Just as the banking industry is always improving the sector, for example the introduction of contactless card makes transactions seamless and stress free. The bitcoin network is also doing the same, the integration of lightning network makes transaction better faster and cheaper.
However, no matter how hard transitional banking and Bitcoin developers try to improve both networks, users will still be susceptible to different forms scams and hacks, fiats and Bitcoin will still be stolen. Sadly, there's nothing anyone can do about because it still balls down on the individuals to adhere to some basic security tips to keep their assets safe.
Topic: Banking scams ...How are Bitcoin better? - page 2. (Read 564 times)
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The scammers have figured out how to use that service to their advantage... by simply tapping it continuously (if it is not limited) and if it requires a pin... by watching you and following you after you have made a purchase. (They then take your card by force and physically tap it until your account are empty)
This isn't a problem of the banks but an issues of personal security because Bitcoin in your wallet isn't immune to hacks or been stolen when you don't take security measures to make sure you're not a victim of this type of crimes. Your Bitcoin can be stolen when you store them in your mobile device or also in your hardware wallets but you're constantly moving with the devices. You can become a target and they do all the things you mentioned that can be done to forcefully take your mobile phone or device from you which is why we have to be security cautious irrespective of using credit cards or Bitcoin.
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So, I was thinking... How can Bitcoin be better? Can we find better solutions for these attacks and will these solutions still give us ease of use? (No complexity but still user-friendly)
Invest in Bitcoin and store your Bitcoin in way it'll be hard for hackers or thiefs to gain access to. Don't store your Bitcoin on your phone or work laptop that you use to go about your daily businesses because you can get moh/rub just as your credit card can be stolen and wipe out all the money you have. You can keep small amount of Bitcoin that you'll need often in a mobile or hot wallet but your main investment shoudn't be stored that way. Bitcoin is decentralized and gives you great power and anonymity but with great power comes great responsibility.
Then the only thing the bank told him was that he could still get his time deposit, but 30% would be returned to him. After those events, my friend lost trust in the bank because it's an event where your account can be frozen and your money can be legally stolen. So I learned from this experience.
I don't buy your story, it's not possible the banks only want to give 30% of the funds, it's a corruption. If they recognize there's an illegal transaction in your friends account, they're either allow or not allow you to withdraw all of your funds.Even someone is breached the banks' time deposit rule, they will not charge as high as 70%.
It was definitely a fabricated story. If the bank intends to appropriate the property, it will freeze it or not accept the other guy's explanation as legal. They will be able to take over the entire asset easily because it is illegal money, there is no reason for them to accept it as legal and charge 70%. Furthermore, @bettercrypto can you provide the specific amount your friend deposited in the bank? Is it a huge amount of money or just an insignificant amount?
I know using a card isn't totally safe, but I've never fallen a victim of card cloning or anything like that. Tapping a card continuously isn't typically a thing in my country, as, by default, the PIN is asked on the second tap and for amounts over $20 on all attempts.
If we're talking about Bitcoin in a custodial wallet (user-friendly, easy to use, instant transactions), I'm sure it's susceptible to similar risks. If it's a non-custodial wallet, I think the risks of someone getting the money are much lower, but it's also harder to use it for payments, considering transaction speed.
If we're talking about Bitcoin in a custodial wallet (user-friendly, easy to use, instant transactions), I'm sure it's susceptible to similar risks. If it's a non-custodial wallet, I think the risks of someone getting the money are much lower, but it's also harder to use it for payments, considering transaction speed.
Then the only thing the bank told him was that he could still get his time deposit, but 30% would be returned to him. After those events, my friend lost trust in the bank because it's an event where your account can be frozen and your money can be legally stolen. So I learned from this experience.
I don't buy your story, it's not possible the banks only want to give 30% of the funds, it's a corruption. If they recognize there's an illegal transaction in your friends account, they're either allow or not allow you to withdraw all of your funds.Even someone is breached the banks' time deposit rule, they will not charge as high as 70%.
