted than shitcoin.

[Findingnemo]

We’ve trusted banks with money but they sometimes fail us.Bitcoin doesn’t rely on people It relies on code and math. Its supply is fixed and transactions are public. The rules are clear and can’t be easily changed unlike banks. This make them transparent over banking institutions

Would you trust code more than banks?

It is not just the code, it is the resistance to attack in any possible way, the decentralization, the proof of work and all these that make Bitcoin the strongest against any kind of attacks while keeping everything transparent and no single authority over anything.

[Apocollapse]

I hope you are not using a bank though, if truly banks have failed you how are you converting your Bitcoin and crypto back to Fiat? I need you to say something about this question that I just asked.

Banks failed you in what way?

Obviously he's still using banks, he wrote like to be a Bitcoin maximalist by hating banks and going all-in in Bitcoin to please in this forum.

I think so far with the current Bitcoin adoption, there's no one in this world can live alone using Bitcoin, even a country who previously accept Bitcoin as legal tender had withdraw their laws.

So many people complain about banks, but personally I never had any problem with bank except when I ask them to close my account.

[headingnorth]

But you still have to trust the human coders. And there is nothing stopping them from making changes to the code,
malicious or otherwise, anytime they want. As we have witnessed with the latest Core 30 update, which many consider to be malware.

Bitcoin's so-called consensus mechanism is weak at best. Consensus means nothing if there is no means to enforce it.

Until a more robust consensus mechanism is developed, I don't consider bitcoin to be trustless nor decentralized
(since power is highly concentrated in the hands of a few devs who have absolute control over the code).

Yes the nodes are free to choose which software they run, but it only takes a handful of nodes running the malicious code to
do a lot of damage to the network, that could take months if not years to undo.

[CryptoBuds]

I hope you are not using a bank though, if truly banks have failed you how are you converting your Bitcoin and crypto back to Fiat? I need you to say something about this question that I just asked.

Banks failed you in what way?

Obviously he's still using banks, he wrote like to be a Bitcoin maximalist by hating banks and going all-in in Bitcoin to please in this forum.

I think so far with the current Bitcoin adoption, there's no one in this world can live alone using Bitcoin, even a country who previously accept Bitcoin as legal tender had withdraw their laws.

So many people complain about banks, but personally I never had any problem with bank except when I ask them to close my account.

The interesting fact is that people who complain or speak badly banks are still using banks every day.
Indeed, I also get the feeling that many people are trying to speak badly of banks and portray themselves as bitcoin maximalists. It seems like they do it on purpose just to please some people, nothing else. They join bitcoin forums and discuss bitcoin, and express their hatred for banks. But after they complete their performance and return to real life, they use banks and fiat money as if nothing happened.

[Rustam Meraj]

Main difference between Bitcoin and banks is to believe in code not people. Bitcoin is clear and hard to change and it is easy to see how it works so you do not need to trust human leaders. Banks are run by people, and they are likely to make mistakes and fail and can easily change their rules to their advantage. Although rules of Bitcoin are more expected and cannot be changed, most individuals are used to using banks because it is easy to use and safe, and question of sureness of code or ease of use of bank is raised.

[bitbollo]

An Italian bank has closed my account because they have some hidden terms where they can do this without a valid reason and even without giving any explanation to me.
It is fair? Banks can decide to not grant a loan, without reasons or explanations.
They can easily hide crucial information by using thousands and thousands of pages.
They can bring you to a court and with government help seize your asset or forcing you to not have a bank account. (literally keeping out of everything).

All of these issues are not present in bitcoin...Code is open source and anyone could check how it works.
did you still have doubts on what is better?

[CryptoYar]

[...]

It is frustrating, yet usual, experience with banks, and it is why perfectly describes attractiveness of Bitcoin it gives aopen system without unfair power. Main problem is that centralized banks can do all this with their power by closing your account, refusing loan without a clear reason, and even taking your money by controlling legal money system, which is open and independent. To large number of people, choice will be between trusting powerful banks or choosing to be open and free as wanted by Bitcoin.

[Marvell1]

I hope you are not using a bank though, if truly banks have failed you how are you converting your Bitcoin and crypto back to Fiat? I need you to say something about this question that I just asked.

Banks failed you in what way?

Obviously he's still using banks, he wrote like to be a Bitcoin maximalist by hating banks and going all-in in Bitcoin to please in this forum.

I think so far with the current Bitcoin adoption, there's no one in this world can live alone using Bitcoin, even a country who previously accept Bitcoin as legal tender had withdraw their laws.

So many people complain about banks, but personally I never had any problem with bank except when I ask them to close my account.

Frankly, we all still use banks and will still need them for a long time, including bitcoin maximalists.

I bet most of us have at least 2 or more bank accounts, let alone not using them. If someone says they don't have a bank account or have deleted all their accounts, and their life revolves around bitcoin. They are just lying. Because our lives would be in trouble without banks these days. That's the truth.


Likewise, I have been using banks for over 35 years and have never encountered any of the problems that many people are complaining about. So I'm pretty skeptical when someone says bad things about banks without concrete evidence. Banks are centralized institutions and we do not have full control over our assets when using their services, but they are not as bad as many people complain.