Bitcoin Saves my relatives both of Life, Time and money - page 4.

lienfaye

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Quote from: LogitechMouse on July 13, 2022, 10:21:19 PM

1. How did he bought $1M worth of Bitcoin? Where did he bought it? Binance? Kraken? Kucoin? P2P? Maybe elaborate this even further if it's ok to you.

Im also curious about this on how he bought the Bitcoin. Op didnt also include if his relative is already aware of Bitcoin before buying it. Because if he's not a bitcoiner and just a newbie then certainly he will not risk his money into something that he's not really aware of especially its a huge amount.

The story seems not real because there are many questions that left us hanging.

CryptoBuds

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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.

There is a fundamental difference between bitcoin and traditional assets today in that it can be used in such situations. It will not be easy when you carry a suitcase of cash to be able to move from one country to another without any danger. But the story doesn't seem very clear to me, how can he convert that 1 million dollars into bitcoin, how?. Did he use CEX or DEX exchange to convert? And is your friend a bitcoin or crypto lover?.

Darker45

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This is like taken from a movie plot. You could submit this to a director and, who knows..? It looks like a true to lie story. Cheesy

Kidding aside--which is quite hard to do in this case--Bitcoin is indeed a good way to move a big amount of money across international borders. It's hard to do it in cash, money transfer, gold, and so on. There'll be a lot of papers, for sure. There'll be a lot of interviews and unfair suspicion. Bitcoin fixes all of this.

coinerer

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Quote from: Poker Player on July 13, 2022, 10:35:07 PM

Quote from: smartaction on July 13, 2022, 10:27:45 PM

If this story is true and Op relatives got $1 Million. Then he should leave gambling and use his money for some physical business.

This story has more to do with hoping to get merit (unsuccessfully so far) than with actual facts.

This is not the first time we have seen such a story, especially on this board. It's something like the threads in the B&H section that praise the merit system, higher ranked members or things like that.

To be honest i didn’t care about getting merit. I heard this from my relative. And I find it very interesting. So I posted it here. I have no other purpose with this post.

Poker Player

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Quote from: smartaction on July 13, 2022, 10:27:45 PM

If this story is true and Op relatives got $1 Million. Then he should leave gambling and use his money for some physical business.

This story has more to do with hoping to get merit (unsuccessfully so far) than with actual facts.

This is not the first time we have seen such a story, especially on this board. It's something like the threads in the B&H section that praise the merit system, higher ranked members or things like that.

KennyR

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Whether it is a developed story or real, I don't wish to comment on it. Through this people will get to know there is an alternate method available to make transactions. As the money is through a jackpot, mostly it'll be settled through a bank account. Further only it can be withdrawn or used on other needs. If the country is tax free, then the person receives entire prize money. If not, certain percentage will be collected as tax and the rest gets settled.

smartaction

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Quote from: dansus021 on July 13, 2022, 10:07:07 PM

the story is like the movie but it's really dangerous tho. but good that you still live this date and I were your relatives I will stop to do gambling and start to invest with 1 million dollar. i mean gambling is very addictive. and can lead in danger if you can't control it

If this story is true and Op relatives got $1 Million. Then he should leave gambling and use his money for some physical business. Or he should invest this money in a good place. cryptocurrency is high risk. And if it equal to 1 million dollars. Then it is much more risky. So he should convert his bitcoin to fiat money immediately. he can hold 2-3 Bitcoin if he interested in bitcoin too much. But the rest money he should convert as soon as possible

LogitechMouse

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Winning in a lottery is once in a blue moon event but there are some questions with regards to your story.
1. How did he bought $1M worth of Bitcoin? Where did he bought it? Binance? Kraken? Kucoin? P2P? Maybe elaborate this even further if it's ok to you.
2. How did your relative cashed out the Bitcoin (or converted into fiat)? Didn't the bank feel suspicious to your transaction?

These 2 questions might help other people here like me because there might be some users here who are holding that much Bitcoin but they don't know how to cash it out without knowing the bank that it came from crypto.

dansus021

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the story is like the movie but it's really dangerous tho. but good that you still live this date and I were your relatives I will stop to do gambling and start to invest with 1 million dollar. i mean gambling is very addictive. and can lead in danger if you can't control it

2stout

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Valid and realistic use cases and entertaining story even if not true, but shows and proves how bitcoin can safe someone's life, time, and money. Hope the relative learned their lesson and doesn't fall back into old habits.

darkangel11

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Quote from: ChiBitCTy on July 13, 2022, 12:55:25 PM

I had a long conversation not too long ago with a taxi / Uber driver who said he was from Mexico. He told me that he was working here in the United States to help support his family back home in Mexico. We spoke about how much he had to pay in transaction fees being international payments. He had heard of bitcoin before but not much about it so I explained things to him. He was thrilled with the idea. This is one of bitcoins biggest advantages!

When people tell you that bitcoin has no real use and is only for speculation, stories like that can change their perspective.

I doubt that OP's story is true, that a non-bitcoiner suddenly put all his money in bitcoin to move it around, not being afraid of all those hacks and scams the mainstream media pump people's heads full of.
Bitcoin works great as your private stash for hiding money and moving it around. Once people realize it, the world is going to change.