I have had a trauma in the bank because of a close friend of mine who, I won't mention the name of the bank, has a time deposit, and then one time he had a p2p transaction and he entered an amount in the bank that's exactly where he had a time deposit. He was surprised one day that his account was put on hold. It is said that because of a transaction that the bank recognized as illegal, my friend is willing to prove that it is legal and that he has the documents that he is holding.
Then the only thing the bank told him was that he could still get his time deposit, but 30% would be returned to him. After those events, my friend lost trust in the bank because it's an event where your account can be frozen and your money can be legally stolen. So I learned from this experience.
Then the only thing the bank told him was that he could still get his time deposit, but 30% would be returned to him. After those events, my friend lost trust in the bank because it's an event where your account can be frozen and your money can be legally stolen. So I learned from this experience.
Generally speaking, the widely accepted perception is that Bitcoin or crypto for that matter is enabling many scams around as it is the preferred way for hackers to do business. Of course, this perception is biased since we know that the banking system itself is also a breeding ground of many scams and frauds victimizing people on a global scale. And since we are dealing here with technology, sometimes I realized that there is not much we can do but to accept this present reality. On a personal level, we should be educated and should always be careful when doing transactions whether crypto or via the banks.
Apart from what you mentioned above...I have also abandoned the use of credit cards. Not as we expected when the bill is paid starting from interest, delivery fees, transaction fees, maintenance and at least stamp duty are also included in the bill.
If there are new users, various offers come from various companies under the pretext that we are one of the subsidiaries that have partnered with the bank you have submitted your credit card request to. who knows where they got our cell phone number, and if we are careless and agree to the request So, get ready for your bills to increase and if we look deeper, maybe they themselves (bank employees) sometimes don't use these facilities.
For me, the bank is only a bridge for me to withdraw money to my own bank account. Yes. Bitcoin is a better choice.
If there are new users, various offers come from various companies under the pretext that we are one of the subsidiaries that have partnered with the bank you have submitted your credit card request to. who knows where they got our cell phone number, and if we are careless and agree to the request So, get ready for your bills to increase and if we look deeper, maybe they themselves (bank employees) sometimes don't use these facilities.
For me, the bank is only a bridge for me to withdraw money to my own bank account. Yes. Bitcoin is a better choice.
Ok, so it seems like someone pissed in your soup today.. but I will ignore that.
At least I had some soup!
When you have on this forum 10 people that tell you that you don't have a clue what you're talking about it's time to retreat in the background!
Some of you don't realize how this kind of made-up praising for BTC can backfire, seriously, now when everyone has been complaining for months about the mempool, and how costly it is to make daily transactions how you can just wait or use another coin you're telling people to use BTC over cards? Yeah, they sure do, 400k out of which 300k are drawing monkeys in the blockchain versus 1 billion daily!
Just think twice:
- your friend gets his card stolen and is unblocked ready to spent, he can still call a bank to block it
- your friend loses his smartphone with his wallet without a pin, how safe are his bitcoins?
When you make up stories at least think twice before letting them out in the open!
As a matter of fact, I have several cards with the contactless payment option "enabled" ...
You really fell hard for this one
. I think you got my soup bowl. So, if:
- banks are scams
- cards are stupid and faulty
Why za fk are you a Bitcoin lover in possession and using "several cards" from the evil scamming banks that suck our blood?
The "scammer" would have to issue a new payment every time to charge you and that is not done in a second, there is a built-in delay in every of those PoS.
I think that the OS is what protects the user in the case that someone steals their phone. There is a timeout setting, wherein the user has to authenticate the transaction. I'm a Google Pay user, and I've noticed that if I leave my phone open for a couple of minutes, I cannot make a payment. I'll have to turn off and on. No, I was talking about the attacker side, OP claimed that the attacker can come to you and in a matter of seconds empty your card by just bumping into you.
The PoS has a delay, after each confirmation it does another PoS to Visa(for example) transmission on ending the session, then when you feed it with another recipe for another sum it will not get the key to initiate the transaction without a delay, no matter how fast you try to do it you will not get it ready in one second, it's the terminal itself that limits this.
