Well! Bitcoin doesn't have this problem - page 3.

KaliLinux

hero member

Activity: 1344

Merit: 565

Quote from: LogitechMouse on September 16, 2022, 12:41:02 AM

Quote from: yazher on September 14, 2022, 05:28:29 AM

~
For how long should people understand the importance to have bitcoins for emergencies such as this one?

https://www.facebook.com/watch/?v=607786560854535

Quote

Depositor stands on a desk holding a gun inside one of Lebanon’s local banks as she demands the release of her money to pay for her sister’s cancer treatment.
Video from: marwanmatni
-Arab News

For that quote, we don't know the whole story. Maybe the Lebanese bank is holding it for some reasons. On the other hand, the depositor will not go there with a gun if the bank just releases the money immediately knowing that this is an important and urgent matter. I guess she is desperate already to get her money thus, she went there with a gun. Still, holding withdrawals is not a good move by the bank.

As to Bitcoin, Bitcoin isn't being accepted in some establishments such as hospitals and the like. Yes, Bitcoin doesn't have this kind of problem, but the problem is the lack of acceptance from different establishments.

I guess we should consider doing research regarding banks first before depositing your money there.

It wasn't really about the Bank but the Lebanese Economy that has more or less collapsed by mismanagement as a sectarian elite borrowed with few restraints, so, no matter the amount you have in your Bank account, Withdrawals of hard currency have been limited for most people since 2019 when the value of the Lebanese pound plummeted and inflation soared.
Source
Even if the bank had the money, they wouldn't have been able to give that amount to her and even with her action, she still couldn't get the total amount she wanted.
So until Bitcoin is widely accepted for payments across different sectors of the economy, we might still be dealing with this type of Bank issue.

LogitechMouse

legendary

Activity: 2576

Merit: 1043

Need A Campaign Manager? | Contact Little_Mouse

Quote from: yazher on September 14, 2022, 05:28:29 AM

~
For how long should people understand the importance to have bitcoins for emergencies such as this one?

https://www.facebook.com/watch/?v=607786560854535

Quote

Depositor stands on a desk holding a gun inside one of Lebanon’s local banks as she demands the release of her money to pay for her sister’s cancer treatment.
Video from: marwanmatni
-Arab News

For that quote, we don't know the whole story. Maybe the Lebanese bank is holding it for some reasons. On the other hand, the depositor will not go there with a gun if the bank just releases the money immediately knowing that this is an important and urgent matter. I guess she is desperate already to get her money thus, she went there with a gun. Still, holding withdrawals is not a good move by the bank.

As to Bitcoin, Bitcoin isn't being accepted in some establishments such as hospitals and the like. Yes, Bitcoin doesn't have this kind of problem, but the problem is the lack of acceptance from different establishments.

I guess we should consider doing research regarding banks first before depositing your money there.

Don Pedro Dinero

legendary

Activity: 1358

Merit: 1565

The first decentralized crypto betting platform

Well, this case has already been discussed on the forum, I seem to remember. It has to be said that this type of case is far from common, but there are other more frequent things that are really annoying, such as having to give explanations by filling out paperwork for money that is yours in order to transfer money over a certain amount or to withdraw money in cash.

I would like to remind everyone that when you deposit your money in a bank, the bank does not keep the money for you. It gives you a collection right and from then on the money is a number that allows them to use leverage, in a system that if you used it they would put you in jail.

That's why we have bitcoin.

lienfaye

hero member

Activity: 3010

Merit: 629

Quote from: yazher on September 14, 2022, 05:28:29 AM

For how long should people understand the importance to have bitcoins for emergencies such as this one?

Many people are still not aware of Bitcoin existence, thus banks are where they mainly save their money. But just like what happened to this woman, the risk of not able to withdraw your funds are always there because they're the ones who have full control of your money for being centralized. That's the risk that we have to take if we store our money to a centralized platforms. The point is, dont save all your money in banks, we cant be certain if our money is safe. Saving money through Bitcoin in a non-custodial wallet is much safer since you're the one who have full control over your funds.

wxa7115

hero member

Activity: 2814

Merit: 734

Bitcoin is GOD

Quote from: TelolettOm on September 15, 2022, 06:32:33 PM

Certain banks (maybe not all banks), they have also too complicated an administration and mechanism if we are going to cash out our deposits or money in the bank. There must be several steps to pass before we get our own money. It is very different as when we put our money into banks, they really give easiness on the process. Shocked

Actually, not only about this is why Bitcoin sometimes is much better than banks.
But once more, that may be only some of the banks that offer that kind of mechanism. I have found that some private banks commonly give easier mechanism to do smething than the banks from govenrment. But this may be differnet in otehr ocntry or area.

