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.
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.
Topic: Need bitcoin! - page 2. (Read 375 times)
There may be some individuals willing to trade P2P but for how long?
As long as they feel need to use bitcoin for their investment and financial freedom. China has +billion of people, almost 70% of them can access the internet and probably that heard already about bitcoin. Even China banned bitcoin years ago, I'm sure there are still chinese people keep using and trading bitcoin secretly residing on that country playing on devils luck since the banned happen.
-snip-
No one can freeze your account if it is bitcoin. If bitcoin is there, this situation can be avoided. Bitcoin fix it!
No one can freeze your account if it is bitcoin. If bitcoin is there, this situation can be avoided. Bitcoin fix it!
From the bank customer's perspective, technically yes. But they have a variety of purposes and lengths of holding about the money they save. The only concern for bitcoin here is its volatility, they may have to re-plan their spending if bitcoin drops.
And for a while bitcoin still doesn't meet the criteria as a currency in a number of ways other than high volatility.
That bank has probably something to do with economic crises in their place. Because if they can't let people withdraw the deposited money that they have input, it's probably gone with them. Along with the investment that they probably bought using the deposited money or something. It's going to be troublesome for them if it did happen like that and they can't give a proper solution or something..
If you are one of the depositors there, I hope you get your deposit soon. Bitcoin can't fix it but it can prevent the overloading or bearing of the money that they have invested. If they used the asset to invest in another thing, it would just be the same.
If you are one of the depositors there, I hope you get your deposit soon. Bitcoin can't fix it but it can prevent the overloading or bearing of the money that they have invested. If they used the asset to invest in another thing, it would just be the same.
There may be some individuals willing to trade P2P but for how long?
As long as they feel need to use bitcoin for their investment and financial freedom. China has +billion of people, almost 70% of them can access the internet and probably that heard already about bitcoin. Even China banned bitcoin years ago, I'm sure there are still chinese people keep using and trading bitcoin secretly residing on that country playing on devils luck since the banned happen.
Until a person feels it for himself, he will never understand for anything in the world that you can't keep your money in banks. Only what only you have access to can be called yours. In the case of banks, your money is in their hands bank accounts and they can do whatever they want with it. Including, not to give to your customers, as in what happened in China. Bitcoin in this case is incomparably superior to a bank deposit, which no one can freeze or prohibit from using. I wonder what percentage of people who are victims of the banking system in China will then go to bitcoin.
This is one of the areas where bitcoin can make a change. You're your own bank and you don't have to worry about the facility being closed, their servers being down, their website having some issues, them leaking your private data, and the most important thing, them going bankrupt and not being able to give you back your money. With bitcoin there's no line to the ATM, nobody will spray you with tear gas for demanding your money to be returned. It's about time people learn this simple truth.
No one can freeze your account if it is bitcoin. If bitcoin is there, this situation can be avoided. Bitcoin fix it!
True but do you know what else can happen if you store all your assets in bitcoin ? This in a little over 6 monhts.I'm not saying you shouldn't hold bitcoins or anything, In fact bitcoin can be a great investement if proper risk managment was taken, The point im trying to make is putting all your funds onto one place is not a smart thing to do no matter how good or secure that "place" looks like, the key is to always try and diversify.
As @Yogee well pointed out, the way someone keeps his Bitcoin plays a crucial role in whether it really belongs to him or he entrusted it to someone else for safekeeping. Therefore, all Bitcoin that is on centralized crypto exchanges belongs to the owners, those exchanges and any government that at some point wants to confiscate it for some reason.
Bitcoin cannot fix China or any country in the world in the way you think until people change and start seriously asking for society to change. In countries like China, this has been proven to be an almost impossible mission because the Chinese (the majority) do not want change, and given how many there are, they could overthrow any government overnight.
@Smack That Ace, it would be nice if you could learn to reduce the image to the appropriate size.
Bitcoin cannot fix China or any country in the world in the way you think until people change and start seriously asking for society to change. In countries like China, this has been proven to be an almost impossible mission because the Chinese (the majority) do not want change, and given how many there are, they could overthrow any government overnight.
@Smack That Ace, it would be nice if you could learn to reduce the image to the appropriate size.
Code:
[img width=200]Link here[/img]
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? 
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/
Jump to: