Being your own bank

[Scarlett_23]

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.

Banks generally provide security to people's money, but sometimes the people have to pay a lot of money for dishonest behavior and fraud of bank officials, in which case the bank fails to fulfill its responsibilities properly. However, in the case of crypto currency, the entire responsibility has to be taken by the crypto currency user.

In this case, if its responsibility falls into the hands of someone else, it is completely unprotected. Therefore, all arrangements have to be made to secure your wallet. Because as long as the user has the key, the currency belongs to him. That is why the user has to take the right steps to ensure it 100%. To protect himself from digital robbers like scammers and hackers, he has to refrain from revealing how many crypto currencies he has to others.

It is even better not to reveal how many crypto currencies he has to anyone except the most trusted people in his family.

[Dave1]

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.

Honestly being a bank of your own self with bitcoin is not just as simple as many people are making it sound like. It is something which comes with responsibility and such responsibility can feel heavy and especially for beginners who are not so familiar and used to bitcoin. Bitcoin does carry alot of risks and it is something everyone else should know but most of those risks do truly comes from lack of knowledge or sometimes negligence and carelessness from the side of the person and not necessarily from bitcoin itself because when you take your time to understand what you are investing in and take security seriously it gives you real peace of mind.

Yes, it's not that easy, as we have to have deep knowledge on how to manage our wallet. But I guess that will be the first thing that we should learn though. I mean when I started, that's where I focus and uses wallet that I have total control of.

So if someone wanted to join crypto market, then that will be my best advise. Learn the different kinds of wallet, open source, custodian vs non-custodian before becoming your own bank.

[hd49728]

Yes, it's not that easy, as we have to have deep knowledge on how to manage our wallet. But I guess that will be the first thing that we should learn though. I mean when I started, that's where I focus and uses wallet that I have total control of.

So if someone wanted to join crypto market, then that will be my best advise. Learn the different kinds of wallet, open source, custodian vs non-custodian before becoming your own bank.

Managing your cryptocurrency fund starts with how you choose a wallet (open source vs close source, non custodial vs custodial), how you download, install, verify it, then how you create a wallet, make that wallet backup, test the backup for recovery. When everything is well, you can fund the wallet with a small transaction as a last test before funding that wallet with big capital.

That's it, sounds simple or complicated, it depends on different people but whatever you think is not important, the vital thing is you must do these steps in order to keep your fund storage secure and safe.

How to backup a seed phrase?
https://bitcoin.org/en/choose-your-wallet

[lornadane]

Yes, it's not that easy, as we have to have deep knowledge on how to manage our wallet. But I guess that will be the first thing that we should learn though. I mean when I started, that's where I focus and uses wallet that I have total control of.

So if someone wanted to join crypto market, then that will be my best advise. Learn the different kinds of wallet, open source, custodian vs non-custodian before becoming your own bank.

Managing your cryptocurrency fund starts with how you choose a wallet (open source vs close source, non custodial vs custodial), how you download, install, verify it, then how you create a wallet, make that wallet backup, test the backup for recovery. When everything is well, you can fund the wallet with a small transaction as a last test before funding that wallet with big capital.

That's it, sounds simple or complicated, it depends on different people but whatever you think is not important, the vital thing is you must do these steps in order to keep your fund storage secure and safe.

How to backup a seed phrase?
https://bitcoin.org/en/choose-your-wallet

like that you mentioned testing with a small transaction first — that step alone can save people from costly mistakes. Backup and recovery are also things many skip until it’s too late.
It may sound complicated to some, but these steps are necessary if you truly want to be your own bank. Once you understand the basics, it actually becomes routine. Better to take time learning this early than learning it the hard way later.

[Sunshine1525]

Incase you don't know, a dubious acc manager can decide to steal from you like deduct and divert a certain amount that comes into your account and make it seems like a bank charges, if you feel the bank offers you security, then you're totally wrong. The bank system us failing and people who are security conscious about their hard earned money are gradually switching to saving with Bitcoin, which in return overs better protection and add value to whatever they put into it as time goes.

