Quote from: uneng on January 07, 2023, 05:13:31 PM

Quote from: Swordsoffreedom on January 07, 2023, 02:44:11 PM

Quote from: avikz on January 04, 2023, 06:04:59 PM

Quote from: Newlifebtc on January 04, 2023, 12:41:32 PM

I can boldly say that Bitcoin Banking is more reliable and fast because Bitcoin transactions is been done through wallet, the only problem that may occur is if the wallet is not correct another challenge is if the transaction is been encountered with down network but this is in rare cases.

Lol! We all love bitcoin here! But that does not mean we will criticize the banking system and find flaws in it or even think about replacing the banking system. That should not be the case! Bitcoin can not challenge the retail banking segment in terms of speed and convenience. It can only challenge it in terms of anonymity. If you want to talk about speed and fees, bitcoin can only challenge international settlements. The entire banking system can't be replaced!

Bitcoin is convenient for some and banking is convenient for some! They must not be compared because they are structurally different. If you send money to an incorrect account by mistake - you may get it back in the centralized banking system, but in bitcoin, there's no way! Every system has its pros and cons, let's respect that and choose what's convenient for you!

I know we all here invest in bitcoin and love it, but we shouldn't exaggerate about it. I don't understand why people are looking for the bad points of banks, fiat and comparing it to bitcoin. It's a shame that we try to defame them while we still use banks and fiat every day. Bitcoin is excellent, but it is limited to some instances, it cannot solve or provide all the services that banks offer us.

I want to ask if someone wants to borrow money for business, can bitcoin help them? Or people will run to the bank to borrow money and we'll go back to talking bad about them behind their backs. Each has its own use function and use case, all of which are necessary for us.

Actually, the lending business is already a reality in crypto universe. People willing to borrow money can find it at different exchanges. I don't know if taxes are inferior to the ones from our traditional banks, though. In my opinion the only disadvantage of bitcoin banking services compared to fiat ones is the security issue. Our government has a Credit Guarantee Fund which ensures nobody is scammed by the bank as long as they hold up to 47.838,65$ on their accounts, per ID. So, scandals like Celsius and FTX wouldn't happen here, while in crypto industry it's a constant threat.

Maybe I missed it? Can we borrow money on exchanges? How? I guess if you want to borrow, you must have collateral, for example, if you're going to borrow USDT, you must ensure that your account has BTC or some valuable coin, then you can mortgage to borrow. Is that true? Because I've never tried them before? But in case, we don't have BTC or altcoins, can we get a loan, and can we borrow long term with a low interest rate?

Currently, banks support many different types of loans, even if you don't have any assets to mortgage, you can get a loan with just your identification document. I don't think it will work on crypto. For large amounts and we need a long term loan to do business, I don't think exchanges can still handle it.