Take your money out of banks if you don't trust them

A few decades back it was hard for people to trust banks and they used to keep everything only as cash in Hand. Banks were used only for receiving money or making some investments. Otherwise, people would just receive the money in the bank account and immediately cash it out and spend the money only as liquid funds. Today we have created so much dependency on banks. We are keeping our money in the bank account and don't know for what purpose our funds are being used. We might think that when we would like to withdraw there will always be funds to give us but in the background, we don't know how banks are doing their investments and if our money is being involved in that or not. There is no transparency on that information.

I still have a cousin who doesn't trust bank accounts. He has been using physical money till today for all his expenses. He gets his salary credited to a bank account and after that, he withdraws all the funds and spends the money only in cash. Not just him but I'm sure many people are interested in spending cash for purchases. However, due to technological advancements and our interest in technology, we are using our cards and UPI payment applications to make payments for our purchases. I like digital payments compared to paying with cash.

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Trust issues with banks

Even though most of the banks have control from the RBI, there are still issues with that. We cannot say for sure if the figures shown by the banks to the RBI are all the right ones. I say this because some banks miss collecting the loan repayment back from big businessmen and ultimately end up making adjustments for the money they have lost. This is just my guess because I see many media projecting it that way. Some big guys have taken a huge amount of money as loans and have left the country to stay in a foreign country and no action has been taken on them or the money hasn't been brought back. I'm wondering how banks would manage that loss. Maybe banks are printing money to compensate for this loss. This is where trust issues happen.

We don't know where the banks are investing our money

Some people might have some ethics as to where their money has to be. They don't want to invest their money in the wrong thing and that's why they keep their money idle in banks. We think that the money is sitting idle inside the bank but that is not true. We get a small interest for keeping the money in the bank account but in the background with the collateral the bank is holding they would do some investments in something that would give the banks some decent profits. They will not be able to operate a bank if they don't do this. This is where the question arises as to where they are investing our money.

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World moving towards cryptocurrencies

This is the most interesting transition that is happening in the world. We are still in the early stages of this but the world is moving towards cryptocurrencies. Sooner or later we would be able to see a big transition happening. Already many governments have started adapting to this technology or they are planning to bring some regulations so that this technology is also consumed but used by people in a regulated fashion. Many banks might start moving towards accepting cryptocurrencies in the future and would start playing a great role in cryptocurrencies. The regulation is what is stopping that from happening. Maybe it might start from some foreign banks and gradually move towards government banks too.

Find the best crypto investments

There are a few crypto investments available that are safe. Some people might have a hard feeling that if they invest their hard-earned money into crypto, they might lose their money. It is quite true but it also depends on where the money is being invested. I pick Hive and HBD as great investment opportunities but others might have a feeling about other coins and other blockchains too. Picking a good cryptocurrency and investing in that can be a good move for the future but I would still recommend diversifying the investment plan. Blindly investing everything in cryptocurrencies is also not a great plan.

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