Re: "Be your own Bank with Bitcoin" - A reminder why this is so important!

Quote from: Davidvictorson on September 22, 2022, 04:11:59 PM

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

Being your own bank is the best feeling in the world. There are several benefits. For instance, you would be absolutely certain that no one could access your money after you had taken the necessary security precautions, knew precisely how much you had, and knew how to get to it. Additionally, it is hassle-free to transfer and receive it anywhere in the globe. Another argument is that, in contrast to banking institutions, bitcoin transactions are quite open. Think about the Russian-Ukrainian situation as well. What do you suppose happened to those who had money in their bank accounts and also those who had bitcoin. And then suddenly they needed to get up and seek safety? With bitcoin, you can carry your "bank" around.

All of what you said is true, however we must recognize that not everyone is ready to be their own bank, in fact that is the very reason why banks exist at all, people were not ready to take care of their gold and to protect it, and as such at the beginning banks were created with the idea of helping people to protect their savings, but since then the idea of banks has been completely distorted and now they manage the money that you deposit with them as it was their own money to the point they can even steal your money legally, and with this in mind it is not surprising that people like us have done our best effort to try to look for alternatives.