Who Really Controls Money, Banks or us using the money

[Princess Leah]

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

What i understand about this statement is that some are skeptical, kinda scared, critics of the block chain tech that's why they still value the traditional system of banking, but things are evolving and many old people who value the traditional banking system are gradually passing on and the younger generations who are uses to modern tech are gradually switching their attention to blockchain tech concerning savings (Bitcoin).

 I believe that with time, more people would see why it's more better to save with Bitcoin than with the traditional banks, were not really farcfrom it, only time would tell.

[Progress101]

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.

Bitcoin exists and thrives today because people are tired of watching a few institutions experiment with everyone’s future. Time and time again the same system prints money, changes rules mid-year, and pushes the consequences onto regular people through inflation. Bitcoin was not created to babysit governments or patch up broken banks, yes, but it was created so money would not depend on anyone’s promises in the first place. The rules dont change because a few people sat in a room and decided they should. If that makes people uncomfortable, it is probably because it exposes how much control we have handed over for convenience sake, not because the idea itself is flawed.

[Agbamoni]

What i understand about this statement is that some are skeptical, kinda scared, critics of the block chain tech that's why they still value the traditional system of banking, but things are evolving and many old people who value the traditional banking system are gradually passing on and the younger generations who are uses to modern tech are gradually switching their attention to blockchain tech concerning savings (Bitcoin).

I believe that with time, more people would see why it's more better to save with Bitcoin than with the traditional banks, were not really farcfrom it, only time would tell.

They are only scared because they do not want to learn. They dont want to learn how the blockchain works, what decentralisation means, why wont they be scared of the unknown?

It is total stupidity to ever think the government is much better to be in charge of our finances. And yes, with time more persons will accept blochain technology. It is a matter of time.

[ColdLava40]

So the question is this who do we trust? 

People will still choose the bank because to them bitcoin is not a trusted system yet. They are scared of what the government doesn't make approval of, if the government were to some day wake up and start using bitcoin, it will become the majority talk in the country. Vast majority of people prefer to use what they feel they can trust.they don't really care if it gives the freedom or not, so long they feel some how safe.

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.

According to satoshi it was made to act as an alternative payment system not to replace the banking system.. but bitcoin is smart, it's purpose is expanding wider than what it was created for. Even though it doesn't completely replace the banking system in the future, they will surly integrate some features of bitcoin like transparency into these systems.. but I highly doubt.

[Dzwaafu11]

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.

I have been checking if I will see anyone that say banks doesn’t control the money. I like as we all agree that banks control money. Even before the existence of bitcoin Banks control the money, and right now they are still doing the same thing nothing change, just some new features to increase the security and other things.

But banks continue controlling the money, we own it but we don’t have control over it. However, the central bank is the one who determine how much will be printed for the country.

[Mr_Brilliant$]

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.

For sure Bitcoin nor go fit replace fiat currency at all, that one nor dey possible.. Not now, not even 30 years from now.. like you talk, it will just be an alternative currency around Fait..
And one of the reason is obviously the control, every government in a system wants to have control, especially in country like Nigeria..  And them nor go fit achieve that kind control if the country just Dey function with only digital currency like Bitcoin..