Recently bank like Credit Suisse and Silicon Valley bank are collapsing. People are switching their money to bitcoin. Is it the sign that more people are no longer trusting the bank and are moving toward to decentralized world?
As of the moment the banking industry are still in shock, we might see some good effect for Bitcoin in short term but many are also suffering because of this. There's a panic around the world and the fear of experiencing the same faith with their local banks, many countries are also limiting their banking transactions. We might finally see Bitcoin to be appreciated since many realized that even a biggest bank will collapse in just a week. There's no assurance about the future of the Banks but I think they will rise again for now, we should be more careful and continue to monitor your bank, so you can act right away.
It's good just keep it both way at the moment. It's impossible to keep the bank away and only focus on crypto currency as crypto still very volatile. There's still alot to do but definitely it's keeping more people interested in decentralized world.
Bank is centralized while bitcoin on the other part is decentralized. I don't think there is an actual sense in having money kept in a centralized institute. Well, excuse my English, they may work hand-in-hand but I'm confident in the theory that the more people get to know about Bitcoin, the more adoption increases. Already, we see Colorado becoming the first state in the USA that accepts bitcoin as payment for taxes. That's another sample that the trust they have got banks is someway, somehow fading away.
Step has to be taken. It's definitely a historical movement but we need time to monitor and improve as well to be in the better position.
Recently bank like Credit Suisse and Silicon Valley bank are collapsing. People are switching their money to bitcoin. Is it the sign that more people are no longer trusting the bank and are moving toward to decentralized world?
Yes ! You are right The collapse of banks like Credit Suisse and Silicon Valley Bank, along with the rise of Bitcoin, may suggest that some individuals are losing trust in traditional banking systems and exploring decentralized financial technologies. The motivations for using Bitcoin can vary, including greater control over financial transactions, investment opportunities, or simply hype. However, it's premature to predict whether decentralized technologies will fully replace traditional banking. Banks remain crucial for economic activity and financial services such as loans and investments.
People are just being very sentimental to the traditional banking system as for now but it's all depend on how the government takes the action. But all the tokens are hyping now, but is it the bull is back?? How long can it last?