Topic: One solid reason that I came across for the need of BitCoins. <Be Your own Bank> (Read 593 times)
January 27, 2020, 02:31:04 PM
This is own money to proof that often times we have to strougle need to pay service charge It is at the root of being suconscious about bitcoin cryptocurrency system fully.
January 15, 2020, 02:57:15 PM
For me, it was mostly being financially free. The freedom of being paid no matter where I am without the confides and restriction imposed by the banking system and government.
No need to register with my ID and proof of residence and income. It stays private how it should be. Being paid from abroad with a method that is almost instant is much better than banking where things can go wrong and stuff can take time and there all kinds of fees involved with exchanging the currency and using their system then still banking fees. With crypto, it is just transaction fees and it is much more simple to understand.
No need to register with my ID and proof of residence and income. It stays private how it should be. Being paid from abroad with a method that is almost instant is much better than banking where things can go wrong and stuff can take time and there all kinds of fees involved with exchanging the currency and using their system then still banking fees. With crypto, it is just transaction fees and it is much more simple to understand.
January 13, 2020, 06:42:21 PM
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?
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.
Despite the monthly charges of banks, they also charge for administrative purposes.
If crypto account balance is accepted in Visa application, then it will be required that you print it.
Cryptocurrency eliminates middle men, helping you "Be your own Bank" by doing everything that is supposed to be done by banks.
Then the understanding of bitcoin automatically make people want to invest in it.
December 20, 2019, 05:02:16 AM
What are you talking about? Crypto is sort of like stocks. You making good points for crypto but then you say banks are needed? This makes no sense to me. If society was based around the use of crypto like it is fiat then everything would work exactly like it would now how it is with fiat, it would just be crypto. Right now crypto is still new and experimental. It doesn't help having shitcoin and those who support it either. They damage the name of crypto. Like how the did with ICO projects.
Basically the other cryptocurrencies are just dividing the amount of investment and funds that worthy cryptocurrency should have. Instead of people buying bitcoin and other top cryptocurrencies, they fund altcoins though there are altcoins that have potential in the market, it is still a need to understand that not all will be profitable in the future, so to solve this problem, we should support only cryptocurrencies that do really have the best capabilities and capacities that could possibly make new things possible.
December 19, 2019, 01:53:57 PM
Now we can say that, but for thousands of years banks or some institution that performed a similar function was needed and it is impossible to deny that, if banks were not needed then they will not exist, for the first time in history we have access to a currency that allows you to be your own bank but still bitcoin does not have all the functions that a bank has, and the most obvious example of this is lending, there is not really an easy way to lend your bitcoins to someone else.
I believe that banks still needed now, tomorrow and in the future, but what is the point here is we can safe keep our money anytime without having a bank, and also earning from it if you are holding it, and losing some, you can invest your own money without entering stock market at least here we can manage it anytime and anywhere.
What are you talking about? Crypto is sort of like stocks. You making good points for crypto but then you say banks are needed? This makes no sense to me. If society was based around the use of crypto like it is fiat then everything would work exactly like it would now how it is with fiat, it would just be crypto. Right now crypto is still new and experimental. It doesn't help having shitcoin and those who support it either. They damage the name of crypto. Like how the did with ICO projects.
December 18, 2019, 10:56:45 AM
Now we can say that, but for thousands of years banks or some institution that performed a similar function was needed and it is impossible to deny that, if banks were not needed then they will not exist, for the first time in history we have access to a currency that allows you to be your own bank but still bitcoin does not have all the functions that a bank has, and the most obvious example of this is lending, there is not really an easy way to lend your bitcoins to someone else.
I believe that banks still needed now, tomorrow and in the future, but what is the point here is we can safe keep our money anytime without having a bank, and also earning from it if you are holding it, and losing some, you can invest your own money without entering stock market at least here we can manage it anytime and anywhere.
December 17, 2019, 10:09:07 PM
yes I think banks are always like that. the bank always has a reason to be able to take our money with administrative fees, monthly fees and others. but I know that not all banks like this, there are some banks that are quite friendly with customers and the costs that must be incurred by customers for administration are quite low. therefore I strongly support cryptocurrency with blockchain technology will make transaction costs cheaper and no need to use a third party like a bank. and I will continue to strive to introduce cryptocurrency to relatives and friends. so that more and more people are supporting cryptocurrrency.
almost all banks have the same way of working, they benefit from their customers by charging administrative fees every month. but I think even so, the role of banks is certainly still very much needed by everyone, although now there is modern technology in the form of cryptocurrency that is able to facilitate its users to conduct all transactions at a fairly low cost, everyone certainly needs a central bank to convert their digital money in the form of currency used because most countries cannot fully legalize cryptocurrency as a means of payment or other needs.
