Well, yes, Bitcoin is not centralized, just like banks, which operate on a centralized system, and every law they enforce is an order taken from the superior office, but Bitcoin is not like that. You can store as many bitcoins as you want in your Bitcoin wallet, and no one will freeze your wallet and no body will even know if you are the owner of the wallet unless you open up to someone.
If your friend was aware that his bank account couldn't accommodate the amount you sent to him, why didn't he upgrade the account before asking you to send the money?
Topic: Another reason am chosing bitcoin. - page 3. (Read 778 times)
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Banks follow strict rules and regulations. Their system is designed in such a manner that it will be automatically triggered if any unwanted movement is done. But this is done by the government to ensure the safety of the people and for money laundering issues. But yes, this sometimes becomes pain for many legit people. As here in the case of OP, many people need money in emergency situations. In such a type of situation, paying through Bitcoins or crypto can really help them to get the things done in a quick manner. So yes, I would say Bitcoins have an upper hand in this type of situation.
Something happened today which makes my choice of bitcoin more stronger than the centralized fiat and traditional banking system.
The Bitcoin have become very strong than the the centralized banks since it has helped a lot of people in every angle, because bitcoin can allowed you to do transactions from one person to another without facing any networks challenging and that’s many of people to use the bitcoins network than access the centralized bank’s fiat’s.Quote
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.
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The advantages of using bitcoin over fiat are many, we cant keep on the count till we get tired, there are many instances of this same scenario whereby many were regretting till date that why are they not having an alternative source to using the fiat currency, until bitcoin was introduced and the people quickly embrace the use after discovering the numerous opportunities that bitcoin can serve them if adopted.
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.
What? Account grades for what?
I have never heard of such a thing where I'm living.
Sure, I hear that your account can get frozen if the bank thinks you are receiving way more money than they think you can afford or something along that lines - to prevent money laundering - and all that can go away by giving them a certified source of funds document. But what you are describing sounds crazy to me.
We should all be thankful that Bitcoin doesn't come with this kind of BS.
I see OP’s post been looking crazy I think it’s a country thing because what OP has actually written is definitely the truth which I have had to face from my local bank in the past. The problem is mostly on an account which you open without providing government owned documents like the national Identity Card, they simply set a very low limit of capacity that the account can hold, very little amount it can also withdraw or transfer per day. I will say it is simply just like the CEX with KYC protocols they simply give you limited access to your account and if you don’t provide full KYC and receives large amount of money they don’t bounce it back but withheld until the KYC is passed. It’s not strange but thanks bitcoin though.
I didn't write this in my reply above but I know that is goes without saying that P2P trades are just seen by the banks as random transfers from one person's account to another, and comes with extra risk especially if they are transfers between international banks.
Yes it’s simply two individuals just sending each other money and nothing more, that’s why in countries where cryptocurrency trading is illegal they resort to P2P because banks cannot identify where the money is from. They only way they cam know is probably the sender has registered his account with crypto tag or maybe the transaction has a crypto word as narration, and the amount is huge
It's normal for these banks to verify the deposits and transfers. But it will be odd if the amount isn't that much and that's only a payment for something that you've purchased online. Based on your story, it looks like you have transferred a huge amount that triggered the bank to make that call and have some follow-up for another KYC. And that is true that with Bitcoin, this won't happen if you're going to send a payment to another wallet but it can also happen on exchanges if you deposit amounts that are out of your limits.
I didn't write this in my reply above but I know that is goes without saying that P2P trades are just seen by the banks as random transfers from one person's account to another, and comes with extra risk especially if they are transfers between international banks.
Domestic transfers and wires from reputable companies usually don't trigger this sort of investigation because in this case the banks can find all the info that they need.
I agree but if the history of both or one of the accounts aren't the usual transfer like what happened to OP, that's what made that bank checks out for more. 
I have never heard of such a case in the Bank because of the reason that the amount of money does not match the account. As far as I know, the Bank has never made such a rule and there is no withdrawal limit when you withdraw money from their teller. Unless you use an ATM card, it is true that the withdrawal limit is adjusted to the model of the card we hold. So I don't have the problem like you said and even I have withdrawn money from their teller in large amounts for one process it went well.
