That's where you need bitcoin because nobody can restrict you of your funds but the problem is you need fiat to make daily transactions and buy stuff and bitcoin is not acceptable everywhere so you have to go through banking system at this time but they make it their rule to make any changes and restrict you of your funds.
In reality, banks and fiat money remain necessary for daily living, as @Muneng said, I completely agree with him. During difficult times, a bank can provide loans to serve your business, loans to invest in your business...but as long as we should not be too dependent on them, all our assets should not be left to their management. The reason we need bitcoin is that we need to be our own bank to reduce risk, as in the example I mentioned above.
Topic: Need bitcoin! (Read 375 times)
This happens more often than people think, not only in countries with communist/authoritarian governments. Canada a few months ago had began seizing people's bank accounts and freezing funds from people who merely received money from protesting truckers. The willingness of banking institutions to act on the government's whim is abhorrent and your funds are not safe even if you are a law abiding citizen. Your funds can disappear without any recourse.
In reality, banks and fiat money remain necessary for daily living, as @Muneng said, I completely agree with him. During difficult times, a bank can provide loans to serve your business, loans to invest in your business...but as long as we should not be too dependent on them, all our assets should not be left to their management. The reason we need bitcoin is that we need to be our own bank to reduce risk, as in the example I mentioned above.
Banks definitely have a functional role in our society. Through credit we can accelerate our growth exponentially, but Bitcoin is necessary too. Most of the world value democracy so that's why a major part of the power needs to be in the hands of the inhabitants. When you concentrate too much power in the hands of a few you create major systemic risks that could produce chaos & havoc. I believe that Bitcoin is a catalyst that will recalibrate the society.
That's where you need bitcoin because nobody can restrict you of your funds but the problem is you need fiat to make daily transactions and buy stuff and bitcoin is not acceptable everywhere so you have to go through banking system at this time but they make it their rule to make any changes and restrict you of your funds.
In reality, banks and fiat money remain necessary for daily living, as @Muneng said, I completely agree with him. During difficult times, a bank can provide loans to serve your business, loans to invest in your business...but as long as we should not be too dependent on them, all our assets should not be left to their management. The reason we need bitcoin is that we need to be our own bank to reduce risk, as in the example I mentioned above. 
That's where you need bitcoin because nobody can restrict you of your funds but the problem is you need fiat to make daily transactions and buy stuff and bitcoin is not acceptable everywhere so you have to go through banking system at this time but they make it their rule to make any changes and restrict you of your funds.
This is the perfect reason why bitcoin is required at this moment of time. I also read that these protests even turned violent at one point.
In my opinion it's utopia to live without banks and I'm not referring to fiat traditional banks as the only option disponible, since we also have crypto banks operating. You don't need banks to store money, but you need to partner with banks to invest your funds or borrow money, for an example. What we can do is to decrease the importance and presence banks have in our daily life to minimize the risks of being scammed or having our money seized, although it's not interesting to live without them if you have plans of growing your patrimony.
Four banks of a province in China have frozen people's deposits amounting to millions of dollars and now no one can withdraw their money.
There is some news that banks may go bankrupt and the possibility is that people will not be able to withdraw their money.
No one can freeze your account if it is bitcoin. If bitcoin is there, this situation can be avoided. Bitcoin fix it!
https://twitter.com/nvk/status/1546281750543966208
https://www.reuters.com/world/china/chinese-protesters-demanding-bank-deposits-tussle-with-security-men-2022-07-10/
There is some news that banks may go bankrupt and the possibility is that people will not be able to withdraw their money.
No one can freeze your account if it is bitcoin. If bitcoin is there, this situation can be avoided. Bitcoin fix it!
Quote
Having a “volatile” assets, it’s better than having no assets.
https://twitter.com/nvk/status/1546281750543966208
https://www.reuters.com/world/china/chinese-protesters-demanding-bank-deposits-tussle-with-security-men-2022-07-10/
The client of that bank is very unfortunate, it's not a joke that he/she has millions of dollars and the sad thing is that he/she can't withdraw it. The client probably has no idea that the bank where he/she put his/her money or savings will close. And when that happens, possible only 50% of his savings can be paid to him/her by the bank or unfortunately he will not be paid, and in that case he/she can't do nothing because the bank can declared bankruptcy.
I just hope there is still a way for him/her to withdraw his/her money. But the chances are still like 50/50, and this is the only bad thing about the bank, which is that at any time or day they can freeze your account without your consent. Unlike compared to bitcoin this is not the scenario although there is risk if you put all your money in Bitcoin in one address, maybe it's okay if you spread it on different exchange platforms that you are sure it is safe and included in the top exchange in the Bitcoin industry.
