Bitcoin Saves my relatives both of Life, Time and money - page 2.

qwertyup23

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Quote from: coinerer on July 13, 2022, 07:29:28 AM

...... 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.

Though that may be the case, your friend indeed saved his fortune by converting them into BTCs. The difficult part is converting them back to cash in the exchange that he purchased them, unless he sells them via p2p transactions or via escrowing your funds.

Mpamaegbu

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Once a man, twice a child!

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.

Oilacris

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Quote from: coinerer on July 13, 2022, 07:29:28 AM

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.

Nice initiative i would say on which you could really save up yourself on different hassle and the risk specially you are dealing with a million dollars which lots would really be having that bad intent towards you because money is really just too hot and could easily trigger out those criminal minds once they are really that aware on someone who had been holding those huge funds.
A good thing that he knows bitcoin which he had able to think up directly for some solution on the current problem that he's facing considering that security is indeed at risk on bringing those funds.
but still not that enough for you to get confident because anytime they could abduct you but to know that getting private keys wont be simple but if you are on a situation where
life and death involves then you might really ending up on giving.

lionheart78

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Quote from: NeuroticFish on July 13, 2022, 08:17:45 AM

So sorry, it sounds wonderful, but I don't think that's a real story.

Same here, there are a lot of inconsistencies in the story.

Quote

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.

It was a he first then become a she and later become a he.
The prize looks like given in cash since

Quote

The other expatriates who were with him wanted to kill him and take his money

But I doubt that will happen, probably a cheque.
But then if it is in cheque then he needs to cash it out thru his bank or in cold cash.
Then if it was in cash then how did he buy BTC, face2face?
And this is what makes it more like a make-up story

Quote

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.

The crucial sentence is when did he buy BTC and how did he buy it. It should be stated in the story to remove silly ideas like mine in the scenario Grin

.

Anyway regardless of whether the story is true or made up, Bitcoin had been proven as one of the best methods to stash and hide our money from authority and other people.

hZti

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Sounds like a great story but I don't see the point in trading the money into bitcoin and then trading it back afterwards. In any case your friend had the money in his bank account already so he could just simply transferred it. If the lottery was not legal the bank would have locked the money, no matter if he transferred it or not. The only option I would see is to directly buy bitcoin from people, but I think thats nearly impossible with that high volume.

Ucy

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Just hope he doesn't gamble away the money considering you said he's a gambler. I have read numerous articles about people who never used money they won from lottery well. I tend to believe the huge prize should be split to multiple winners to increase the chances of having responsible people as winners or you could develop a method that only allows/encourage responsible bettors to win the whole prize.

In regards to Bitcoin saving his life, I think the proper terms should be his Life, Money and Time was saved with/via Bitcoin. This sounds more reasonable so Bitcoin is not seen as GOD & start to be worshipped by people. Nevertheless, I like the fact he was able to freely use Bitcoin to secure his fund for International transfer which is part of the purpose of Bitcoin

Rigon

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I read your story though the story of one's life is very interesting and I like it.Yes, if the country had no use for bitcoins, if the bitcoins were not yours, then that person would not be able to return home with his money or he would not be able to enjoy the money.But he has managed to enjoy a lot of money today due to the fact that this Bitcoin is active all over the world.Within a short time he took his money into the account and converted it to Bitcoin.His drunken state would have been fatal if he had brought money. So we can say that in this bitcoin dhaka people can enjoy all the benefits.

GeorgeJohn

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That is why I regard Bitcoin and the cryptocurrency generally as a fastest means off making a money transfer or money transaction within a space of time. From your analysis it is very obvious that if the money was with the guy in question it would have ended up for another group to have the funds. So with the help of BTC and the cryptocurrency in Wyoming the transaction moved smoothly and the life a person who have the money he still also self because of existence of Bitcoin.

fuguebtc

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Quote from: Wexnident on July 17, 2022, 11:43:13 PM

I'm surprised, he didn't gamble the money he won? That's how things usually go. I highly doubt someone who was quite addicted to gambling would suddenly stop and realize that they need to save money, they'd probably straight up go to gambling again after the money has settled in. Additionally, I think the only problem here would've been if his money was manually transferred physically? I haven't tried it but I'm pretty sure there should be a possible process for you to transfer money from banks even if they're from different countries.

Not really, although he is addicted to gambling, the sum of 1 million dollars is huge and he probably thinks that is enough for him to have a comfortable life for the rest of his life, so he does not need to gamble to get rich anymore. If he still can't give up gambling, he can still play after returning home, keeping money is the most important thing at that time.
The OP's story has many unclear parts, he doesn't detail how his friend was able to convert 1 million USD into bitcoin.

noorman0

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Quote from: Ahli38 on July 14, 2022, 06:36:36 PM

-snip-
what is clear is that this point makes people ask how to exchange 1 million USD into bitcoin easily, especially if he is in someone else's country.
here is the oddity.

Maybe it's not as hard as it seems in some parts of the world, especially if the casino industry is allowed to thrive which is supported and protected by clear regulations. Even as much income as a foreigner earns, by reason of winning a bet makes a bit of sense (with proof of betting history or something).
As well as converting fiat into bitcoin in bulk, there are several methods you can take to avoid annoying customer verification.