The more banks restrict access to your money the higher is the risk for the bank and even the economy of the country itself to collapse, it is known that capital controls are applied more strictly in countries that are undergoing a difficult economic situation.

It is because of this that we need to always be very careful about how much money we let at banks at any point in time, because you never know when those restrictions will be put in place or even something worse could happen, like what we saw at Cyprus in which banks stole money directly from their account holders and there was nothing those people could do about it.

naira

hero member

Activity: 1974

Merit: 586

Free Crypto Faucet in Trustdice

Quote from: Pierre 2 on September 14, 2022, 06:48:28 AM

It is obvious Bitcoin establishes us all huge economic freedom. I am sure why Lebanon didn't let that woman to use her money. They are in deep financial crisis. Bitcoin is always unaffected if you have cold wallet around your fingertips and smartphone (or PC). That's main reason I love Bitcoin. It gives us, people from mediocre countries, opportunity to secure our wealth in very secure and accessible digital place out there.

This is not about securing property but more about how difficult it is to withdraw money from the bank where the woman's account is kept while the need to pay for her sister's medical treatment makes her uncontrollable. Of course, Bitcoin can give us freedom of ownership if our conditions are not the same as the woman above. But what if you sell it to a centralized exchange and need a bank account to make a withdrawal but the bank freezes your money instead? the same is the same problem, isn't it?

A little review about Lebanon which has experienced an economic crisis since the pandemic and now their money is collapsing. Beirut is the center of the establishment of local banks, in fact this case is not a matter of whether Bitcoin can overcome the crisis there or not. Because the fact is the condition of the country after the civil war it is also the 3rd largest gold-holding country in the world.

DapanasFruit

member

Activity: 1218

Merit: 49

Binance #Smart World Global Token

Of course, this story can be used as an example why people should not 100% depend on banks when it comes to financial matters...as these banks are centralized and they have their own policies and regulations that sometimes can come into conflict with the interest and concerns of their usual customers and depositors. In so many stories, people find banks to be frustrating but in many other countries it is not just as easy to say that they can instead shift to cryptocurrency. There are many countries where Bitcoin is not yet that accepted by business firms...in this case we can not say if the healthcare facility where the woman's sister can be confined is accepting crypto...nor we can be sure that it would be so easy for anyone in that country to convert Bitcoin into hard cash. We are still dreaming for the time when at least 50% of the firms and business organizations and more importantly people we are conducting business with all accept Bitcoin directly...again that is the dream and I am really wishing for that to come...but with things right now this may not happen in my lifetime. The big lesson in this story is never totally trust banks and when it comes to banks choose the more dependable one.

TelolettOm

hero member

Activity: 2086

Merit: 553

Leading Crypto Sports Betting & Casino Platform

Certain banks (maybe not all banks), they have also too complicated an administration and mechanism if we are going to cash out our deposits or money in the bank. There must be several steps to pass before we get our own money. It is very different as when we put our money into banks, they really give easiness on the process. Shocked

Actually, not only about this is why Bitcoin sometimes is much better than banks.
But once more, that may be only some of the banks that offer that kind of mechanism. I have found that some private banks commonly give easier mechanism to do smething than the banks from govenrment. But this may be differnet in otehr ocntry or area.

hatshepsut93

legendary

Activity: 3024

Merit: 2148

Yes, Bitcoin doesn't have many of the problems that are present with banks. But Bitcoin has its own problems instead. So instead of a woman unable to get her money, it could be a woman misplacing her private key and losing her coins forever.

It's a very poor argument to say that Bitcoin is better than banks because something that happens with banks doesn't happen with it. User experience is a complex issue and those who want to build a case how Bitcoin is superior should actually make a complex analysis and not point out some single anecdotes.

