Re: One solid reason that I came across for the need of BitCoins. <Be Your own Bank>
Sad but we can't do anything about it. That's the reality. Because if they're not going to charge us, banks will have no profits. When they secure our money, they'll charge us for it. Anything the bank will do for their customers have an equal amount of charges. I know it's our money but they need income as well. Though sometimes I really think that they're taking too much advantage from their customers. That's why if we don't like banks to be involved with our money, bitcoin is here to help us with what we want.
I do not know what country you are from, how does it work in India is, Banks give you interest rates of 4% annually, but if someone wants to take loans from them, they charge 10 - 12% annual interest. So they are easily making, 6-8% and even if there operational cost exists, banks are easily making a lot of money that too by saying they are securing money.
Also there is one more thing that I want to mention you, banks are highly in- secure and in the recent past in India there has been three big scams, one of Yes Bank, another of PMC Bank, and another of a bank, who got scammed by a fraudster called neeraj modi, a diamond merchant who took away 800 Cr, and flew to EU.
Also Banks have employees working for it and employees can be bribed, corrupted and/or forced to work with criminals to steal your money. I once
heard a story where 1 Bank employee managed to take 1 cent from 100 000's of Bank accounts on a daily basis and stole millions of dollars over a
period of a decade, before he was caught.
When you are your own Bank, nobody can withdraw bitcoins from your Bitcoin address without your private keys.