We always try to compare, but like it or not, banks are still quite necessary and I see bitcoin as another step where it is only for investment matters. When faced with business, I still need a bank to transfer the amount of money needed and that still helps me quite a bit.
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.
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.
I had a similar experience with the traditional bank last month. My account was frozen because it hasn't been used for a very long time. I transferred money into the account but couldn't withdraw the money when I needed it because I needed to do another KYC which would take days to get approved. I have never been that stranded with bitcoin. Aside this, the constant maintanance and transactions charges including VAT and many other charges are so high that it will prompt anyone to seek for an alternative banking system just to have peace of mind.
Decentralization is obviously the solution to all the troubles we are going through with the traditional banks and it is because of this and many other reasons that is why I will always rate bitcoin higher than any form of currency in the world.
Decentralization is obviously the solution to all the troubles we are going through with the traditional banks and it is because of this and many other reasons that is why I will always rate bitcoin higher than any form of currency in the world.
How much is the amount that you put into your friend's account? I mean you know that you are transferring a huge amount of money. Why didn't you ask the limits of his bank including the amount of money that he can receive on a daily/monthly/yearly basis? That's being irresponsible on your part. Take note that you're transferring a huge amount of money (huge enough to make an account freeze), so at least put the limits into consideration.
I don't think it's irresponsible thou because it has happened to me several times and it wasn't always my fault. I see them (traditional banking system) as incompetent with their limit policy in the first place restricting people from accessing their funds. My first experience was very frustrating because I wasn't informed about the incoming transfer from the sender but the money was freezed until I had to go and update the account to increase the account limit. Even after the upgrade, it took almost a month before I received that money.
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.
Banks making life harder is a great reason to be there, I also love it because I have a job that pays me in bitcoin and that means if I had to use fiat, then things would have been super harder, wouldn't really make sense for me at all, would be incredibly tough.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.
What I need to do in this moment is just take care of the wallet address and check if it's correct or not, that's it and we are going to be fine if we do that with bitcoin, but with fiat that's not the case. Imagine being so forced to use paypal or anything smaller than them just because if you dislike paypal, and then you are basically at the mercy of paypal and what they do, that's all we had for global payments in small scale and that never made sense to me. Bitcoin basically saves lives at this point.
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The advantages of using bitcoin over fiat are many, we cant keep on the count till we get tired, there are many instances of this same scenario whereby many were regretting till date that why are they not having an alternative source to using the fiat currency, until bitcoin was introduced and the people quickly embrace the use after discovering the numerous opportunities that bitcoin can serve them if adopted.
The simple fact Bitcoin cannot be frozen the way fiat money often is makes BTC/Crypto a great choice in many situations. Bitcoin is one of the few truly great things to happen this century!
Bitcoin is Bitcoin, can not be frozen in your wallet by any third party if only you have the private keys.Crypto is too much, because it includes altcoins that are possible frozen by third party entities. For example.
This is true, but it's only effective if the holder is making use of a self-custodial wallet and isn't leaving their bitcoin holdings in a custodial service, as there will be no difference between that and those who hold fiat on their regular bank account.
It's your private keys, it's your coins!Your warning is correct! People must use self-custodial (non-custodial) wallet to have private keys and to own bitcoins by themselves. Expand it more, it should be open sourced wallets too.
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.
Well same thing happens occasionally with CEXes to some people as you might as well replace CEX with a bank. 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.
If your plan is to move that bitcoin because someone wants to cash it out and spend, then any centralized entity that deals with the payment and fiat money can freeze your account. We are ultimately dealing with fiat money, and sadly that is the bottleneck for the bitcoin. Until there comes a time where we measure value in BTC and not fiat money, we are stuck with dealing with fiat money.
Only when you are directly changing goods with btc, you are using the power of bitcoin. And by directly i am talking p2p, where the receiver gets to keep the btc. Not any crypto debit cards or payment systems where you pay with bitcoin, but it automatically converts it to fiat and receiver never even sees the btc.
The simple fact Bitcoin cannot be frozen the way fiat money often is makes BTC/Crypto a great choice in many situations. Bitcoin is one of the few truly great things to happen this century!
