⚡️ Zap time for everyone ⚡️
Write your thoughts about :
Why bitcoin will succeed and banks will keep on failing?👀
Will try to zap all valid comments in this thread ⚡️
Expecting interesting things to read and good way to educate people about #bitcoin on nostr ✅💯
#zap #zapathon
Thanks to #[3] and #[4] 🫂
I like the idea of indepence from state and banks. "be your own bank" they said. I liked it so I bought Trezor in 2017 and started my crypto journey. #nostr seems like to be a logical next step.
The opposite
Banks cant keep their hands off the printer. There will never be more than 21m bitcoins
Bitcoin will succeed because the fiat money is broken. And because of the CBDC (Central bank digital currency) people will lose their freedom. Bitcoin is solution..
Easy, Bitcoin will win against banks because it’s
Open
Neutral
Permissionless
Borderless
Censorship resistant
These properties will win the heart of the good people in this world.
Fiat is broken, so we have bitcoin. Twitter is broken, so we have #nostr. Love you all ❤️ Don't zap me, ZAP all the others⚡️⚡️⚡️
Love your enthusiasm Lisa ⚡️ God bless you 🧡
- Bitcoin is decentralized and peer-to-peer. It does not rely on any central authority or intermediary to validate transactions or issue new coins. This makes it more resistant to censorship, corruption, and manipulation by governments or banks.
- Bitcoin is transparent and immutable. Its ledger, known as the blockchain, records every transaction that ever occurred on the network and is publicly available for anyone to verify. No one can alter or erase the history of transactions on the blockchain.
- Bitcoin is scarce and deflationary. There will only ever be 21 million bitcoins in existence, and the rate of new supply decreases over time. This makes bitcoin a good store of value and a hedge against inflation, as its purchasing power tends to increase over time.
- Bitcoin is innovative and adaptable. It has spawned a whole ecosystem of cryptocurrency, applications, and services that use its technology or improve upon it. Bitcoin also has a robust community of developers and users who constantly work to upgrade its protocol and solve its challenges.
- Banks are centralized and regulated. They have to comply with various rules and laws that may limit their efficiency, innovation, and profitability. They also have to deal with political interference, corruption, and fraud within their institutions or by their customers.
- Banks are opaque and mutable. They often operate with a lack of transparency and accountability, making it hard for customers to trust them or verify their activities. They also have the power to create money out of thin air, which may lead to inflation, debt, and financial crises.
- Banks are abundant and inflationary. There are thousands of banks around the world, competing for customers and market share. They also have an incentive to increase the money supply and lower interest rates, which may erode the value of money and savings over time.
- Banks are outdated and vulnerable. They rely on legacy systems and infrastructure that may be slow, costly, and prone to errors or hacks. They also face increasing competition from fintech startups and cryptocurrencies that offer faster, cheaper, and more secure alternatives for financial services.
Bitcoin is simply superior! It is smarter, stronger, and faster than gold. And, we can be our own bank. Banks require trust in governments that are untrustworthy, imo.
What’s the definition of fail here?
Individual banks will fail because they are leverage and leverage is hard to manage. It preys on our humanity and rewards bad operators and punishes good operators (temporarily). When the market finds their margin call they get smoked.
#Bitcoin isn’t leverage and isn’t a company, has not margin call, and so it can’t fail in the same way.
Math!!
I'll be honest: I don't think the banking "system" will fail fast - they'll not let go of the power they have over all of us ...
BUT in the long term #bitcoin will rule them all - still some points need to be figured out and implemented in #bitcoin a proper way especially - unfortunately and no matter how much I personally hate them: LOANs - they are essentially not only for startups but also individuals to let's say buy a house or whatever they desire/need now but can't afford in full rn ...
The road ahead of us banking / currency-wise i'd assume is kind of orwellian: big and small countries as already europe/north america/BRICS will at some point settle on a common CBDC for their respective regions (as the EURO is already ... and how much pain and currency devaluation that brought we can all here in europe still remember painfully) - but at some point also these institutions and fiat currencies will fail following their predecessors but by then they'll at least have made everyone comfortable with digital currencies and people will at some point flock towards #bitcoin - but especially then we will see the most fierce attacks on the network so be prepared and best contribute to it yourself by then by at least running your own node if not even a small miner ... we can do it!