I've never heard that Bitcoin was hacked and the only way I feel that people can lose their mobey or get exposed to hackers I through human errors, once people get awareness on how to secure their portfolio and keep what's been stored into intact for as long as possible then they'll understand why it serves as a better alternative to the banking system regardless of volatility.

[Tungbulu]

Incase you don't know, a dubious acc manager can decide to steal from you like deduct and divert a certain amount that comes into your account and make it seems like a bank charges, if you feel the bank offers you security, then you're totally wrong. The bank system us failing and people who are security conscious about their hard earned money are gradually switching to saving with Bitcoin, which in return overs better protection and add value to whatever they put into it as time goes.

I've never heard that Bitcoin was hacked and the only way I feel that people can lose their mobey or get exposed to hackers I through human errors, once people get awareness on how to secure their portfolio and keep what's been stored into intact for as long as possible then they'll understand why it serves as a better alternative to the banking system regardless of volatility.

Banks often exaggerate the level of security that banks offer to its customers. It’s way more easier for staff members to skim small amounts of money and make it look like it’s the normal charge everyone else pays and by the time they manage to gather these small charges from a good number of customers, they must have realized quite a sizable amount, to some customers it’s just a small amount but to them, they’re enriching themselves at the expense of the customers they’ve sworn to protect their funds, there are several other ways banks managed to defraud people, so it’ll be a very terrible mistake to completely trust banks with your funds.

Ive lost a particular amount from my bank account, and up till now, there’s been no trace of where the money went to, the managers weren’t able to track where the money went, so I just closed down that account. I’d rather advise people to save their money in bitcoin than in their banks, at least you don’t need the permission of anyone yo withdraw your money and you’ll be in complete control of your funds.

[Publictalk792]

Banks often exaggerate the level of security that banks offer to its customers. It’s way more easier for staff members to skim small amounts of money and make it look like it’s the normal charge everyone else pays and by the time they manage to gather these small charges from a good number of customers, they must have realized quite a sizable amount, to some customers it’s just a small amount but to them, they’re enriching themselves at the expense of the customers they’ve sworn to protect their funds, there are several other ways banks managed to defraud people, so it’ll be a very terrible mistake to completely trust banks with your funds.

Ive lost a particular amount from my bank account, and up till now, there’s been no trace of where the money went to, the managers weren’t able to track where the money went, so I just closed down that account. I’d rather advise people to save their money in bitcoin than in their banks, at least you don’t need the permission of anyone yo withdraw your money and you’ll be in complete control of your funds.

First of all sorry to hear you lost your money, but your experience is of real trick called Salami Slicing where small amounts are stolen off large number of people to make much of money. Banks are black box in that you must believe what they have in their books and when they lose your money or they lock your account you have little control over this. Bitcoin is different in that it works in publicly open list where all deals are clear and cannot be changed, meaning, you do not need any permission to spend your money. But being in total control means that you are in full charge, if you lose your private password or keys, then you will never see your money again due to absence of customer service. And there is no option of getting refund in case of cheating as is case with bank, Bitcoin deals are permanent, so once hacker steals your money, it is gone.

[Alpha Marine]

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.

You make it sound like it's very tedious work. Aside from keeping your secret phrase in a secure location, every other form of security you should be worried about is things you should do with or without Bitcoin. There are other apps or files on your device, too, that shouldn't get into the hands of scammers or hackers, so you ordinarily have to keep them safe. Most of us have bank apps on our phones where we keep money or use them for transactions.
As long as you keep your seed phrase safe, and be consciousof your security (which you should ordinarily be conscious of) you're good. It takes conscious effort, but its not difficult work IMO

[Peanutswar]

We have full access control of our wallet, so this is the reason why we need to secure our wallet. By that, we can use an additional layer of verification to make sure no one knows our wallet and stole our funds. In terms of storing of your wallet you must need to secure this in a safe place, that no one knows. Even the seed phrase to avoid let other sees and import the seed and prevent stolen your funds. If you are an active user with your device such as you are downloading some installers, visit website that requires your information I do recommend to have a good AV this is just an optional of course depends on your habit.

