Who Really Controls Money, Banks or us using the money

[Realwhot]

One of the biggest reason why Bitcoin exist is because of how they control money today. In our current banking system central banks are the ones that decide how much money they will print even when interest rate goes up or down and how the economy should be handled.

All these decisions are made by small groups of people and even if the might have good intentionswe can see they don’t always do it well. Printing money can fix short term problem but at the end everything will still end up affecting people as inflation.

Bitcoin is almost like the opposite of all these problems. There’s no central authority like the government or announcements like banks do. Instead of all this Bitcoin has only 21 million coins which are being mined from time to time. Because of this no matter who you are or where you live the rules are the same for everybody which is something fiat money does not offer.

Many people think that Bitcoin was made to replace the banking system but I was not made for that. Bitcoin will not change  all of a sudden to save bad banks or governments. Some see this as a weakness but it is the whole point of an independent system.

So the question is this who do we trust? Many people  will say Bitcoin to feel among but at the end of the day they trust the bank more by depending more on fiat and KYC on centralized systems. Even if Bitcoin does not promise stability or centralization it gives people the freedom of privacy and decentralization.

[Localhostspeed]

So the question is this who do we trust? Many people  will say Bitcoin to feel among but at the end of the day they trust the bank more by depending more on fiat and KYC on centralized systems. Even if Bitcoin does not promise stability or centralization it gives people the freedom of privacy and decentralization.

We depend on banks because we are not left with no choice. Before 2009, banks has been the only place we know to have access to money, there was nothing like Atm before but gradually we had digital payments today and that's where Bitcoin fall into. Do you know what it's to be under the government watch and spend money, they control everything about money, that's why everyone in the world you see have no choice but to use the banks government created for everyone.

Bitcoin is a decentralize digital payment, there is no middle man and everything is public, so you can see that trust is no longer there but with us alone that use the network. Bitcoin eliminate the need for middle man, this is why the government doesn't like it. Nigeria government has tried all its ways to stop us from using crypto, they have ban couple of exchanges just so we can stop it but today if you check the crypto space, Nigeria dominate this market than other countries.

[AVE5]

All these decisions are made by small groups of people and even if the might have good intentionswe can see they don’t always do it well. Printing money can fix short term problem but at the end everything will still end up affecting people as inflation.

That's very true, they might be of good intentions on how they indulges on printing more money which to my opinion is to circulate it as population may increase but I'll be in doubt that they truly mean well if not, they also make budgets of syphoning some portions for themselves on the process while they're ignorant that excessive printing of money leads to devaluation of the currency.

Bitcoin is almost like the opposite of all these problems. There’s no central authority like the government or announcements like banks do. Instead of all this Bitcoin has only 21 million coins which are being mined from time to time. Because of this no matter who you are or where you live the rules are the same for everybody which is something fiat money does not offer.

Using ALMOST about the system of bitcoin and the traditional banks seems an understatement. It's obviously that they're are both of opposite feature's because the fiats is regulated by a central authorities while bitcoin is being unregulated but being guided by the community users themselves through the binding of open source in a decentlized consensus.
Bitcoin has a limited supply while printing of more fiats is unlimited.
The government controls inflations through economy and bank policies while the economy value of bitcoin is being driven by adoption.
Bitcoin offer users equal services in both custodial and risks while the banks considers to preserve the rich with VIP service while the poor and average person's are limited to some services.

So the question is this who do we trust? Many people  will say Bitcoin to feel among but at the end of the day they trust the bank more by depending more on fiat and KYC on centralized systems. Even if Bitcoin does not promise stability or centralization it gives people the freedom of privacy and decentralization.

Those who'd trust the bank than the bitcoin must be those who don't even trust their selves and believe entrusting their values to someone else is more safer than their custody.
But it's unfortunate to them not to understand the value of self custody and the risks of trusting a third party.

[Donk1]

Many people think that Bitcoin was made to replace the banking system but I was not made for that. Bitcoin will not change  all of a sudden to save bad banks or governments. Some see this as a weakness but it is the whole point of an independent system.