Be strong and keep believing - BTC is the way!
The friction involved in opening an account with a bank, versus downloading a wallet isn’t helping fiat.
Not to mention the censoring/privacy implications of transacting with family/friends/organizations across borders.
Banks love printing money and devaluing their depositors savings. Bitcoin doesn’t do this with it’s fixed supply.
Banks will continue to dig their own grave, while bitcoin continues to emerge as the better money.
There are only 21 Million BTC‘s available for all time.
THIS IS IT.
Everyone can get a piece of it and join the safest and greatest network.
To me the strongest aspect to Bitcoin succeeding is to decentralized structure. There is no CEO or company in charge. It is the sovereign individual that is in charge. With this structure you cannot kill it off. You may kill one of the heads of the hydra but, ten more just grew. The more the federal government fights Bitcoin the more they will lose in the end. We are entering into the epoch of the sovereign individual and they can not stop what is happening.
Begrenztes Angebot, dezentral, unabhängig von jedweder Regierung.
Bitcoin: Cryptographic secrets protecting property rights in a way nothing else can.
Banking: Property rights of fiat currencies can be broken at many layers. Ultimately, the issuers can devalue it straight out of your safe.
Because inflation in unavoidable at this point in the fiat system. Bitcoin doesn’t have inflationary qualities, actually deflation is more likely for bitcoin as people lose their sats and things of that nature.
Like my last artwork👁️ If you wake up, open your eyes you see it all clear. Thats why we are here. #freedom 
Dope
I'm not in for banks to fail but for banks to switch to full reserve bitcoin. Banks have their purpose as well as self custodial bitcoins. Best of both world includes everybody, also disabled or very old people.
The banking system is setup to benifit the few. When a person borrows for a house/business/etc the bank views themselves as the owner of the house/business/etc and the borrower as their chossen manager. They are correct.
With bitcoin you are the sole owner. The owner gets all the benifits. Now the owner is working for their benift. Best part is anyone can be the owner.
Because people don't have another option. The threat of confiscation and inflation is too high on the legacy financial system. Everyone in latam has memories and stories about hiperinflation and accounts frozen, and around the world people have this pain on them too.
Inflation isn’t the solution. Long live bitcoin and 21M total marketcap
Fractional Reserve Banking is a figment of of the imagination. Fiat money is a figment of the imagination. The Emperor hasn’t had clothes this whole damn time.
Bitcoin, meanwhile, is finite, verifiable, and secure.
Bitcoin has no bank run and only have 21 million but banks are not
Three reasons:
(1) Banks are companies whereas bitcoin is a whole financial system and a protocol. Companies do all eventually die, ideas and protocols do not: they evolve and adapt.
(2) A better comparison is between the fiat system, that banks merely apply, and the bitcoin system. The fiat one is centralized and relies on trust; the bitcoin one is centralized and trustless. Trust in a fiat system will always eventually be lost as it is at the mercy of a crisis, possibly self-generated due to its inherent contradictions and weaknesses; A decentralized system, like the internet, is more resilient.
(3) On top of the above, banks have decided to run on fractional reserves, what makes them immensely more vulnerable to any crisis. On the other hand, bitcoin is a hard currency: one bitcoin is one bitcoin.
Thanks for the sats #[3], again. This time I used some of these to send some to a post I liked. It was my first LN payout and just as receiving some it was... EASY.
No bank with opening hours;
No delay with the transfer;
No QYC imposed to access services for my own money;
No need to know who the actual recipient is nor where he is...
*Bitcoin is Better; Better off with Bitcoin.*
You can turn your back to all banks.
But you can´t turn your back to the future of bitcoin !
Bitcoin is 24/7/365. Fast finality compared to banks. Banks can and will go bankrupt, do shady things, hurt people trying to save. Bitcoin does not.
Bitcoin has no central entity, unlike the current financial system, which cannot be stopped or censored. It will replace the traditional system wether they like it or not in not so long future.
