And I am not talking about a fallen state that is ruled by a dictator. Anywhere in the world. If you need an example, look at Cyprus in 2012/2013. Cyprus is part of the European Union and Cyprus was hard hit by the financial crisis, which was followed by a banking crisis.

The only way to save Cyprus's banks, according to the IMF and the European Central Bank, was to have savers 'participate'. Friday night, all accounts were frozen. No one had access to their savings. Anyone with over EUR100,000 in their bank was hit with a special tax of 47.5%. When the Cypriots stared at their accounts on Monday, there was simply a huge chunk of their OWN savings missing! What a madness!!! The government simply took money from its citizens to pay off the banks' debts.

Therefore: bank in your bank account belongs to the bank and you have only one claim against it. The money can be frozen, seized or otherwise made inaccessible at any time. In the future, there will be no more cash. What alternatives do you then have that are not influenced by the state?

Bitcoin fixes this.