Who Really Controls Money, Banks or us using the money

[Princess Leah]

However, most people still prefer the traditional system of banking, where the power belongs to the government.

What i understand about this statement is that some are skeptical, kinda scared, critics of the block chain tech that's why they still value the traditional system of banking, but things are evolving and many old people who value the traditional banking system are gradually passing on and the younger generations who are uses to modern tech are gradually switching their attention to blockchain tech concerning savings (Bitcoin).

 I believe that with time, more people would see why it's more better to save with Bitcoin than with the traditional banks, were not really farcfrom it, only time would tell.

[Progress101]

Many people think that Bitcoin was made to replace the banking system but I was not made for that. Bitcoin will not change  all of a sudden to save bad banks or governments. Some see this as a weakness but it is the whole point of an independent system.

So the question is this who do we trust? Many people  will say Bitcoin to feel among but at the end of the day they trust the bank more by depending more on fiat and KYC on centralized systems. Even if Bitcoin does not promise stability or centralization it gives people the freedom of privacy and decentralization.

To be honest i would say bitcoin exists and thrives today because people are tired of watching a few institutions experiment with everyone’s future. Time and time again the same system prints money, changes rules mid-year, and pushes the consequences onto regular people through inflation. Bitcoin was not created to babysit governments or patch up broken banks, yes, but it was created so money would not depend on anyone’s promises in the first place. The rules dont change because a few people sat in a room and decided they should. If that makes people uncomfortable, it is probably because it exposes how much control we have handed over for convenience sake, not because the idea itself is flawed.

[Agbamoni]

What i understand about this statement is that some are skeptical, kinda scared, critics of the block chain tech that's why they still value the traditional system of banking, but things are evolving and many old people who value the traditional banking system are gradually passing on and the younger generations who are uses to modern tech are gradually switching their attention to blockchain tech concerning savings (Bitcoin).

I believe that with time, more people would see why it's more better to save with Bitcoin than with the traditional banks, were not really farcfrom it, only time would tell.

They are only scared because they do not want to learn. They dont want to learn how the blockchain works, what decentralisation means, why wont they be scared of the unknown?

It is total stupidity to ever think the government is much better to be in charge of our finances. And yes, with time more persons will accept blochain technology. It is a matter of time.

[ColdLava40]

So the question is this who do we trust? 

People will still choose the bank because to them bitcoin is not a trusted system yet. They are scared of what the government doesn't make approval of, if the government were to some day wake up and start using bitcoin, it will become the majority talk in the country. Vast majority of people prefer to use what they feel they can trust.they don't really care if it gives the freedom or not, so long they feel some how safe.

Many people think that Bitcoin was made to replace the banking system but I was not made for that. Bitcoin will not change  all of a sudden to save bad banks or governments. Some see this as a weakness but it is the whole point of an independent system.

According to satoshi it was made to act as an alternative payment system not to replace the banking system.. but bitcoin is smart, it's purpose is expanding wider than what it was created for. Even though it doesn't completely replace the banking system in the future, they will surly integrate some features of bitcoin like transparency into these systems.. but I highly doubt.

[Dzwaafu11]

In fact, it can be said that banks control money. Because banks also determine how much money will be printed for the country. Banks play a role in almost all matters by tuning the currency. So it can be said that even though the people own money, banks control it.

I have been checking if I will see anyone that say banks doesn’t control the money. I like as we all agree that banks control money. Even before the existence of bitcoin Banks control the money, and right now they are still doing the same thing nothing change, just some new features to increase the security and other things.

But banks continue controlling the money, we own it but we don’t have control over it. However, the central bank is the one who determine how much will be printed for the country.

[Mr_Brilliant$]

Anyone who thinks that bitcoin will be a replacement to the fiat currency is dreaming because the government will always want to have the upper hand in anything relating to money.

For sure Bitcoin nor go fit replace fiat currency at all, that one nor dey possible.. Not now, not even 30 years from now.. like you talk, it will just be an alternative currency around Fait..
And one of the reason is obviously the control, every government in a system wants to have control, especially in country like Nigeria..  And them nor go fit achieve that kind control if the country just Dey function with only digital currency like Bitcoin..

[AmaGold70]

It is very obvious that Banks are the ones controlling money and not us, and by these way the government uses bank to control us and decide on how we use our money, Fiat currency is a centralized currency and it gives room to third party to monitor our transactions and some times even seize our money, Bitcoin was created to replace fiat currency and as a decentralized currency I trust it more especially because of the freedom it gives. I agree that Bitcoin isn't going to replace fiat and I don't even want to replace fiat currency but I still trust it more than fiat even though it is not stable.

