Ninjastic
PostEdited versionsQuotes to this post
Post
Topic
Board Economics
Re: "Be your own Bank with Bitcoin" - A reminder why this is so important!
by
Smack That Ace
on 18/09/2022, 02:55:10 UTC
Quote from: Fivestar4everMVP on September 17, 2022, 04:32:45 AM
Quote from: Kakmakr on September 15, 2022, 05:42:59 AM

Bitcoin allows you to be your OWN Bank .....and it allows you to have access to your own money, without any intermediary having the power to block it. Just make sure that you have sole access to your Private keys.  Wink
Bitcoining or Banking all have their respective risks, though I agree with you that it is time people start learning to become their own bank, but then, you must agree with me that we mustn't all be our own banks... We all should buy and hold bitcoin, but I think the banking system should still be there as an alternative to those who are not well educated enough to cope or understand the operability in bitcoin and cryptocurrencies - this is in respect to our grand parents and great grand parents that are still alive today, this group of persons or individuals will never want to go out of their traditional means of transacting, hence, they never can get involved in bitcoin no matter how you try to convince them.

Viewed objectively, both have advantages and disadvantages, banks should not be completely eliminated, they are still a part of us that we will still use in our lives. Bitcoin is your own bank but there is also the risk that if you cannot operate or store it well your bank can also be hacked by others, internet attacks are increasingly unpredictable. As you say, old people like our parents, grandparents won't be able to use bitcoin, using bitcoin is very difficult let alone storing private key.

Bitcoin holdings are not always profitable or maintain stable value. If you need money while we are in bear season and your assets are depreciating 50-70%, are you willing to use them? Of course not.