The bank isn't just good as we think that they can accept bitcoin/crypto for their transactions. They've got a different purpose so as we do.
And much even worse that most of these issues being delivered to them will take 1-3 business days for acceptance and up to 7 business days for them to solve or send back the refund to you for these errors they make. Well, the time is coming when these banks might go with the same interest as we and we're seeing few banks accepting services related to crypto and investing in bitcoin. But then, we just can't see that all of them will in the future even if it's already in the mainstream.
Topic: IF ONLY EVERYONE CAN EASILY ACCEPT CRYPTO - page 4. (Read 529 times)
Crypto illiterate, financial illiteracy..it's one in the same across the board. I have constantly maintained the stance that the reason bitcoin and cryptocurrency as a whole isn't bigger than it is at this moment, is purely out of laziness/illiteracy by people who simply won't spend the time to learn how it all works. I mean if they wont spend the time to learn how a basic mutual fund works (and trust me most have no clue), how are we going to get them to understand what a blockchain is?
It's going to take some time ..
It's going to take some time ..
I didn't even need to read further to come to this conclusion. Individual interests differ. The world would not be an interesting place to live in if everyone easily accepts crypto for use.
I doubt this Bitcoin forum would exist even, which stands right now to help educate those who intend to learn about its uses and application.
Infact, so many things would be different from the way it is now.
This is why when people migrate for vacation, medical checks, work and other good reasons, they gain intelligence on other financial practices like the use of cryptocurrency for commerce.
For everyone to accept cryptocurrency, it is as good as saying everyone in the world should be governed by one president or leader. Think about how impossible this is right now.
I doubt this Bitcoin forum would exist even, which stands right now to help educate those who intend to learn about its uses and application.
Infact, so many things would be different from the way it is now.
This is why when people migrate for vacation, medical checks, work and other good reasons, they gain intelligence on other financial practices like the use of cryptocurrency for commerce.
For everyone to accept cryptocurrency, it is as good as saying everyone in the world should be governed by one president or leader. Think about how impossible this is right now.
High rate of crypto illiteracy still makes me sad.
I made a transaction through my bank, Fortunately the money was'nt received by the suppose receiver and i was debited.
I went to the bank for transfer error issue, spending more than 5hours trying to get access into the bank(due to crowd) and 3hrs trying to fix the transfer error.
I made a transaction through my bank, Fortunately the money was'nt received by the suppose receiver and i was debited.
I went to the bank for transfer error issue, spending more than 5hours trying to get access into the bank(due to crowd) and 3hrs trying to fix the transfer error.
At least your money is credited back.
My point here is that, if i had sent the money in form of crypto(Bitcoin), my transaction would have run smoothly, the only way i would have had an issue was if i had transfer to the wrong address.
Nope, you transaction will also get rejected if you happen to create a transaction sending Bitcoin to the Litecoin network. What I mean is, there is also a limiter to crypto transactions. Also, if you happen to create a transaction with lower transaction fee than the standard, you may have your transaction pending for hours or days and possibly get rejected and reverted.
Note: Crypto illiterate as mentioned above is not an insult, they are individuals with low crypto knowledge.
What's your opinion ? .
What's your opinion ? .
I do not know what is the relation of your bank issue to crypto illiteracy. But well, people have their own interests. One of the major reasons for crypto illiteracy is interest and exposure. there is nothing to do with that except to keep on promoting and sharing cryptocurrency information.
High rate of crypto illiteracy still makes me sad.
You don't need to shoulder that problem though, so don't be sad if majority wasn't aware of what crypto is, or at least BTC.
I made a transaction through my bank, Fortunately the money was'nt received by the suppose receiver and i was debited.
I went to the bank for transfer error issue, spending more than 5hours trying to get access into the bank(due to crowd) and 3hrs trying to fix the transfer error.
I went to the bank for transfer error issue, spending more than 5hours trying to get access into the bank(due to crowd) and 3hrs trying to fix the transfer error.
Yes, I know your frustrations and everyone has experience that as well, that's why we quit banks and go full bitcoin.
My point here is that, if i had sent the money in form of crypto(Bitcoin), my transaction would have run smoothly, the only way i would have had an issue was if i had transfer to the wrong address.
As the saying goes, be your own bank (BYOB), yeah you could run an issue if you have send it to the wrong address because bitcoin transactions is irreversible. But at least you have total control of it, not going to be instant, we all know that, it will really depend on the network and mempool, how congested it is. But there are movements in the past worth millions of dollar with just small fee and it went in, in just hours.