Banks go better and cheaper than in the past. What you wrote here seem to be over-inflated stories from people who don't really use cards.
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The list may be longer too. As you can see, the list is not small, so we can better discuss on the facts, not on various... tales.
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The list may be longer too. As you can see, the list is not small, so we can better discuss on the facts, not on various... tales.
I don't understand why every single time they need to be praising Bitcoin they go for the wrong stuff.
But I assume it's because deep in their hearts they know they're making the same mistakes with Bitcoin as they do with Fiat!
Trusting Binance or Kraken with their coins and KYC, not creating a back-up, using their wallets on the same smartphone they have downloaded one hundred shady apps, and the list can go on and on and on, the real advantages are still here but they want they cling to have been gone for years, it's no longer 2009 anymore.
You are totally missing the point of this whole thread.... I am not saying Bitcoin are perfect and Banks are only bad.. I am pointing out the "failures" of the system that most of us are forced to use. How can I not use Bank services, if that is the only "authorized" legal currency in most countries.
Do you think I would still be using it, if governments allowed it and if it was legal tender? This is turning into a pissing contest or you are just trolling the shit out of this thread.. and I do not have the energy for that.
I posted this to ask the question.... How can Bitcoin do this better... not how Bitcoin are better, so let's just move on.
The bank system was survive over a century,so it had their own usage in the environment.The update of the banking system was the online transfer without using the cards.It’s just to scan the code to send the money to the merchant.The same was available in the bitcoin by scanning the code one can transfer the bitcoin to certain address.The biggest scam of the banking was the additional fee which was the hidden charges to us.Some bank will charge the message alert fee,but it should be made as free service by the banking system.
Everything you said are right, bitcoin wallet too can be hacked, it is individual that needs to be very careful. Bitcoin is also decentralized and censorship resistant, but the faster transaction and lesser fee is only when you comparing fiat cross border payment with bitcoin transaction, if a fiat transaction is within a country and done locally, the fee is cheap and the transaction are fast. But fiat transactions can have error which bitcoin transaction can not have.
All site possibilities for hacking not only with Bank but also Bitcoin has chance loss in our wallet, but have advantage with bitcoin when saving in own wallet because we have controlling by our self with bitcoin assets due not your key is not your coins. I think don't underestimate the bank's position because most important side when making local transaction, due in my country bitcoin can't acceptable as payment currency won't or not we must withdraw bitcoin assets to bank account before making deal or ability for transaction. Bank and bitcoin assets can secure as well as depend with our self how to protect all data, if can't protect well actually has chance with bitcoin assets loss due many skimming website link send to our email account every day.
I don't understand why every single time they need to be praising Bitcoin they go for the wrong stuff.
Does filling the post quota cross your mind? 
The easiest way to make abundant amount of topics, is to continuously praise Bitcoin. Bitcoin does this, bitcoin does that, and suddenly an endless page of meaningless posts is taking shape, because it is much easier to agree with someone, than to disagree (as the latter would require counter-arguments). It really doesn't matter if the author is correct; they have won, because of the Cunningham's law.
Kakmakr, don't take this as an offense (it really isn't!). But, I just have noticed lots of forum users doing this, hopefully unconsciously.
The advantage of owning Bitcoin from the banks is that we're all responsible for our own money. If something goes wrong then it's our fault and we're not going to blame any people or any third party service for it. While hackers and scammers are everywhere, it's happening every day.
Targeting our banking accounts and also our Bitcoin wallets depends on where you're active the most. Let us say about those success attempts in the bank/credit card accounts, only the company providers can trace those transactions and they can figure out where the money are spent. Whilst on Bitcoin, the transaction is on blockchain but we'll never know where it is transferred. So, there are pros and cons from both of it but no matter, f the banks, we're all for Bitcoin.