Husires

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This is the strangest story I have ever heard of someone who bought Bitcoin. It is true that buying Bitcoin will provide you with the possibility of moving millions of dollars across the border, but when you win the lottery prize, you will not carry that money in a bag, but will deposit it in the bank.

One way or another, you will have to return to the banking system, unless you decide to keep Bitcoin for decades, then, and with the increase in adoption, you may not need to convert to your local currency.

ChiBitCTy

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I had a long conversation not too long ago with a taxi / Uber driver who said he was from Mexico. He told me that he was working here in the United States to help support his family back home in Mexico. We spoke about how much he had to pay in transaction fees being international payments. He had heard of bitcoin before but not much about it so I explained things to him. He was thrilled with the idea. This is one of bitcoins biggest advantages!

abel1337

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

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

Wonderful story, but I think that it's just a fantasy. Things don't go that easy.
I don't see any good reason why that prize was not sent to a bank account in the first place.
Then, in most cases, such big prizes are not given out as a whole and not so easy. It's usually like "you get this monthly amount for that number of months or you get 75% of the full prize if you want it all now".
Then nobody just sells you $1M worth of bitcoin for cash. Or well, maybe the Mafia does, but it's usually easier to lure you, then kill you and get that fiat.

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

I agree with you, It's pretty illogical that the lottery organizer of the said raffle gives it on cash and in full payment, Bank transfer would be the easiest and safe option for both winner and the lottery organizer. Also, Buying $1M worth of bitcoin is not easy unless you have proper connections. Buying on that kind of amount would take weeks in my country since banks here aren't bitcoin friendly and so many steps unless you have a peer to peer transaction.

m2017

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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.

This $1 million win story would be appreciated in the gambling section.

Well, what can I say, this is another case from life that bitcoin is absolutely not a useless financial instrument.

How did your relative transfer bitcoin between countries? In the form of seephrase, right? Because I didn't see any mention of a bitcoin transaction in your story.

P2PECS

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

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

Wonderful story, but I think that it's just a fantasy. Things don't go that easy.

That's what I thought, the story already sounded incredible to me as I was reading it. It is one of the many stories that people make up in the forums.

In this case we are in a BTC forum, so a wonderful (and false) story about BTC.

Sanitough

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Quote from: Pmalek on July 13, 2022, 08:35:36 AM

It feels weird to tell someone their story is fake especially if it really happened to a family member. But there seems to be too many illogical things in this one.
I once won a few grands in a physical sportsbook and I was asked to submit my banking information where the money would be routed. They didn't want to give me the cash. I find it hard to believe he was given a suitcase or a bag full of money and shown the exit door. You also mentioned he talked to the police and they helped him apparently. How did they help him, and if he got the help he needed, why did he still need to buy the bitcoins? If attempt were made to kill him, those responsible should/would have been arrested.

The conviction of how bitcoin saves time and money is a fact, but the story behind i think is not happening in real life. Although its possible to win such a huge amount but handling it all to you in a form of cash, that sounds unrealistic. Here in our country, mostly it will be done through bank transactions. And you can't just withdraw it all at once, the bank provides withdrawals limit. I guess even if the story is cut short, the flow of events is still hard to believe. Converting all your fiat into bitcoin, that thing alone is very risky to make.

taufik123

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

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

Wonderful story, but I think that it's just a fantasy. Things don't go that easy.
-snip-
So sorry, it sounds wonderful, but I don't think that's a real story.

I agree with you, it seems this is just a fictional story that only exists in his imagination.
It's not that easy to get $1 million USD in the last lottery, it's not a pre-set movie. and the distribution of prizes, of course there will be some rules so that not everything is given in one transaction, it should be gradual and there will be an option to transfer to the account. rather than carrying it in cash which is clearly a high risk.
And another oddity with buying bitcoin $1 million USD with cash, who will accept it? it's not that easy, there will be a lot of mafia chasing that person.

But I don't know, let the OP tell the story and we can only respond. But rationally it's just a fictional story, there's no evidence whatsoever to suggest that the story is real.

coinerer

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Quote from: ChrisPop on July 13, 2022, 09:00:18 AM

Well... that's quite an interesting story --> maybe more suitable for the gambling section of the forum, yet I doubt that he got that lucky.
But yes, Bitcoin is very powerful and as you said it can literally save lives through the high portability and its digital properties.

I'm curious though... how he managed to buy $1M worth of Bitcoin with cash? Found some local p2p sellers?

first he deposited his money on his bank account on Singapore. then He used many different way like p2p trading , buy with debit card and more way as much as possible . It's keep him safe from attackers. he bought btc from a secret place Where attackers will not find him. Something like this happened

kryptqnick

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I must say that due to very low odds of winning the lottery, I find the story hard to believe. Unless, of course, he bought so many tickets that his odds of winning were very high, but if he earns money doing construction work, then it's unlikely he has hundreds of thousands to spend on gambling. Not to mention the part about friends wanting to kill him. But yeah, Bitcoin can be used to hide wealth if one does it right. My thought is also that if he likes physical gambling, storing the money in Bitcoin might be a way of avoiding gambling because physical casinos rarely accept BTC.

Topic: Bitcoin Saves my relatives both of Life, Time and money - page 4. (Read 951 times)