the comforts of bitcoin - page 2. | Bitcointalksearch.org

Rruchi man

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Quote from: Mpamaegbu on January 30, 2022, 01:08:09 PM

It's both thanks to online banking.

Online banking has eliminated the stress of visiting banks and encountering some of these discomforts that OP has highlighted, not necessarily bitcoin. Not all outlets accept bitcoins and not all transactions can be made with bitcoins, so it finally will result to changing your bitcoins for fiat, and using your online banking to facilitate transaction. Even complaints can now even tendered to banks online for solution at the comfort of your home.

The discomfort that bitcoin and crypto has eliminated to me is the third party stress from the banks whenever you are making a trade or business transaction internationally.

isaac_clarke22

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Quote from: Pmalek on January 30, 2022, 12:50:23 PM

Everything you explained in the OP can also be achieved if you apply for and use a debit or credit card. Instead of requiring physical paper notes and having to run to the bank to get more of those from a cashier, you pay with your debit card that is connected to your bank account. You don't have to worry about big crowds or the working hours of your local bank.

Bitcoin might have decreased the crowd problem a little bit, but you still have the older generations who use only banks and fiat. Not to mention that not everyone wants to use Bitcoin no matter if they are young or old.

Almost no one here in my area cares, know or at least was aware about Bitcoin. Pretty sure that Bitcoin won't be for everybody even for the future generation that's next for the Gen Z. Cheesy

Last 2 years, I explained Bitcoin to some of my friends and most of them just backed out either due to "no future" or "unstable price". I wonder what they're thinking right now though.

@OP
Well you could also add that there are no such words as "cutoff" in your deposits.

Mpamaegbu

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I feel you @Ethan151 on that bank palaver stuff. But it doesn't mean that Bitcoin has eliminated fiat so to say. For those of us into cryptos, we still find a way to exchange cryptos/Bitcoin to fiat and then withdraw because there are just a few services or shops that accept cryptos in my country. Quiet alright, it has been a long time I went into a banking hall. But that doesn't mean I don't visit bank ATMs whenever it's necessary. Admittedly, my banking stress has drastically reduced now. It's both thanks to online banking and to the activities of cryptos/Bitcoin.

Pmalek

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Everything you explained in the OP can also be achieved if you apply for and use a debit or credit card. Instead of requiring physical paper notes and having to run to the bank to get more of those from a cashier, you pay with your debit card that is connected to your bank account. You don't have to worry about big crowds or the working hours of your local bank.

Bitcoin might have decreased the crowd problem a little bit, but you still have the older generations who use only banks and fiat. Not to mention that not everyone wants to use Bitcoin no matter if they are young or old.

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This all depends on the place a person is residing, not all you mentioned can be applied especially on africa.
People know africa doesn't have good and widely use of internet, Idk if there are enough physical stores that accepts bitcoin payment it's usually online. Idk how it will significantly reduce the country's banks activities, or the use of their local currency when buying stuffs offline or online. See, not all place can be applied for what we call digitalization and bitcoin. I think bitcoin is still on its early stage of adoption.

Quote from: Darker45 on January 30, 2022, 10:49:53 AM

As a matter of fact, how many among us Bitcoin supporters and owners have closed our bank accounts since we got into Bitcoin?

It's nonsense to me to close my bank accounts just because I have bitcoin or crypto, not unless I'm living a place where bitcoin is fully accepted and almost all stores where my daily needs can get accepts bitcoin, maybe in el salvador, but I'm not and idk how many people on this forum resides there.

hatshepsut93

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In most of the world banks operate online, 24/7 and fully automatically. And you can withdraw cash from an ATM, which will always be nearby if you are in a city. Banks easily beat Bitcoin in user experience. The main benefit of Bitcoin is that you are your own bank, so it removes some edge cases when banks can freeze your money or let the authorities seize them. Plus you are not affected by fiat's inflation, because you are holding a different currency.

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If we were to make an actual research or survey on this, I doubt the result would show us that there is indeed a considerable reduction of a bank teller's job or that banks are now less frequently used because of Bitcoin.

I don't think the adoption of Bitcoin has already gotten to a certain point where cashier queues are shortened, bank schedules are canceled, and so on because Bitcoin has taken over.