Fivestar4everMVP

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First, I will like to say a big congratulation to your relative on winning a whooping 1 million dollar in a lottery, right now, am really wondering how much he staked to have been able to win such an amount of money in the second place.
Though i have to agree with those who said story looks unreal, but its good since it highlights some useful use cases of Bitcoin, the truth is that, the use cases of Bitcoin is endless.
Depending on the situation , Bitcoin can be a -
1. Time saver.
2. Life saver.
3. Bitcoin can be your convenience in time when fiat offers you inconvenience.
4. Bitcoin is freedom from Financial slavery.
5. Bitcoin can be your ticket to becoming financially independent.
6. Bitcoin is power.
7. Bitcoin is knowledge.
8. With Bitcoin, you are the Boss.
9. With Bitcoin, your future is in your hands and not in the hands of some bank(s) somewhere.
The list is endless, Bitcoin is every thing good we can imagine.

Smack That Ace

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Quote from: kamvreto on July 14, 2022, 08:14:40 PM

Quote from: AmoreJaz on July 14, 2022, 06:59:15 PM

Quote from: TelolettOm on July 14, 2022, 06:50:48 PM

Whether this story is real or not, at least we can learn from it. especially gambling habits that are not accompanied by the ability to control themselves. But oddly enough, when he wins the lottery, doesn't he usually gamble again? Or because the urgent situation is dangerous because someone wants to kill him huh?
However, Bitcoin is indeed a way that might save someone's life or maybe vice versa. This depends on the condition of each person.
btw, she or he?

true, whether this is true or not, it may give us a good example on how to use bitcoin for inter-border transfer of money. btw, the OP is interchangeably using he or she, that's why we're confused here...lol
anyway, the person may have used the OTC method to exchange his money to btc, and then just transfer it to the other country via another crypto wallet. that's better because he can cash out little by little and not all at once. remember, binance has p2p that anyone can use, if the fiat currency is listed in their system.

The OTC method with $1 Million USD lol, it's very risky if it actually happens in the real world and without any escort. Many will target the person with $1 million USD in cash just like in the movies. It won't be that easy, but the OP's explains it a bit ambiguously. and keep in mind also that binance p2p also requires KYC to use the p2p feature and there will be a limit where transactions depend on the availability of p2p merchants.
I think the fiction or non-fiction debate is over, and of course stories like this only exist in movies.

Without considering fictitious or non-fiction, what can we learn from this story? If he took a million cash back to his hometown, it would be extremely risky, he would become the target of robbers, if he deposit money in bank account his 1 million dollars will be frozen at any time as the bank reserves the right to do so without notice to him, but with bitcoin, he has full control of his assets.

OTC with 1 million USD I also think is not possible and the P2P conversion on the exchanges must also go through the bank, very curious how he converts to btc.

tabas

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Well, good for him that it worked out. There really are gamblers that won't cash that out or convert it into bitcoin if there's no threat because they'll spend it again.
OP is the one to testify that this story really exists as he's the one who started it out and proves everyone wrong who thinks this isn't a real thing. But I can say that there really are stories like this that happens in real life and you know, in casinos, people there would really have their way of saving their money easily so they can go and fro to everywhere when they're done.

virasisog

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Whether it's real or not, we all know how Bitcoin can help people in times of unexpected situations. People who are having a hard time cashing out their funds or carrying them internationally due to restrictions could have Bitcoin as a replacement since it provides anonymity. There are already lots of true-to-life stories about how Bitcoin saved people from hard situations and from there, we could see how broad the function of Bitcoin is.

Ziskinberg

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Whether it is a fantasy story or not but I really don't think it happens in real life, I'm sorry.

Anyways, a gambler is always a gambler. Let's say that story is true and that person who won the big prize will certainly just lose all of his winnings. Why? because he thinks that the more he spends and gambles makes him rich but in the end, it makes him poor especially when things become uncontrollable.

Well, I'd wish he leave there and bought some assets, not only Bitcoin, otherwise it was just only a short happiness.

Stacaato

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I honestly felt this post like a made-up story that has nothing to do with the real-life world. And if it is true, chances are that it is only 0.001% true. Rest you know better!

worle1bm

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I also have the same opinion like others that it's fantasy story as your relative won $1million from the lottery and he buys bitcoin with it immediately to save himself because they don't sound to be realistic and is made up story.So he found someone in P2P manner that agrees to buy btc worth million dollars also sounds fake to me.

Wexnident

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I'm surprised, he didn't gamble the money he won? That's how things usually go. I highly doubt someone who was quite addicted to gambling would suddenly stop and realize that they need to save money, they'd probably straight up go to gambling again after the money has settled in. Additionally, I think the only problem here would've been if his money was manually transferred physically? I haven't tried it but I'm pretty sure there should be a possible process for you to transfer money from banks even if they're from different countries.

bitterguy28

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Is he/she a Bitcoin user? because how did they trust a currency that instant with huge amount to transfer? is this a true story? or something that you only made up?
but at least congratulations to your relative for winning a million in lottery(because no matter how how hard i try? never that I earn lol.
and also try to advise Him now to gamble again because eh will lose everything with that.

Quote from: Michael White on July 17, 2022, 11:02:44 PM

I think this is a perfect example of how helpful bitcoin can be when fiat can’t. Transactions overseas have become easier and quicker.

Bitcoin is always Helpful if you know how to use this and how to keep it safe because this is very vulnerable for hackers and scammers.

Michael White

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I think this is a perfect example of how helpful bitcoin can be when fiat can’t. Transactions overseas have become easier and quicker.

Topic: Bitcoin Saves my relatives both of Life, Time and money - page 2. (Read 951 times)