So the question is this who do we trust? Many people  will say Bitcoin to feel among but at the end of the day they trust the bank more by depending more on fiat and KYC on centralized systems. Even if Bitcoin does not promise stability or centralization it gives people the freedom of privacy and decentralization.

OP you have made a good point there which  I agree with ,though Bitcoin was never made to replace any fiat currency it was simple created to serve as an alternative to banks and their high inflation. That's why to me when it comes to fiat currency and Bitcoin I like to believe that they are both balanced why because one can't replace the other. So yeah while their values are different we still tend to make use of them ...

​Moreover well to simply answer your question like I said earlier  they are both balanced  KYC or not, every Bitcoin user also makes use of fiat currency, am I right? So yeah while the value of Bitcoin is way more prioritized than that of  fiat, it's easy to say they are two sides of different coins. We can't compare them because they both offer utility in different ways that's just it for me....

[Btcdeybodi]

Many people think that Bitcoin was made to replace the banking system but I was not made for that. Bitcoin will not change  all of a sudden to save bad banks or governments. Some see this as a weakness but it is the whole point of an independent system.

Anyone who thinks that bitcoin will be a replacement to the fiat currency is dreaming because the government will always want to have the upper hand in anything relating to money. Bitcoin is just an alternative to the fiat currency so if you don't like the activities of banks, bitcoin is there for you but let it be known that it is not possible to do away with the fiat currency because even if you are holding bitcoins, a day will come when you might want to exchange part of it with the fiat currency.

So the question is this who do we trust? Many people  will say Bitcoin to feel among but at the end of the day they trust the bank more by depending more on fiat and KYC on centralized systems. Even if Bitcoin does not promise stability or centralization it gives people the freedom of privacy and decentralization.

Trust decentralized platforms but that doesn't mean you shouldn't have some small amount of money in centralized systems (banks).

[Realwhot]

So the question is this who do we trust? Many people  will say Bitcoin to feel among but at the end of the day they trust the bank more by depending more on fiat and KYC on centralized systems. Even if Bitcoin does not promise stability or centralization it gives people the freedom of privacy and decentralization.

We depend on banks because we are not left with no choice. Before 2009, banks has been the only place we know to have access to money, there was nothing like Atm before but gradually we had digital payments today and that's where Bitcoin fall into. Do you know what it's to be under the government watch and spend money, they control everything about money, that's why everyone in the world you see have no choice but to use the banks government created for everyone.

To me the it's not as if we really do not have a choice but instead we just want to believe that we do not have a choice because of the way the government have been able to tie down the entire banking system. It is possible to buy and sell in Bitcoin but in some places it is not because the government do not want it.

[Odogwu-Blockchain]

So the question is this who do we trust? Many people  will say Bitcoin to feel among but at the end of the day they trust the bank more by depending more on fiat and KYC on centralized systems. Even if Bitcoin does not promise stability or centralization it gives people the freedom of privacy and decentralization

Trust?
I trust Bitcoin because I have spent much time, energy and focus on the crypto industry for a long time, and nothing really hurts me, I have felt comfortable when dealing with Bitcoin for a long time to the point I don't feel threatened whenever the price drops, whenever any negative news comes up. I have watched it loss balance and regain back up within some couple of months.

All these lets me trust Bitcoin, those that doesn't trust Bitcoin are Fiat users, those who hasn't used it and against its growth, they kept stuck in the centralized system and never believe in new cryptographic development. It sucks actually.

[Chinesebaby]

One of the biggest reason why Bitcoin exist is because of how they control money today. In our current banking system central banks are the ones that decide how much money they will print even when interest rate goes up or down and how the economy should be handled.

All these decisions are made by small groups of people and even if the might have good intentionswe can see they don’t always do it well. Printing money can fix short term problem but at the end everything will still end up affecting people as inflation.