No banks are not needed. You don't need a bank to use crypto to pay for something so what are you talking about? The only reason you would convert to fiat is because of the bank in the first place. IF banks didn't exist either would fiat. It's pretty obvious to me. They just here to make money and put people into debt. Offering loans to people who really can't afford it and they do it with a smile on their face since they know they will be getting anywhere from 11%-24% interest per year from you. That is a whole lot of money for doing a whole lot of nothing. The money they loan you they just get from other deposits. They printing money those guys.
December 14, 2019, 01:10:07 PM
Is not that what we are looking for such as Libra usage?
A fast transactional direct way in a legal manner without the warranty of everything being delayed and canceled over time just because of government, authorities or financial institutions?
Bitcoin and every other Cryptocurrencies are one way of doing all those things without having such issues.
A fast transactional direct way in a legal manner without the warranty of everything being delayed and canceled over time just because of government, authorities or financial institutions?
Bitcoin and every other Cryptocurrencies are one way of doing all those things without having such issues.
December 14, 2019, 01:03:56 PM
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?
Our world is full of people taking advantage for money, they would literally do anything they need to do just to get your money no matter how unethical or unfair those ways are. Your purpose of teaching other people to know the advantages of using crypto than banks is good but it would be a hard time making them all realize that its already time to switch on crypto. You can tell them the basics maybe then let them decide what to do next cause not everyone would give it a try given the fact that they are not knowledgeable about it. 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.
December 14, 2019, 10:07:39 AM
I do not know much about other countries but in India banks are charging money for everything.Be it using ATM, taking stamped statement or any personal service taken for your account. I have experienced the pain of being over charged for getting money from abroad and it used to take 3-4 days to get money into my account. Now with the help of blockchain I can get the money from anywhere in the world within no time and that too at very cheap rates. I support Bitcoin for all.
December 14, 2019, 02:07:03 AM
We all went through scenarios that OP underwent but that doesn't mean all banks are bad and the whole banking system is a fraud. I got my bank statement free of cost and instantly when I applied for a Thailand visa last year. Don't feel cheated, please write a complain to RBI and tell them about this issue. I am sure something good will come out.
December 14, 2019, 01:56:40 AM
I agree with some opinions that say even though the bank has expensive administrative costs. we still need a bank and can not be separated from the bank. we will require the bank to be able to change bitoin us into a fiat currency or vice versa. and now the good news is that some banks have adopted blockchain in their systems. hopefully by adopting the blockchain the administrative and transaction costs at the bank will be cheaper.
Upon the invention of technology and the blockchain, I do really see how the banks reacts with this. Basically, the first thing is that the government will not show the support to cryptocurrency and sometimes they block it to their country for people to still utilize the banks. But this is in fact has a deeper reason why. We are living in a country where we need regulation to make our economy developed. The centralization of our money in banks do greatly a big part to help us have infrastructures where we could benefit from, and the only problem is the how we could incorporate the cryptocurrency. Because in the first place, they will not ban crypto if they didn't see threats on it. So, if we are to show them how to use crypto, and they develop a good understanding of it, then we could be our own bank supported by them as well. And the banks that we have right now could find their way on how to still operate despite of the innovation.
December 14, 2019, 12:47:36 AM
I agree with some opinions that say even though the bank has expensive administrative costs. we still need a bank and can not be separated from the bank. we will require the bank to be able to change bitoin us into a fiat currency or vice versa. and now the good news is that some banks have adopted blockchain in their systems. hopefully by adopting the blockchain the administrative and transaction costs at the bank will be cheaper.
December 13, 2019, 06:06:07 PM
yes I think banks are always like that. the bank always has a reason to be able to take our money with administrative fees, monthly fees and others. but I know that not all banks like this, there are some banks that are quite friendly with customers and the costs that must be incurred by customers for administration are quite low. therefore I strongly support cryptocurrency with blockchain technology will make transaction costs cheaper and no need to use a third party like a bank. and I will continue to strive to introduce cryptocurrency to relatives and friends. so that more and more people are supporting cryptocurrrency.
almost all banks have the same way of working, they benefit from their customers by charging administrative fees every month. but I think even so, the role of banks is certainly still very much needed by everyone, although now there is modern technology in the form of cryptocurrency that is able to facilitate its users to conduct all transactions at a fairly low cost, everyone certainly needs a central bank to convert their digital money in the form of currency used because most countries cannot fully legalize cryptocurrency as a means of payment or other needs.
No banks are not needed. You don't need a bank to use crypto to pay for something so what are you talking about? The only reason you would convert to fiat is because of the bank in the first place. IF banks didn't exist either would fiat. It's pretty obvious to me. They just here to make money and put people into debt. Offering loans to people who really can't afford it and they do it with a smile on their face since they know they will be getting anywhere from 11%-24% interest per year from you. That is a whole lot of money for doing a whole lot of nothing. The money they loan you they just get from other deposits. They printing money those guys.