[Out of mind]

We have to take security in every field, it is very important for everyone. In the present time, we know that with the digital age, fraudsters are getting into many fraud traps, and trying to snatch people's hard-earned money. So we always have to take care of our money and exercise utmost caution. In crypto, most of the time people may fail to protect their money only because of their laziness and carelessness. Fraudsters always try to harm people in different ways, so we have to be careful and avoid fraudsters and do not fall into their trap. To keep our money safe and secure, we should use a good wallet and store the keys in a safe place. It is important to do this.

[Felicity_Tide]

~snip

As long as you keep your seed phrase safe, and be consciousof your security (which you should ordinarily be conscious of) you're good. It takes conscious effort, but its not difficult work IMO

Our own financial security should be our responsibility, which means there is a need for everyone to take it serious and treat it as a big deal. The banks have made a lot of people believed that only them can provide security for their funds, but in this modern era, we've seen the complete opposite as anyone can be a custodian of their money for as long as they want. A lot of users has identified the need for people to choose open source wallets, and secure their seed phrase, but let's not forget that we as humans can actually be the cause of our own vulnerability. Social engineering is still a working tactics, and a lot of people are being tricked to doing what they're not supposed to do.

Like you said, we have to be conscious, but what's also important is the level of confidentiality we keep. Your finance doesn't have to be a discussion because it comprises your own security.

[Youngrebel]

It is not the bank solely secures your bank accounts.  We've severally seen cases of fraudulent activities in peoples bank accounts and the   and even elwhen complaints are given to to the bank there's nothing less thing they would do. They can track  the hackers and sometimes trace and find them but majority of cases turn out unproductive.  So it is more like you do all you can to protect any thing that concerns your bank accounts and any other assets you've gotten. 

[Zanab247]

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.

when you make the right wallet to hodl your BTC you will not have any fear of scammers, because that is some excuse some people use to give why they don't want to take BTC risk. There is electrum wallet beginners can use to hodl BTC which is very popular for people to use to make their BTC safe in their own custody, because nobody can touch your BTC without your permission. It is what you have knowledge about you will invest and protect, if you don't have knowledge of BTC there is no way you can protect your BTC not to allow scammers to gain access to your BTC, because you lack some important things which you didn't apply.

Investing in BTC doesn't mean you should avoid  bank, because there are some countries who don't accept BTC as payment but you can use your money in the bank to buy whatever you want to buy with fiat money. No third party in BTC and you can trade BTC when it is suitable for you to trade without anyone permission from your friends or government..

[Hypnosis00]

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.

You make it sound like it's very tedious work. Aside from keeping your secret phrase in a secure location, every other form of security you should be worried about is things you should do with or without Bitcoin. There are other apps or files on your device, too, that shouldn't get into the hands of scammers or hackers, so you ordinarily have to keep them safe. Most of us have bank apps on our phones where we keep money or use them for transactions.
As long as you keep your seed phrase safe, and be consciousof your security (which you should ordinarily be conscious of) you're good. It takes conscious effort, but its not difficult work IMO

Bitcoin is not really difficult to manage if you know what you're doing, if you know bitcoin as an investment well. But if you are a reckless and easy go lucky type, you will only waste your time and money with bitcoin, and find out later that all your bitcoins have been lost due to no security knowledge and practice.

However, its best if you make a thorough research first before acquiring bitcoin. You don't have to rush, but make sure to protect and secure your bitcoin at all cost if you have started buying already. Just like fiat, bitcoin also is very hot on the eyes of the scammers, so always chose to be extra cautious.

[Ivystar5]

It is not the bank solely secures your bank accounts.  We've severally seen cases of fraudulent activities in peoples bank accounts and the   and even elwhen complaints are given to to the bank there's nothing less thing they would do. They can track  the hackers and sometimes trace and find them but majority of cases turn out unproductive.  So it is more like you do all you can to protect any thing that concerns your bank accounts and any other assets you've gotten.  

Your right to an extent which validates the reason we need to be our own banks in bitcoin or through bitcoin, for the past generations saw banking as safety to savings than digging up holes and storing money and gold in there but today we see it as more or less just leaving your money in another person's hand even though the person will never care about it like we will do by ourselves. Self custody is the key protection and that one of the reason bitcoin is always better.