I think that if you had used bitcoin you would not have stood in line at the bank and above all the payment would have been resolved in a short time indeed with LN in an instant, without any intermediary. This is the goal of Bitcoin to override centralized banking.
My point here is that, if i had sent the money in form of crypto(Bitcoin), my transaction would have run smoothly, the only way i would have had an issue was if i had transfer to the wrong address.
We'll get to that point, but it'll take time, we can't just expect everyone to be opened minded as we're on the forum for accepting Bitcoin. It's going to be a gradual process and soon every business will be accepting Bitcoin as the advantages would had gone mainstream by then.
For now there are still many negative stories been spread by the media and government yet, we have still having success compare to 10 years ago around when Bitcoin just came out. In the future there'll also be a progress in the adoption speed compared to where we are today.
When speaking about adoption of cryptocurrency, use Bitcoin instead of crypto because that's the goals at the moment, the community is fighting for the adoption of Bitcoin and not cryptocurrency which involves altcoins and other shitcoins that can't receive global adoption.
Don't mix Bitcoin with crypto aka shitcoins.
Cryptocurrency is a general name for digital currencies which includes bitcoin and any other coin out there but for shitcoin we classify it as altcoin by this it doesn't have any connection with bitcoin which they can't in any way classify to bitcoin.
So i think op is still correct with his post, there have been lot of mixture and transaction issues nowadays with bank which i think is the right time for them to start accepting cryptocurrency for transaction to limit and reduce network outrage while using the banking system.
It's because the banking system and its networks are not perfect. It is subject to human and program errors. There are even hacking incidents here in my country that is happening frequently. Unlike the bitcoin blockchain where everything is clear and honest.
Hopefully, some of these banks and maybe the new banks that are established by the younger and more open generation are the ones to implement bitcoin acceptance. Most of these banks, especially the old ones are in the same stance as governments, and that is to try to stop decentralized systems because they are out of their control.
Hopefully, some of these banks and maybe the new banks that are established by the younger and more open generation are the ones to implement bitcoin acceptance. Most of these banks, especially the old ones are in the same stance as governments, and that is to try to stop decentralized systems because they are out of their control.
If you are unfamiliar with Crypto, it is possible that what is described above will occur to you. And you are to blame because you sent money without knowing what would happen if it was delivered to the wrong address. If your tokens or coins are accidentally sent to the wrong address in the crypto space, you will not be able to recover them, and you should be aware of this. So, knowing that, you will undoubtedly be cautious about your sending address, and there is very little chance that you will send to the incorrect address. I recommend that you use Bitcoin as your cryptocurrency. The point of what I've said is that using Bitcoin is not scary if you know what you're doing.
This is why Bitcoin is better than banking system, it's faster and transparent, there's no hide or secret fee if you want to send a coins. Government will not want to accept Bitcoin as a currency because people might tend to choose Bitcoin over their fiat and banks, if not many people use fiat and banks, the government will not make a lot money and many banks will collapse.
Exactly, that was the reason the central bank in my country ban transaction of crypto to local bank, trying to increase poverty and suffering among the people, telling us that crypto is fraud.
I understand your situation and agree that the use of cryptocurrencies can reduce the risk of similar problems, such as transfer errors or problems accessing bank accounts. Cryptocurrencies operate on the basis of blockchain technology, which allows direct and fast transactions between participants, bypassing intermediaries such as banks.
However, it must be understood that cryptocurrencies also come with their own risks, including high price volatility and the possibility of fraud. In addition, not all companies and stores accept cryptocurrencies as payment, so in some cases you will still need to use traditional banking transactions.
In the end, the choice between using cryptocurrencies and traditional banking transactions depends on your individual needs and comfort level with blockchain technology.
However, it must be understood that cryptocurrencies also come with their own risks, including high price volatility and the possibility of fraud. In addition, not all companies and stores accept cryptocurrencies as payment, so in some cases you will still need to use traditional banking transactions.
In the end, the choice between using cryptocurrencies and traditional banking transactions depends on your individual needs and comfort level with blockchain technology.
Note: Crypto illiterate as mentioned above is not an insult, they are individuals with low crypto knowledge.
Not smooth always.It depends on network status as well as your transaction fee which will help your transaction is prioritized to confirmed by miners, stakers, nodes, validators etc. If fee you use for your transaction is low, it can be stucked many times in mempools (Bitcoin) as well as similar on Ethereum ERC20 chain or other chains.
In some smaller chains with centralized ownership distributions, their transactions and blockchains can be rolled back. Like in mid of Terra and FTX crises, a project on Solana wanted to revert their transactions. SMH.
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What's your opinion?
What's your opinion?
In a world filled with billions of people you can't expect every one of them to accept Bitcoin/crypto you must find those that will still prefer to transact with fiat to Bitcoin.
The majority of people tend to go with the idea of "what the government says or do is always right" and because the government is looking for a way to bring down Bitcoin they then paint it as a means of committing scams and that has also made some potential bitcoin adopters lose their interest in bitcoin.
Op, we have seen some threads of some Bitcoiners implementing Bitcoin as a payment method in their business and with time and consistent awareness creation they'll be an improvement in the adoption of Bitcoin.
I made a transaction through my bank, Fortunately the money was'nt received by the suppose receiver and i was debited.
I went to the bank for transfer error issue, spending more than 5hours trying to get access into the bank(due to crowd) and 3hrs trying to fix the transfer error.
I went to the bank for transfer error issue, spending more than 5hours trying to get access into the bank(due to crowd) and 3hrs trying to fix the transfer error.
You must be a Nigerian, have seen complaints of banking errors both in this forum and online regarding interbank transfer.
Even transaction done on the blockchain network sometimes delay, it's all depends how fast and congested the network is. I have sent a Bitcoin transaction before that took almost 8hrs before it arrived at my receiving address, from the receiving side it was showing confirming, that's the transaction was successful but not yet confirmed on the blockchain. Both the banking sector and that of Blockchain transaction due delay sometimes but the difference is that you don't need to launch complaints to any party on the blockchain side because you can see everything from your own end.
High rate of crypto illiteracy still makes me sad.
I made a transaction through my bank, Fortunately the money was'nt received by the suppose receiver and i was debited.
I went to the bank for transfer error issue, spending more than 5hours trying to get access into the bank(due to crowd) and 3hrs trying to fix the transfer error.
My point here is that, if i had sent the money in form of crypto(Bitcoin), my transaction would have run smoothly, the only way i would have had an issue was if i had transfer to the wrong address.
Note: Crypto illiterate as mentioned above is not an insult, they are individuals with low crypto knowledge.
What's your opinion ? .
I made a transaction through my bank, Fortunately the money was'nt received by the suppose receiver and i was debited.
I went to the bank for transfer error issue, spending more than 5hours trying to get access into the bank(due to crowd) and 3hrs trying to fix the transfer error.
My point here is that, if i had sent the money in form of crypto(Bitcoin), my transaction would have run smoothly, the only way i would have had an issue was if i had transfer to the wrong address.
Note: Crypto illiterate as mentioned above is not an insult, they are individuals with low crypto knowledge.
What's your opinion ? .
Remember how 5 years ago people didn't even know this word. They just need some time
Don't mix Bitcoin with crypto aka shitcoins.
This is why Bitcoin is better than banking system, it's faster and transparent, there's no hide or secret fee if you want to send a coins. Government will not want to accept Bitcoin as a currency because people might tend to choose Bitcoin over their fiat and banks, if not many people use fiat and banks, the government will not make a lot money and many banks will collapse.
This is why Bitcoin is better than banking system, it's faster and transparent, there's no hide or secret fee if you want to send a coins. Government will not want to accept Bitcoin as a currency because people might tend to choose Bitcoin over their fiat and banks, if not many people use fiat and banks, the government will not make a lot money and many banks will collapse.
High rate of crypto illiteracy still makes me sad.
I made a transaction through my bank, Fortunately the money was'nt received by the suppose receiver and i was debited.
I went to the bank for transfer error issue, spending more than 5hours trying to get access into the bank(due to crowd) and 3hrs trying to fix the transfer error.
My point here is that, if i had sent the money in form of crypto(Bitcoin), my transaction would have run smoothly, the only way i would have had an issue was if i had transfer to the wrong address.
Note: Crypto illiterate as mentioned above is not an insult, they are individuals with low crypto knowledge.
What's your opinion ? .
I made a transaction through my bank, Fortunately the money was'nt received by the suppose receiver and i was debited.
I went to the bank for transfer error issue, spending more than 5hours trying to get access into the bank(due to crowd) and 3hrs trying to fix the transfer error.
My point here is that, if i had sent the money in form of crypto(Bitcoin), my transaction would have run smoothly, the only way i would have had an issue was if i had transfer to the wrong address.
Note: Crypto illiterate as mentioned above is not an insult, they are individuals with low crypto knowledge.
What's your opinion ? .
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