Topic: My Colleague at work now have bitcoin holdings (Read 341 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

If i am correct OP your friend hasn't made a withdrawal from this account for like 2 years now and then he went straight to withdraw $150 immediately using a point of sale (POS) if that so then he made a mistake because one thing I notice with banks over here in Nigeria (I could detect its Nigeria from your story)  is that once a particular account left off for more than a year then they advice you come into the banking hall to make your first withdrawal using withdrawal slip its kinda of their way of staying away from scams (according to them)  and concerning the amount debited, didn't the POS attendant received an alert?  Because banks can be cunning sometimes they might later reverse the money to the recipient.

Although it was a great thing bringing your friend into bitcoin, I welcome him to the freedom of money but please advice him not to invest that same money he wants to use to acquire the land because he might sometimes need it urgently just like you narrated and probably the market might be all red that time.
 He didn't use the bank ATM but a Point of sale machine and even if the receipt was out then the funds must have been transferred to the account registered in the POS machine/device

your story is very confusing for this bank problem, if you use an atm machine if the receipt comes out automatically the funds you send will definitely come in, so also if you transfer through a bank teller, but now it's sophisticated, it doesn't take 5 minutes for the money to come in
did your friend cheated by mr jhon?
Is your friend's money back now with the previous status ASAP?

but congrats to you for convincing your friend by investing bitcoin and teaching him step by step,
I hope your friend is ready to face a situation like the current unstable market for an undetermined time

It's a bit difficult to understand your story, but I understand your point. Dickson didn't get his own money which he had kept in the bank for two years. He can withdraw it whenever he wants but because the bank doesn't work on holidays or there is a network repair that causes all transactions to be delayed. This is an old problem that has often happened in banks and if there is a disruption to the network, users will feel the impact directly as Dickson experienced.

And maybe this is what finally convinced Dickson to start using bitcoin as his savings and it seems he has realized the weaknesses of the banking system and it happens everywhere, not just in his place. You've given basic lessons on how to use bitcoin, from creating a BTC wallet. Next, you can teach him how to use BTC as an investment so he can start it himself and ask you more questions or in this forum. Hopefully, he will learn more about how to use BTC properly to take advantage of investing in BTC.

What your friends experience in their banking transactions is quite strange and has never experienced this, when making transactions at an ATM if the receipt is out then the funds will definitely be received directly by the destination account as well as when using mobile banking,
maybe you are in a third country so banking transactions are still that difficult.
Hopefully, your colleagues can learn a lot more about Bitcoin in this forum the advantages and disadvantages when want to investing how volatile it is and not always focusing on the price that fluctuates in fiat.

My colleague at work in the same department with me has being passing through some fiat banking issues. According to him he has an account at Guarantee Trust Bank,which he only deposits into the account, so that whenever there is an emergency he can fall back on this saving account. Dickson said for two years now he hasn't collected money from this account. Recently he had an emergency that needs serious attention so he used his ATM card of this account to make a withdrawal at the nearest POS point close to him,he was debited of $150 converted from my local currency without getting the cash. Dickson said he made a transfer of $200 immediately to the account of Mr Teddy Jones,the transaction was confirmed but Mr Teddy didn't receive the money until the next day afternoon due to network issues. Dickson said he contacted his bank and complained but they said he should be patient that they are working on it.

The next day Dickson went to his bank,the customer care said the $200 he transferred will reflect ASAP,but the $150 which was debited at the POS point will be reversed within one month time. This was how Dickson could not purchase the land the land he wanted to buy with the  money. The land cost $400 for one-quarter plot,but he could make a deposit of $200 and pay the balance in a month time based on the agreement between him and the owner of the land.According to Dickson he made sure he purchases the land that was why he made those two transactions of $350,which only the transfer reflected the next day afternoon 2hrs after coming from the bank,due to centralization. The next  while Dickson was at the bank, unknown to him,another buyer came with the sum of $300 cash for the same land. Mr Teddy due to his urgent need for money to take care of his sick dad,immediately sold the land to this new buyer since he hasn't seen any alert from Dickson my colleague.

Dickson said he called Mr Teddy when he got home but he heard the shocking news that the land has been sold to someone else,he got so sad and disappointed at his bank. He came to me after he couldn't purchase the land,though he has been telling me about having issues with his bank but he didn't tell me what he needed the money for. I have taught and given him the basic of bitcoin several times,he even loves the initiative. Last week,he asked me how can he buy bitcoin and I asked him why is he asking, he told me he wants to give bitcoin a trial as a means of keeping his saving,that will it be safe for him and have easy access to his bitcoin whenever he wants and I told him Yes.

Yesterday Dickson came to me during break and said he is ready to buy bitcoin and I was astonished on his motivation, I advised him not to rush into it but should only use the money he doesn't really need or saving to have a holdings and not money needed urgently. I asked him how much does he wants to start with he told me.
    First of all I guided him on how to download a binance app which he did,and then directed him on how to create and exchange account. I also guided him how to link his bank account to his binance wallet,which he was able to deposit some amount in his wallet and bought his bitcoin directly with our local currency. I made him understand that his bitcoin holdings needs to be secure from hackers by telling him he needs to create an offline wallet which he can generate his keys himself he was confused. Although I directed him on creating an electrum online wallet which I showed him how to transfer his bitcoin to his electrum wallet and advised him never to show or disclose his private keys to anyone and how to keep it safe.
 Today I introduced and told him about bitcointalk.org and advised him to register so that he can learn more on his bitcoin holdings. I congratulate Dickson for taking a bold step on bitcoin. This is one of my achievement in spreading the awareness of bitcoin in my locality so far