Bitcoin is almost like the opposite of all these problems. There’s no central authority like the government or announcements like banks do. Instead of all this Bitcoin has only 21 million coins which are being mined from time to time. Because of this no matter who you are or where you live the rules are the same for everybody which is something fiat money does not offer.

Many people think that Bitcoin was made to replace the banking system but I was not made for that. Bitcoin will not change  all of a sudden to save bad banks or governments. Some see this as a weakness but it is the whole point of an independent system.

So the question is this who do we trust? Many people  will say Bitcoin to feel among but at the end of the day they trust the bank more by depending more on fiat and KYC on centralized systems. Even if Bitcoin does not promise stability or centralization it gives people the freedom of privacy and decentralization.

It takes only an unrealistic person who has little or no knowledge about Bitcoin to still trust bank in this era, when if it's with a stable coin. Because when you put in your money in the bank, it's value is at the mercy of the bank, of which if in case you happen to leave your money there longer period, it's interest will be nothing compared if you had invested in Bitcoin. Because what bank does when a money is invested into their is to invest in real estate or all other market sectors, and they make profit and then give you just a certain percentage, less hat you can get with Bitcoin. So despite the fact that the government and banks have country over fiat Money, but Bitcoin has control over the best long term investment.

[Lembo69]

In fact, it can be said that banks control money. Because banks also determine how much money will be printed for the country. Banks play a role in almost all matters by tuning the currency. So it can be said that even though the people own money, banks control it.
Even though there were no ATMs in 2019, there was a convenience for customers for one  but now it is not. Because since the advent of the digital system, a lot of money is being stolen through hacking.
Again, many big business companies are running money laundering in the name of giving one. And they are trying to turn black money into white. If banks can stop printing money , then the currency will come under a lot of control, if you consider it in a physical way, you will see that the bank controls money.

[Jubilee58]

So the question is this who do we trust? Many people  will say Bitcoin to feel among but at the end of the day they trust the bank more by depending more on fiat and KYC on centralized systems. Even if Bitcoin does not promise stability or centralization it gives people the freedom of privacy and decentralization.

We depend on banks because we are not left with no choice. Before 2009, banks has been the only place we know to have access to money, there was nothing like Atm before but gradually we had digital payments today and that's where Bitcoin fall into. Do you know what it's to be under the government watch and spend money, they control everything about money, that's why everyone in the world you see have no choice but to use the banks government created for everyone.

Bitcoin is a decentralize digital payment, there is no middle man and everything is public, so you can see that trust is no longer there but with us alone that use the network. Bitcoin eliminate the need for middle man, this is why the government doesn't like it. Nigeria government has tried all its ways to stop us from using crypto, they have ban couple of exchanges just so we can stop it but today if you check the crypto space, Nigeria dominate this market than other countries.

Of a truth, the government does not  like the use of bitcoin. In Nigeria, our government have clashed several times with some of this cryptocurrency exchanges because they discovered people now value saving their money in cryptocurrency ( Bitcoin) rather than bank or fiat currency.The government controls the fiat currency and using bank to monitor and exploit people. Sometimes they can decide to frozen your bank account and placing unnecessary charges on your account. The bank and federal government makes huge amount of money from bank customers by collecting service charge and this is not the case with bitcoin.

Bitcoin is really very unique compared to fiat currency. Bitcoin has the ability to erase inflation as a result of it's demand and supply. The federal government regulates the fiat currency and when they decide to print this fiat currency in excess, it causes inflation. Bitcoin has given it's users freedom, much more than fiat currency. You are totally in control of your bitcoin or money, Your identity is not exposed and we pay very little fees when making transactions with bitcoin.

Thank God for Satoshi Nakamoto and Bitcoin for initiating this great idea that has set us free from the bondage of bank and federal government.

[Callido]

To me the it's not as if we really do not have a choice but instead we just want to believe that we do not have a choice because of the way the government have been able to tie down the entire banking system. It is possible to buy and sell in Bitcoin but in some places it is not because the government do not want it.