December 13, 2019, 12:53:01 PM
In terms of being your own bank. It is not sufficient that you just have your own private keys stored somewhere on the internet. In cryptocurrency, there are also problems occurring similar to banks where people can have their money stolen. For you to secure your funds, an offline wallet is a must especially if you are to store thousand dollars worth of cryptocurrency. This article can help you in choosing which hardware wallet suits you and we'll help you up to set up your own bank.
Indeed, web wallets aren't that secure to save on them a few thousand dollars! I mean it will be better if you got a hardware wallet and you save your bitcoin into it. I really recommend them because you're just storing your bitcoin offline and no one can hack it unless if the hacker hack you physically, but if he even do that I don't think he's gonna steal your bitcoins. Ledger Nano is one of the good bitcoin hardware wallet and it's really good I guess. December 13, 2019, 12:37:31 PM
yes I think banks are always like that. the bank always has a reason to be able to take our money with administrative fees, monthly fees and others. but I know that not all banks like this, there are some banks that are quite friendly with customers and the costs that must be incurred by customers for administration are quite low. therefore I strongly support cryptocurrency with blockchain technology will make transaction costs cheaper and no need to use a third party like a bank. and I will continue to strive to introduce cryptocurrency to relatives and friends. so that more and more people are supporting cryptocurrrency.
almost all banks have the same way of working, they benefit from their customers by charging administrative fees every month. but I think even so, the role of banks is certainly still very much needed by everyone, although now there is modern technology in the form of cryptocurrency that is able to facilitate its users to conduct all transactions at a fairly low cost, everyone certainly needs a central bank to convert their digital money in the form of currency used because most countries cannot fully legalize cryptocurrency as a means of payment or other needs.
No banks are not needed. You don't need a bank to use crypto to pay for something so what are you talking about? The only reason you would convert to fiat is because of the bank in the first place. IF banks didn't exist either would fiat. It's pretty obvious to me. They just here to make money and put people into debt. Offering loans to people who really can't afford it and they do it with a smile on their face since they know they will be getting anywhere from 11%-24% interest per year from you. That is a whole lot of money for doing a whole lot of nothing. The money they loan you they just get from other deposits. They printing money those guys.
December 13, 2019, 02:10:13 AM
yes I think banks are always like that. the bank always has a reason to be able to take our money with administrative fees, monthly fees and others. but I know that not all banks like this, there are some banks that are quite friendly with customers and the costs that must be incurred by customers for administration are quite low. therefore I strongly support cryptocurrency with blockchain technology will make transaction costs cheaper and no need to use a third party like a bank. and I will continue to strive to introduce cryptocurrency to relatives and friends. so that more and more people are supporting cryptocurrrency.
almost all banks have the same way of working, they benefit from their customers by charging administrative fees every month. but I think even so, the role of banks is certainly still very much needed by everyone, although now there is modern technology in the form of cryptocurrency that is able to facilitate its users to conduct all transactions at a fairly low cost, everyone certainly needs a central bank to convert their digital money in the form of currency used because most countries cannot fully legalize cryptocurrency as a means of payment or other needs.
December 12, 2019, 10:46:42 PM
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?
even how hard we try mate still this is every individuals stands on how to treat bitcoin,remember that before you have this thoughts you need to experience difficulties first right?that motivates you to have this position. - Helping them buy their first Bitcoins
- Making the understand the power of bitcoin hash power.
December 12, 2019, 10:28:44 PM
yes I think banks are always like that. the bank always has a reason to be able to take our money with administrative fees, monthly fees and others. but I know that not all banks like this, there are some banks that are quite friendly with customers and the costs that must be incurred by customers for administration are quite low. therefore I strongly support cryptocurrency with blockchain technology will make transaction costs cheaper and no need to use a third party like a bank. and I will continue to strive to introduce cryptocurrency to relatives and friends. so that more and more people are supporting cryptocurrrency.
almost all banks have the same way of working, they benefit from their customers by charging administrative fees every month. but I think even so, the role of banks is certainly still very much needed by everyone, although now there is modern technology in the form of cryptocurrency that is able to facilitate its users to conduct all transactions at a fairly low cost, everyone certainly needs a central bank to convert their digital money in the form of currency used because most countries cannot fully legalize cryptocurrency as a means of payment or other needs.
