😉; It's The Weekend,Banks Are Closed, Bitcoin Is Up 24/7hrs

Hewlet

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Quote from: Gun Boat on April 16, 2023, 01:57:49 PM

It's a good sunday evening to remind lots of people who must have lots of trust in the government and the banks. They are all in for the control and power forcefully placed to deny those who aren't self aware of the freedom they should hey whenever they utilize bitcoin.
Bitcoin network has been current, up to date, and also transparent with the help of the blockchain, I just want to say, stick with bitcoin and even if currently cash is king and we can not over run it yet, Bitcoin gives you the power and control over your money not the fiat.

banks closing on weekends is not a index or a justification to say that the government are over regulating the use of the fiat currency. Remember that even after they have closed, the mobile banking is still functional which works more like the 24 hour transaction the that bitcoin runs.
What I'm trying to say in essence is that although the fiat banking system has it limitation and that bitcoin obviously is better than it in a wider look, that doesn't call for the use of a derogatory statement towards the fiat bank so we don't misinform those naive mind that are just joining the fitum.

libert19

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Quote from: The Cryptovator on April 16, 2023, 02:35:00 PM

It's not a significant adaptation that Bitcoin operates continuously, even during extended holidays, without ever closing. However, this alone does not contribute significantly to the adoption of Bitcoin because it cannot be directly used in many places where it is needed. To enhance the adoption of Bitcoin, we require more direct integration, such as accepting Bitcoin globally in supermarkets, allowing people to utilize their Bitcoin for their necessities. Unless Bitcoin can be used directly wherever required, whether on weekends or weekdays, it will not make any difference.

Make Bitcoin worthy for IRL transactions first, do you expect people to pay tens of dollars for transaction fee (and still wait few hours for confirmation) when they can pay via cash or card for free and instant.

Chivas Regal

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While bitcoin is freely traded 24/7 the mempool is dumping hundreds of transactions day by day all the while the price of completing a transaction continues to climb making buying small items (e.g. groceries) unrealistic.

As I pointed out a while ago, banks have 24/7 call centres - there is nothing comparable for any crypto.

kryptqnick

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Bitcoin does give unprecedented rate of financial freedom compared to the times before it appeared. However, there are two things to note here. Firstly, while banks close during the weekend, people can normally still use their bank accounts and cards, unless it's an international transfer. Secondly, I'm afraid many people might not want this freedom because it comes with more responsibility and fewer people or entities you can blame if something goes wrong. If you forget a pin to your card or a password to your online banking, you can go to the bank and sort things out. If you forget a pass phrase to your BTC, nobody can restore access for you. If you accidentally send money to a wrong bank account, you can try to reverse a transaction by contacting the bank. If you misspell a letter in a receiving Bitcoin address, the money's lost.

Die_empty

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Quote from: Nwada001 on April 17, 2023, 07:12:31 AM

Online and ATM transaction failure has nothing to do with banks being in service or not; even if banks are in session or not, sometimes they still have network downtime, which can only delay transactions, but they will either be successful later or fail, in whichcase the transaction amount will be returned to the sender's account. If that's not done, you have the right to go to the bank and file a complaint.
Losing money on transactions is likely when one falls victim to a scam.

We can't compare the blockchain system with that of a bank; they are two different sectors that are operating in their own ways. Blockchain transactions sometimes also delay. I can remember running a Bitcoin transfer from one wallet to another, and this took me almost 8 hours before the transaction was recorded as successful and completely confirmed in the blockchain.

My point of departure was your comments that banks have 24/7 Active service. I had to dispute it because I have banks in my country that don't have such effective service. It's also strange to hear that people have not lost money due to failed banking transactions using any of the banking channels. People have experienced transaction failures and reported the problem to banks and these transactions were never reversed. This is not the issue of scams but the failure of banks. I have lost some funds and many people have experienced the same fate. Maybe you live in one of these developed countries where such occurrences are scarce.

My rationale for comparing Bitcoin with the banking sector is based on its services and clientele and not based on its structure or functionality. One can likely say that to some extent they offer similar services and satisfy similar customers. Your bitcoin transaction was delayed for some hours but tou cannot be compared to losing your money.

so98nn

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Yeah we should tell that to our governments and banking system. They operate under heavy pressure at all times. When it’s financial year end banking is the worst place you have should be working at. Lolz. The guys have to go through various stuff, the filings, accounts getting credited or debited at highest rate possible. Not just that, they have to disburse loans and files.