From the local banks to fintech banks. The banking system is evolving, but we cannot totally do without banks. Bitcoin is going to serve as an alternative, there are certain transactions in which Bitcoin will be mostly preferred, and those in which banks work effectively.

Let's get it straight also, Bitcoin cannot be accepted by every individual, the locals may find it hard to understand or consider Bitcoin to be valued as payment option. Our choices are limited, more people prefer trading in local currency not Bitcoin.

[icebar]

It takes only an unrealistic person who has little or no knowledge about Bitcoin to still trust bank in this era, when if it's with a stable coin. Because when you put in your money in the bank, it's value is at the mercy of the bank, of which if in case you happen to leave your money there longer period, it's interest will be nothing compared if you had invested in Bitcoin. Because what bank does when a money is invested into their is to invest in real estate or all other market sectors, and they make profit and then give you just a certain percentage, less hat you can get with Bitcoin. So despite the fact that the government and banks have country over fiat Money, but Bitcoin has control over the best long term investment.

There is no logic in saving money where saving money will actually reduce value in the long run due to inflation. And the inflation rate is increasing gradually and will continue to increase in the future. Where government can print money whenever they want, money will be printed as soon as there is financial problem in the country. In this situation, fiat currency cannot be trusted, but if we deposit our savings in Bitcoin, then we can create a large asset in one stage. There is no chance of depreciation of that asset in the long run. People are now considering Bitcoin as a store of value. The decentralized nature of Bitcoin is now the most secure of all currencies in the world.

[Freeveto]

One of the biggest reason why Bitcoin exist is because of how they control money today. In our current banking system central banks are the ones that decide how much money they will print even when interest rate goes up or down and how the economy should be handled.

All these decisions are made by small groups of people and even if the might have good intentionswe can see they don’t always do it well. Printing money can fix short term problem but at the end everything will still end up affecting people as inflation.

Bitcoin is almost like the opposite of all these problems. There’s no central authority like the government or announcements like banks do. Instead of all this Bitcoin has only 21 million coins which are being mined from time to time. Because of this no matter who you are or where you live the rules are the same for everybody which is something fiat money does not offer.

Many people think that Bitcoin was made to replace the banking system but I was not made for that. Bitcoin will not change  all of a sudden to save bad banks or governments. Some see this as a weakness but it is the whole point of an independent system.

So the question is this who do we trust? Many people  will say Bitcoin to feel among but at the end of the day they trust the bank more by depending more on fiat and KYC on centralized systems. Even if Bitcoin does not promise stability or centralization it gives people the freedom of privacy and decentralization.

The question you asked is self-explanatory,  when you can't handle your money and can't even trust yourself to save or secure it, you are already giving power to the bank to control it. You might be the owner, but you're not in charge because the central authority, the banks, now decides how much you can withdraw transfer on a daily and weekly basis. In fact, they almost decide how you will be spending your money. Your account can get frozen, blocked, and/or  restricted.

Central bank money printing is  undoubtedly why there's inflation, and Bitcoin was invented after the 2009 financial crisis. With Bitcoin, you're now in total control; you are your bank and decide when and how to spend your money.

[Princesslelee96]

Many people think that Bitcoin was made to replace the banking system but I was not made for that. Bitcoin will not change  all of a sudden to save bad banks or governments. Some see this as a weakness but it is the whole point of an independent system.

So the question is this who do we trust? Many people  will say Bitcoin to feel among but at the end of the day they trust the bank more by depending more on fiat and KYC on centralized systems. Even if Bitcoin does not promise stability or centralization it gives people the freedom of privacy and decentralization.

There is no way that Bitcoin can replace the flat currency because bitcoin is known as a store of value and the flat currency remains as a necessity even though the banking system has  so much restrictions and lots of conditions despite the fact that it’s your money which was made by the government. Regardless, so many still depends on it and even bitcoins investors also exchange to the flat currency as well,  I myself I recommend  bitcoin because the banking system is so unbalanced , but nevertheless the flat currency can never be replaced

[Nathrixxx]

So the question is this who do we trust?

