Bitcoin works in synergy with fiat currency, but doesn't understand Bitcoin existence in such manner, the essence of bitcoin establishment is to make transactions across other countries easier for the sender and also the recipient, bitcoin be a decentralised currency is what makes Bitcoin to be fast in transactions compared to other currencies
Assuming it was bitcoin you sent that bank withheld base on banks requirements I don't think that it would have been in suspense until now, that's while since bitcoin came on board I don't like to purchase anything across the nation without applications or use cryptocurrency
So many people who don't understand the important of bitcoin don't like to use bitcoin as a means transactions or means of payment, so for mean if you have money you want to send to your beloved ones and you want the money to reach them as expected I think the best is to send bitcoin instead of Fiat currency
Topic: Another reason am chosing bitcoin. - page 2. (Read 778 times)
I don't know if there are differences between countries, because I've been using a bank account for over 20 years and I've never had any problems withdrawing money. Whether it's a large amount or the entire amount in my account, the transaction goes very quickly and doesn't take as long as many people complain.
For ATM withdrawals, there is definitely a daily limit given by the Bank and it depends on what type of card you hold. Especially in my country, the types of ATM cards are different and the amount of withdrawals that can be withdrawn in 24 hours varies. But if the withdrawal is made at their teller, the amount is unlimited and can be done as the account owner wishes.I agree with you, the topic of comparison between bitcoin and banking has been discussed many times before but in the end I guess no one will ditch their bank account and just use bitcoin. Honestly, we will still use and even depend on banking in life even if it gets worse.
Not to mention, bitcoin is not as perfect as we think, once it took me 7 days to complete a transaction because the bitcoin network was congested, and I think this also causes a lot of discomfort for anyone who has ever fallen into this situation like me. Both have pros and cons, no one is perfect.
If we want to be honest, banks are still quite needed as a necessary step, especially for those who are business people or people involved in sending money between countries. We can see how large a percentage of people now use transactions through banks even though there are now many services that provide money transfers. People trust banks more because they have legality from the government even though there are systems and weaknesses in them.Not to mention, bitcoin is not as perfect as we think, once it took me 7 days to complete a transaction because the bitcoin network was congested, and I think this also causes a lot of discomfort for anyone who has ever fallen into this situation like me. Both have pros and cons, no one is perfect.
Bitcoin is an alternative for users because we are aware that it is impossible to use the banking system to store value because of the nature of money which depreciates day by day. So as long as we can get benefits, then pursue bitcoin as an investment step by saving its assets and there is no need to compare bitcoin with the banking system.
Something happened today which makes my choice of bitcoin more stronger than the centralized fiat and traditional banking system.
I transferred some amount of cash to someone to get me a few items I would be needing for my project at hand, a day after I received a call from the him that his account has been freezed due to the amount received into the account that the bank told him it was above the account grade and he has to come with some required documents for the upgrade to a higher tier and this has to shift my schedule I have arranged for my project to a day further.
While I was with a feeling of disappointed I recalled I have been stacking a few unit's of bitcoin in my wallet and have never experienced this crazy shit neither have I heard any bitcoiner make such a lousy complain about bitcoin whatever the amount of bitcoin transfered into their wallet. I don't think there's anyway the fiat system can be compared to bitcoin, the more experiences I encounter the more I see how advanced and greater purposes bitcoin serves.
The banking system of my country is so messed up so this one is a normal occurrence. Whenever this kind of issue happens here, it will take minimum of eight working days to resolved and that will be after filling of series of forms and providing many documents to upgrade the account. This shows fiat banking system somehow set limits to what individuals should hold in their accounts and as soon as those limits are exceeded, you have to come and answer questions. Imagine the delays and stress that comes with this situation. Bitcoin changed all of these and make the financial system more democratic and comes with some level of freedom. Part of the reason the authorities do not like bitcoin is the freedom it offers people which threaten their grip and control of the citizens. I transferred some amount of cash to someone to get me a few items I would be needing for my project at hand, a day after I received a call from the him that his account has been freezed due to the amount received into the account that the bank told him it was above the account grade and he has to come with some required documents for the upgrade to a higher tier and this has to shift my schedule I have arranged for my project to a day further.
While I was with a feeling of disappointed I recalled I have been stacking a few unit's of bitcoin in my wallet and have never experienced this crazy shit neither have I heard any bitcoiner make such a lousy complain about bitcoin whatever the amount of bitcoin transfered into their wallet. I don't think there's anyway the fiat system can be compared to bitcoin, the more experiences I encounter the more I see how advanced and greater purposes bitcoin serves.