December 07, 2019, 03:23:35 AM
yes I think banks are always like that. the bank always has a reason to be able to take our money with administrative fees, monthly fees and others. but I know that not all banks like this, there are some banks that are quite friendly with customers and the costs that must be incurred by customers for administration are quite low. therefore I strongly support cryptocurrency with blockchain technology will make transaction costs cheaper and no need to use a third party like a bank. and I will continue to strive to introduce cryptocurrency to relatives and friends. so that more and more people are supporting cryptocurrrency.
almost all banks have the same way of working, they benefit from their customers by charging administrative fees every month. but I think even so, the role of banks is certainly still very much needed by everyone, although now there is modern technology in the form of cryptocurrency that is able to facilitate its users to conduct all transactions at a fairly low cost, everyone certainly needs a central bank to convert their digital money in the form of currency used because most countries cannot fully legalize cryptocurrency as a means of payment or other needs.
December 07, 2019, 12:10:37 AM
yes I think banks are always like that. the bank always has a reason to be able to take our money with administrative fees, monthly fees and others. but I know that not all banks like this, there are some banks that are quite friendly with customers and the costs that must be incurred by customers for administration are quite low. therefore I strongly support cryptocurrency with blockchain technology will make transaction costs cheaper and no need to use a third party like a bank. and I will continue to strive to introduce cryptocurrency to relatives and friends. so that more and more people are supporting cryptocurrrency.
Bank always ask you where you receive your money although you not have business and job maybe they will most suspicious with your assets in the bank, how ever they think you have dark business and illegal transaction, you can explain for them with bitcoin because very easy to understand how bitcoin working, show them with your trading history to make them understood with your income money in the bank, just needed few minutes to make them understand where is your money come from and how your passive income. December 06, 2019, 11:45:48 PM
yes I think banks are always like that. the bank always has a reason to be able to take our money with administrative fees, monthly fees and others. but I know that not all banks like this, there are some banks that are quite friendly with customers and the costs that must be incurred by customers for administration are quite low. therefore I strongly support cryptocurrency with blockchain technology will make transaction costs cheaper and no need to use a third party like a bank. and I will continue to strive to introduce cryptocurrency to relatives and friends. so that more and more people are supporting cryptocurrrency.
December 06, 2019, 09:16:58 PM
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?
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.
First of all, you need to know that nothing in this world is actually free. Any services provided by people always comes along with a fee. In as much the Bitcoin makes you in charge of your money, it hasn't gotten to the point where people can use it to confirm the amount of money they have in their wallets in order to travel as their financial statement. Due to this reason, we will still use the banks statement as the only option to indicate once financial profile. We need to promote Bitcoin to get to the level where no one will actually use bank statements as a proof of financial profile and status..
December 06, 2019, 08:27:49 PM
its because cryptos are decentralized . thats what cryptos are good of . it can act like your own bank without any hassel compare to applying on banks that needs so many requirements like i'd.s and most of all you have to pay anually just to keep your account active . isnt that a headache ? while by using cryptos you dont have to pay anything and the best part is that the interest that you can earn is 2x than the banks can give to you when you store money .
December 06, 2019, 08:18:20 PM
I hate when people ask for bank statements. My face just goes -_- then it droops down on the sides as it melts. So much crap that they charge you just to check your account. Like say it out loud. Like ask the guy at the bank to just hear himself say it. How can they even tell people with a straight face? They basically charging you money for something that is free and something that is also pretty much made up. 100INR is just to churn a quick profit for themselves for the end of year bonuses next month. This is why I have always hated banks. Too damn nosey about my own damn affairs.
The banking industry is basically a monopoly and like any monopoly they feel they can do whatever they want, they always claim that your money will be better with them but as soon as you deposit your money with them they treat you like garbage and as if they are doing you a favour by storing your money with them but things will begin to change once bitcoin becomes more popular, they will literally beg you to deposit your money with them but at that point we will have not reason to do it. December 01, 2019, 04:40:09 PM
I hate when people ask for bank statements. My face just goes -_- then it droops down on the sides as it melts. So much crap that they charge you just to check your account. Like say it out loud. Like ask the guy at the bank to just hear himself say it. How can they even tell people with a straight face? They basically charging you money for something that is free and something that is also pretty much made up. 100INR is just to churn a quick profit for themselves for the end of year bonuses next month. This is why I have always hated banks. Too damn nosey about my own damn affairs.
November 29, 2019, 09:02:06 PM
I think its really part of there service charges. The banks generate income from service charges. Anyway, crypto has really give us convenience to see our balance outright. However, since its not yet regularized we cannot easily show it as proof of income in whatever purposes we need. We still need to undergo in bank's statements for purposes we need. Hopefully crypto or bitcoin can have that statement shown and approved by any purposed we needed.
Banks are the most corrupted company, even some banks have fee when requesting your statement of account, when in fact it should be available in your online banking, some banks have higher transaction fee too and you need to fall in line to deposit/withdraw. Really bad to see this, so, I am really using my earnings in crypto fo me to pay bills and for deposit that I don't need to go to bank and suffer falling in line which will take sometimes hour/s.
