About 2 weeks ago, I had some problems with my internet service provider. I decided to end my contract with them and I signed up with a new service provider. I used their online registration and I also decided to pay by debit order.
^smile^
This is how this played out. The services provider required me to send them verification from the tx id from my bank account to verify that the payment went through my bank account.
I supplied the information and then they acknowledged that they received the entry, but that the clearance to their Bank account would take 3 to 7 days. < It took 4 days >
So to sum up what I am saying. To enable a debit order payment, it took 7 days to process.
People are complaining about Bitcoin tx delays, but the Banks are far worst. If this service had a Bitcoin payment option, I would have had internet access 6 days earlier.
For the people who would say, USE your credit card, I would say NO f@#%$ way! These centralized services cannot be trusted to secure my credit card details. < I have been a victim of credit card fraud before>
Banks suck!
Man, it's things like this that people like to pretend don't happen that often.. Even though Equifax leaked half of america's information because financial institutions don't know how to properly handle sensitive information. You cannot trust anybody with your information, and so it's a shame when identity theft is a part of nearly everyone's life at some point.
Whenever you want to move around a significant amount of money there is always a 3-5 day wait at the minimum, banks are not even as quick as bitcoin on its slowest and most congested days. Bitcoin still charges less fees than the banks, and at least bitcoin is honest about what fees will be charged and where the money is going.
Even when the bank knows it is their mistake, where the wrongfully charge you a fee or transfer money incorrect they still force you to wait 3-5 days while the put money back into your account that they never should've taken or touched to begin with. These sorts of waits, fees and problems will dissipate with the banking institutions that are becoming antiques as bitcoin gains more traction. The issues are glaring and becoming more and more of an elephant in the room. Nobody likes to deal with these waits that bitcoin does away with, and I never even thought about the wire and transfer fees as a positive of bitcoin even after all these years of using it.