Banks can indeed start messing around with people's accounts if the system catches something out of order. A sum of money well above what a person usually receives is out of order, so it can get flagged.
Bitcoin is a good alternative, but only if you or your pal can spend it directly on what you need to purchase. If not, then exchanging Bitcoin for fiat can bring us back to square one of banks reacting to unusual activities.
Bitcoin is a good alternative, but only if you or your pal can spend it directly on what you need to purchase. If not, then exchanging Bitcoin for fiat can bring us back to square one of banks reacting to unusual activities.
Ultimately, we will still have to convert our bitcoins into fiat currency before we can use them in life, so it makes little sense for us to continue complaining about the banking system and fiat. I wonder, why can't we take advantage of both in different use cases, we can flexibly use both to bring convenience to life instead of comparing? What does it mean when we constantly compare and criticize fiat when we still use it every day?
I agree that bitcoin is superior to fiat in many ways but we also have no way of eliminating banks and fiat from our lives, so I won't compare them and I'll take advantage of both two.
Banks can indeed start messing around with people's accounts if the system catches something out of order. A sum of money well above what a person usually receives is out of order, so it can get flagged.
Bitcoin is a good alternative, but only if you or your pal can spend it directly on what you need to purchase. If not, then exchanging Bitcoin for fiat can bring us back to square one of banks reacting to unusual activities.
Banks are centralized and Bitcoin is decentralized. But things don't stop here, people can have multiple choices from centralized exchanges, decentralized exchanges, non-KYC platforms for exchanging bitcoin.Bitcoin is a good alternative, but only if you or your pal can spend it directly on what you need to purchase. If not, then exchanging Bitcoin for fiat can bring us back to square one of banks reacting to unusual activities.
If they use centralized exchanges, they spent money to buy bitcoin but don't actually own bitcoin. Because, as the saying goes, and also red flag, it is not your private key, it is not your bitcoin. So people need to choose exchanges and wallets that don't require KYC, and give them private key.
Wallet to use for bitcoin storage must be open source, reproducible too.
Banks can indeed start messing around with people's accounts if the system catches something out of order. A sum of money well above what a person usually receives is out of order, so it can get flagged.
Bitcoin is a good alternative, but only if you or your pal can spend it directly on what you need to purchase. If not, then exchanging Bitcoin for fiat can bring us back to square one of banks reacting to unusual activities.
Bitcoin is a good alternative, but only if you or your pal can spend it directly on what you need to purchase. If not, then exchanging Bitcoin for fiat can bring us back to square one of banks reacting to unusual activities.
While I was with a feeling of disappointed I recalled I have been stacking a few unit's of bitcoin in my wallet and have never experienced this crazy shit neither have I heard any bitcoiner make such a lousy complain about bitcoin whatever the amount of bitcoin transfered into their wallet. I don't think there's anyway the fiat system can be compared to bitcoin, the more experiences I encounter the more I see how advanced and greater purposes bitcoin serves.
I believe that it is safe to keep money in the bank, the difference between the banks and Bitcoin is that the latter is decentralized while the former centralized, if you save your money in the custody of a bank, they will give you their terms and conditions on deposits and withdrawals. If their customers meets these demands, then there won't be any problems.
I do hope that we can use Bitcoin for p2p microtransactions where we can buy coffee with BTC without worrying much that the transaction is much higher than the cost of goods.
I also hope to see something like that. I know it's possible to see something like that happening in near future but none of us knows when that will happen exactly. I heard that in some places people can still pay for coffee with Bitcoin but that feature isn't yet available everywhere yet.I hope that one day we may see Bitcoin as an acceptable method of payment for physical goods at most countries. I would then consider using Bitcoin for payment of goods instead of fiat because for me it's way better than fiat currencies.
Well, this rule doesn't only apply to banks but to any kind of centralized service or platform, such as an exchange. When you're relying on a third party, there's always the chance of getting screwed over. I also had my PayPal account limited a few years ago to question where I was receiving the money when they were eBay sales, which is nonsense since PayPal is owned by eBay. The advantage the OP claims applies to all cryptocurrencies that don't involve a third party, with a few exceptions, of course, such as USDT.
I do hope that we can use Bitcoin for p2p microtransactions where we can buy coffee with BTC without worrying much that the transaction is much higher than the cost of goods.