Forget about Sunday’s, there are many occasions when they have high burden. However, bitcoin man its just amazing. You just wake up at the night and wanna sell or buy, yes it’s there. Definitely it puts it on better advantageous scale for sure.

famososMuertos

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Quote from: Gun Boat on April 16, 2023, 01:57:49 PM

It's a good sunday evening to remind lots of people who must have lots of trust in the government and the banks. ...

Bitcoin is not to be taken solely as a confrontation for traditional banking, so, if you understand it that way, you only see a part of the true Bitcoin effect.

Well, certainly it is the basic idea that is sold and spread, in fact in the aggregate there is a tendency to think that adoption is paying in a store or buy a coffee and be able to do it in a few seconds, this are a part of everything that it can mean to use it.

Banks or governments are not afraid of Bitcoin being 24/7 or that you can pay for a coffee, it is collective empowerment, power and control.

Chivas Regal

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That's a counter intuitive statement given you can do fiat deposits at ATM's that have that capacity and tell me which major (and many minor) banks that don't have call centers that are active 24/7 to handle any kind of enquiries? What is so urgent you can't do it via their apps, call centre or ATM's (credit and or debit cards) that has to be done in a brick and mortar bank during daylight hours?

Nwada001

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Quote from: Die_empty on April 17, 2023, 06:58:05 AM

Quote from: Nwada001 on April 16, 2023, 07:57:36 PM

~snip.

I want to disagree that banks are active 24/7. There is a big difference between available service and active service. ATM, mobile banking and internet banking are all available means of transaction but they are not active 24/7. Many people have lost money in my country because the used these banking channels. Sometime these services will not be available and in some cases their will be transaction failure that leads to delay or even loss of funds. I have recently lost some money because of online bank internet subscription transactions I did with a well known bank in my country. But I have never had any transaction issues with bitcoin transactions. The network is available and active at all times.

Quote

~snip~

Both the banks and bitcoin offer competitive or similar service, hence they can be compared. The government and banks always claim that they offer better and are more reliable services. For me, there is no need compare them but the government should give the people freedom to compare the services of both currencies so that they can choose the one they prefer.

Online and ATM transaction failure has nothing to do with banks being in service or not; even if banks are in session or not, sometimes they still have network downtime, which can only delay transactions, but they will either be successful later or fail, in whichcase the transaction amount will be returned to the sender's account. If that's not done, you have the right to go to the bank and file a complaint.
Losing money on transactions is likely when one falls victim to a scam.

We can't compare the blockchain system with that of a bank; they are two different sectors that are operating in their own ways. Blockchain transactions sometimes also delay. I can remember running a Bitcoin transfer from one wallet to another, and this took me almost 8 hours before the transaction was recorded as successful and completely confirmed in the blockchain.

Die_empty

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Quote from: Nwada001 on April 16, 2023, 07:57:36 PM

Bitcoin is active 24/7.
Banks are active 24/7.
ATMs are active 24/7.
Mobile banks are active 24/7.
The Internet is active 24/7.

The banking halls are the ones that are usually closed at the end of the day, and they don't actually open during the weekends, but that does not mean that they are closed; closed means that during this period nothing is actually working, their offices are closed but their systems are still functioning, and with an internet connection you can do whatever you want from your mobile and computer devices.

I want to disagree that banks are active 24/7. There is a big difference between available service and active service. ATM, mobile banking and internet banking are all available means of transaction but they are not active 24/7. Many people have lost money in my country because the used these banking channels. Sometime these services will not be available and in some cases their will be transaction failure that leads to delay or even loss of funds. I have recently lost some money because of online bank internet subscription transactions I did with a well known bank in my country. But I have never had any transaction issues with bitcoin transactions. The network is available and active at all times.

Quote

Bitcoin doesn't have an office anywhere, so how can it close?
All that's needed is an internet connection, and you are set to go.
We shouldn't compare Bitcoin working hours with those of banking sectors. Banking halls are been operated by humans, who are there to record and do all sorts of banking duties. Humans need rest at the end of the day and week, so they actually need those breaks.
There is no physical manpower required for Bitcoin to be operational; everything is already set up.
I will say it is unwise to compare Bitcoin and the banking system. They are both in two different worlds.

Both the banks and bitcoin offer competitive or similar service, hence they can be compared. The government and banks always claim that they offer better and are more reliable services. For me, there is no need compare them but the government should give the people freedom to compare the services of both currencies so that they can choose the one they prefer.