[Cyber_warrior]

Incase you don't know, a dubious acc manager can decide to steal from you like deduct and divert a certain amount that comes into your account and make it seems like a bank charges, if you feel the bank offers you security, then you're totally wrong.

That’s what bank managers are doing right now in my country, they steal from customers, when some of them notice that an account have been dormant for some time, they decide to tamper with the money in the account. Recently I know about someone that some amount of money was transferred from his account, and the funniest part is that he doesn't know the person that did that, and when he went to complain at bank about it, they couldn't trace the transaction because it wasn’t even recorded in his bank statement of his account.

if you completely trust banks, then you should do that at your own risk, most of those bank’s staffs are thief, they just looking for slight opportunity to take from their customers.

[Patikno]

It is not the bank solely secures your bank accounts.  We've severally seen cases of fraudulent activities in peoples bank accounts and the   and even elwhen complaints are given to to the bank there's nothing less thing they would do. They can track  the hackers and sometimes trace and find them but majority of cases turn out unproductive.  So it is more like you do all you can to protect any thing that concerns your bank accounts and any other assets you've gotten. 

Basically, all types of storage have risks, whether centralized or decentralized. That is why we often see cases of fraud, or traps that can lead to people falling victim and losing their money, or assets. People must be mindful of how to properly store their assets, especially in crypto storage or wallets. Negligence, carelessness, and lack of knowledge can lead to these risks, and the consequences can be fatal. Therefore, learn to avoid these mistakes. Essentially, the more you learn, the more educated you will be about various things, especially regarding proper precautions, and handling.

[Alone055]

You make it sound like it's very tedious work. Aside from keeping your secret phrase in a secure location, every other form of security you should be worried about is things you should do with or without Bitcoin. There are other apps or files on your device, too, that shouldn't get into the hands of scammers or hackers, so you ordinarily have to keep them safe. Most of us have bank apps on our phones where we keep money or use them for transactions.
As long as you keep your seed phrase safe, and be consciousof your security (which you should ordinarily be conscious of) you're good. It takes conscious effort, but its not difficult work IMO

It's true that securing your finances or financial wallets and apps is not a difficult thing to do as long as someone knows how it should be done. If you are someone who has been into these things for a long time, you will obviously not have a hard time securing your wallet or keeping your seed phrase safe, you will also have knowledge about how phishing links works, and how malware and viruses are used to compromise your financial apps and wallets, so you will be careful from these things from the beginning, so you won't face any problems at all.

Someone who lacks knowledge and understanding of these things might have a hard time securing themselves, and they will always be at the risk of either losing access to their own wallet and getting locked out, or having their wallet or accounts compromised because they couldn't keep them secure since they didn't know how to do it. This is the reason why so many of us keep repeating the same thing again and again, and it is that newbies should gain enough knowledge first before they get involved in cryptocurrencies financially.

[hd49728]

It's true that securing your finances or financial wallets and apps is not a difficult thing to do as long as someone knows how it should be done. If you are someone who has been into these things for a long time, you will obviously not have a hard time securing your wallet or keeping your seed phrase safe, you will also have knowledge about how phishing links works, and how malware and viruses are used to compromise your financial apps and wallets, so you will be careful from these things from the beginning, so you won't face any problems at all.

Security and privacy principles are almost the same in traditional finance to blockchain-based things but with blockchains especially Bitcoin, people will have better privacy, even anonymity as well as more security.

With Bitcoin blockchain, if people know and actually use non-custodial wallets, they own their coins, have their own banks with private keys. It's privacy and full control, if they can do some other things like running Bitcoin full node, use Tor as proxy, and broadcast their transaction with Tor and full node, they will have privacy and even anonymity.

Security first as you must protect your fund safely first, then you will need to practice better for privacy and anonymity, everyone can do it.
Protect your privacy.
Bitcoin privacy guide.

[Queen uloma]

Majority of all this scammers that calls people, are being informed by the bank staff it selves, come to think of it, how do scammers get information on how much that is in ones account if I may ask, I could remember the day my aunty got paid for a job, before you knew it scammers called her, that they want to confirm something with her account, that she should call a code that was sent to her, according to her she doesn't know what she was doing, that was how she lost all the money they paid her, we need to be careful especially these period .