Topic: Bitcoin Saved Banking Stress. (Read 211 times)

Based on your explanation on checksum illustration, I  have acquired more crypto knowledge concerning sending of bitcoin with the wrong address. This explanation of checksum brakes down addresses and Wif private keys indicates that I can redeem my bitcoin when sending it with the wrong address.

I appreciate your tutorial thanks for educating me and i will always keep learning.

Who told you, banking system is similar everywhere, what op is trying figure out is help of bitcoin reduces bank load to the society, and is accurate.

economy don't have to do with banking operating system, economy is for the welfare of the country in terms of development and living absolutely good to the nation
 
 

Saving money is one of the ways enriching the banks while you stay poor, you are adding to their vault and its that same vault they lend to people with ridiculous interest rate together with collateral property or an asset, man should never save rather invest their money.

Not because Banks charge you for SMS, you can disable those features if you want it and each bank with their policy, they wouldn't want to go zero, all the money you see banks are operating is not theirs, it is you and I money that they are using for business to gain profits, if your withdrawal is enough to make them collapse will be denied.


You know the saying 'be your own bank", instead of allowing people to bank you, you should try and bank yourself. banks charge you for the service they provide for you, if you take bitcoin security (private keys) with you and only known by you, those charges will be out of your cycle.


Your wallet has a built-in error checking, if it detects that your wallet address is not in the standard format, it will display an error message indicating that the address is incorrect. To avoid transferring Bitcoin to anybody, most wallets contain this error checking.
When you have some missing characters in your receiver address, go to Wallet explorer,  and search for that address, it will assist you to identify the missing character.
If you transfer bitcoin to the wrong address, it will be sent to that address and you will not be able to retrieve it.

Everything is true, But still, we need banking system to manage our business. Bitcoin is not issued by the government so you can't use it internationally. With bitcoin, it is not possible to make a chargeback if you make a transaction once. So, though it is more trustworthy than the banking system but still it has some limitations to adjust our daily life.

Much of what you say is highly dependent on the country you live in. I know these huge charges are common in America, but in many parts of Europe you are actually rewarded with many perks for having lots of money in the bank. It allows the bank to lend out even more on that collateral type basis, so they have great incentive to look after these "high roller" clients. The biggest risk to most people with such sums in the bank, which is relatively uncommon as most would rather invest it for a much greater return, is that inflation will eat away at the value of their money over time. Depending on how you store it banks can also offer much greater protection in the event of hacks and there are some countries which come with government backed guarantees that crypto simply does not have.

Bitcoin transactions or generally speaking on cryptocurrencies on which transactions are irreversible which means that once you do sent out those coins on an address which you had accidentally missed out some digits then

expect that those coins are totally gone and wont really be reaching up the wallet address which you do tend to send it out since it does have some character errors which doesnt suppose to happen.
Bounced back? No it wont be happening or cant be possible thats why you should really be careful and double checking up things before sending out.

When you are doing the crypto transfer for example bitcoin.You should check all the letter in the bitcoin address. If any one letter was not correct or you had deleted it accidentally. Entire thing will get into wrong.The transaction of crypto was done by the transaction fee. Many crypto coins was used such as ethereum, bitcoin and now it was Binance smart chain. When the price for bitcoin fee huge, ethereum came to the market. When the ethereum crossed high value, binance came to existence.

Banking stress and queueing to make withdrawal does not apply to many countries. Countries with good and working economy do not stress people for anything. Even myself, before I could know bitcoin, I do not stress myself in the bank, I don't even go to the bank. With the bank's internet services you could create an account, fund, withdraw, transfer, pay bills and lots more from the comfort of your home. So, bitcoin didn't solve any problem here.

Countries have started operating a cashless economy before the advent of bitcoin.

This is one of the good things bitcoin did, by reducing huge charges and delays to send money across the countries.

It is your wallet address that shows bitcoin way to your wallet, so you send bitcoin address to people for transactions not bitcoin Wallets.

For the answer, BlackHatCoiner has given an answer. But to add to it, cryptocurrency is a world of precision, you have to be accurate and smart in this field always.

Sure, but don't you think that this is unrelated with the preceded text?

If you miss some digits or letters of the address, then the wallet software won't allow you to send that money. There's also this thing called checksum which makes it highly improbable to change a character from your address and, subsequently, retain its validity. The wallet would also not send any money in that case.

Try it with a non-custodial wallet such as Electrum.

Any errors in your send address will result in your bitcoin(s) being inaccessible.

This is why it is good practice to double check your address you pasted by looking at the first 5 and the last 5 characters in the address.

I can't stress it to you enough that any error in the send address will result in you losing your bitcoin.

Over the years man has been struggling to make money in order to survive and sustain, after much hustle and bustle, man will still rush to the bank to save some money for future use.
Man will save a million in the bank but when you want to withdraw from your savings you can not withdraw up to a million that you saved why? because bank will charge you for card maintenance, sms and email alerts, etc.

Apart from the charges you get on weekly basis, you will always be stressed whenever you want to deposit or withdraw money in the bank most times you will spend the whole day without achieving your purpose of going there but upon the arrival of Bitcoin, everything changed, the suffering of people reduced from 100% to 10% because they no longer have to go to the bank, people now trade with Bitcoin as it is the only means of financial freedom because you can monitor your funds without asking what happened for it reduction.

People can easily make deposits to their Bitcoin wallet and withdrawal from the comfort of their homes with the help of p2p. People are not charged unnecessarily even when they do not perform any transaction. The risk of attacks and arm robbery when going to the bank has been stopped since the introduction of Bitcoin because Bitcoin has saved us from carrying bucks of cash for transactions.

Cryptocurrency generally is a liberation to people, in terms of fast payment transaction to another country and i understand that is faster than fiat currency if sending to another country, and that is the reason why people like sending money across another country with bitcoin.

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I want to know if i missed some digits of bitcoin wallet or when coping the wallet and you fails to copy complete wallet and send Bitcoin, will it get to exact address you want? And if happens not get to your point of sending, can it bounced back to the wallet of sender?.

I want to learn.