Asuspawer09

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Quote from: Gun Boat on April 16, 2023, 01:57:49 PM

It's a good sunday evening to remind lots of people who must have lots of trust in the government and the banks. They are all in for the control and power forcefully placed to deny those who aren't self aware of the freedom they should hey whenever they utilize bitcoin.
Bitcoin network has been current, up to date, and also transparent with the help of the blockchain, I just want to say, stick with bitcoin and even if currently cash is king and we can not over run it yet, Bitcoin gives you the power and control over your money not the fiat.

I mean that's a big difference on cryptocurrencies since the Bitcoin market is up 24/7 compared to banks and stocks, But I guess it wasn't really a big deal and it can be both an advantage and a disadvantage at the same time. Probably for some daily traders, it's a good thing since they can trade whenever they want to, but at the same time having a 24/7 market means your gonna need to monitor the market 24/7 at the same time if you really want to increase your chance for profit.

I would pick bitcoin for a lot of reasons's not just because it's open 24/7, I invested and still accumulating bitcoin for profit in the future, Bitcoin for me is the best investment that anyone could buy.

jossiel

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Quote from: Gun Boat on April 16, 2023, 01:57:49 PM

It's a good sunday evening to remind lots of people who must have lots of trust in the government and the banks. They are all in for the control and power forcefully placed to deny those who aren't self aware of the freedom they should hey whenever they utilize bitcoin.
Bitcoin network has been current, up to date, and also transparent with the help of the blockchain, I just want to say, stick with bitcoin and even if currently cash is king and we can not over run it yet, Bitcoin gives you the power and control over your money not the fiat.

Just have bitcoin and have the control over your wealth. Unlike remaining it on fiat, it will be lessened by the inflation unless you start buying assets that can beat inflation like real estate, gold and other assets.

Bitcoin is giving everyone to become our own banks and yes, banks are closing every weekend, some are open on Saturdays but during holidays most of them are closed.

While for bitcoin, it doesn't stop and its network has been healthy 99.99% except those few moments years ago when I was still not on this space which had been reportedly abrupted.

Despairo

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If your reason to choose Bitcoin over banks because Bitcoin is run 24/7 while banks closed on the weekend, it's a pointless reason because only the building is closed, while you can still use the banks ATM for 24/7, use your debit or credit card for 24/7 etc.

Cash isn't king, it's liquid but Bitcoin is also liquid too. You can convert your coins to fiat whenever you want, there are people who want to trade on the exchanges or you can just spend your Bitcoin as a currency.

CryptoBuds

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Quote from: Gladitorcomeback on April 16, 2023, 02:30:14 PM

Quote from: Gun Boat on April 16, 2023, 01:57:49 PM

Bitcoin network has been current, up to date, and also transparent with the help of the blockchain, I just want to say, stick with bitcoin and even if currently cash is king and we can not over run it yet, Bitcoin gives you the power and control over your money not the fiat.

No doubt Bitcoin is modern technology need and it is fastest way to send your money all over the world with very low fee. if we take as a asset then it is most profitable than any other asset. if we talk about security then it is most secure because of its pure decentralization. In most countries despite of banned the number of investors are much greater than gold.

comparing Bitcoin with fiat or giving any priority to each one over other is not looking good and i saw many reply from senior member and avoid comparing both. Bitcoin is so useful and now it's very difficult to imagine world without btc but we cannot used is mean of payment for our daily buy sell cost. fiat is very easy to use it for daily transaction purpose and everybody can use it easily without internet connection. There are more reason which related to economics subject, we cannot deny fiat importance

Bitcoin is really useful these days, I don't even know how I would start my life over if bitcoin suddenly disappeared because it helped me so much. But bitcoin is not so perfect that it can replace the entire role of fiat in our lives.

Honestly, for my day to day spending, I still prefer to use fiat as it is much more convenient and faster than bitcoin in most cases. I don't want to buy a cup of coffee, or a loaf of bread with bitcoins. Bitcoin only outperforms fiat when I make international payments or transfer money abroad.
I don't like to compare the two when both are in my favor.

avikz

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Quote from: Gun Boat on April 16, 2023, 01:57:49 PM

It's a good sunday evening to remind lots of people who must have lots of trust in the government and the banks. They are all in for the control and power forcefully placed to deny those who aren't self aware of the freedom they should hey whenever they utilize bitcoin.
Bitcoin network has been current, up to date, and also transparent with the help of the blockchain, I just want to say, stick with bitcoin and even if currently cash is king and we can not over run it yet, Bitcoin gives you the power and control over your money not the fiat.