This is true, but it's only effective if the holder is making use of a self-custodial wallet and isn't leaving their bitcoin holdings in a custodial service, as there will be no difference between that and those who hold fiat on their regular bank account. If you want total control, using a personal private wallet is the real deal. That way, you won't have to worry about waking up to see restrictions messages from whatever service you make use of; rather, you can decide when to spend and when not to spend your holdings at your own comfort.
How much is the amount that you put into your friend's account? I mean you know that you are transferring a huge amount of money. Why didn't you ask the limits of his bank including the amount of money that he can receive on a daily/monthly/yearly basis? That's being irresponsible on your part. Take note that you're transferring a huge amount of money (huge enough to make an account freeze), so at least put the limits into consideration.
I don't think it's irresponsible thou because it has happened to me several times and it wasn't always my fault. I see them (traditional banking system) as incompetent with their limit policy in the first place restricting people from accessing their funds. My first experience was very frustrating because I wasn't informed about the incoming transfer from the sender but the money was freezed until I had to go and update the account to increase the account limit. Even after the upgrade, it took almost a month before I received that money.
Bitcoin can never stress someone or giving you limit to transaction you could perform in a day. I had to go through my inbox after reading this, it doesn't matter whether it's huge amount or not. I searched my inbox and I discovered a lot of cases like that which usually takes them time to resolve. Unfortunately, one might lose the money if you failed to meet up with the requirements to upgrade the account.
It's normal for these banks to verify the deposits and transfers. But it will be odd if the amount isn't that much and that's only a payment for something that you've purchased online. Based on your story, it looks like you have transferred a huge amount that triggered the bank to make that call and have some follow-up for another KYC. And that is true that with Bitcoin, this won't happen if you're going to send a payment to another wallet but it can also happen on exchanges if you deposit amounts that are out of your limits.
I didn't write this in my reply above but I know that is goes without saying that P2P trades are just seen by the banks as random transfers from one person's account to another, and comes with extra risk especially if they are transfers between international banks.
Domestic transfers and wires from reputable companies usually don't trigger this sort of investigation because in this case the banks can find all the info that they need.
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.
It's normal for these banks to verify the deposits and transfers. But it will be odd if the amount isn't that much and that's only a payment for something that you've purchased online. Based on your story, it looks like you have transferred a huge amount that triggered the bank to make that call and have some follow-up for another KYC. And that is true that with Bitcoin, this won't happen if you're going to send a payment to another wallet but it can also happen on exchanges if you deposit amounts that are out of your limits. 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.
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.
What? Account grades for what?
I have never heard of such a thing where I'm living.
Sure, I hear that your account can get frozen if the bank thinks you are receiving way more money than they think you can afford or something along that lines - to prevent money laundering - and all that can go away by giving them a certified source of funds document. But what you are describing sounds crazy to me.
We should all be thankful that Bitcoin doesn't come with this kind of BS.
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.
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.
Surely Bitcoin offers a lot only that some people has refused to see the true potentials that Bitcoin holds, offering a borederles transactions without any form of intervention or control by the government or bank is a huge convenient and high level of preserving privacy is a good reason for any one to adopt Bitcoin let alone other benefits Bitcoin can offer. However, while Bitcoin are decentralized the banking system is centralized hence we shouldn't be expecting an equivalent mode of operation, there are several reasons why anyone will ever consider Bitcoin.
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.
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.
Crypto or Bitcoin is about control, we have the mnemonic phrase and private key, and so we have the complete control. And how many times we say that we are own bank, or BYOB (Be your Own Bank). Unlike banks wherein they can freeze our account or we don't have control as there could be limits on our withdrawal and even if we have a lot of money from them, for sure they are running on fractional reserves. And worst, like this story, Lebanon man hailed hero for holding Beirut bank hostage over savings.
Quote
An armed man who held a bank hostage for more than six hours in Beirut because he could not withdraw savings has been hailed a hero by the public.
Banks in Lebanon have put tight rules on how much money people can access, amid a deep economic crisis.
Banks in Lebanon have put tight rules on how much money people can access, amid a deep economic crisis.
You don't want to go that length just to be able to withdraw your money, do you?
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