bitcoin and banks are very different, and of course, more profitable for bitcoin, bitcoin security is safer than banks, a few months ago, some consumers of state banks in my country were hacked.
the bank transfer model is still limited, the transfer process to different countries will spend a lot of money and takes a long time.
Topic: Problems with banks you have faced - page 9. (Read 1967 times)
This story was not happened to me but to my friend he has lost over $2000 in his savings deposit account he rarely check his bank account because its a trusted and one of the biggest bank in my country and to his surprise upon checking he only have almost $100 left until he found out that there are many unauthorized withdrawals in different atm locations he immediately go to branch and investigations are still ongoing until now almost 5 months and nothing happens, if ever this banks will use a private ledger/blockchain which we can use to check our accounts in seconds in explorer then this problem might be stop immediately.
For example, I started saving money in a bank account in 1987, 30 years after looking back at my savings you will see its value plummeting. But many others will protect their work by investing in other types of assets such as gold, silver, gems, stocks, land, etc. In other countries, however, your hosting assets other than money will be restrictions and tightening regulations from the government. So what path to store the real value of human labor, Bitcoin answered that question.
I had a problem with the withdrawal of their investments. I needed my money urgently. The bank had a day off. I couldn't get them. I use Bitcoin and can exchange and receive my money at any time.
When people talk about the benefits of bitcoin over Fiat money, one of the biggest advantages is that bitcoin is more secure and the bank has not control over your money. Generally, people talk about the lack of 3rd party.
Give some examples of the problems with banks you have faced that there wouldn't be if cryptocurrencies existed that time.
Currently in my country 2 banks have been bankrupt. People have lost a lot of money but now can not get their money back. Cryptocurrency is really a great thing. I no longer send money to the bank. Instead I transferred all my money into USDT and kept it in a hard purse. I only used a few and the transactions with fiat money took place very fast. So I really see the strength of Crypto. Give some examples of the problems with banks you have faced that there wouldn't be if cryptocurrencies existed that time.
Too many costs to save money in bank, they provide security and service for us but they also charge us for that. Sometime there are also human eror on their service and technical eror also occured. But we can't ignore that money that saved in bank is used to invest in industry to improve gross nasional product. With this global economic regulations, we still need bank to improve country economy.
i think i dont have a problem with bank, but i know the disadvatages the bank than bitcoin, bank need people to manage all the data and the money, in bitcoin as i know all transaction is managed by blockchain system, for customer its not give any effect, but for institution it give a big effectS
When people talk about the benefits of bitcoin over Fiat money, one of the biggest advantages is that bitcoin is more secure and the bank has not control over your money. Generally, people talk about the lack of 3rd party.
Give some examples of the problems with banks you have faced that there wouldn't be if cryptocurrencies existed that time.
Give some examples of the problems with banks you have faced that there wouldn't be if cryptocurrencies existed that time.
banking delays and banking seizures. in my online poker days, this was a big issue. the prohibition of unlicensed online poker in the USA created a situation where many sites (or their 3rd party processors) had their bank accounts frozen or seized. this caused weeks and months-long delays for withdrawing money from USA-facing poker sites. in some cases, it drove some poker sites and payment processors to shut down or exit scam.
One simple example is the requirement of keeping a minimum balance to maintain an active bank account.
This!When I opened my bank account when I was younger that minimum balance requirement is quite hard for me to maintain. Like I said, I'm still young by that time and I have to force myself of not going under that or else I'll be charged.
They have also an option that you don't have to go through that maintaining balance requirement but every time you withdraw, you'll be charged. This is the same with bitcoin, we need to pay for fees if we're going to send / withdraw but I just hate the part that banks would do that, yes they have to earn but what kind of option is that?
With the maintaining balance, I'm thinking that its going to be with them forever and considers that it is just a fee for their service to keep my money on their vault safely.
Very poor service especially on their branch and the interest is very low. I know banks are already here for a long time but I’m just wondering why they still not improve their services. Now that cryptocurrency is here, i really think the future is great for our financial system.
When people talk about the benefits of bitcoin over Fiat money, one of the biggest advantages is that bitcoin is more secure and the bank has not control over your money. Generally, people talk about the lack of 3rd party.