Bank branches are closed but the banking network is up 24/7. Isn't it the case in your country? If not, you live in a country with a primitive banking system. Is your banking transaction stuck because of a bank branch closure? Were you not able to use your debit/credit card? Were you not able to withdraw money from the ATM machines? If the answer is no, the banking system in your country needs an overhaul.

It's not always wise to bash a century-old system on which the economy relies. Every system has limitations and also has positive sides to it. In fiat, you do not pay a transaction fee, even when using a debit card, the receiver pays a fee. In bitcoin, the sender pays the fee and the receiver receives it in full. So even bitcoin has its own issues and benefits. Fiat and crypto, both are needed. A seamless integration between these two, will only help the economy at large.

mk4

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Quote from: Churchillvv on April 16, 2023, 09:31:25 PM

Bitcoin is more like the Future and banks can be said as Now/Present while digging holes to save coins and older methods of savings are the past.
So you can see that each of them has their time. Everything in life is revolved around time, so don't compare banks and Bitcoin, bitcoin is here for its own purpose and banks too. Banks don't close during the week end, workers only rest during the week end. Some banks are using robots now 24/7 response are giving.
Bitcoin transactions need internet connections, so do banks too. OP almost everyone in this forum is enlightened about Bitcoin and will always stick to Bitcoin except people with less knowledge about it.
Thanks for you advise too.

But most banks do close on weekends though. Yes, digital banking would still be mostly accessible (if there are no bugs lmao), but you cant do everything via the bank's mobile banking apps. Not to mention that sudden account locks and such are quite frequent.

Don Pedro Dinero

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Yes, it is an advantage. If I buy or sell shares I can do it instantly, but only from Monday to Friday. For investment funds it is even worse, because if I buy it takes at least one working day to see the real valuation and if I sell it takes about two working days to see the money in my account. I have once sold a fund on a Friday afternoon and, as Monday was a public holiday, I did not see the money in my account until the following Wednesday. Bitcoin is much more liquid and this is an advantage.

peter0425

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Quote from: ?? on ??

Bitcoin relies only on the Blockchain network which gives it the ability to operate 24/ hrs a day and 7 days a week.
unlike other medium of exchange like the fiat money, which depends on the banks and government to operate continuously, the Blockchain helps record all transactions made on the Bitcoin network.

and that is the advantage of Bitcoin over banks things that OP is pushing here to believe but the thing is only crypto users knew that advantage and since this is for crypto community then we cannot add believers in that point.
better to share this outside this forum because we already knew and doing that.

Quote from: Fundamentals Of on April 16, 2023, 09:37:34 PM

This is always reminded to me through social media posts, that the banks are closed because it's weekend but Bitcoin is open 24/7. But I would also like to remind those who are reminding me and the community. Where are your coins stored? If it is stored in a centralized exchange or any custodial services, then you are actually in no better position. Your custodial wallet or centralized exchange account could actually close for maintenance or whatever reason anytime during the day. And it could also suspend withdrawals, trading, and other activities indefinitely.

nd

Quote from: Fundamentals Of on April 16, 2023, 09:37:34 PM

This is always reminded to me through social media posts, that the banks are closed because it's weekend but Bitcoin is open 24/7. But I would also like to remind those who are reminding me and the community. Where are your coins stored? If it is stored in a centralized exchange or any custodial services, then you are actually in no better position. Your custodial wallet or centralized exchange account could actually close for maintenance or whatever reason anytime during the day. And it could also suspend withdrawals, trading, and other activities indefinitely.

and indeed that we actually understand that matter and thanks to social media , that we happen to learn and deal for years now and another years to come.

Fundamentals Of

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This is always reminded to me through social media posts, that the banks are closed because it's weekend but Bitcoin is open 24/7. But I would also like to remind those who are reminding me and the community. Where are your coins stored? If it is stored in a centralized exchange or any custodial services, then you are actually in no better position. Your custodial wallet or centralized exchange account could actually close for maintenance or whatever reason anytime during the day. And it could also suspend withdrawals, trading, and other activities indefinitely.

colorinurcheeks

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Quote from: ?? on ??

Bitcoin relies only on the Blockchain network which gives it the ability to operate 24/ hrs a day and 7 days a week.
unlike other medium of exchange like the fiat money, which depends on the banks and government to operate continuously, the Blockchain helps record all transactions made on the Bitcoin network.

I'm sorry but you talk like ChatGPT lmao

Topic: 😉; It's The Weekend,Banks Are Closed, Bitcoin Is Up 24/7hrs (Read 222 times)