Topic: Bitcoin Saves my relatives both of Life, Time and money (Read 951 times)
Very well, OP! Good luck to you if this story turns out to be true! I find it rather an interesting read, but I am sorry to say that the real-world scenarios are not that easy.
Nice story. This really shows how bitcoin can impact the world. One of the main challenges faced today are security issues which can be resolved easily through bitcoin.
I'm wondering how or where he was able to buy $1 million worth of bitcoin. No one could just easily convert that amount of cash to crypto unless you know someone that can do peer-to-peer trading. It's risky to do that via a country's local bitcoin exchanger because like in my country, you need to go through AMLC before buying that huge amount of bitcoin.
Buy $1 million worth of bitcoin looks not easy actually with local exchange market, need time few days later when you make deposit trough to your local exchange market before purchasing with bitcoin. But first after winning from gambling casino will use cash money to pay and need convert early to be fiat before deposit to local exchange market. Although not easy have way how to make convert $1 million to be bitcoin and hold in local exchange market or use hard ware wallet. you need to go through AMLC before buying that huge amount of bitcoin.
my country just preparing for KYC and ability deposit without any limit amount but not include when you try for withdrawing because take limit about $200,000 on daily day but you can upgrade more $200,000 by submitting few document later. One of my relatives goes to work in Singapore as a remittance fighter to earn some money. He had a habit of gambling before. One day he goes to the casino and gets free food and $10 to go there. She fell into the greed of eating free and some free dollars and started going there regularly. At some point he becomes interested in gambling. And he started gambling regularly and he started losing all the money he earned here. At one point he lost all his money. One day a lottery was arranged in that casino. And he bought a lottery there as his last attempt. And he won that lottery and got 2nd prize. Where there was 1 million usd. But this money brings danger to him at one stage. The other expatriates who were with him wanted to kill him and take his money. Then he realizes this and take the help of the police of Singapore but Carrying $1 Million was high risky and transferring money to his country by international money transfer it was matter of time. so he buy $1 million worth of bitcoin and back to his country Immediately. Bitcoin saves both his time and money. And he was able to back safely to his own country with his money.
I appreciate on what you have shared here so far, but the moment you've mentioned about buying BTC $1 million, you didn't specify on how he just simply transferring it so easy? Did he do P2P? Or through a bank and passing KYC?
For me though, if your relative is doing the P2P transaction, that would be the case because there's no KYC needed as well as the limits. But if through bank, wire transfer, etc., it would be really hard for him to do that transaction as there would be lots of barriers that's going to consume both time and money for approval.
so he buy $1 million worth of bitcoin and back to his country Immediately. Bitcoin saves both his time and money. And he was able to back safely to his own country with his money.
Did he bought the Bitcoins from any exchange?
I mean buying bitcoins worth 1 million is really risky. So I am wondering did he bought from exchanges by giving out his KYC details? Or did he bought through P2P trade.
Nevertheless glad to know that Bitcoins have saved someone’s life, and now he also got his money in his own hands.
Now he doesn’t have to give taxes and can easily cash out little amounts frequently when required. And btw congratulations for winning the lottery.
$1m is such a huge amount of money that even exchange would have him comply KYC and ask for additional documentation to boost his deposit and withdrawal limit. That alone could sound quite a complex procedure and the way he's telling his story sounds like it's easy to put that kind of amount into Bitcoin.
As much as I want to believe the story, but OP did not include and specify the process of transferring that fiat to Bitcoin. Coz again, that doesn't seem an easy transaction for that kind of amount.
so he buy $1 million worth of bitcoin and back to his country Immediately. Bitcoin saves both his time and money. And he was able to back safely to his own country with his money.
Did he bought the Bitcoins from any exchange?
I mean buying bitcoins worth 1 million is really risky. So I am wondering did he bought from exchanges by giving out his KYC details? Or did he bought through P2P trade.
Nevertheless glad to know that Bitcoins have saved someone’s life, and now he also got his money in his own hands.
Now he doesn’t have to give taxes and can easily cash out little amounts frequently when required. And btw congratulations for winning the lottery.
about on possible physical abduction or something like that.Passing up some KYC wont be an issue for sure even myself wouldnt bother out as long you are dealing with right and reputable exchange then it wont be a
problem.