November 24, 2019, 12:45:49 PM
there is just no option for anyone to get into this country, not when Trump still sits there. banks had been doing all these to us though you get used to it, its time to also take this advantage from them.
may i know how much do they need to see in your account for you to be approved for visa?
i'm interested to visit south america actually. this is not Asia so i'd assume there will be the need for me to also provide information to them.
November 24, 2019, 12:26:02 PM
I think its really part of there service charges. The banks generate income from service charges. Anyway, crypto has really give us convenience to see our balance outright. However, since its not yet regularized we cannot easily show it as proof of income in whatever purposes we need. We still need to undergo in bank's statements for purposes we need. Hopefully crypto or bitcoin can have that statement shown and approved by any purposed we needed.
Banks are the most corrupted company, even some banks have fee when requesting your statement of account, when in fact it should be available in your online banking, some banks have higher transaction fee too and you need to fall in line to deposit/withdraw. Really bad to see this, so, I am really using my earnings in crypto fo me to pay bills and for deposit that I don't need to go to bank and suffer falling in line which will take sometimes hour/s.
November 24, 2019, 01:20:13 AM
That is why people are keeping away from banks. They are stealing people's money. Imagine you are saving your money in a bank with a little interest, banks use your money to lend it to other people with a high interest and collateral, and if this people cannot pay they will take away their property and giving people a little interest for their deposits, charging excessive fees for their services.
But the purpose of using the bank is to obtain a valid statement of account document according to the OP which would be use to secure his visa we all agreed that banks are using every possible means to make unnecessary charges from their customers, the US embassy would not recognized bitcoin transaction ID as a valid document for securing Visa thus the purpose of using a bank is justified for now. 
November 23, 2019, 11:57:49 PM
I think its really part of there service charges. The banks generate income from service charges. Anyway, crypto has really give us convenience to see our balance outright. However, since its not yet regularized we cannot easily show it as proof of income in whatever purposes we need. We still need to undergo in bank's statements for purposes we need. Hopefully crypto or bitcoin can have that statement shown and approved by any purposed we needed.
Cryptocurrency to also have fees from transaction fees when we transact. And I bet miners are getting their fees from transactions that they process. The same way goes with banks' system of getting income. Though, in cryptocurrency, you have your own personal account where no one in the world could possibly figure out. It is decentralized that you are the bank itself if you can fully secure your funds. To compare, banks as slower in transaction speed, crypto is faster. Crypto is more convenient than banks but sometimes transaction fees are higher in crypto.
November 23, 2019, 09:06:00 PM
I think its really part of there service charges. The banks generate income from service charges. Anyway, crypto has really give us convenience to see our balance outright. However, since its not yet regularized we cannot easily show it as proof of income in whatever purposes we need. We still need to undergo in bank's statements for purposes we need. Hopefully crypto or bitcoin can have that statement shown and approved by any purposed we needed.
November 23, 2019, 08:03:34 PM
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?
You can see their abuse because you know there is an alternative in the form of bitcoin, but the rest of the population do not see it that way, to them that is just the way things are supposed to work and even if you gave them the option of being their own bank they are not going to want to accept the responsibility that comes with it, and it is why it is taking so long for bitcoin to be adopted by a significant amount of the population around the world. 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.
November 17, 2019, 04:40:51 PM
In terms of being your own bank. It is not sufficient that you just have your own private keys stored somewhere on the internet. In cryptocurrency, there are also problems occurring similar to banks where people can have their money stolen. For you to secure your funds, an offline wallet is a must especially if you are to store thousand dollars worth of cryptocurrency. This article can help you in choosing which hardware wallet suits you and we'll help you up to set up your own bank.
That is true that a reality meaning nothing perfect in this world, same the fiat bank crypto currency online wallet are treated as online bank of the crypto currency holders but we need also to becarefull even the platform have an strong secutrity possible the investment gone or lost if the hackers attack.
November 17, 2019, 04:02:01 PM
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?
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.
You should understand that in the centralized institutions such as the bank, every services provided by them comes with cost. In the centralized ecosystem, there are no free services. It is very true that with cryptocurrencies, all this charges will not be seen but you need to understand that this is how the bank system works and there is nothing you can do that can change this. You just have to promote cryptocurrencies in your own way to help in the adoption of cryptocurrency into the mainstream financial ecosystem. That will help solve majority of the problems seen in the centralized financial ecosystem.
November 17, 2019, 01:20:27 PM
In America there's something called "Civil asset forfeiture". This is where the normal police can legally take any assets they please, house, car, money, jewelry etc. They only need to have suspicion that it's helping aid a crime. Many victims have reportedly been innocent of accused crimes and did not get their property back. Bitcoin will find its way to adoption based on need rather than convenience.
November 17, 2019, 12:54:41 PM
What steps I am taking to make people aware of the power of bitcoin, and cryptos?