Trust nobody, not even the government that inflate things on their own interest to satisfy the desire for their individual demands, the whole system with fiat currency has failed, the only hope we are building now is upon the use of a decentralized network and this is coming with the realization and activation of our investment portfolio with bitcoin, as it is profitable and decentralized using the independent blockchain technology.

[Hewlet]

So the question is this who do we trust? Many people  will say Bitcoin to feel among but at the end of the day they trust the bank more by depending more on fiat and KYC on centralized systems. Even if Bitcoin does not promise stability or centralization it gives people the freedom of privacy and decentralization

Trust?
I trust Bitcoin because I have spent much time, energy and focus on the crypto industry for a long time, and nothing really hurts me, I have felt comfortable when dealing with Bitcoin for a long time to the point I don't feel threatened whenever the price drops, whenever any negative news comes up. I have watched it loss balance and regain back up within some couple of months.

Trust they say is a currency that's built by reason of long term knowledge of someone whereby the more you know someone or a system and finds it to be consistent, it becomes easier for you to trust it. If for this period of years that bitcoin has come into existence bitcoin has shown a level of distrust, there would have been  a shift for something different but since bitcoin has continued to remain relevant till this moment, it goes to show that bitcoin is a complete better alternative to the banking system and all.

Trusting bitcoin more than the conventional banking system doesn't mean we don't trust centralised institution at all, we still trust it to an extent and that's why we are still making use of it. The only thing is that with bitcoin, it provides a better alternative to the banking system.

[Princess Leah]

 Let me give you something to think about, my mom's account was rozen by her bank last week and she couldn't have access to her funds so when she went to lay complains in the bank, she was told that her Nin had issues and needed update, it took her days of constant going to the bank and Nin office before she could have access to her bank again.

 However, with Bitcoin, you're your own bank and you don't need anyone calling you to come upgrade your Nin or bvn before you'll have access to your funds, so far your portfolio is secured and your key is safe you're good to go. In other words. the bank has control over your account and a bank officer that's dubious can easily steal from your account, you can only control how you spend your money but the bank automatically controls your account and can withdraw your access to it anytime.

[Agbamoni]

Basciallly the bank controls the money, until people have awareness on how to take full control of their money by using blockchain technology. The idea of decentralization has helped shift power back to the original owners of the money. Without any central authority, we all have full custody of our money by using Bitcoin.

However, most people still prefer the traditional system of banking, where the power belongs to the government.

[SatoPrincess]

One of the biggest reason why Bitcoin exist is because of how they control money today. In our current banking system central banks are the ones that decide how much money they will print even when interest rate goes up or down and how the economy should be handled.

Don’t get it confused. The commercial banks don’t decide how much money is printed, the government (CBN) does.

So the question is this who do we trust? Many people  will say Bitcoin to feel among but at the end of the day they trust the bank more by depending more on fiat and KYC on centralized systems. Even if Bitcoin does not promise stability or centralization it gives people the freedom of privacy and decentralization.

Bitcoin and fiat can coexist together likewise I can own bitcoin and still have money in my bank accounts. The world is run on credit so you need to grow your credit score to have access to loans, insurance, and other opportunities.

[Ishicryptic]

Central banks controls money in every country, they decide the regulatory frameworks, they decide the printing and circulation of money, they also give banks directives on monetary policies. Fiat or traditional currencies are legal tender, they are centralized because they belongs to the government and people can hold it according to their capabilities, they can spend it within the jurisdictions that it is accepted as legal tender. Any government decisions regarding monetary policies will directly affect anybody that is holding the currency either positively or negatively.

Bitcoin is decentralized and different from fiat which are centralized, it is an alternative for people who wants privacy from fiat to guide against their government control which in most cases leads to inflation. You are in total control of Bitcoin that you hold in a none custodial wallet.