[yixichloro2xx]

Money is controlled by the government and some top people. They decide to when to print, raise interest rate or change rules and we the regular people have to adjust with the changes. Most of them use money to monopolize things. This is why most people are losing interest. Bitcoin has nothing to do with human control, no one can decide to created more or change it's supply rules. Everything is already set and fixed, can't be changed. The inability to control Bitcoin is what makes it unique and attractive to many people.

[Localhostspeed]

Money is controlled by the government and some top people. They decide to when to print, raise interest rate or change rules and we the regular people have to adjust with the changes. Most of them use money to monopolize things. This is why most people are losing interest. Bitcoin has nothing to do with human control, no one can decide to created more or change it's supply rules. Everything is already set and fixed, can't be changed. The inability to control Bitcoin is what makes it unique and attractive to many people.

I remembered when the late President Buhari assigned one of his nephew along side with Emiefele to print some money only for the cost of production of the was more than the total money spent on making the money only to end up increasing the supply of fiat and then put us into dangerous inflation, that was how the economy becomes even harder for everyone, the government knows no other language than print money and then loot the same money again and again.

If only the government adopt Bitcoin, all of them are going to be exposed by now because what we lack in this country is accountability, they steal money and hide when it's time for them to account for the money they have stolen. Thus money are public money but this same government want us to pay income tax, when they are going to steal the money from us.

[Realwhot]

One of the biggest reason why Bitcoin exist is because of how they control money today. In our current banking system central banks are the ones that decide how much money they will print even when interest rate goes up or down and how the economy should be handled.

Don’t get it confused. The commercial banks don’t decide how much money is printed, the government (CBN) does.

Central Banks are the ones that are controlling how they print money. The government is only guiding what they are doing. As they print more and more the value Will continue to reduce and it is the reason why everything is very expensive today every time the bank and the government are talking about how they can stop inflation but they are still the ones that are causing the inflation by themselves.

[Yeesha]

It is very obvious that Banks are the ones controlling money and not us, and by these way the government uses bank to control us and decide on how we use our money, Fiat currency is a centralized currency and it gives room to third party to monitor our transactions and some times even seize our money, Bitcoin was created to replace fiat currency and as a decentralized currency I trust it more especially because of the freedom it gives. I agree that Bitcoin isn't going to replace fiat and I don't even want to replace fiat currency but I still trust it more than fiat even though it is not stable.

Banks are actually not controlling the money exactly, but they are regulating it and also they are managing it through systems like lending, policies and interest rates. And we the customers are the ones using the money for transactions, but banks also serve as an intermediaries that safeguard our transactions and facilitating flow.

[7juju]

So the question is this who do we trust? Many people  will say Bitcoin to feel among but at the end of the day they trust the bank more by depending more on fiat and KYC on centralized systems.

Don't blame people who depends on fiat and the centralized system in carrying out most of their transactions because that's what the society we have found ourselves recognised. We live in a country were the masses are not given options by the government when carrying out transactions. The government haven't made bitcoin a legal tender, that's why it's looking like there is much reliance on fiat and the centralized system for almost everything. You have to pay bills and the service providers don't accept bitcoin as means of payment, so at this point it becomes really difficult for people to do away with fiat. It's not all about trust here, it's about survival you have to go with what the system permits. To me bitcoin believers trust bitcoin more, so making use of the bank doesn't change anything.

[White pawn]

Central banks controls money in every country, they decide the regulatory frameworks, they decide the printing and circulation of money, they also give banks directives on monetary policies. Fiat or traditional currencies are legal tender, they are centralized because they belongs to the government and people can hold it according to their capabilities, they can spend it within the jurisdictions that it is accepted as legal tender. Any government decisions regarding monetary policies will directly affect anybody that is holding the currency either positively or negatively.

Bitcoin is decentralized and different from fiat which are centralized, it is an alternative for people who wants privacy from fiat to guide against their government control which in most cases leads to inflation. You are in total control of Bitcoin that you hold in a none custodial wallet.

Overtime,we were taught to believe that banks run the world.They print money, set interest rates, approve loans, and decide who gets access to capital.So the conclusion feels obvious that banks control all the money but that belief is only missing from reality in the sense that  other half leads to confusion, fear, and misplaced blame.But the real question isn’t who holds money, but who gives it power.