Comment by m00dy

> Bitcoin fixes this kind of problem.

Not really, as long as everyone else you interact with uses fiat currency you need some way to convert between that and bitcoin which means you will be connected to the fiat financial system.

This problem might indeed be solved if the whole world moved to bitcoin, but that would introduce a whole host of other problems, most of which would be solved by reinventing banks and other parts of the financial system on top of bitcoin (note that these systems did exist already for centuries on top of gold and silver before the era of fiat money). Then you’re back to square one.

Exchanges have this problem, however. If you're completely divorced from western money systems and can barter in unsecured, unregulated commodities then sure, you avoid this problem whilst accepting a myriad of other risks.

Bitcoin fixes this kind of problem.

Until withdrawals are suspended or the exchange you're dealing with raises fees or simply goes bankrupt or crypto price crashes or customers can't/won't do crypto or ...

On second thought, Bitcoin in it's current form doesn't really "fix" transaction issues that a "real world" business needs to address --- which explains why very few people are actually using it as a real currency.

Money in banks is insured and access to it is somewhat regulated. The problem this person has is that the company they're using as a 'bank' isn't actually a bank.

Keep your money in banks. Regulated, established, FDIC (or similar) insured banks. Or in bonds. Or in mutual funds or whatever. Don't keep it with 'fintech' companies that specifically mention on their website that they aren't banks.