Targeting our banking accounts and also our Bitcoin wallets depends on where you're active the most. Let us say about those success attempts in the bank/credit card accounts, only the company providers can trace those transactions and they can figure out where the money are spent. Whilst on Bitcoin, the transaction is on blockchain but we'll never know where it is transferred. So, there are pros and cons from both of it but no matter, f the banks, we're all for Bitcoin.
Too many people are careless, they would also be careless with bitcoin.
Bitcoin is very secured far better because you are not being called to send your bank details orally or by text messages ,in Bitcoin you have your details within you,no one can encroach your private account you only give out your details by yourself to whoever you wish to, which I don't think you will,it is due to our carelessness or our quest for more money that some of us fall into some of these scammers. Just imagine you were sent a text message that you have been qualified or selected to have one million, money you did not work for and you hurriedly followed the instructions which you have been asked o do after a few moment you started receiving debit alerts all you money have been transferred, who is to blame. Carefullness should be our watch word either Bitcoin or Bank 
One of the common schemes right now happening in my country there's some unknown numbers keep calling and once you answer they didn't even respond seems like people are checking if your number are still active or not so there's a possible smishing they can provide you often, actually its always tired to have a message every day to an unknown number related that they are promoting a gambling casino, bank issues (issue on a bank that I even don't have lol), its glad that our phone right now are automatically blocked spam numbers. We have a SMS KYC but still they cant manage it to prevent those spammers keep doing this. As long as you didn't give any info and OTP still possible consider as safe.
So, I was thinking... How can Bitcoin be better? Can we find better solutions for these attacks and will these solutions still give us ease of use? (No complexity but still user-friendly)
Bitcoin is already better because there are no cards and the chances of being scammed similarly to some bank scams have been reduced already to the least. If you will loose bitcoins to scam or to thieves, it is because of personal reasons like ignoring security tips like keeping your key safe, not clicking links you do not understand, or not acting fast enough to follow some security advice. If security tips and advice can really be followed, you will never be a victim of any form of scam.To foster mainstream adoption of Bitcoin, there should be innovations that places Bitcoin as a preferred alternative to other payment systems. If we think in this direction, we could better contribute to the success of this amazing technology such that governments and the institutions will be left with no other choice than to align.
When discussing "fostering mainstream adoption," we may become bogged down in terminology. How is "mainstream adoption" defined? Do we mean everyone using Bitcoin for daily transactions or widespread acceptance and trust in Bitcoin as a currency? This problem could get in the way of our group goal.
However, your point is good. Our goal should be to innovate such that Bitcoin becomes the only option for governments and institutions. We can advance Bitcoin through regular dialogue and fresh thinking.
Honestly bitcoin is way better than banks, know of someone whose account was hacked and a whole sum of 68million was removed from the person's account.
You don't expect a basic thief or a basic bank hacker to have the mindset that the person they are about to steal from has everything in bitcoin, most of them only know of bank savings.
I understand that a person can be forced and obtained of their secret pass phrase by a robber but that would be 1 robbery case out of 500 cases. It is still very rare for it to occur.
So bitcoin is still the best, it is the last thing any thief will want to think of.
You don't expect a basic thief or a basic bank hacker to have the mindset that the person they are about to steal from has everything in bitcoin, most of them only know of bank savings.
I understand that a person can be forced and obtained of their secret pass phrase by a robber but that would be 1 robbery case out of 500 cases. It is still very rare for it to occur.
So bitcoin is still the best, it is the last thing any thief will want to think of.
The Banks are continuously improving their service with offering that are more user-friendly and easy to use. One example of this are "Contactless Card Payments" where you tap your card for small purchases.
The scammers have figured out how to use that service to their advantage... by simply tapping it continuously (if it is not limited) and if it requires a pin... by watching you and following you after you have made a purchase. (They then take your card by force and physically tap it until your account are empty)
They also use card skimming devices to "clone" your card and use pin hole cameras to capture your pin while you are typing it. They can even bump into you with a device that will initiate a small purchase from your card that can "tap"
Your credit card are constantly under attack, when you use it online and your Banking Apps are making you a target, because they only need access to you to force you to enter your pin... then they can change daily limits and transfer as much money as they like. (Local criminal syndicates work with Bank employees to identify potential targets.)