Maybe if you are a store owner why not accept bitcoin and create a banner with qr code of your bitcoin wallet. I'm sure people will have awareness here and they will be curious to find out. You can't lose here because your bitcoin can be auto covert to fiat money. Just use some wallet that have feature like coins.ph - Helping them buy their first Bitcoins
- Making the understand the power of bitcoin hash power.
November 17, 2019, 10:12:33 AM
The thing is that we still need the support of the government to be a bank of our own, and the only way that all those embassies too can recognize any cryptocurrency wallet statement is when they are fully well informed and assured that government is in support of it.
Imagine now that you have your money in your wallet and you are able to have full control of it, and then there is this thing that you need to go for in the embassy that requires your statement of account, this means that it is only your wallet account that you can provide, now tell me how the embassies will accept this? What I am just trying to say is that we cannot completely throw the traditional banks out like that except the government is done with them completely.
Imagine now that you have your money in your wallet and you are able to have full control of it, and then there is this thing that you need to go for in the embassy that requires your statement of account, this means that it is only your wallet account that you can provide, now tell me how the embassies will accept this? What I am just trying to say is that we cannot completely throw the traditional banks out like that except the government is done with them completely.
Indeed, still we need banks, although we will be in a digital world, I know that banks will not disappear and will just evolve and develop to crypto world. The good thing is that as of the moment, we are enjoying the less fee transaction when transferring to banks, we are enjoying the taxless society too especially in our government that we are not oblige yet to disclose about the earning we have in crypto.
November 17, 2019, 01:48:10 AM
The thing is that we still need the support of the government to be a bank of our own, and the only way that all those embassies too can recognize any cryptocurrency wallet statement is when they are fully well informed and assured that government is in support of it.
Imagine now that you have your money in your wallet and you are able to have full control of it, and then there is this thing that you need to go for in the embassy that requires your statement of account, this means that it is only your wallet account that you can provide, now tell me how the embassies will accept this? What I am just trying to say is that we cannot completely throw the traditional banks out like that except the government is done with them completely.
Imagine now that you have your money in your wallet and you are able to have full control of it, and then there is this thing that you need to go for in the embassy that requires your statement of account, this means that it is only your wallet account that you can provide, now tell me how the embassies will accept this? What I am just trying to say is that we cannot completely throw the traditional banks out like that except the government is done with them completely.
November 16, 2019, 07:39:18 AM
It's because Banks are centralized and bitcoin is not. If they are requiring you difficult and complicated things like charging you for a proof of your own money, then I can also say it is better if we have crypto wallets where we can store our own digital money. No control by some organizations and can be your own bank.
On the other hand, introducing cyptocurrencies with others isn't easy. There's nothing wrong if we help them to buy bitcoin as long as they really understand about bitcoin.
On the other hand, introducing cyptocurrencies with others isn't easy. There's nothing wrong if we help them to buy bitcoin as long as they really understand about bitcoin.
November 16, 2019, 02:18:35 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. 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.
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.
What steps I am taking to make people aware of the power of bitcoin, and cryptos?
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. - Helping them buy their first Bitcoins
- Making the understand the power of bitcoin hash power.
November 16, 2019, 02:00:53 AM
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.
November 16, 2019, 12:40:59 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.
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...
November 15, 2019, 10:59:54 PM
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.
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.
November 15, 2019, 03:33:43 PM
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.
November 15, 2019, 03:10:13 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. 
November 15, 2019, 01:30:24 PM
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.
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.
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.
November 15, 2019, 01:26:12 PM
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.
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.
November 15, 2019, 01:11:36 PM
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?
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. 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.
November 15, 2019, 06:14:50 AM
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.
November 15, 2019, 06:04:59 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.
November 15, 2019, 04:59:37 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.
November 15, 2019, 04:43:08 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 $2 fees hopefully you won’t leave bitcoins whenever there’s a fee surge. I would advise you to keep an active bank account, and continue to hodl bitcoins as both are important in today’s world.
Read this: https://bankinnovation.net/allposts/innovation/blockchain/what-does-the-surge-in-transaction-fees-mean-for-bitcoin/
November 15, 2019, 04:40:26 AM
People can come up with various reasons to state the need of bitcoin. By the same time we can't function independent without the banking system. For now we can term bitcoin to give the convenience of serving as one's own bank. To experience the reality of one's own bank it takes more time as we're in the very early stages of bitcoin and cryptocurrency adoption around the globe.
November 15, 2019, 04:20:41 AM
Pain in the ass huh? Well, I know the feeling when I applied to open a Bank Account, in some banks in our country, they asked me to provide some money for the account balance for it to not disable. Imagine You have 100$ 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.
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.
November 15, 2019, 04:05:49 AM
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.
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.
November 15, 2019, 03:44:57 AM
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.
November 15, 2019, 03:18:08 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.
