Filip Poutintsev Crypto Currency, Anarcho-Capitalism and Life Extension Advocate. Bright Future of Wealth, Freedom and Longevity.

Why no one should be using banks?

2 min read

It’s not your money anymore

The moment you put your money on your bank account it becomes the property of the bank. Legally speaking you have just lend your money for minuscule interest. And since the money is not your, terms do apply, so you cannot withdraw all of them in one day, if the amount is high.

Government will know everything

Today banks are obligated to tell the authorities everything they know about you, including how much money you have, how you got it and where you spend it. The golden age of bank secrecy is over. Of course if you are a law abiding citizen, you might think that you have nothing to hide, but it’s not about hiding stuff. It’s about basic human right, and rightness for private life. The government should not be allowed to watch you.

Banks ask too many stupid questions

It’s your money, you rightfully earned them, but still you need to explain to the bank where you got it from and be shamed by them. The funny part is that after long and painful due diligence process the bank may still decline in providing service for you.

They can legally suspend your account or even steal your money

Laws are not made to protect people, they are made to protect the government from the people. And this is the reason why government can legally take all your money from your bank account, and the bank will of course let them. And not to mention suspending your account for uncertain amount of time, which happens so often that everyone familiar to it.

Banks are making profit with your money and you are getting almost nothing in return

A typical bank has hundreds billions of €/$/£ of clients funds at it’s disposal and it pays less than 1% yearly interest on that, which is lower than the inflation. People basically give money to the bank for free and banks make millions of profit with it. That’s very good business, isn’t it?

Banks have too much power

Money is power. We all know that. And by giving our money to the banks we are giving them power. A lot of power. So much power that they basically control our society. This power can be only taken away if people and companies would stop using banks.

You can loose all your money if the bank goes bankrupt

Luckily in most western countries the government will back up your funds up to specific amount (usually 100k€/$), but it’s only that. If you have over that amount, the rest will be gone. And if you are using a bank in some off-shore bank the amount can be significantly lower or lack completely.

Money transfer services provider by banks are worse than the ones offered by their competitors.

Today sending money via bank is the slowest option. The only thing that could be slower is to send cash by physical mail. Average bank transfer takes 1–2 days for IBAN transfer and 3–4 days for SWIFT transfer. And guess what? They don’t work on weekends. But with every online wallet and with crypto currencies you can send funds instantly, so why use banks in the first place?

Banks are no longer needed

The original idea of the bank as institution was quite useful. The point was that you would give your money to trusted 3rd party and they would keep them safe for you, so that thieves and criminal syndicates such as governments would not be able to steal it from you. But today banks provide security only from common thieves and there are lot of others secured options. Besides the crime rate has dropped significantly from what it was hundred years ago, so even if you keep cash at home in coffer and have some alarm system it will most likely be safe there.

There are better options available

Bitcoin and other crypto currencies are safer, more secured and government proof, so why use the worst solution?

Filip Poutintsev
Filip Poutintsev Crypto Currency, Anarcho-Capitalism and Life Extension Advocate. Bright Future of Wealth, Freedom and Longevity.

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