One solid reason that I came across for the need of BitCoins. <Be Your own Bank> - page 3.

bitvalak

sr. member

Activity: 868

Merit: 267

SecureShift.io | Crypto-Exchange

Quote from: Rose_btc on November 15, 2019, 12:16:51 AM

I recently went for USA Visa interview , i.e I applied for a business visa.

For the purpose of VISA, I needed the documents to show my bank balance, therefore I went for getting the bank statement sealed and signed from bank authorities. I am from India the bank in which I have account are one of the best banks in my country.

Now first I took out print out of 6 months statement, then went to bank physically, then the real pain started, they told me to put a seal and sign on my Bank Account Statement, they will charge 100 INR for one month's statement, and I felt cheated, I felt these guys are in a business of monopoly, for my money, my account, they are charging money from me just to authenticate that my balance amount is right.

We surely need crypto currencies, and do not need anyone else's validation to proof that we have our own money. More and More Power to BitCoin.

No matter how much money you have entered into banking, you must be ready to be fully controlled by the Bank.
You cannot avoid that because their rights are protected by legal basis made by the government. The only way is to save in the form of cryptocurrency like BTC.

Quote from: Rose_btc on November 15, 2019, 12:16:51 AM

What steps I am taking to make people aware of the power of bitcoin, and cryptos?

Helping them buy their first Bitcoins
Making the understand the power of bitcoin hash power.

Giving a basic introduction to BTC to the people closest to you is very important, so that it will spread to other people closest to you, then continue to help them how to buy bitcoin.

ice18

hero member

Activity: 2492

Merit: 542

I thought 100 INR is such a huge amount since Im not familiar with your currency in your country its equivalent to $1.4 according to google conversion this fees from banks are normal for as long as you are using their services they will not serve you for free its business and since you are using their services if you think they cheat you and you dont need bank services anymore pulling out all your money and buying bitcoin mate is a better move, most people here said I hate bank bla bla but Im sure they are currently and actively using banks for their money transactions.

Artemis3

legendary

Activity: 2030

Merit: 1573

CLEAN non GPL infringing code made in Rust lang

Quote from: Rose_btc on November 15, 2019, 12:16:51 AM

I recently went for USA Visa interview , i.e I applied for a business visa.

For the purpose of VISA, I needed the documents to show my bank balance, therefore I went for getting the bank statement sealed and signed from bank authorities. I am from India the bank in which I have account are one of the best banks in my country.

Now first I took out print out of 6 months statement, then went to bank physically, then the real pain started, they told me to put a seal and sign on my Bank Account Statement, they will charge 100 INR for one month's statement, and I felt cheated, I felt these guys are in a business of monopoly, for my money, my account, they are charging money from me just to authenticate that my balance amount is right.

We surely need crypto currencies, and do not need anyone else's validation to proof that we have our own money. More and More Power to BitCoin.

The funnier part is, that if you didn't had a bank account, or moved everything into bitcoin you wouldn't be able to produce this bank statement the Americans require.

You seem to complain about your bank fee, but forget to mention the outrageous 150+ USD visa application fee (which is not necessarily granted, and every single time you try you have to pay it again).

In a bitcoin world, the embassy should also accept your wallet address and signed message from it as proof of ownership. All they want to know is that you are not a poor immigrant, Americans only want wealthy people...

Kambal2000

sr. member

Activity: 700

Merit: 257

I feel you OP, what makes me hate bank is that I have to spend almost a day just to make deposit/withdrawal, because I need to make withdrawal over the counter, if I am withdrawing beyond the maximum limit to withdraw in their machine. Whenever I am paying tax as well, I need to render 4-6 hours waiting for my number to be called, it's really alarming to see as it wasted your time there.

Anyway, with that I am also asking my friends to check out the advantage of having crypto, how they can transfer their money easily without falling in line in bank.

Kprawn

legendary

Activity: 1904

Merit: 1074

Quote from: Rose_btc on November 15, 2019, 02:16:38 AM

Quote from: Eclipse26 on November 15, 2019, 01:30:05 AM

Sad but we can't do anything about it. That's the reality. Because if they're not going to charge us, banks will have no profits. When they secure our money, they'll charge us for it. Anything the bank will do for their customers have an equal amount of charges. I know it's our money but they need income as well. Though sometimes I really think that they're taking too much advantage from their customers. That's why if we don't like banks to be involved with our money, bitcoin is here to help us with what we want.

