Topic: My Colleague at work now have bitcoin holdings (Read 302 times)

Holding a bitcoin now is good because i believe that soonest Bitcoin will start experience a bullish market the way I'm seeing Bitcoin kind of issues, so therefore when looking at Bitcoin you will know that it's this period that anyone who can buy will buy it now and keep wait for when it will enter the bullish time, because if bitcoin rise again with this struggling in price it will stay up to five years Bitcoin has not experience a bearish market again, so it's good that anyone who have money to buy Bitcoin.

I had a similar experience with my Bank.... I bought a motorbike and the seller was adamant that I do an immediate payment for him to get the money, because he needed that money to buy another vehicle. I went into my Mobile Banking Application and I transferred the money, but even after I chose the option for immediate Banking... the transfer of the money took 4 hours.

The Seller thought I was trying to scam him with a reverse transaction scam and he cancelled the deal and he sold the bike to someone else. After 4 hours the money was deposited in his Bank account... and he paid it back into my account, but he forgot to do the immediate payment and it took 24 hours to show in my Bank account. 

This would have never happened with Bitcoin, because I can show the Seller the transaction on the Blockchain and he or she can monitor the confirmation status. 

You have to also inform the banks in some cases that money have been deducted from your account but you haven't received it all so they process back the refund into your account which will take few business days and in case of emergency your funds are blocked so this is another reason for people's frustration from the banking system.But as you know we can't avoid banks and legal cash at the fullest and need to be compatible with them also but bitcoin is helping the people in these cases which is best use of how funds in your custody helps you.

I really understand your story and it's really nice introducing your friend to bitcoin, atleast bitcon is also spreading gradually in Nigeria. It better I use my money to purchase bitcoin and leave it in my wallet than me saving money in bank account, our banking sector is very poor, but even if you are buying bitcoin with your money, you can't still run away from bank's, so your friend buying bitcoin with his money those not mean the problem he had recently with bank won't still happen in future.
In Nigeria bitcoin is only accepted in few places, very few places, In my state currently, I haven't seen anywhere bitcoin is being accepted, most people are scared because of Central Bank of Nigeria ban on accounts that have cryptocurrency transaction history, most companies or people running small businesses are scared of accepting bitcoin so that their account won't be compromised, before you can make transaction you will have to convert your bitcoin into fiat first then you can purchase anything you want, you can't easily make purchase with bitcoin, you will have to convert your bitcoin to fiat first, after converting to fiat currency, if you still want to make transaction the bank can still misbehave, so I don't know if their is anyway we can spread bitcoin awareness to business owners so that they can start accepting bitcoin, I think that's the section we should focus on now in Nigeria, let's focus on how to enlighten business people on how to accept bitcoin as payment method, so that we won't have to be converting bitcoin into fiat before we can make transaction.
The experience is not strange, in my country when you make use of the ATM mechine, the receipt will be printed and you won't receive money, banks are annoying in my country, when you are using a pos or ATM you have to always pray their is not server problem. Sometimes when making transaction, you will be debited twice and their online customer support is always poor, mostly before your problem can be solved, you have to go to the bank first.

The best service Bitcoin offers its holders is that l, with Bitcoin you have the best alternative to fiat centralized banking, what your friend experience is no different from the experiences of many forum members who may have suffered transaction delays from the bank on one or two occasions. But since your friend now has a Bitcoin holding I will join others here to congratulate him for taking the bold step towards financial freedom next to you to teach him about wallet and wallet securities and how best it is to store his Bitcoin holdings on a cold wallet with the private key saved in a secured place.e

Even on the simpliest way or method on sharing up bitcoins existence could really be still considered or spreading up awareness and recognition even on smallest scale.
You arent that helping him on making money or investment but also letting him know there are other ways which he could make out transactions anonynously
and decentralized.

People do usually get hooked up when it comes to money making but speaking about its utility and benefits then it cant really be denied that
we are really indeed getting that  purpose that we havent encountered before.

Usually banks do not take that long for sure, there are many banks that handle your requests in matter of minutes because if they suck, then they could lose their customers to the other banks which are faster. Which makes sense, and that is why we do not see these type of stories all that commonly.

However, we had the same thing in our nation where one bank got hacked, and everything in the servers were gone, all loans, all deposits, all bank balances. Obviously there were backups available, which was re-rolled back to that, but it caused 24 hours of frenzy until it was recovered. Which is a proof that there are some issues at all times, and crypto is much safer.

this is the best contribution you bring him mate, because this forum will help Him understand more about Bitcoin and of course about crypto .


we have learn many for years and letting Him join us will also bring him challenge and knowledge.

Please extend my congratulation to Him for giving chance Bitcoin join her life.

I m happy seeing that positive impact wide spread of bitcoin is massively taking place. But with my little knowledge, have you told him about how to transact with another fellow?
Maybe if he wants to purchase goods within their locality, like to asked or know if what he was buying receives bitcoin and how he can send. And also please explain to him about the networks because not all understand the network configuration.

Usually the longest you get for a failed transaction is 10 business max if it wasn't auto-reverse back to your account. Banks are known for their sloppiness, things that can be done instantly or few days will take much longer time with bank.
Your friend timing is right to invest in btc, he should consider it as a blessing in disguise, if not for the bank disappointment, maybe he would not have invested in btc this soon.

That’s the crap way they will hold your transaction. I am not sure what they call it in your country but here they states it as “transfer authorization amount”. This is a amount which is deducted from the account but beneficiary do not get it for some reason. Since this transaction was done at POS let’s say it failed at terminal itself but since the account info was read by system it deducts the amount but failed to respond the query to other party.

