Topic: Banking scams ...How are Bitcoin better? - page 3. (Read 555 times)

The post is aimed at seeking ways Bitcoin can offer solution to the problem already identified. I think this should challenge us as believers in Bitcoin to manifest our creativity by proffering Bitcoin-based solution to the identified problems. I have once used Swipecoin which is pretty decent and cool to use. It was a wonderful Bitcoin payment system that was able to solve my problem then.

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.

But I want to ask you, are you still using banking or have you really left it out of your life and your family? If you and your loved ones still use it in daily life, you should not speak ill of it, speaking ill of the things you still have to depend on every day will not help you get better. Furthermore, us bad-mouthing banks and fiat doesn't make bitcoin any better. If bitcoin is really good then people will recognize it and seek it out without having to badmouth fiat and banks. I am confident about the potential of bitcoin, one day everyone will need it because it has everything they need. They will realize for themselves what is bad and what is good for them.

Now, more and more people are using Apple Pay or Google Wallet which eliminates most of the issues you have mentioned in your post. Frankly, I don't even remember when I had to use my plastic card for the last time.

As to the Bitcoin vs banks discussion, I guess mostly it depends on how you treat your money/assets not the technology you're using. Breaking some basic safety rules will lead to losing your funds and/or coins.

I think the issue here should be looked at in terms of improving people's ability to use different services. There is no area that completely guarantees our risks. Only when there is a problem do we we just learned about it. I think that whether banking or using bitcoin has its own positive and negative aspects compared to the current context, there is not necessarily a comparison between them. However, I have seen that in recent years, online payment has become more and more convenient for small spenders, I can see myself easily paying for a pen online.

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!


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?


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.


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.

The majority of individuals in the world we live in are aware that Bitcoin is far safer and more secure than a bank. Like others who have commented on this topic, I don't even use a credit card, let alone a debit card. I just have one card, from
E-wallet, which I may use to withdraw money from any ATM in our neighborhood.

Additionally, I convert the cryptocurrency I earn into what we have been trading for a few years using this software wallet whenever I have a peer-to-peer transaction.

Ok, so it seems like someone pissed in your soup today.. but I will ignore that.

As a matter of fact, I have several cards with the contactless payment option "enabled" ....Yes, you can ask the Bank to disable it, but most people find it convenient and during "Covid" it was the safer option, because you did not have to type in a pin.

One of my close friends had their wallet stolen and the thief got hold of two of his cards where the "tap" feature were enabled. The one Bank allowed "unlimited' tapping for small amounts and the criminal went to a tavern in the informal settlement, where merchants do not ask questions and he bought alcohol ..until the account was empty. (Luckily the other card had a daily limit, so they could only tap until that limit was reached and then it was blocked)

Also, the optimum distance for the contactless payment are 4 centimetres or less, the signal are rapidly decreasing and can never exceed 10 centimetres.

The fact of the matter is, criminals have found ways to exploit payment systems ....not just with payment systems used by Banks and if we can find safer options to protect our wealth, then we should brainstorm ideas to do that with Bitcoin.

I was a victim of two incidents, where money was stolen from my Bank (online & offline) ...and that was one of the reasons why I started using Bitcoin. (I Googled for alternative payment options and I found Bitcoin) 

Those things that you stated can also be done with Bitcoin.  Just like how the criminals can force us to get our pin, they can easily  do it to get our BTC wallet seed phrase.  The only difference is that there is no third party that can assist this criminals to choose prospect and if the Bitcoin holder is somehow take good care of his privacy, these criminals won't have a chance to find out the person who owns the address that has lots of Bitcoin funds.


I do not experience any inconvenience with banks since I only use them to process the conversion of BTC and withdraw cash.

I'm not sure what you list out here as "bank scams" are actually the banks fault rather scammers utilizing banking equipment to run scams.  Now don't get me wrong, big banks are straight up criminal life-time scammers and are very good at it, but some stuff is outside their control such as skimmers and what not.

Bitcoin man in the middle type attacks and things of that nature also pose a threat, but at least you're controlling your money versus some big corrupt bank.

Banks are centralized and this makes it easy to be scammers to get whatever information that they want in other for them to scam you. Bitcoin is decentralized and only you have the control over your coin. The safety of your coins is your own responsibility, if you didn't not follow the proper safety rule on how to safeguard your wallet, you might be scammed. As for banks, so many people will have access to your account, either through your credit card or even a third party from the bank can sell out your information to scammers. Bitcoin is far better than banks when it comes to safety of your funds, and in the aspect of purchase of goods and payment of services across boarder. As long as it is money there must be people out there that are looking for various means to steal money from people either bitcoin or fiat.

So far i didnt really be able to experience with those Banking problems which that you had mentioned after all the years i've been owning a credit or debit card on which i do also being active with online purchases or even

making use of contactless payments which is usually on fastfood chains or even having my grocery considering that department stores or grocery stores in malls does really accept with those kind of payment system
on which it cant really be denied that it do really bring out that kind of convenience on which a certain person could really be able to do so and this is something that we do much prefer on doing.
After all the years i've been doing this then luckily im not really be able to experience those kind of loss of funds or being that forced out inputting some passcodes or whatsoever.