As a matter of fact, how many among us Bitcoin supporters and owners have closed our bank accounts since we got into Bitcoin?

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Quote from: Ethan151 on January 30, 2022, 05:13:17 AM

This topic tends to share some ideals on how bitcoin has reduced stress and insults among-individuals.
E.g for those in Africa can say that since the introduction of bitcoin the argument and stress from a cashier in a banking hall has reduced because there’s no frequent use of the banking hall anymore.

Are you saying that because of Bitcoin, cashiers in India has their workload actually significantly reduced? Can anyone back this up? Because as bullish I am on Bitcoin, I doubt the impact to the banking sector(in the consumer PoV) is THAT significant.

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Quote from: Ethan151 on January 30, 2022, 05:13:17 AM

This topic tends to share some ideals on how bitcoin has reduced stress and insults among-individuals.
E.g for those in Africa can say that since the introduction of bitcoin the argument and stress from a cashier in a banking hall has reduced because there’s no frequent use of the banking hall anymore.

Your points are very valid. There is a whole lot of decongestion in African banks in this 21st century. Although you have attributed it to only bitcoin alone in your post but we know in Africa that things have changed from what our forefathers use to know. Even the mode of dressing by the bankers and even customers have changed, I don't know if we have noticed that and I'm sure our dead heroes would be surprised to see such changes.
Certainly those changes are what has brought even CBDC, ATMs and sanity cum comfort into our lives. Bitcoin is a freedom for financial investment to hodl into further growth for the believers. It is well positioned for the progress made in the financial sector and has changed the dynamics of the individual currency into digital identify.

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In fact, the concept of digital currencies is so superior to conventional currencies that even the largest countries like China are considering the introduction of digital currencies or digital versions of their national currencies.
The problem with such currencies is that they will be under strict state control and will be issued by national central banks.
All of us in this forum understand the obvious benefits of bitcoin, crypto and decentralization, and the importance of complete privacy of our digital assets, but government agencies and financial institutions dot want it and are trying to limit our financial freedom.
These are the tendencies that worry me in the long run.
When I sent money last year to a family in Africa that doesn’t have a bank account, not even electricity or the internet, the solution was very simple. I sent the money to a friend and he paid the family the equivalent in local currency. Bitcoin and cryptocurrencies are truly a blessing, making things easier and bypassing many obstacles.

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I can withdraw from my bank account on weekends, there are many self-service options too on bank app, there are many bank transactions I can initiate and it will process without going to bank. Banks are moving more into the modern era and the so called CBDCs creation. But you are right to some extent, but I am not the kind that fight fiat because if there is no inferior, then what are we going to use for comparison with the superior, then the superior may not be superior in the way it ought to be.

What is mostly the downside of fiat which makes it not to be among the superior is the government manipulation of fiat, they are doing it for good reasons like protecting their foreign reserves. That is quite good, it makes people to appreciate the deflationary nature of bitcoin as its price appreciate over long period of time unlike fiat that governments manipulate its price in a way over long term, it is inflationary and the price depreciates, making its purchasing power to depreciate.

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Yes it does have comfort. But you cant revert it back which is the major con since its running on decentralized chain. Once you made a mistake like forgot your private key of your wallet, then its good as gone. Better dont forget that too. Or you send to someone else wallet instead of the correct receiver, you cant simply revert it or more like to say impossible.

We all like blockchain especially btc but make sure you learn it properly to avoid such mess.

Ethan151

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This topic tends to share some ideals on how bitcoin has reduced stress and insults among-individuals.
E.g for those in Africa can say that since the introduction of bitcoin the argument and stress from a cashier in a banking hall has reduced because there’s no frequent use of the banking hall anymore.

There’s nothing like cueing up for the cashier to attend.

There’s nothing like I don’t know when I will be coming back from the bank anymore.

There’s nothing like I can’t go to the bank because it’s weekend.

There’s nothing like I was here before you sir and the manager addressing the other ahead of you.

There’s is nothing like I’m tired and can’t drive to the bank. All transactions are done online and faster not the old accept of going to the bank to withdraw money and after withdrawing start praying and looking randomly if anyone is following you.
This aid of bitcoin transactions will be done in your comfort without anyone knowing and that makes it safer.

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