And these centralized control and failure concerns are something that bitcoin in and of itself solves, use case proven and validated. Can you imagine going to a bank and not being able to withdraw any of your hard earned money? It's no wonder why people are being drawn to bitcoin which in turn also draws people to other cryptos, depending on whether you are a maximalist or not. Bitcoin offers a viable alternative, thus mitigating centralized concerns, esp banks, as long as you own and are in control of your keys.
No one can freeze your account if it is bitcoin. If bitcoin is there, this situation can be avoided. Bitcoin fix it!
Not when they're stored on custodial wallets. Isn't trading and commercial use of bitcoin also banned in China? So it may be true that bitcoin can fix the freezing of assets in other countries but not in China. It becomes useless if they cannot use it to buy goods directly or convert it to fiat first. There may be some individuals willing to trade P2P but for how long?You are right, bitcoin is only safe when we use non custodial wallet , then we have full control over our assets.
But I mean here, if our world had bitcoin and everyone could use bitcoin then stories like this wouldn't happen, bitcoin's existence is to solve problems like these.
Bitcoin's biggest hurdle is the government, but things like this keep happening like it or not, I'm sure people will find a way to use bitcoin to protect their wealth. The government won't be able to stop it forever, trust in the government has been shaken.
Everyone will now have the idea that the banks can closed and stop withdrawals of their own money. Whether they're currently holding bitcoin or not, that will tick their curiosity on what the banks can really do with our money.
depend on how you can handle explaining to the banks your part when they are trying to withdraw your funds.but when holding bitcoin? are you referring in exchanges?
It is a forced decision and no one can interfere whether you've got the best explanation in the world.
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This is the reason why we need bitcoin and what we can do with our own money and wealth. We can hold it on our own with confidence without having the worry that we won't be able to withdraw it someday unless you're holding it on custodial wallets.
but never forget about the risk , because there are hackers that will target your funds if you will not know the use of security and the power of knowledge .
Everyone will now have the idea that the banks can closed and stop withdrawals of their own money. Whether they're currently holding bitcoin or not, that will tick their curiosity on what the banks can really do with our money.
depend on how you can handle explaining to the banks your part when they are trying to withdraw your funds.but when holding bitcoin? are you referring in exchanges?
Quote
This is the reason why we need bitcoin and what we can do with our own money and wealth. We can hold it on our own with confidence without having the worry that we won't be able to withdraw it someday unless you're holding it on custodial wallets.
but never forget about the risk , because there are hackers that will target your funds if you will not know the use of security and the power of knowledge .
"No one can freeze your account if it is bitcoin. If bitcoin is there, this situation can be avoided. Bitcoin fix it!"
Bitcoin in Exchange = Not SAFE.
Cash in Bank = Not SAFE.
Bitcoin in HW Wallet = SAFE.
Cash in Hand = SAFE.
Centralized systems are the main problem, not fiat. I hope you will understand this.
Also, Bitcoin fixes the problems which aren't problems for 95% of the current population on this planet.
Here centralized system is the problem. Is there a way through which traditional currency can be made into usage same as that we have got limited number of supply. Bitcoin usage might've eliminated it, even if we need to have some bitcoin we're in need of banks. Such situations can't be avoided at present. Bitcoin in Exchange = Not SAFE.
Cash in Bank = Not SAFE.
Bitcoin in HW Wallet = SAFE.
Cash in Hand = SAFE.
Centralized systems are the main problem, not fiat. I hope you will understand this.
Also, Bitcoin fixes the problems which aren't problems for 95% of the current population on this planet.
Central banks are not trusted. They have leverage and can over leverage to raise fund and if bear market, financial recession comes, they get troubles, liquidation calls and their endings would be like Celcius, Terra Luna, Three Arrows Capital.
Story is same. With cryptocurrency, you can store it in your own wallet. With fiat currency, you can store it in your vault but it is less safe when storing big money in vault at your home. Especially if security in your country is not too good.
Use non custodial wallet, say no to central bank.
Story is same. With cryptocurrency, you can store it in your own wallet. With fiat currency, you can store it in your vault but it is less safe when storing big money in vault at your home. Especially if security in your country is not too good.
Use non custodial wallet, say no to central bank.
"No one can freeze your account if it is bitcoin. If bitcoin is there, this situation can be avoided. Bitcoin fix it!"
Bitcoin in Exchange = Not SAFE.