Rather than making yourself getting or bringing along with those lot of cash.It could be also done with P2P but this is something risky yet you wont know
if you are dealing with the right people or not.
so he buy $1 million worth of bitcoin and back to his country Immediately. Bitcoin saves both his time and money. And he was able to back safely to his own country with his money.
Did he bought the Bitcoins from any exchange?
I mean buying bitcoins worth 1 million is really risky. So I am wondering did he bought from exchanges by giving out his KYC details? Or did he bought through P2P trade.
Nevertheless glad to know that Bitcoins have saved someone’s life, and now he also got his money in his own hands.
Now he doesn’t have to give taxes and can easily cash out little amounts frequently when required. And btw congratulations for winning the lottery.
so he buy $1 million worth of bitcoin and back to his country Immediately. Bitcoin saves both his time and money. And he was able to back safely to his own country with his money.
I'm wondering how or where he was able to buy $1 million worth of bitcoin. No one could just easily convert that amount of cash to crypto unless you know someone that can do peer-to-peer trading. It's risky to do that via a country's local bitcoin exchanger because like in my country, you need to go through AMLC before buying that huge amount of bitcoin.
Fiat is dead, and now belong to numismatic collections, but we are not ready to change, especially the big bulky banks. They just cant accept that their money manipulative power has been taken away in an instant. I think now we need a bitcoin based loan system, Soon banks will loose their interests and we will loose our interest in banks. Can we imagine a fully online banking system with no branches and ATMs for cash, as there will be no cash in future.
What happens is that there is a lot of inertia built into the system already, and as such changes cannot occur as fast as we want, so there are only two options, the first one is that bitcoin slowly erodes the influence of fiat and bitcoin takes several decades in order to become as dominant as we believe it could be.The second option is that the current system eventually collapses and this gives bitcoin the opportunity to fill the space left behind by the failed fiat currencies and become dominant way faster than with the first option.
BTW, he doesn't even need to carry such amount of cash in the first place. The world is trying hard to achieve a cashless society, so why would anyone take such an ignoble decision of moving such heavy cash around physically? All the casino needed do was to transfer his winnings to his account. Just like that. The winnings are transferred to the winner, the winner then finds a way to transfer it back home to his dependents.
the story does seem far-fetched, as you said that that much money was taken easily from the casino, with no other options such as transferring to a bank account. I'm sure the casino won't spend that much cash either because it's very risky.Regarding this story, whether it's made up or real, there is a lesson we can take, namely Bitcoin is able to become a digital asset that protects everyone from crime in the real world, assets will remain safe as long as you hold the key.
Basing up on the situation then how he do able to manage on converting those millions to crypto? Does he deal up with their local exchange platform or going for global?
It might be complicated on such scenarios but since it was successfuly converted and that person goes home safe without the need on bringing those cash then it was a great call.
As long you do make yourself private and cant be that too obvious because even those money stored up on crypto but with a $5 wrench would be enough for you to
say your private key. LOL...
Fiat is dead, and now belong to numismatic collections, but we are not ready to change, especially the big bulky banks. They just cant accept that their money manipulative power has been taken away in an instant. I think now we need a bitcoin based loan system, Soon banks will loose their interests and we will loose our interest in banks. Can we imagine a fully online banking system with no branches and ATMs for cash, as there will be no cash in future.
BTW, he doesn't even need to carry such amount of cash in the first place. The world is trying hard to achieve a cashless society, so why would anyone take such an ignoble decision of moving such heavy cash around physically? All the casino needed do was to transfer his winnings to his account. Just like that. The winnings are transferred to the winner, the winner then finds a way to transfer it back home to his dependents.
the story does seem far-fetched, as you said that that much money was taken easily from the casino, with no other options such as transferring to a bank account. I'm sure the casino won't spend that much cash either because it's very risky.Regarding this story, whether it's made up or real, there is a lesson we can take, namely Bitcoin is able to become a digital asset that protects everyone from crime in the real world, assets will remain safe as long as you hold the key.