Give some examples of the problems with banks you have faced that there wouldn't be if cryptocurrencies existed that time.
Give some examples of the problems with banks you have faced that there wouldn't be if cryptocurrencies existed that time.
I don't know what your basis is to say that bitcoin has better security than a bank, if bitcoin has better security than a bank, of course there is no news about "hacked wallet" and bitcoin itself still needs better security to overcome this. In some cases, the use of bitcoin makes it easier, and a very low transaction fee of up to -90% from the bank
When dealing with a bank, in addition to having to pay a high premium, especially when dealing internationally, you have to incur more complicated procedures before the transaction is made. That is the disadvantage of the bank. This makes bitcoin more attractive
A lot of waiting time in every bank visit and calls.
A limit on my withdraws.
Limits on deposits.
A limit on my withdraws.
Limits on deposits.
monthly fees when we store fiat in a bank, and this is detrimental to every consumer of the bank, in contrast to Bitcoin, when we save the value of bitcoin, our assets follow market volatility and no monthly administration fees.
One of the problems i faced with the banks in the past is their selective approval of application. Not that it happened to me, but i was with a friend when his application for a bank account was denied simply because he is relatively new in his area of residency. And i really think it is absurd. And that's where bitcoin leverages, being permissionless, surely, no one will deny a person wanting to have a bitcoin wallet.
I once experienced a cart at the ATM of a bank in my country, accidentally happened a transaction happened twice, it would still be the money I received only once. then I tried to complain and it was received, but it has a very long process (two weeks).
Technology has advantages and disadvantages even bitcoin nor banks they are a problem that we cannot avoid that some of disadvantages or problem because they have also a limitations. Some of the problem that I encountered at the bank was sometimes the system error or just like glitch of the system so that one of the example I've encountered and I'm bitcoin or cryptocurrency was scam or hacking that are the example of the problem that we are encountering.
For me the most important aspect is how banks try to dictate the way I use my money.
I had to ditch the bank I was a client of for over 20 years, all because they found it necessary to force me to stop sending and receiving money to and from Bitstamp. They literally told me that if I don't stop transacting with a crypto related party, that they immediately would end the relationship with me as client.
I don't expose myself to any form of debt, so it was only a matter of digitally transferring all the money from bank A to bank B, which took just a business day. My current bank works like a charm and hasn't done anything to annoy me, so there isn't much (yet) negative to say about it. I just hope it stays like this.
The other aspect, which is less pressing, but still important, is how it takes up to 14 business days to move money from one country to another. I'm not really a fan of Brad Garlinghouse (Ripple CEO), but he's right in the way that it is much faster to fly the money over to whatever country in physical form. It's an absolute disgrace for the banking system that it is still like that today.
I had to ditch the bank I was a client of for over 20 years, all because they found it necessary to force me to stop sending and receiving money to and from Bitstamp. They literally told me that if I don't stop transacting with a crypto related party, that they immediately would end the relationship with me as client.
I don't expose myself to any form of debt, so it was only a matter of digitally transferring all the money from bank A to bank B, which took just a business day. My current bank works like a charm and hasn't done anything to annoy me, so there isn't much (yet) negative to say about it. I just hope it stays like this.
The other aspect, which is less pressing, but still important, is how it takes up to 14 business days to move money from one country to another. I'm not really a fan of Brad Garlinghouse (Ripple CEO), but he's right in the way that it is much faster to fly the money over to whatever country in physical form. It's an absolute disgrace for the banking system that it is still like that today.
My major problems with the banks are charges and delay, especially when it has to do with international fund transfers. As a sender, you are required to provide some documents to back up your transfer. Apart from this, there is a heavy charge on this transfer.
When people talk about the benefits of bitcoin over Fiat money, one of the biggest advantages is that bitcoin is more secure and the bank has not control over your money. Generally, people talk about the lack of 3rd party.
Give some examples of the problems with banks you have faced that there wouldn't be if cryptocurrencies existed that time.
Give some examples of the problems with banks you have faced that there wouldn't be if cryptocurrencies existed that time.
The major problems as regards the banking system that I have complained of and similar with those around me is the issue of payment transfer confirmation; network issues! This usually happens most times when one is the heat/peak of urgent transactions. This affects one's credibility when transactions/payments are not made immediately with clients.
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