Cash in Bank = Not SAFE.
Bitcoin in HW Wallet = SAFE.
Cash in Hand = SAFE.
Centralized systems are the main problem, not fiat. I hope you will understand this.
Also, Bitcoin fixes the problems which aren't problems for 95% of the current population on this planet.
Bitcoin in Exchange = Not SAFE.
Cash in Bank = Not SAFE.
Bitcoin in HW Wallet = SAFE.
Cash in Hand = SAFE.
Centralized systems are the main problem, not fiat. I hope you will understand this.
Also, Bitcoin fixes the problems which aren't problems for 95% of the current population on this planet.
Makes me think if this crisis is going to spread and go through China like a wave. If more provinces get similar bank runs it's going to be a huge eye opener for people around the world, similar to the Cyprus bailouts that many have already forgotten about. I'd hate to see people fight for their money and being left with no money to live by, but if it's the only way to teach people that banks are vulnerable and the only safe way is to hold bitcoin and cash, so be it.
China though is cracking down on everything related to bitcoin, so the Chinese people might have a hard time also putting their money and wealth thru bitcoin, hide it, and how do they encash it?
So it's a dilemma for them, but for us who enjoyed the support of our government, needless to say it will be easy for us and for sure majority of us have put our money on bitcoin already. And just put some on banks just an option but not our whole wealth.
So it's a dilemma for them, but for us who enjoyed the support of our government, needless to say it will be easy for us and for sure majority of us have put our money on bitcoin already. And just put some on banks just an option but not our whole wealth.
From time to time, no one will trust banks to save their assets.
Though we know Bitcoin can't compete with traditional money but still, it has an advantage when it comes to storing it, the golden rule which I most like, "Not your keys, not your coins", the same on the bank, you didn't have full control in your money at the bank so don't expect that it's safe. You might safe from the volatility but still, there's a risk part when freezing your account.
It might people of China has been now owned Bitcoin even though their government against it.
Though we know Bitcoin can't compete with traditional money but still, it has an advantage when it comes to storing it, the golden rule which I most like, "Not your keys, not your coins", the same on the bank, you didn't have full control in your money at the bank so don't expect that it's safe. You might safe from the volatility but still, there's a risk part when freezing your account.
It might people of China has been now owned Bitcoin even though their government against it.
Agree with this.
why they can't withdraw their money as far as i know the government have some kind program to protect the customer in case like this happen. if like this happen and banks till can't withdraw thei customer money 1998 that happen in southeast asia will happen to china
They were cheated by intermediaries, who used higher interest rates to induce users to deposit. Users thought it was a deposit, but it was actually an investment, and then the intermediaries ran away with money. Basically, there was a problem with the intermediaries and relevant supervision (there may be interest transfer), rather than a simple bank unable to withdraw money
From time to time, no one will trust banks to save their assets.
Though we know Bitcoin can't compete with traditional money but still, it has an advantage when it comes to storing it, the golden rule which I most like, "Not your keys, not your coins", the same on the bank, you didn't have full control in your money at the bank so don't expect that it's safe. You might safe from the volatility but still, there's a risk part when freezing your account.
It might people of China has been now owned Bitcoin even though their government against it.
Though we know Bitcoin can't compete with traditional money but still, it has an advantage when it comes to storing it, the golden rule which I most like, "Not your keys, not your coins", the same on the bank, you didn't have full control in your money at the bank so don't expect that it's safe. You might safe from the volatility but still, there's a risk part when freezing your account.
It might people of China has been now owned Bitcoin even though their government against it.
Agree with this.
why they can't withdraw their money as far as i know the government have some kind program to protect the customer in case like this happen. if like this happen and banks till can't withdraw thei customer money 1998 that happen in southeast asia will happen to china
From time to time, no one will trust banks to save their assets.
Though we know Bitcoin can't compete with traditional money but still, it has an advantage when it comes to storing it, the golden rule which I most like, "Not your keys, not your coins", the same on the bank, you didn't have full control in your money at the bank so don't expect that it's safe. You might safe from the volatility but still, there's a risk part when freezing your account.
It might people of China has been now owned Bitcoin even though their government against it.
Though we know Bitcoin can't compete with traditional money but still, it has an advantage when it comes to storing it, the golden rule which I most like, "Not your keys, not your coins", the same on the bank, you didn't have full control in your money at the bank so don't expect that it's safe. You might safe from the volatility but still, there's a risk part when freezing your account.
It might people of China has been now owned Bitcoin even though their government against it.
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