Finestream

hero member

Activity: 3052

Merit: 606

Quote from: piebeyb on September 14, 2022, 09:26:55 AM

when a bank goes bankrupt and people can't withdraw their money it makes people very frustrated and angry that's why i better keep my money almost 80% in crypto and never put money in the bank worry if something like this happens

It's really frustrating if you can't reap what you have been saving the whole time. Although not all banks are doing this but in most cases, banks really find ways on how to hold your money so you will continue trusting and depositing on them. In the end, its not you who will benefit the most but definitely the bank itself. However, business is business after all. But if you are investing into bitcoin, of course you will never experience like this as you have all the freedom on what to do with your own money.

Viscore

hero member

Activity: 3178

Merit: 661

Live with peace and enjoy life!

Quote from: Pierre 2 on September 14, 2022, 06:48:28 AM

It is obvious Bitcoin establishes us all huge economic freedom. I am sure why Lebanon didn't let that woman to use her money. They are in deep financial crisis. Bitcoin is always unaffected if you have cold wallet around your fingertips and smartphone (or PC). That's main reason I love Bitcoin. It gives us, people from mediocre countries, opportunity to secure our wealth in very secure and accessible digital place out there.

Whatever the reason of the bank is, it’s not still proper not to grant the request of the depositor as its her own money so she has all the right to decide what to do on it. Well, if it’s bitcoin, of course we will no longer face problems like this as we are always entitled to control our funds completely, without the intervention of the government or the banks. But I must admit what the woman did is also not proper no matter how bad her situation is.

Russlenat

hero member

Activity: 2716

Merit: 904

Quote from: yazher on September 14, 2022, 05:28:29 AM

As I looking at some news today, I saw this one that has the same problem with the other banks all around the world where they sometimes restrict you to get your own money and they ask you for some valid reason which not all people needed to do because first of all, it is his/her money. Some people are forced to do this stuff when if only she had bitcoins, she wouldn't have put her life in danger or anyone else. she could just withdraw wherever she wants.

For how long should people understand the importance to have bitcoins for emergencies such as this one?

https://www.facebook.com/watch/?v=607786560854535

Quote

Depositor stands on a desk holding a gun inside one of Lebanon’s local banks as she demands the release of her money to pay for her sister’s cancer treatment.
Video from: marwanmatni
-Arab News

That’s the consequence if people keep trusting on banks and they think that there finances will be more secured with them. But the reality is, they are just using our money to lend to some big investors and the bank benefits the big interest while only a little one go to our savings account. And add to it that when people decides to withdraw all of their funds, banks will make it difficult for them. However, bitcoin is not like that. You can have as much as bitcoin as you want, and you can withraw and spend them anytime and anywhere you want as there are already local exchanges in every country.

dark1234

full member

Activity: 1134

Merit: 167

on this side we can see some of the risks of our money when it is stored in a bank where in fact there are predetermined rules that we must sign as our agreement with the stored asset, while storing it by making bitcoin we have full rights to the asset so when need it can disburse it into fiat, even though in reality we still need a third party -bank- to make it completely fiat, but we don't keep it just as an intermediary and we can choose several banks that can be trusted and do not limit the number of withdrawals

coolcoinz

legendary

Activity: 2814

Merit: 1192

Quote from: Anonylz on September 15, 2022, 01:55:19 PM

This problem can be resolved if the financial institution offers to pay a certain percentage of what you own in your account on a given period than not giving at all under the pretext of a bad economy.

No, they should give it all because they claim that they hold your money and are supposed to have it with them. When I give them cash I expect to get that cash back at any moment and there's no excuses just like the IRS will not hear excuses if you don't pay them. They will come to your house and arrest you. Where's the equality before the law that they have written all over their court rooms?

Quote

The customers trust them to keep their money safe and that is what they should do, refusing and denying access to people's funds because of an economic crisis is a crime.
Although using violent methods to forcefully collect money from the bank is not the right thing to do either.

The use of force against a thief who took your wallet is ok, but against a bank who did the same is not ok?