I do not know what country you are from, how does it work in India is, Banks give you interest rates of 4% annually, but if someone wants to take loans from them, they charge 10 - 12% annual interest. So they are easily making, 6-8% and even if there operational cost exists, banks are easily making a lot of money that too by saying they are securing money.

Also there is one more thing that I want to mention you, banks are highly in- secure and in the recent past in India there has been three big scams, one of Yes Bank, another of PMC Bank, and another of a bank, who got scammed by a fraudster called neeraj modi, a diamond merchant who took away 800 Cr, and flew to EU.

Also Banks have employees working for it and employees can be bribed, corrupted and/or forced to work with criminals to steal your money. I once

heard a story where 1 Bank employee managed to take 1 cent from 100 000's of Bank accounts on a daily basis and stole millions of dollars over a

period of a decade, before he was caught.

When you are your own Bank, nobody can withdraw bitcoins from your Bitcoin address without your private keys. Wink

Duzter

sr. member

Activity: 1092

Merit: 256

Leading Crypto Sports Betting & Casino Platform

Quote from: kro55 on November 15, 2019, 01:28:44 PM

Banks and other financial institutes have created there monopolies for centuries and we all are helpless in front of them. It is because of these monopolies around 2 billion people are out of banking system worldwide. Bitcoin is there to break these monopolies that's why banks are not liking the decentralized and distributed cryptocurrencies.

These monopolies doesn't fear for anyone, because they're the one decides what needs to be done and how things has to be carried out. Through decentralization each and everything happening on the network gets broadcasted to the entire participants on the network. This breaks the monopoly making bitcoin to be their own bank.

Pearls Before Swine

sr. member

Activity: 1190

Merit: 306

Op, I can sympathize with your situation trying to get a visa and all the bullshit that goes along with it, including your own bank charging you for documents. The same thing happens in the U.S. and the fees might even be higher.

This is one of the things I love about bitcoin, the fact that no banks or gov'ts need to be involved when sending money. The biggest drawback of course is that you can't spend it everywhere, and most people still feel the need for a bank's services. I know I do.

Maybe eventually this will all change and you'll be able to pay for everything with bitcoin, but if that were to happen then banks wouldn't be needed at all. I seriously doubt they're going to let that happen.

kro55

sr. member

Activity: 1610

Merit: 301

*STOP NOWHERE*

Banks and other financial institutes have created there monopolies for centuries and we all are helpless in front of them. It is because of these monopolies around 2 billion people are out of banking system worldwide. Bitcoin is there to break these monopolies that's why banks are not liking the decentralized and distributed cryptocurrencies.

diazepam666

hero member

Activity: 1162

Merit: 516

1BTC Welcome Bonus

The word which you said be your bank is the the perfect word to say about e wallet. that is the reason even the banks or trying to explore more online platform 2 make the payment using fiat cash.
People neto no that this fear platform will put huge amount of fees for using the the internet banking wallets very soon but 802 currency valid is always decentralised and very much useful for you.

kryptqnick

legendary

Activity: 3248

Merit: 1402

Join the world-leading crypto sportsbook NOW!

Quote from: Rose_btc on November 15, 2019, 12:16:51 AM

I recently went for USA Visa interview , i.e I applied for a business visa.

For the purpose of VISA, I needed the documents to show my bank balance, therefore I went for getting the bank statement sealed and signed from bank authorities. I am from India the bank in which I have account are one of the best banks in my country.

Now first I took out print out of 6 months statement, then went to bank physically, then the real pain started, they told me to put a seal and sign on my Bank Account Statement, they will charge 100 INR for one month's statement, and I felt cheated, I felt these guys are in a business of monopoly, for my money, my account, they are charging money from me just to authenticate that my balance amount is right.

We surely need crypto currencies, and do not need anyone else's validation to proof that we have our own money. More and More Power to BitCoin.

What steps I am taking to make people aware of the power of bitcoin, and cryptos?

Helping them buy their first Bitcoins
Making the understand the power of bitcoin hash power.

