Being your own bank

[tbct_mt2]

That must be a bank with great security network. If it were in my country, the only thing that could be done would be to stop further spending from the account. That's by way of blocking that account. Whatever that's already spent is gone forever. The bank will do all it can to absolve itself from blame by pointing the victim to the fact that the fault isn't its. Your wife's bank did a great job by even tracing all the places the stolen funds went to and at the end recovering such. It interests me how that was achieved.

When your money lost, let's assume it was lost forever as no guarantee that banks and police can recover stolen money for you. Scammers can run away with your money, and even use all stolen money from you for physical assets or gambling. If they bought assets, police can seize such assets and use them as part of money return to victims but not all stolen money will be retrieved by police.

With blockchain, it's more risky and your stolen cryptocurrency is harder to be recovered. Blockchain transactions are mostly irreversible and with its privacy and even anonymity, it's harder for police to find scammers, get money back and return it to victims.

[Stormisover]

The banks will help their customers against fraud protection? That is not true but they can give advice on how to avoid fraud. There are people that are using bank and they are getting scammed.

That's not possible what banks can only do is to advice you just as you have said they can tell you things like don't share your OTP to any body that they won't even call you to provide to them any important details of yours like your ATM card numbers or pin.
I have been called on phone by those scammers you will be surprised how they will call all your bank details both your name correctly and you will believe that it's your back manager that's calling you and immediately you provide to them what they ask from you all the money in your bank will just disappear if not for the experience i have had and also advise from bank not to give out any information to any body claiming to be a bank agent i would have been scammed severely but there are people who don't know this and they are also been scammed.

That is true I can remember being told in the bank by the customer service that the bank will not for any reason call you people getting scammed never pay enough attention to all of this and some are illiterate they don't understand and also failed to ask questions where they don't understand, in this our time there are still those who are scared of using the bank because of what they have heard that has happened to others, banks doesn't directly protect us from scammers we have a role to play too.

[Maslate]

Being in your own bank with bitcoin may not be as easy like we believe it to be, but if you are just determined to protect your bank, experienced or inexperienced, you will succeed on it as long as you know the security rules on how to make it safe and secured the whole time. Indeed bitcoin is risky, but knowing your investment well and how to protect it at all cost will give you peace of mind. Do not just see bitcoin as a digital currency or digital investment, its more than that. Bitcoin is your own bank, so you have to do your best to avoid scammers and fraudsters waiting in the corner from accessing your account.

[uchegod-21]

Being your own bank comes with lots of responsibilities, that is why some people will always choose the traditional banking system over and over again because of the convenience and security they get. Being your own bank means no third involvement. That is to say, you are your own customer support staff, your risk manager, finance adviser, security team and everything you would need a bank for. Being your own bank is good,  but it would be meaningless if you don't know simple security tips, how phishing and social engineering work, how to backup your seedphrase etc. Poor knowledge of these is riskier than using the traditional banks.

[Botnake]

Being your own bank comes with lots of responsibilities, that is why some people will always choose the traditional banking system over and over again because of the convenience and security they get. Being your own bank means no third involvement. That is to say, you are your own customer support staff, your risk manager, finance adviser, security team and everything you would need a bank for. Being your own bank is good,  but it would be meaningless if you don't know simple security tips, how phishing and social engineering work, how to backup your seedphrase etc. Poor knowledge of these is riskier than using the traditional banks.

So instead of compromising your own bank and investment, why not settle for the less stressful and less risky, yet you still gain the same convenience you desire.

However, everyone has different mindset when it comes to this matter. Some just love to take a more challenging and more risky task, and navigating bitcoin as our own bank is a perfect example. But one will only succeed if he is always ready to learn and explore things, and do things with high caution. If you are not this kind of person, I won't be surprised if you stick to banks and let them managed your funds.

[tbct_mt2]

So instead of compromising your own bank and investment, why not settle for the less stressful and less risky, yet you still gain the same convenience you desire.

Compromisation and exploitation come from other entities, not by yourself but you can set up more convenient conditions for attackers to compromise/ exploit your accounts and your fund in banks.

However, everyone has different mindset when it comes to this matter. Some just love to take a more challenging and more risky task, and navigating bitcoin as our own bank is a perfect example. But one will only succeed if he is always ready to learn and explore things, and do things with high caution. If you are not this kind of person, I won't be surprised if you stick to banks and let them managed your funds.

Bitcoin existence gives us very good option to have our own banks, own bitcoin banks, and have full control of our banks. It's worth to note the importance of our practice decides whether we actually own and control bitcoins or we just have something like bank accounts. If we use non custodial wallets to store our bitcoins, with private keys, we truly own bitcoins and control them, it's different and better than banks.

In contrast, if we are either unknowlegeable, lazy and careless, we use centralized exchanges, exchange accounts, custodial wallets for storing our bitcoins, we lose our bitcoin at that time, and we will never have control of our bitcoins before we submit a withdrawal request for sending our bitcoins from these platforms to our Bitcoin non custodial wallets.

Reminder: do not keep your money in online accounts.

Exchanges are very scam.
Cryptocurrency exchange graveyard.