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.
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
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?
November 15, 2019, 03:11:57 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.
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.
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.
November 15, 2019, 02:48:26 AM
I recently went for USA Visa interview , i.e I applied for a business visa.
I don't know how Bitcoin would help you directly get a Business Visa but what I think you can do is earn the money to pay for those 100 INR charges for those statements. I do know that most of the banks do bill you for just getting your statements and those fees would differ whether you have the right account or not. So example, they would give zero fees with those accounts that have been with them for a long time and have a lot of money in the bank. For accounts that are not so big, they would probably charge you that 100 INR per statement. That's the reality. You can never be helped by Bitcoin to get a Visa unless it would be accepted by the authority in which USA Visa's are given. I just don't see the point and connection. 
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.
It's what banks are going to do, unfortunately, squeeze as much money out of their customers for performing actions as possible.
Now what I want to say is, At least In India, how does it happen is banks, are giving an interest of 4% annually on my money, and if someone wants to take loans they are giving it on 10 - 12% interest rate, which is a lot of money. So they already are making so much money, and for every small things, like transacting from ATM more than 5 times in a month, they will charge one time fee, and even for this small seal and stamp work they can charge, but not cheat or scam. In the current state it is all `we decide the rule of the game`
This is what usually happens with most countries, actually, India has it a bit better since their inflation is only around the 3.4%, which means you can actually profit off this, which can't be said for some other countries.It's what banks are going to do, unfortunately, squeeze as much money out of their customers for performing actions as possible.
November 15, 2019, 02:28:47 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.
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.
I do understand that banks are charging more money for administrative work, and salaries, and other day to day operational expenses are there. And they are also providing us various other services etc.
Now what I want to say is, At least In India, how does it happen is banks, are giving an interest of 4% annually on my money, and if someone wants to take loans they are giving it on 10 - 12% interest rate, which is a lot of money. So they already are making so much money, and for every small things, like transacting from ATM more than 5 times in a month, they will charge one time fee, and even for this small seal and stamp work they can charge, but not cheat or scam. In the current state it is all `we decide the rule of the game`
November 15, 2019, 02:28:41 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.
That's weird as fuck. Even though 100 INR is only around 2 USD, it's still pretty unfair to charge. In my country, the banks charge something like a $1.5 dollar fee to mail you statements to you, but most peope opt out since online statements are just so much easier.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.
If they are charging you that to print out a statement, that's bullshit, but if it's something like a sealed or specific document, it does make some sort of sense...
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.
Signing an address with your funds is just so sick, an aspect of that can definitely be incorporated in the real world money. November 15, 2019, 02:27:30 AM
The recent development in finance around the world has shown how insecure our money are in the banks. We let banks hold our money while they make us feel they are doing us a favor. We can't use our money anytime and anyway we use. Crypto enables us to store our money securely with we keeping a full control over them. The money not being physical is unaffected by local crisis be it natural, criminal or political nature.
November 15, 2019, 02:19:38 AM
In terms of being your own bank. It is not sufficient that you just have your own private keys stored somewhere on the internet. In cryptocurrency, there are also problems occurring similar to banks where people can have their money stolen. For you to secure your funds, an offline wallet is a must especially if you are to store thousand dollars worth of cryptocurrency. This article can help you in choosing which hardware wallet suits you and we'll help you up to set up your own bank.
Thanks for referring me to the article, but I have a decent understanding of how to keep the coins secured, and I also own a ledger NANO S. What I am referring to is the financial systems, and how they are monopolised badly by banks in the current state. Indeed there are flaws in the existing blockchain ecosystems also, but they can be worked upon.
November 15, 2019, 02:19:13 AM
That is why people are keeping away from banks. They are stealing people's money. Imagine you are saving your money in a bank with a little interest, banks use your money to lend it to other people with a high interest and collateral, and if this people cannot pay they will take away their property and giving people a little interest for their deposits, charging excessive fees for their services.
November 15, 2019, 02:16:38 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.
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.
November 15, 2019, 01:29:37 AM
In terms of being your own bank. It is not sufficient that you just have your own private keys stored somewhere on the internet. In cryptocurrency, there are also problems occurring similar to banks where people can have their money stolen. For you to secure your funds, an offline wallet is a must especially if you are to store thousand dollars worth of cryptocurrency. This article can help you in choosing which hardware wallet suits you and we'll help you up to set up your own bank.
He never said anything about private keys, all he was saying is that we cannot trust any of the banks anymore. I guess the guy is experience in terms of financial stuffs, I bet he won't get scammed easily as he was being cautious from the first place with the monopolizing people.
Any way for the cause of Bitcoin I am also accepting payments of thru Bitcoin, I am running a printing shop, even though small it can barely manage to continue. Sometimes people wonder what is the QR code outside and just tell them straight about it, if they are interested then I give them more basic knowledge.