Well, see, you're making it a point about the advantage of Bitcoin, whereas when I think of the visa-related stuff and Bitcoin, the latter (or, rather, the lack of its adoption) seems to be very disadvantageous. I had to apply for a long-term visa more than a year ago, and so I also needed proof of having sufficient funds. I had money in BTC that could help me solve the financial questions just like that. But here's a bummer: they don't accept crypto money as proof of funds. So even though I had money, I had to lend fiat from a friend of mine (I had no wish of selling my BTC in large quanitities) to get my visa. Until Bitcoin is adopted for such purposes, it does not really help the situation.

Shenzou

sr. member

Activity: 1414

Merit: 283

The whole financial and economical system that we are living today is just forced on us by the governments, and if you think about it and how the fiat has come to have value makes you feel weak and have no control over nothing, first we used to do transactions using gold and than it was changed to coins and than the governments said we are gonna create the currency that is backed up by gold, and after that they said we are gonna print currency and it is gonna have value just because we are in control, and that is where the bitcoin came in, it puts the power back to the hand of the people and lets you do whatever you want with your money and whenever you want to without having to go through all the unnecessary process that are set by the system that has no other reason other than to suck us dry through the taxes.

bounceback

sr. member

Activity: 2086

Merit: 283

Vave.com - Crypto Casino

Quote from: Rose_btc on November 15, 2019, 12:16:51 AM

Now first I took out print out of 6 months statement, then went to bank physically, then the real pain started, they told me to put a seal and sign on my Bank Account Statement, they will charge 100 INR for one month's statement, and I felt cheated, I felt these guys are in a business of monopoly, for my money, my account, they are charging money from me just to authenticate that my balance amount is right.

I personally might also be disappointed with the bank system if something happens the way you feel and when you say "be your own bank" I'm certainly a little interested in words like that because now we certainly have a little difficulty if our finances are still related to banking is not the same as bitcoin which can provide freedom everywhere for our needs when we need them.

CryptoBry

sr. member

Activity: 1008

Merit: 355

Quote from: Rose_btc on November 15, 2019, 12:16:51 AM

I felt these guys are in a business of monopoly, for my money, my account, they are charging money from me just to authenticate that my balance amount is right. We surely need crypto currencies, and do not need anyone else's validation to proof that we have our own money.

Banks are rendering services and as such they have the power to be imposing the charge or fees of those services depending on how much they think the rate can be more profitable according to their won interest not taking into account the interest of their own customers who are the ones putting the money which the bank is using for business. Banks are in the business of making profits, that is what we should always understand and though we have to recognize the fact that banks are important pillars of the economy there are times when they are going beyond what can be reasonable. We are all hoping that your experience which I am sure many also went into can be one of the many reasons why people should be sticking with Bitcoin and cryptocurrency because here the power is on our hands.

Juggy777

hero member

Activity: 2646

Merit: 686

Quote from: Rose_btc on November 15, 2019, 12:16:51 AM

Now first I took out print out of 6 months statement, then went to bank physically, then the real pain started, they told me to put a seal and sign on my Bank Account Statement, they will charge 100 INR for one month's statement, and I felt cheated, I felt these guys are in a business of monopoly, for my money, my account, they are charging money from me just to authenticate that my balance amount is right.

@Rose_btc why didn’t you read the terms and conditions before opening an account with them, also you’re leaving them for $2 fees hopefully you won’t leave bitcoins whenever there’s a fee surge. I would advise you to keep an active bank account, and continue to hodl bitcoins as both are important in today’s world.

Read this: https://bankinnovation.net/allposts/innovation/blockchain/what-does-the-surge-in-transaction-fees-mean-for-bitcoin/

Ayiranorea

sr. member

Activity: 1246

Merit: 255

Leading Crypto Sports Betting & Casino Platform

People can come up with various reasons to state the need of bitcoin. By the same time we can't function independent without the banking system. For now we can term bitcoin to give the convenience of serving as one's own bank. To experience the reality of one's own bank it takes more time as we're in the very early stages of bitcoin and cryptocurrency adoption around the globe.

yazher

hero member

Activity: 2268

Merit: 588

You own the pen

Pain in the ass huh? Well, I know the feeling when I applied to open a Bank Account, in some banks in our country, they asked me to provide some money for the account balance for it to not disable. Imagine You have 100$ in your account but you cannot withdraw it because it should be there to make that account active and If you try to withdraw that, the next thing you know is your bank account is no longer active.