[Israelgogo]

Being your own bank sound very powerful, until you realize that it's not that easy, Banks have a lot of services where people help them to manage like customers service, fraud protection, backup programs and security teams.

In crypto it's a different story.

You are the bank, which means you are going to cover all these services that the banks have to hire people to manage, The. Security team, backup system, fraud prevention and customer services. Being your own bank brings freedom indeed but it requires awareness, you will be the one doing all this job.

This have many times contributed to why people lost their crypto, they just don't understand what they are up against, it's no more in the hands of your bank doing all the jobs for you, it's on you to secure your bank "Crypto Wallet" like your life depends on it,

If you want to be your own bank you need to act truly as being your own bank, take the necessary actions and arm yourself up like you are guarding your strong room. We are going into 2026, scammers won't stop finding a way to break your bank, do all you can to avoid stories that touches in 2026.

So, to what extent can someone or individuals protect their money as claims since crypto is a personal bank but the apps is built by different companies and individuals to help monitor their potential members Financials? Why can't the blockchain or other brokers first initiate security measures to ensure the safety of members? Secondly you didn't mention ways we can achieve the self security system.

[aoluain]

You are the bank, which means you are going to cover all these services that the banks have to hire people to manage, The. Security team, backup system, fraud prevention and customer services. Being your own bank brings freedom indeed but it requires awareness, you will be the one doing all this job.

Exactly, its very empowering isnt it?

To be able to take ownership of your wealth and not have to rely on a bank to do
that for you while charging you for the privilege of looking after your money while
giving next to no financial reward.

I would rather learn what "being my own bank" really means, and have satisfaction
in applying that to Bitcoin ownership.

[Rockstarguy]

This have many times contributed to why people lost their crypto, they just don't understand what they are up against, it's no more in the hands of your bank doing all the jobs for you, it's on you to secure your bank "Crypto Wallet" like your life depends on it,

If you want to be your own bank you need to act truly as being your own bank, take the necessary actions and arm yourself up like you are guarding your strong room. We are going into 2026, scammers won't stop finding a way to break your bank, do all you can to avoid stories that touches in 2026.

There is nothing like your bank when it comes to cryptocurrency; the load is not like the one we have in a real bank. When it comes to Bitcoin, the most important thing is to have an understanding and know what you are doing.

If you understand privacy and security very well and you have an understanding of how scammers operate, you will never be a victim of a scam or hacked account. The privacy and security in Bitcoin are very simple; you just need understanding and some discipline, and these will guide you, and there won't be any form of loss of Bitcoin or being taken advantage of by anyone.

[knowngunman]

Being your own bank sound very powerful, until you realize that it's not that easy, Banks have a lot of services where people help them to manage like customers service, fraud protection, backup programs and security teams.

The banks will help their customers against fraud protection? That is not true but they can give advice on how to avoid fraud. There are people that are using bank and they are getting scammed.

But on a serious note, banks are trying their best to protect their customers from being a victim. Although it depends on the bank and their security architecture but most of them have upgrade and improve tremendously in the security aspect. I handled a case some months back and I must confessed that I was flabbergasted witnessing that incident with a woman and her own account. She owns the account and the money but she was too desperate to withdraw using other channels without visiting the bank. I tried to help her too. We tried the short code, the POS and the bank app simultaneously. The bank blocked the transaction instantly saying the transaction is suspicious and they need to verify some information before they can approve her request to withdraw. They called directly notifying the woman whether she's aware of what's going on and some other questions. She answered affirmatively and the transaction was approved in the next trial. Scammers and fraudsters will find it hard to outsmart this process. I know this process delay your transaction and might affect your schedule but at least it protect your funds from unauthorised access.

However, we can not compare this with crypto. As far as you're doing the right thing, you're likely not to fall victim. So, in that case I would prefer to be responsible for my own security and do the right thing than to shift the responsibility to institutions that drain my funds in the long run. I can perform transaction at my convenient without any string attached and my funds is safe as long as my key is safe.

[Anthony Bill]

Bitcoin can make you to being your own bank where you don't need third party before you can make use of your Bitcoin. You will not share any income or gain with anybody because the key is your Bitcoin. You can sell your Bitcoin when other banks are not working or experiencing holiday which is one of the advantage of making Bitcoin your own bank.

[Showlove01]

Being your own bank comes with lots of responsibilities, that is why some people will always choose the traditional banking system over and over again because of the convenience and security they get. Being your own bank means no third involvement. That is to say, you are your own customer support staff, your risk manager, finance adviser, security team and everything you would need a bank for. Being your own bank is good,  but it would be meaningless if you don't know simple security tips, how phishing and social engineering work, how to backup your seedphrase etc. Poor knowledge of these is riskier than using the traditional banks.

You are absolutely correct and I doubt if someone without a basic or good knowledge of Bitcoin will want to save his or her funds in a wallet because like you said is very risky and dangerous if you don't have an idea on how it works because if someone mistakenly send an asset to a wrong Blockchain or network that particular asset can be lost if there is no way to bridge it. But anyone who has a good and enough idea on this can decide to save there because of accessibility.