This is very common issue with the banking. Mostly this happens with Credit cards a lot. This amount so called pending authorisation is usually credited back in a 45 days window.

Your friend gonna wait that long and yes that’s the drawback of traditional banking system.

You are correct sir, no bank in Nigeria has a policy of keeping a customer waiting for one month for failed transactions. I have had such an experience and it was rectified in four working days.

The young man just lost an opportunity to buy a land maybe at a give away price because of this annoying transaction challenges of conventional banks.. It is true that another opportunity would come but he just lost one.

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Most people from the developed world might not understand how terrible the financial system in Africa is. In Africa, you would suffer to deposit your money, suffer to withdraw it, and suffer to rectify any transaction issue. That is why Nigerians are embracing bitcoin because of its flexibility and accessibility. I also hope you told your friend that centralized platforms are not the best to HODL Bitcoin. You did a good job because there is joy when one person joins the bitcoin space and he could be a medium to attract more people to bitoin.

 

That's what I don't like with the banks, when you're depositing, they're very quick and eager. But when you have to deal with some system failures and delays of crediting of your own money, they'll just tell you to be patient and wait until it's reflected on your account. We can't do with that system of theirs if they're slow in times of need of their customers.

It is to be expected in most banks since they've got most of their transactions slow if it's coming from a transfer to another bank and that's usually what happens.

And much worse if the transfer comes from offshore. By the way, with that pricing of land there, it's cheap to be honest. Where are you from OP?

Good jobs, but rest assured that what you are doing today has actually been done by hundreds to thousands of other people even though they don't need a thread to announce it. In short, this is the most likely thing you can do if you really want to make people aware about bitcoin in your community.

I haven't had many bad experiences with the bank and its services, but it actually now makes me a little distrustful of it as a very worthwhile place to keep money. Of course I think you need to think about how money works for you rather than you forever working for money, and if this mindset starts to exist then I believe investing is the way out. By the way, welcome to your friends on the forum.

Your story may be true, but it sounds too overcooked. Correct me if I am wrong, but I have encountered a same similar challenge with failed transactions at POS & ATM centers, and when the complain is conveyed to the bank either via their customer care line or physically visit, the reply is usually, "fill that form (they tell you the name of the form to fill), after filling and submitting it, they tell you to wait for seven working days and not one month''. Even if it turns out that maybe due to some delay it extends to one month, they usually do not tell you to wait one month".

Secondly, your friend probably could not purchase the land because it was not meant for him, it is always good to look at the positive sides of things. If he still wants to get a land, with patience, he can still get a good land that he will get without stress.

This shows that your friend is disciplined and can turn out to be a good HODLER. It is a good thing that you have shown him a better way to keep money he can do without for long term.

I hope your friend who you said you have introduced here to this forum, will get to read through this thread and possibly make an indication that he is the Dickson that is the subject character of our discuss.

Probably shouldn't bother but yeah right.

I, too, have a friend called Dickson, and he works at a fictitious bank, and I also directed him to use Binance, and helped spread Bitcoin.

But seriously, doesn't matter if it's Bitcoin or fakecoin (which is what you get if you use any kind of buying app, really. Get him to withdraw it into a wallet he solely controls, and then you can feel proud of yourself.

I believe banking SOP is universal.  So whether a person is living in a developing country or a developed country, the procedure is the same.  I also experienced withdrawing in an atm and the ATM debiting an amount without me receiving the funds,  I always call the banks CS, and gives 5 working days to fix the issue but it usually takes a day or two.

The good thing with centralized services is that we can reverse the transaction if the company allows it while we cannot do that in Bitcoin.  Though Bitcoin transfer saved us from middlemen, if we f*ck up in our transfer, we will never get back the fund transferred to the wrong address.


@OP stated two cases,
1. the transfer of funds  The transfer of funds is delayed because of a network error (possibly it is on the receiver's part of verifying the transfer but transfer actually went through)
2. the failed withdrawal of funds but debited ( the ATM machine debited the amount but the ATM does not dispense the money)

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All in all, it is good to have an alternative option when the banking system gives us headaches like the one stated by @OP and Bitcoin gives that alternative and better option of transfering funds, the only downside is that when using Bitcoin, all the responsibility is upon the user.

If i can read the main idea from OP ling story, it could be summarized that he succeeded in the introduction of bitcoin to his colleagues at work place and this has been after their several challenges with having encounter with banks, now his colleagues can be bold enough to find bitcoin holding more suitable than having their asset with banks as it has always been before now, OP just ensure that you properly orientate them such that they can understand the risk that can be involved if not well acquainted with the knowledge about bitcoin in other to save your reputation and trust with them.

Well am happy that Dickson has decided to be a part of the vast btc community after his bank has let him miss a golden opportunity to purchase his desired land. Hopefully another opportunity will present itself and then there will be no delay.
Since you are like a mentor to him in the crypt space, you should point him to the place where he can gain all the basic knowledge regarding how it works.
It is no longer news that bank can not be 100% reliable especially in times when you need them the most. i wish him good luck in his crypto journey and hope some day he will also mentor someone else into the community.

Yea the bank have finally rectify the problem its just that he couldn't use the money at the right time he needed it for the purchase of the land he wanted to then. Some persons find the story confusing, I mean due to delay of his transactions by banking network he couldn't get what he wanted with his money because of third party centralized system. He got all his money later. Assuming it was bitcoin he was using or had a bitcoin holdings, it could have saved him from not buying the land,that was why decided to have a bitcoin holdings.

I hope you are now more clear with my writing