 About skimming and other attacks, then it wont really be that something possible if you do really just make use of your common sense on how to make yourself that safe and really be able to
avoid with those kind of potential attacks around you. You cant really be exploit out if you wont really be putting up some holes for them to begin with.
How Bitcoin would be able to solve these problems? p2p transactions yes, but coin security then it would really be just the same. You would be needing to keep those keys out from other
peoples awareness.

Bitcoin in not better than banks payment, because with bank payment - credit/debit card you can pay for everything, with Bitcoin you can not. Plus bank payment with credit/debit card is instant. With Bitcoin - all confirmations can go in 30 minutes, but can go also in 3 days, who knows.

Just a suggestion lad, if you are going to reply try to make it longer because the system may deem you as spam if you have one-liner replies. I'm just looking out for fellow forum members.

Anyway, you're right. Whether it is through banks or Bitcoin there will always be a way for people to just lose money or get scammed. Hence, it is up to us to secure our money and ensure that we are not being careless about it. We have to be smart with our transactions and how we keep it. As much as there are issues regarding the bank that we cannot fully control, there are also instances that this might happen to our digital wallets.

Don't you think the more easier a medium offers an easy mode of payment, likewise the more easier/prone it is to thefts, hacking and scam? Because taking a look from how this "tap-to-pay" (i.e contactless card) method works, I doubt if such could ever exist with the use of Bitcoin for making payment. Hence, the less we try to make Bitcoin payment easier, the lesser we record scam/theft and robbery of bitcoiners. So for me, I will say that i'm very much okay with the decentralized current security feature Bitcoin, and as such less we try to implement all the feature we see/notice from our traditional banking system, the better for us and the entire Bitcoin community.

When new technologies came theft developed a crack for it as you mentioned in the case of the contactless card system and in what way the thief uses it. The situation is in every robbery case the third party is always involved, how someone says that the theft took the money of a person who came out from the bank is an example of how the theft knows that this person has withdrawn a lot of money or in case of accounts hacking in the bank who gave them the knowledge of this, This clearly shows that the third party is in contact with the thefts, and all this happens in the banking system. In the case of Bitcoin, it is more secure than a bank as it a decentralized its transaction is clear and the thief can't take it from you until you give them your keys. But above a user mentioned that even the wallet is not secured and can be hacked so my question is at least what to do to save our funds, the banks are not secure, wallets are not secure then what else that we have to trust it?

Yes, of course! The "improved" banking services are really just a hiding place for security holes. Although they say it's user-friendly, I think it's more scammer-friendly. Contactless card payments? More like an infinite number of ways for thieves to tap, tap, tap away your money without any problems. These scumbags who skim, copy, and tap are outrageously brazen. While typing your PIN, you are unaware of the eyes watching every move and the sly pinhole cameras.

And you are totally right. There are a lot of criminals on the internet. The “convenient” banking apps, are they truly convenient or just conveniently making you the perfect, exposed target? All of this is a big, bad movement of lying and stealing.


Could bitcoin be the one who saves us forever? But then again, how much can we trust Bitcoin? Can it hold up against these bad guys? Can it promise us simple, easy transfers while also making the walls stronger against these leeches? Only we can save ourselves.

Yeah.

These criminals are taking advantage of every financial instrument under the sun. They're gonna continue doing that until the end of time.

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.

And fyi, nowadays if one is so scared that people will steal from their NFC card have the option to block/freeze the card until seconds before the next purchase or use Google Pay or similar and keep their NFC off until the moment of paying.

Bank problems are different:
* they can decide for you if they allow you use your money for various things (gambling and crypto are most known examples)
* banks can go bankrupt, which in non-EU countries would not be pretty
* banks are slow, especially on international transfers
* various banking operations cannot be done in non-working hours (and obviously also not in the week-ends)
* if you want to keep your money in a bank you may have to pay fees
* they work only with the inflation-eroded fiat
* they are centralized
* they are hungry for your KYC data, transactions data and whatever else they can find out about you


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 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.

Do we have data on thefts with stolen smartphones? I have never heard of such case once, and I'm pretty sure you can call your bank and reverse it before it's too late. Nevertheless, this means the merchant bears the financial burden once again.

I do not believe there is any possible solution to such a scam as it involve threat to the life of the owner of the card. What do you do at gun point, so let's just be careful and pray not to fall to hand of the wicked ones. Even if you have Cryptocurrency with the highest level of security, can you refuse a theif request to provide the neccessary details for transfer of coins from your wallet at gun point?.

I strongly believe , security measure is very important. The competition between the centralized and Decentralized system is pushing us to  more innovation that will bring a better life to humanity. It is the function of every individual to decide which to use base on their understanding of the system.

As bitcoins continue getting more awareness, it is important to focus on users using them for business transaction and not just an investment. 90% of bitcoin users are holders, we hope for a time when the level of usage will be calculated base on real life purchase and payment. It is at this point , the banking system will begin to loose it's power.