One of my relatives goes to work in Singapore as a remittance fighter to earn some money. He had a habit of gambling before. One day he goes to the casino and gets free food and $10 to go there. She fell into the greed of eating free and some free dollars and started going there regularly. At some point he becomes interested in gambling. And he started gambling regularly and he started losing all the money he earned here. At one point he lost all his money. One day a lottery was arranged in that casino. And he bought a lottery there as his last attempt. And he won that lottery and got 2nd prize. Where there was 1 million usd. But this money brings danger to him at one stage. The other expatriates who were with him wanted to kill him and take his money. Then he realizes this and take the help of the police of Singapore but Carrying $1 Million was high risky and transferring money to his country by international money transfer it was matter of time. so he buy $1 million worth of bitcoin and back to his country Immediately. Bitcoin saves both his time and money. And he was able to back safely to his own country with his money.
Very lucky your brother can win the lottery up to 1 million usd, indeed carrying that much money will be very risky even the fear of robbery and murder can happen, the steps taken by your relatives are very appropriate because after all transferring money that many people from countries will arouse suspicion from the country authorities, exchanging them in bitcoin is clearly easier for us because one of the goals of satoshi Nakamoto to create bitcoin is to make it easier for us to make financial transactions in large or small amounts and bitcoin was originally intended to be alternative currency replacement with many conveniences. 
Then he realizes this and take the help of the police of Singapore but Carrying $1 Million was high risky and transferring money to his country by international money transfer it was matter of time. so he buy $1 million worth of bitcoin and back to his country Immediately. Bitcoin saves both his time and money. And he was able to back safely to his own country with his money.
Your friend must be very lucky to have won such huge sum of money, and I have no doubt about the story if it's true or not because people do actually win such amount of money from casinos, and $1 million is not up to what people have won on physical and online gambling casinos since the existence of gambling. But however, Bitcoin has actually ease easy, cheap and fast transactions across borders, and that's what makes it unique from fiat
We must all take a lesson from the story. Gambling can destroy your capital account. It’s not just about a certain currency or asset, you have to be careful about your decisions in all the spheres where your money is involved.
What do you mean? The OP's relative won 2nd prize on the casino which is a million dollars, how does that destroy your "capital account". I guess the best lesson here is privacy and safety especially when you have a huge lump sum of money.Anyway, I'm not really convinced that the story OP provided is true as there are various ways for you to safely transfer your funds but they choose to do so on crypto or bitcoin. Also, being able to buy that kind of amount of bitcoin isn't as easy as you will need find exchanges that will allow you to do so. Another thing to consider is the value, The amount his relative won may have significantly reduced if they've exchange it to bitcoin.
We must all take a lesson from the story. Gambling can destroy your capital account. It’s not just about a certain currency or asset, you have to be careful about your decisions in all the spheres where your money is involved.
(...)
It's thrilling and exciting through your story. I find that person lucky to have won the grand prize and also lucky to remain safe from the greedy envy of the bad guys. I believe that BTC brings more benefits than just the case from this story, even as I live in a life where people around me always consider what they know and give. It is the goal of life and success to have things like having a lot of money, real estate, gold, silver, ... and others must see them. Sometimes I feel very uncomfortable with that thought, and I hold BTC and do not want anyone to know and understand what I have. Even though they thought I had nothing, I had everything they were looking for.
...... so he buy $1 million worth of bitcoin and back to his country Immediately. Bitcoin saves both his time and money. And he was able to back safely to his own country with his money.
How was the process done? How was your friend able to purchase $1 million worth of BTC without providing any KYC functions? Generally, exchanges have been very stringent with KYC requirements and personal records. From my experience alone, if a transaction involved high amounts of BTC, my exchange would most likely freeze my account to question the genuineness and veracity about the origin of my funds.
He just said his friend converted from cash to bitcoin so maybe his friend used centralized exchange to buy bitcoin. This is a large amount of money so making a p2p transaction is very difficult and can be dangerous, if yes, he has to do it many times.
He just wanted to think of a way to convert his assets into bitcoin and be able to return home safely so choosing a centralized exchange is not so bad.
I think the stories of how bitcoin can be used for personal benefit are endless, I don't think they have to be so dramatized to give more value to the advantages that bitcoin offers.
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