Stalker22

legendary

Activity: 1526

Merit: 1359

This is the nature of decentralized finance - security, privacy, and control over your own financial assets. There will always be some level of control over your funds, as it is impossible to have total anonymity in your transactions. However, the more you can do to obfuscate and hide your transactions, the less likely it is that someone will be able to freeze or flag your funds. The lesson here is that if you want to keep your coins safe, be smart about your storage solutions.

kawetsriyanto

legendary

Activity: 2422

Merit: 1140

duelbits.com

Quote from: piebeyb on September 14, 2022, 09:26:55 AM

when a bank goes bankrupt and people can't withdraw their money it makes people very frustrated and angry that's why i better keep my money almost 80% in crypto and never put money in the bank worry if something like this happens

Do you have no saving money in banks?
To be honest, I also think to keep all my money on Bitcoin or other crypto coins. But in my country, you cannot instantly use your crypto for any purpose. Crypto is only allowed to be a digital asset here. So, to pay for goods or services, we must use fiats. That's why we should have money in bank accounts. And I think it is not a bad idea to have both money in banks and in crypto wallets as well.

Considering what's happening in the video. I think not all banks have a problem with withdrawal. I guess, it is only happening on unreputable banks. To minimize the problem, we should be more careful in choosing trustable banks. Only choose the banks that have no history of negative issues related to their services.

Anonylz

hero member

Activity: 2562

Merit: 577

This problem can be resolved if the financial institution offers to pay a certain percentage of what you own in your account on a given period than not giving at all under the pretext of a bad economy.
The customers trust them to keep their money safe and that is what they should do, refusing and denying access to people's funds because of an economic crisis is a crime.
Although using violent methods to forcefully collect money from the bank is not the right thing to do either.

Mr.right85

hero member

Activity: 1036

Merit: 674

Quote from: Yogee on September 14, 2022, 06:06:13 AM

Quote from: yazher on September 14, 2022, 05:28:29 AM

... For how long should people understand the importance to have bitcoins for emergencies such as this one?

Okay let's assume the lady has bitcoins on her non-custodial wallet but she still needed to sell it for fiat because the hospital doesn't accept BTC. What if she tried to trade it on a centralized exchange and the platform suddenly froze her account for some reason? That's still going to be a problem. How about P2P platforms?

I guess in a world we're bitcoin becomes a secondary currency at least because, there would always be a fiat currency to be primary. This issues could be avoided to some extent and then, we would have transaction fees and confirmation time to contend with. The network would be very congested although, the lopehole to it would be scanning the withdrawal address of an incoming payment and being able to verify if it is particulate to a customer.
But in the main time, we've got fiat to always exchange for and most banks have a withdrawal or transfer limit, both at the ATM and at the Desk.

Why cause of wonder is,
Just how was this individual able to get past security with a gun into the bank!

Bitstar_coin

hero member

Activity: 2478

Merit: 695

SecureShift.io | Crypto-Exchange

I think the first question is.... why will the bank deny this lady access to her money especially when it is meant for saving someone else life? even though there are cases like this, I find it very odd that a financial institution without any valid reason whatsoever will withhold a customer's money and deny them access without any reason.
Sure it is good to have an alternative (btc obviously) but the situation will still require getting paid in fiat through your bank account and it will come down to the same problem.
This is why the need for businesses, organizations, online/offline stores to accept btc en masse is important, if there are direct btc acceptance then people will have a choice, right now, the limited acceptance is not making things easy.

xzy887

member

Activity: 316

Merit: 43

Quote from: yazher on September 14, 2022, 05:28:29 AM

As I looking at some news today, I saw this one that has the same problem with the other banks all around the world where they sometimes restrict you to get your own money and they ask you for some valid reason which not all people needed to do because first of all, it is his/her money. Some people are forced to do this stuff when if only she had bitcoins, she wouldn't have put her life in danger or anyone else. she could just withdraw wherever she wants.

For how long should people understand the importance to have bitcoins for emergencies such as this one?

Your words have happened to my life.Let me share an incident that happened in my life.

I deposite some of my money in my bank account. But suddenly I faced a danger and at that time my bank money was very much needed. But when I go to the bank to withdraw money, they take a lot of steps to verify me, which annoys me and wastes my time. And the money was needed at the time of danger which was making me even more angry.Then I thought to myself now if I had this money in crypto then I would not have been put in this situation and I could withdraw the money very easily. And since then I've done just that, now putting most of my money in crypto. And if I want, I can withdraw money from here very quickly during any emergency. Also, withdrawing money from here does not have any problem like my bank.

Topic: Well! Bitcoin doesn't have this problem - page 3. (Read 926 times)