Banks aren't Safe to Keep Money Anymore
In our country we are going through economic crisis which is why a lot of companies are shutting off and reducing the production to adjust things.
In the meantime banks are now being exposed. Let's have a Bigger look at Picture.
Digital Wallets - A New Form of Bank
Banks came up with new digital wallets advertising it as if we own our money. Every bank have own application to access account.
I only keep some fiat in bank for daily spending and expenses.
Ever since economic crisis become a serious problem I and people have started facing problems like when we send money or try to Withdraw money it Gives Error.
Everyone are aware of traditional Banking system how banks use our money and when we need them they don't care. It is just same thing but a big trouble in situation where economic crisis are arising and companies are shutting off is a threat that banks do have money in treasury to give it back so it's not safe at all.
Perks of Low USD Reserves
Our state bank USD Reserves is at all time Lowest which is resulting a huge 12% difference in buying/selling USD.
Currency is depreciating fast and people are converting from local currency into USD.
So, While buying USD from Banks we have to pay RS 256 for 1 USD but when we sell 1 USD bank give us RS 225 back.
This huge difference is either because of our state bank doesn't have any USD Reserves left or banks don't Get to buy USD from state bank since there isn't any USD.
This is based on real happening like you can below
Banks are short of dollars and withdrawal isn't possible for big amounts.
Hive Backed Dollar (HBD) is a Solution
Trusting centralized entities like banks and than exchanges on crypto is same as we don't own our money.
A true Decentralized system in crypto is where we can keep money safe and sound.
Everyone is saying crypto needs a Decentralized Stablecoin for avoiding such situations we are facing now.
Hive Blockchain already have a Decentralized Stablecoin known as $HBD which is in working state and offers 20% of APR on saving while on the other hand bank steal our money giving 3% APR.
In the end after all banks are somehow getting more exposed and people are realizing where they are keeping life savings doesn't belong to them.
I have reduced balance on bank to almost zero and kept some cash for expenses becoming own bank.
Pretty sure people living in country going through economic crisis will find it relateable and let's just stay safe and hope this hard time won't last long.
Posted Using LeoFinance Beta
https://twitter.com/1350003331549290497/status/1611735198156087297
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Great memes. I keep balance at the bank at minus levels, this way they can't steal my money.
Thanks bro. I'm doing same now!
!PIZZA
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True and that's why I keep less in them
!chatgpt why Banks aren't Safe to Keep Money Anymore
Is it working???
!chatgpt why Banks aren't Safe to Keep Money Anymore
It is important to note that banks are generally considered to be safe places to keep money. They are regulated by government agencies and are required to follow certain rules and practices to ensure the safety of their customers' deposits. While it is possible that a bank could experience financial difficulties or even fail, the likelihood of this occurring is low, and there are mechanisms in place to protect depositors, such as FDIC insurance in the United States, which covers deposits up to a certain amount. Additionally, modern banks use advanced security measures to protect against theft and other types of financial crimes. It is always a good idea to do your research and choose a bank that has a strong track record of financial stability and security.
Sometimes working and sometimes not
It worked... I will Give it a try! Thanks.
That's Nice. Not sure why still some people keep life savings in banks. !LOL
Banks around the world are sort of folding up, even in Nigeria there is claim of shortage of dollars, many people aren’t able to deposit their tuition in foreign schools because banks claim not to have foreign currency. It’s a shit show
Posted Using LeoFinance Beta
Exactly this is happening.... Fiat era is ending soon and it's Beginning knowing all these things happening right now.
Let's see how things will work and change in coming time. Hopefully for the Good. !PIZZA
I prefer to convert my money to crypto than save in a bank. That is also risky, bit I prefer it
Risk > volatility can be solved keeping Stablecoins instead. I do same!
Very true!
I've known this for a long time but due to the way the system works I'm pretty well forced to deal with banking institutions.
It's interesting seeing this post because today I had a banking problem where I was locked out of a portion of my funds without being notified due to their system falsely identifying suspicious activity.
This rendered me unable to access my funds for anything, they were locked in the account until I cleared the matter up.
If you do not have physical possession of your assets, you do not own them. Simple as that.
In crypto this applies with exchanges just like a bank. If you are not the keyholder to the wallet, you have as much control as you are granted from the keyholder.
Nice write up on this topic!
Yeah... We are forced too.. ain't Got no way to Get local currency other than banks.
This happened to me as well and this banking system sucks... I needed money and they locked my account for 3 days for no reason.
Exactly 💯
Not Your keys, Not Your assets applies to both banks and crypto... We have HBD and DeFi to keep funds safe.
Thank you for your kind words mate. Much !LUV.
@futuremind, @idksamad78699(1/1) sent you LUV. | tools | discord | community | HiveWiki | NFT | <>< daily
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