So, I was thinking... How can Bitcoin be better? Can we find better solutions for these attacks and will these solutions still give us ease of use? (No complexity but still user-friendly)
Share your experience with these Banking problems and give possible solutions for this, because we will draw a lot of people to Bitcoin, if we find innovative solutions to problems like this.
The scammers have figured out how to use that service to their advantage... by simply tapping it continuously (if it is not limited) and if it requires a pin... by watching you and following you after you have made a purchase. (They then take your card by force and physically tap it until your account are empty)
They also use card skimming devices to "clone" your card and use pin hole cameras to capture your pin while you are typing it. They can even bump into you with a device that will initiate a small purchase from your card that can "tap"
Your credit card are constantly under attack, when you use it online and your Banking Apps are making you a target, because they only need access to you to force you to enter your pin... then they can change daily limits and transfer as much money as they like. (Local criminal syndicates work with Bank employees to identify potential targets.)
So, I was thinking... How can Bitcoin be better? Can we find better solutions for these attacks and will these solutions still give us ease of use? (No complexity but still user-friendly)
Share your experience with these Banking problems and give possible solutions for this, because we will draw a lot of people to Bitcoin, if we find innovative solutions to problems like this.
Don't you think that all of these issues are present because of the ease of convenience of credit cards ?
Any person can increase/decrease the credit card limit by just logging into their account and just doing few clicks.
We have physical credit cards so that we can easily make payments.
Further more they added tap feature to make it more easier to make payments without any pin.
All of these are making us more lazy, less secure and more prone to attacks.
Bitcoin is already better by making it harder for attackers since we have to enter the address, the private key/pin, double check everything and then make the payment.
There might be a little inconvenience in using bitcoin (although I don't feel it) but it's worth it considering the fact that we own our coins and it is secure.
Fiat system is easy to hack compare to the complicated system of cryptocurrency which makes it unique.
A lot of money being stolen freely by hackers or an inside job in a bank always happen because of its security. For me, I think the attacks that happened and still happening in some banks are not always because of hackers, it is the bank itself lowkey stealing their customers money by just blaming it to a third party, some of them didn't even give any compensation for the lost money of their customers, that's why I never trusted the banking system.
A lot of money being stolen freely by hackers or an inside job in a bank always happen because of its security. For me, I think the attacks that happened and still happening in some banks are not always because of hackers, it is the bank itself lowkey stealing their customers money by just blaming it to a third party, some of them didn't even give any compensation for the lost money of their customers, that's why I never trusted the banking system.
I am not a big fan of banks, only use them when I have to withdraw money in local currency. I don't use debit or credit cards (for loan purposes) but to use ATM only. Not a fan of banking products which are nothing but a show-off. The point is, bitcoin is far better than banks in a hell lot of ways for example:
Decentralization
Full transparency
Faster transaction
Lesser taxes and fee
Besides that, there are more banking scams but fewer scams in BTC technology.
Decentralization
Full transparency
Faster transaction
Lesser taxes and fee
Besides that, there are more banking scams but fewer scams in BTC technology.
Hmm, Quite resembling thoughts.. But for the scams, I think if users have not adopted the proper security measures the chances of a scam in Bitcoin re more higher than a regular banking system transaction and there can be no claim on the Bitcoin network because you've lost the funds due to your own errors, But in the banking sector if the amount is greater than a specific limit you file a case and by proper investigation if its their mistake you claim the compensation dn the refund as well.
Refunds on the Bitcoin network are rare as far as I know the most recent one is the USD-500K or 20 BTC overpaid transaction fee. The funds stolen from the user cant be tracked as the hacking is going use some kind of anonymity and nontraceable tricks and it will be around impossible to file a claim on it as this network brings a lot of merits for us but at the same time, we need to be careful for our own security.
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