Don't Trust Your Bank Too Much!

Don't Trust Your Bank Too Much!

By Eybyoung | Crypto learnings | 13 Aug 2021

Did you know why Satoshi Nakamoto made Bitcoin? Because he has the vision to change the world financial system. He wants people to have freedom with their own money, to have full control of it without trusting any intermediaries such as banks and the government.

Bitcoin whitepaper was written as peer-to-peer electronic cash which means digital money where you can use to buy goods and services, but Bitcoin BTC does not work that way anymore now as it claims to be “digital gold” but don't worry Bitcoin Cash BCH is here to continue the “digital cash” vision of Satoshi.

Why you should not trust your Bank with all your money?

Way back, I also believe that banks are the safest place to store our money where nobody can steal it but as I've learned about the “decentralization” of cryptocurrency I've known now that banks are not the safest place to store all our money.

Here's why you should know the bank is not the safest place to store all your money;

  • It is centralized, bank personnel can access your account
  • It is affected by inflation
  • They lend our money to other borrowers with higher interest
  • The interest is very low
  • High transaction fee and limited withdrawals
  • Slow transactions
  • They don't trust us

Banks are centralized, bank personnel can access your account

When a certain institution is centralized meaning personnel of that certain institution can access your account. They can see how much is your wealth, that is why when there is a large sum of money coming into your account they will question you. If you cannot provide enough proof that your transactions are legal, they will freeze your account.

Banks are the eyes of the government, through your account asset they will see how much “tax” they should impose on you, or by your stated income.

This is why some businessman does not register their business under one name so they can avoid higher tax rates. They also used different banks to put their money, they don't put everything in one basket as it is easy to track their wealth.

Saving money in banks is affected by inflation

What is inflation?

Well, inflation is when the average price of the entire country goes up. The buying power of an individual using fiat money decreases when the price of goods and services increases.

For example:

The cost of a scooter today is $100 and the current inflation is 2%, in the next year, the scooter price will be $102 assumed that the price increases as the inflation steps in.

In our country (PH) current inflation is roughly 5%. if you save 1,000Php today the value of it in the next year few years will not be able to buy as much. The value of your saving will reduce due to inflation because prices will increase in the future.

We didn't lose money but we end up with a smaller net worth because inflation eats our purchasing power.

They lend our money to other borrowers with higher interest

Bank loans are using those savings account from other savers. They are using our money to lend it to other borrowers with higher interest but they only give so little interest rates with our savings.

It's your money, do you like other people touching your money? They don't share with you the interest they've earned from your money, is it fair? Of course not.

The interest in banks are very low

The bank interest is very low, in our country the highest interest rate of savings is only 4.50% from Tonik Group Stash, followed by DiskarTech with 3.25% and the third was Gsave by CIMB Philippines at Gcash App. If you want to read more about the interest rate of other banks you can check it, here.

Imagine the interest is calculated yearly, you will never be rich if you save all your money in banks that is why other wealthy people use it to “invest” rather than “save” it in banks.

High transaction fee with limited withdrawals

Bank withdrawals are limited, if you withdraw large amount of money they will not allow it. Like wow? It's my money why they are holding it like their own? Hmmp...

The transaction fees is huge, they are charging too much even if it's our own money.

Slow transactions

I hate waiting in the line for too long just to push through with my transactions, banks are too slow. Tellers doesn't even mind if their clients has to wait longer, I don't know why banks has this turtle like service, maybe because they have to confirm a lot if it's us who are transacting?

Or they just like to pissed their clients lol. Banks transactions is one of the boring kind of transaction in history, very slow my gosh!

Banks don't trust us

If you open a bank account they will require a lot of valid ID's at least two government ID's plus they will interrogate us what is our source of income, how do we fund our accounts, etc.

If we will withdraw our money it takes a lot of time to release it especially if it was a large sum of money because they will have to verify it many times. Like what the heck? It's our own money but they act as they own it.

Some bank personnel and tellers are like a boss, some are grumpy tellers and they don't even smile at us lol.

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Last but not the least, biggest proof that they don't trust us. They tied their pens, it's so ironic that we trust them our money but they don't trust us even with their pens lol 😂😂😂

Closing Thoughts

This is why I don't sell my BCH or any of my crypto coin and save the fiat to banks, it's so useless. I can convert crypto anytime if I needed the money, I usually do it when the price is higher instead of selling it all then put in banks that's a very big NO!

How about you? Do you trust all your money in your bank?

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