November 15, 2019, 01:18:18 AM
Banking systems work, but they do abuse their power sometimes. This is clearly one of the reasons why these systems appear unappealing to the people. Even though you get insurance and such, these micro-steps that makes it a harder process and shows people that banks want to profit on people in unjustifiable manner. We just need more adoption to make Bitcoin more convenient to use in the future.
November 15, 2019, 01:14:01 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.
if that is the only two things you use then the second one is an odd choice because there are a lot of other more important characteristics of bitcoin to mention before the hashrate! for instance the most important thing is the decentralization and boarderlessness of bitcoin which i would focus on when i am introducing bitcoin to others. additionally new people must also be educated about ways to store and use bitcoin as most of them would ignore security (like using cold storage) and may even store their bitcoin on the exchange they buy it from! and that's a terrible idea.
November 15, 2019, 01:12:09 AM
That is very unfortunate of you and I think your banking institutions are a little bit greedy! I think it would be more ideal if you had reported what you've experienced to proper authorities since it could be a fraud - on charging you excessive fee for just a mere bank statement alone.
In contrast, it is free to obtain a bank statement in my country and that document could be easily acquired after a few minutes of your request without any hassle.
In line with your narration, my only hope is that the U.S. Government, specifically their VISA requirements, will one day accept signed Bitcoin address as a way to show proof of ones financial capacity. Imho.
In contrast, it is free to obtain a bank statement in my country and that document could be easily acquired after a few minutes of your request without any hassle.
In line with your narration, my only hope is that the U.S. Government, specifically their VISA requirements, will one day accept signed Bitcoin address as a way to show proof of ones financial capacity. Imho.
Ohh yes, I think even if one superpower country amongst, China, USA, Singapore, comes up with full acceptance of cryptocurrencies, others will be pressurised to legalise it, once the law comes, then use cases and adaption will automatically rise on top of it. Let's wait and watch, and meanwhile, let us all HODL!! HODL!! HODL!! HODL!!
China is already in to it. It's just a matter of when they will release there own digital currency since they already start developing there blockchain.
I'm US will not gonna let this slide and made a counter move for there rival country in terms of economy. Bakkt is the first mover in the Bitcoin ETf and
I'm sure that there still in the pipeline that US is still cooking. Maybe trump is accumulating then later will reveal that he owns 5% of bitcoin supply.
November 15, 2019, 01:07:19 AM
That is very unfortunate of you and I think your banking institutions are a little bit greedy! I think it would be more ideal if you had reported what you've experienced to proper authorities since it could be a fraud - on charging you excessive fee for just a mere bank statement alone.
In contrast, it is free to obtain a bank statement in my country and that document could be easily acquired after a few minutes of your request without any hassle.
In line with your narration, my only hope is that the U.S. Government, specifically their VISA requirements, will one day accept signed Bitcoin address as a way to show proof of ones financial capacity. Imho.
In contrast, it is free to obtain a bank statement in my country and that document could be easily acquired after a few minutes of your request without any hassle.
In line with your narration, my only hope is that the U.S. Government, specifically their VISA requirements, will one day accept signed Bitcoin address as a way to show proof of ones financial capacity. Imho.
Ohh yes, I think even if one superpower country amongst, China, USA, Singapore, comes up with full acceptance of cryptocurrencies, others will be pressurised to legalise it, once the law comes, then use cases and adaption will automatically rise on top of it. Let's wait and watch, and meanwhile, let us all HODL!! HODL!! HODL!! HODL!!
November 15, 2019, 01:01:29 AM
That is very unfortunate of you and I think your banking institutions are a little bit greedy! I think it would be more ideal if you had reported what you've experienced to proper authorities since it could be a fraud - on charging you excessive fee for just a mere bank statement alone.
In contrast, it is free to obtain a bank statement in my country and that document could be easily acquired after a few minutes of your request without any hassle.
In line with your narration, my only hope is that the U.S. Government, specifically their VISA requirements, will one day accept signed Bitcoin address as a way to show proof of ones financial capacity. Imho.
In contrast, it is free to obtain a bank statement in my country and that document could be easily acquired after a few minutes of your request without any hassle.
In line with your narration, my only hope is that the U.S. Government, specifically their VISA requirements, will one day accept signed Bitcoin address as a way to show proof of ones financial capacity. Imho.
November 15, 2019, 12:54:24 AM
In terms of being your own bank. It is not sufficient that you just have your own private keys stored somewhere on the internet. In cryptocurrency, there are also problems occurring similar to banks where people can have their money stolen. For you to secure your funds, an offline wallet is a must especially if you are to store thousand dollars worth of cryptocurrency. This article can help you in choosing which hardware wallet suits you and we'll help you up to set up your own bank.
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.
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.
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?
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.
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