That's why Satoshi's original plan is to free us from such nonsense. If we use Bitcoin and store it on some hard wallet, there are no other people who can control our funds except us. even though we used the last amount on that wallet it is still accessible. Unlike the bank policy which is doesn't make sense for me.

joinfree

sr. member

Activity: 1274

Merit: 260

1A6nybMUHYKS6E6Z3eJFm4KpVDdev8BAJL

I know it will surprise most of you that at this age of mine way over 20s and i don't find any reason to open a bank account. I just hate these dudes and their monopoly when it comes to managing our own funds. I hold all my funds in cryptocurrencies especially usdt and btc. Whenever i need it i just cash it out and spend it.

Going forward, we really need to push for the adoption of cryptocurrencies and this would happen if people really get to know how to use cryptocurrencies. i have started teaching my nuclear family and a couple of friends too.

ChrisPop

legendary

Activity: 2310

Merit: 1035

Not your Keys, Not your Bitcoins

It is normal to charge for services provided to you. I have made the conversion and 100 INR is just around 1 buck. People there are spending time and getting paid by the bank to do that work ( even if works just means responsability over what they sign). Even when Bitcoin will be adopted you will still need some kind of documentation from your wallet(list of transactions) or from the bank ( as well) - who says banks won't work with Bitcoin in the future? You will still need that kind of documents when trying to get a VISA.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: Kyraishi on November 15, 2019, 02:41:28 AM

Is it just me, or does anyone else think OP is making a story out of nothing? I don't see anything wrong with taking a very, very small fee for a bank to provide their seal on a document and basically verify it for everyone, I'm pretty sure all banks do this and it's fairly common practice, a bit annoying for sure, but it's understandable.

Yeah, we need another subject to prove banks are evil but we still use them because we're masochist or bitcoin is not helping us in some situations because it can't.

Now, the OP is angry that the bank charged him 1.5$ for a statement.
I welcome you to the western world where in the nearby mall it cost me 25 euro cents to print a A4 paper.
The horror!!!

Funny how people are annoyed by a 1$ fee a month but when the tx went up to 10$ they were all defending saying is not that much.
Hypocrisy? Of course.

Quote from: Kakmakr on November 15, 2019, 12:40:07 AM

So, if you had full control over your bitcoins, you could simply sign the Bitcoin address with a message to show that you own the bitcoins in that address and the Blockchain will give them all the data that they want. Wink

It doesn't work that way.
They are not interested in the balance, they asked that statement to check the source of the funds in the last period and see if there is anything that connects the funding to something else or there is a group behind that is inflating those numbers.

Quote

Evidence of funds to cover your expenses while in the United States
That you have a residence outside the U.S., as well as other binding social or economic ties, that will ensure your return abroad at the end of your visit

How do you prove with bitcoin that the money you get from an address is your monthly paycheck and not just yourself funding that address in a circle?

jhonjhon

full member

Activity: 1316

Merit: 126

Quote from: Kakmakr on November 15, 2019, 12:40:07 AM

Yes, Banks charge people for any administrative work that they do for them. The withdrawal of money in the Bank is more expensive than the withdrawal at the ATM, because human interaction is more expensive than electronic interaction. You also pay a premium for the stationary that are used, because they over charge you for the paper/ink/stamp etc.

So, if you had full control over your bitcoins, you could simply sign the Bitcoin address with a message to show that you own the bitcoins in that address and the Blockchain will give them all the data that they want. Wink

This is very true, considering you already went the hassle of lining up for you to do withdrawal at a teller which can be very inconvenient and yet they will charge you even more compared when you do it in an ATM machine. Also I had an experience that I had to change my card because it not working because they changed the type of card that should be on my account but then was charged for the replacement because I didn't open the account in their branch, geez and some bank personnel aren't that professional in treating customers. Anyways, bitcoin is easier and convenient better to save in bitcoins.

Topic: One solid reason that I came across for the need of BitCoins. <Be Your own Bank> - page 3. (Read 593 times)