I also hope to see something like that. I know it's possible to see something like that happening in near future but none of us knows when that will happen exactly. I heard that in some places people can still pay for coffee with Bitcoin but that feature isn't yet available everywhere yet.I hope that one day we may see Bitcoin as an acceptable method of payment for physical goods at most countries. I would then consider using Bitcoin for payment of goods instead of fiat because for me it's way better than fiat currencies.
All bitcoin investors expect it to come true, but if we're being realistic I don't think it will. First, governments will never legalize bitcoin as a currency because they will not allow any currency that threatens fiat. Second, bitcoin's transaction fees are an issue, and I don't think it will be resolved anytime soon as bitcoin's popularity continues to grow. I don't think anyone is generous enough to buy a $1 cup of coffee and pay an extra $1 per transaction, whereas with fiat we wouldn't have to pay anything extra.
No matter what we say, fiat money will still be the primary payment method and we will still rely on and use it. The scenario where bitcoin will replace fiat money is unlikely, IMO.
Yes, it's true that's one disadvantages fiat has against Bitcoin due to the amount limit placed on the different tiers of account holding, of which when it comes to Bitcoin, a user is free to deposit or withdraw an unlimited account, inasmuch as he could afford the transaction fees. So it's so sad you had to experience this delay in executing your project, and I think this should be a lesson to you to always learn to ask anybody you intend to transfer money to next time that how much is his/her account limit, so as to how much that could be sent to avoid such delay next time.
As what makes us good contractors or project supervisor is our ability to learn from past mistakes
As what makes us good contractors or project supervisor is our ability to learn from past mistakes
Something happened today which makes my choice of bitcoin more stronger than the centralized fiat and traditional banking system.
While I was with a feeling of disappointed I recalled I have been stacking a few unit's of bitcoin in my wallet and have never experienced this crazy shit neither have I heard any bitcoiner make such a lousy complain about bitcoin whatever the amount of bitcoin transfered into their wallet. I don't think there's anyway the fiat system can be compared to bitcoin, the more experiences I encounter the more I see how advanced and greater purposes bitcoin serves.
While I was with a feeling of disappointed I recalled I have been stacking a few unit's of bitcoin in my wallet and have never experienced this crazy shit neither have I heard any bitcoiner make such a lousy complain about bitcoin whatever the amount of bitcoin transfered into their wallet. I don't think there's anyway the fiat system can be compared to bitcoin, the more experiences I encounter the more I see how advanced and greater purposes bitcoin serves.
Various reasons for people to invest in blackchain technology, for me is influenced of individual goals while others are market expectations. Very well said, fiat currency monetary policy by central banks is used to manage the values of each currency also depends on what kind of government, they also adjust the interest just for borrowing and they also lower the value of their fiat currency. On the other each crypto for example bitcoin depend on prevailing market prices.
To add fuel to your realization investing in blockchain tech comes with potential in high return especially when attracting investors, hedge against inflation one of Bitcoin traits, Innovation and of course as other have said Crypto operates on decentralized blockchain technology that promotes financial inclusion.
I do hope that we can use Bitcoin for p2p microtransactions where we can buy coffee with BTC without worrying much that the transaction is much higher than the cost of goods.
I also hope to see something like that. I know it's possible to see something like that happening in near future but none of us knows when that will happen exactly. I heard that in some places people can still pay for coffee with Bitcoin but that feature isn't yet available everywhere yet.I hope that one day we may see Bitcoin as an acceptable method of payment for physical goods at most countries. I would then consider using Bitcoin for payment of goods instead of fiat because for me it's way better than fiat currencies.
what is more often experienced by fiat users today is when making large cash withdrawals, the bank asks for the reason for using the funds. does that happen to banks in your country?
Yes this is a normal norm's here in my country, most Bank have a daily transaction one time deposits and withdrawals, i remember a situation that happened with a business man who bought a landed properties and when he want to make payment from his account, the bank did not allow him, and the bank needed to send a representative customer agent from the bank to come have a physical assessment of the properties before the transaction was initiated, so indeed banks will never like customers moving out huge sum from their account.But with bitcoin you can spend any amount without restriction or control since you are your own bank unless you used centralised bitcoin services such as cryptocurrency exchanges who are highly centralised in Their operations.
Sorry to say but this story sound very unbelievable because from the events you explained there is nothing connecting bitcoin to solving you immidate problem,
It seems you didn't read the how paragraph very well before make this comment. Reading down everything you said, it shows that you contradict yourself. Op said the event is one of his reasons why he would choose bitcoin over fiat because accounts have limits which the can receive but in bitcoin it's not so. which is basically relating to his story as you called it.
The only mistake op made was not to have asked the recipients credit limits before sending a huge amount that is worth freezing. aside that I think you're making a mistake with your response by trying to push a point that op's story isn't true.
Something happened today which makes my choice of bitcoin more stronger than the centralized fiat and traditional banking system.
One of Bitcoin's key features is decentralization, which has improved many important aspects in the financial system where the traditional system has failed. Bitcoin offers unlimited storage for users without requiring a verification process to store more funds in their wallet. As long as you don't store your coins in centralized storage, you have complete control over your funds. It's surprising that people still doubt this technology, as no government institution can hold large amounts without raising suspicions about the source of the funds. With Bitcoin, you essentially become your own bank. Just learn how to store your keys securely and keep your funds safe. In my opinion, Bitcoin is the most amazing technology created by humans so far
Bitcoin has many advantages as it make you financially stable but on the other hand fiat is accepted all over the world while bitcoin is not accepted worldwide like fiat so it will take time but for financial freedom bitcoin is always best option over fiat and anyother currency.
Because Bitcoin has a better and greater level of financial freedom than fiat, most people who have known and owned Bitcoin will always keep and store Bitcoin after they buy it using fiat. And if there is something that can be more valuable to be owned by everyone in this world, of course they themselves will also see if it can be obtained by relying on fiat. Because people who are willing to throw away fiat for something more valuable will never lose financially, especially when they want to get Bitcoin through the market which can still be done by entering fiat into the market. 
The beauty of decentralization where there is no central authority that can meddle with one's funds. Aside from financial profit, it is also one of the major reason why I like BTC. Holders have the freedom to own how much they want unlike banks that intervene with their client's accounts when their clients exceed the threshold.
At least we can rely on Bitcoin for online payment. Many government already acknowledge Bitcoin as mode of payment and with that many online platform has option for Bitcoin payment.
I do hope that we can use Bitcoin for p2p microtransactions where we can buy coffee with BTC without worrying much that the transaction is much higher than the cost of goods.
I know we are still far away to fully rely on crypto-currencies and avoid fiat but at least we can be part of a community that prefers Bitcoin way more than fiat and uses only fiat where Bitcoin or crypto-currencies are not acceptable.
At least we can rely on Bitcoin for online payment. Many government already acknowledge Bitcoin as mode of payment and with that many online platform has option for Bitcoin payment.
Who knows there might comes a day when we may have option to pay for goods and other things using Bitcoin and cryptocurrencies only.
I do hope that we can use Bitcoin for p2p microtransactions where we can buy coffee with BTC without worrying much that the transaction is much higher than the cost of goods.
That's why Bitcoin is better than the banking system, because when you use Bitcoin in your transactions it means you have full control over your assets and when you make a transaction there is no party that can intervene in your assets or the transactions you make. Unlike the banking system where when the bank suspects your transaction, they are able to intervene in your account and freeze your account unilaterally until you can prove the transaction is safe or not. This is the weakness of a centralized system where one party can easily manipulate or intervene in anyone on their system - and for that Bitcoin is really the best.
With bitcoin, your transactions are not limited and won't engage any third party for your own account, but with banks, know that there are always set limits on the amount you are going to deposit and if they find one account suspicious, automatically it will be monitored by them and freeze the account if they want. Something that we don't get to experience with bitcoin. That's how advantageous Bitcoin for us compared to fiat and banks.
It's a good reason to choose a decentralized finance system like Bitcoin than traditional banks that works on the basis of centralization.
You aren't alone OP, most people have chosen Bitcoin and other crypto-currencies because of the same reason and they don't really want to move back to that traditional banking systems again.
I know we are still far away to fully rely on crypto-currencies and avoid fiat but at least we can be part of a community that prefers Bitcoin way more than fiat and uses only fiat where Bitcoin or crypto-currencies are not acceptable.
Who knows there might comes a day when we may have option to pay for goods and other things using Bitcoin and cryptocurrencies only.
You aren't alone OP, most people have chosen Bitcoin and other crypto-currencies because of the same reason and they don't really want to move back to that traditional banking systems again.
I know we are still far away to fully rely on crypto-currencies and avoid fiat but at least we can be part of a community that prefers Bitcoin way more than fiat and uses only fiat where Bitcoin or crypto-currencies are not acceptable.
Who knows there might comes a day when we may have option to pay for goods and other things using Bitcoin and cryptocurrencies only.
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