You mean they literally forced users to keep the money as it is to increase the cashflow? I thought it’s better for banks to keep the money moving rather than sitting in the accounts itself. With the time what they gonna get from this sitting Money anyways? No interest, no commercial value etc.
Though it seems more or less inflationary action. Because adding 6.9 trillion cash to the deposits account is like adding more supply without understanding actual demand of the money required. Could be risky for them.
Topic: More reasons why it will always be Bitcoin for me - page 2. (Read 334 times)
Be your own bank. That's what Bitcoin offer to everyone. But because people wants convenience, the banks are useful for online transaction thru their app.
The banks today will start to act like they are worrying whether you are going to pay the kidnappers upon trying to withdraw $50K. You are perfectly fine and all your family but they may hold it for a bit. You will have to answer a lot of questions and will just give you $10K in the end. This is what happen to a friend recently.
The banks today will start to act like they are worrying whether you are going to pay the kidnappers upon trying to withdraw $50K. You are perfectly fine and all your family but they may hold it for a bit. You will have to answer a lot of questions and will just give you $10K in the end. This is what happen to a friend recently.
Ultimately, I believe this will be the reason people choose Bitcoin. I think it's one of the biggest reasons. Plus, us entering a recession, and likely banks needed to be bailed out once the housing market crashes, and people can't pay their mortgages it'll be very likely to happen. Then, people will find that the remaining banks which either haven't been bailed out or have survived will become very restrictive in their services, which will ultimately push people to other solutions.
Bitcoin being one of those options. The other will be that people will just hold onto cash. I believe that's where the world is heading, as the compounding effect of recessions means we'll likely get more recessions quicker than he have done in the past, meaning that the consumers attitude towards back will continue to decrease.
The thing with the past was they didn't happen within years of each other, it was usually after a long time so people regain that confidence. However, we had one in 2008/2009, and we're in one right now, that's probably going to be the biggest. For banks to get bailed out twice just over ten years, that'll stay fresh in people's memory.
If Bitcoin reacts positively to fiat crashing, then we may well see Bitcoin further increase consumer confidence in it, because of that fact.
Bitcoin being one of those options. The other will be that people will just hold onto cash. I believe that's where the world is heading, as the compounding effect of recessions means we'll likely get more recessions quicker than he have done in the past, meaning that the consumers attitude towards back will continue to decrease.
The thing with the past was they didn't happen within years of each other, it was usually after a long time so people regain that confidence. However, we had one in 2008/2009, and we're in one right now, that's probably going to be the biggest. For banks to get bailed out twice just over ten years, that'll stay fresh in people's memory.
If Bitcoin reacts positively to fiat crashing, then we may well see Bitcoin further increase consumer confidence in it, because of that fact.
When growing up as a child in my elementary classes we were taught in commerce and economic subjects that savings account with banks are entitled to either weekly or monthly interested added into the account by the banks, as a way of encouraging savings amongst middle or average earners in the society. But growing up to an adult I am seeing an incongruous practice to that ideology as was been taught in my elementary days. What a shame! 
As reverse is rather the case.
Starching money in the bank as savings don't just only reduce initial deposit amount through consistent unreasonable different charges but also also posed on the individual the possibility of not having access to your money when needed and even in the very amount needed to withdraw because of regulatory and centralized power placed in the hands of one man called the government. And all of these regulations only work in favour of the regulator at the centre.
This thread is informed by a trending news in the financial market I came across a day ago. According to a domestic newspaper VANGUARD, "The Central Bank of Nigeria through the governor of the bank has issued 48 hours deadline to commercial banks to deposit not less than N6.96trillion of customers' deposit into it's account".
A directive that was issued on Tuesday 27, Sept, 2022, for commercial banks to increase their CRR to 32.5 per cent with effect from 28, Sept, 2022. (CRR is the percentage or proportion of a bank's total cash deposit that must be kept as reserves with the CBN).
Source: www.legit.ng
Many bank customers have no knowledge yet on how this directive will affect them as the commercial banks will in turn create some restrictions on customers in anyway possible as to place a limit to their withdrawal amounts. A situation where an individual has money but can't access it in the amount desired to use in solving a pressing need aszhe case may be, cause on the other hand the commercial banks wouldn't want a situation where they will not have enough money within their confine to run their own business to making profit for themselves.
All these at the detriment and cost of the powerless customer.
This among other issues had made me stunch proponent and advocate of cryptocurrency especially Bitcoin as the best alternative to starching or savings, with probably just a very insignificant amount of Fiat money for bank savings if you so wish. Cause the centrality and regulatory authority enjoyed by the government woul never make for decisions in the best interest of the ordinary citizens.
An argument many out there can relate with.
As reverse is rather the case.Starching money in the bank as savings don't just only reduce initial deposit amount through consistent unreasonable different charges but also also posed on the individual the possibility of not having access to your money when needed and even in the very amount needed to withdraw because of regulatory and centralized power placed in the hands of one man called the government. And all of these regulations only work in favour of the regulator at the centre.
This thread is informed by a trending news in the financial market I came across a day ago. According to a domestic newspaper VANGUARD, "The Central Bank of Nigeria through the governor of the bank has issued 48 hours deadline to commercial banks to deposit not less than N6.96trillion of customers' deposit into it's account".
A directive that was issued on Tuesday 27, Sept, 2022, for commercial banks to increase their CRR to 32.5 per cent with effect from 28, Sept, 2022. (CRR is the percentage or proportion of a bank's total cash deposit that must be kept as reserves with the CBN).
Source: www.legit.ng
Many bank customers have no knowledge yet on how this directive will affect them as the commercial banks will in turn create some restrictions on customers in anyway possible as to place a limit to their withdrawal amounts. A situation where an individual has money but can't access it in the amount desired to use in solving a pressing need aszhe case may be, cause on the other hand the commercial banks wouldn't want a situation where they will not have enough money within their confine to run their own business to making profit for themselves.
All these at the detriment and cost of the powerless customer.
This among other issues had made me stunch proponent and advocate of cryptocurrency especially Bitcoin as the best alternative to starching or savings, with probably just a very insignificant amount of Fiat money for bank savings if you so wish. Cause the centrality and regulatory authority enjoyed by the government woul never make for decisions in the best interest of the ordinary citizens.
An argument many out there can relate with.
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