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
To keep money in Bitcoin is not far better than keeping money in Fiat currency because bitcoin due for a day when it for you to take time before it will recover so which you cannot control it rising and it falling again why keeping your money in the bank when bank 4 or when the bank got bankrupt if they come back you are sure of your money because is a centralised place that is officially known to a particular place 
Topic: Well! Bitcoin doesn't have this problem (Read 926 times)
If we want to withdraw our deposit or money from the bank, certain banks may not be all banks because they also have administration and methods that are too complicated. Before we may receive our own money, we must go through a number of stages. They are quite simple in the procedure, in sharp contrast to when we desire to keep our money in the bank. In actuality, there are many other reasons why Bitcoin is superior to banks. However, it's also likely that only a small number of institutions provide such a feature. In general, I find that some commercial banks offer a simpler way to go about things than do government banks. But in Oklahoma or other places, things can be different.
I know this for sure, I decided to switch to a digital bank just because of this, because they do not care where you are sending your money. Obviously there is a 100k limit, but I have never had that much money in my life before so it shouldn't be a problem, aside from that I could move money around anyway I want without a problem.Bitcoin came into my life before that, and I was having trouble with my bank and that is why I moved to bitcoin at first, because it gave me the freedom and it still gives me the same freedom internationally that no bank could give, there is nothing in the world similar to crypto when it comes to moving money around the world.
If we want to withdraw our deposit or money from the bank, certain banks may not be all banks because they also have administration and methods that are too complicated. Before we may receive our own money, we must go through a number of stages. They are quite simple in the procedure, in sharp contrast to when we desire to keep our money in the bank. In actuality, there are many other reasons why Bitcoin is superior to banks. However, it's also likely that only a small number of institutions provide such a feature. In general, I find that some commercial banks offer a simpler way to go about things than do government banks. But in Oklahoma or other places, things can be different.
So it's not a people problem anymore. Here we are talking about states' control, the country's currency, and illicit enrichment. That is when a person has never had a lot of money on the cards or has never changed a large number of dollars in his name. Then, the state is interested in how you get that kind of money. To understand how they are earned, fraud or not. From this point of view, cryptocurrency is very convenient because of its concept of anonymity and decentralization. You don't have to tell the IRS how you get your money.
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.meaning we can only see the Bitcoin in our hands but to use it is difficult as the acceptance is depend in which country you live and from the community to are dealing,
so yes people may learn bitcoin and wanted to use but the function is not there so we cannot blame people from not totally dealing and keeping this as banks is always ready to be used and offers them.
The problem I see here is the part where the hospital or the one doing the services would have a hard time dealing with crypto because they might have to do some legal stuff in accounting to account for that. It will depend on the acceptance of BTC. If the hospital is willing to, I think it would be okay, or find someone willing to trade it for you locally.
But I think the lesson here is that if you controlled the actual wallet, she wouldn't have been in that situation; I think we should all agree on that.
I am sure that most of them do not know how to do it, but they could always end up learning about it or hiring someone who already knows about it. That way it would be simpler and it would make sense, I am not saying it is going to be something that would be a big deal, it is an easy thing to do, if all other places in the world starts accepting bitcoin, then hospitals would have a field of people who worked in crypto related accounting jobs here and there, and they can hire people who have done it before.But I think the lesson here is that if you controlled the actual wallet, she wouldn't have been in that situation; I think we should all agree on that.
I agree with the wallet deal though, crypto gives you the full power and nobody could take it away from you, it is your money and will always be your money.
~snip
The more such unpleasant incidents, when banks don't give back the money of their depositors, the more people realize that something should be changed in their financial life. If banks are acting so mean, then you should try alternative ways to store money, for example, bitcoin. Indeed, bitcoin doesn't have the problem described in your post and allows you to freely dispose of your money. On the positive side, bank abuses are becoming more and more publicized, and this is in favor of spreading bitcoin. Depositors will take their money (if they can and don't have to demand their return as the heroine of this story) and exchange it for bitcoin to become a bank for themselves. 
For how long should people understand the importance to have bitcoins for emergencies such as this one?
They found it once they change their mind and stop from thinking it was a scam and useless stuff. Because as long as they are in that negative mindset, nothing will be able to see but all of the negative views of Bitcoin. However, I'd see no reason why we have to urge people from adopting this new form of the payment system as it was the first for them to learn it and give value to this new creation. I have no clue what is really in their mind but for sure, the doubts and worries make them afraid to try. 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.
I remember something that can describe a bitcoin decentralized financial system better than a centralized financial system and that is that; bitcoin is a financial system that provides financial freedom as if the users had a bank in their own hands.The status of bitcoin itself is not yet a very emergency financial system to be adopted by everyone in any country. Banks and their centralized financial system still dominate the needs of the world's population and their services cannot be separated from the everyday user appeal of both small and large businesses. Bitcoin is a public currency that does not need a central authority. This currency and financial system is still in development to a wider level of adoption, but of course bitcoin can't be forced to be adopted by everyone who doesn't believe in it. Adoption is still at the minority level, but will increase when the regulation and legality are approved by the government.
Bitcoin is currently only constrained by regulatory problems. Each state government provides different regulations on how bitcoin is used. Even countries that prohibit bitcoin do not allow any transactions related to crypto or bitcoin. Adoption is currently only carried out by a few countries that do believe in bitcoin. Adoption has not expanded significantly because there are still many pros and cons.
The central government is still tied to the bank's financial system and everything is regulated by the bank. Bitcoin is only an optional asset that can be used or not depending on the choice. Bitcoin is in the minority, but even so the level of trust in bitcoin continues to grow and improve.
It's only a matter of time, Bitcoin can certainly be a good way out to improve the financial system of banks that are sometimes unfair and are more concerned with their profits.
The problem I see here is the part where the hospital or the one doing the services would have a hard time dealing with crypto because they might have to do some legal stuff in accounting to account for that. It will depend on the acceptance of BTC. If the hospital is willing to, I think it would be okay, or find someone willing to trade it for you locally.
But I think the lesson here is that if you controlled the actual wallet, she wouldn't have been in that situation; I think we should all agree on that.
Yes it was the path he took after many ways he did but as a result he was still struggling to get his money. But the steps he took endangered not only himself but many people.But I think the lesson here is that if you controlled the actual wallet, she wouldn't have been in that situation; I think we should all agree on that.
I understand and realize that there is a process that we must go through even if it is our own money. However, we must be annoyed when we have to go through a convoluted process in urgent circumstances.
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.
I remember something that can describe a bitcoin decentralized financial system better than a centralized financial system and that is that; bitcoin is a financial system that provides financial freedom as if the users had a bank in their own hands.The status of bitcoin itself is not yet a very emergency financial system to be adopted by everyone in any country. Banks and their centralized financial system still dominate the needs of the world's population and their services cannot be separated from the everyday user appeal of both small and large businesses. Bitcoin is a public currency that does not need a central authority. This currency and financial system is still in development to a wider level of adoption, but of course bitcoin can't be forced to be adopted by everyone who doesn't believe in it. Adoption is still at the minority level, but will increase when the regulation and legality are approved by the government.
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
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
Video from: marwanmatni
-Arab News
First of all, the Fiat money is the property of central banks of their respective governments so its not your money. And banks has to follow such regulations because if everyone wants to withdraw their money from bank there will be actually no money for everyone to withdraw and the question raised is what actually make sense. Why we need to trust the paper issued by banks to have value and we have to follow lot of procedures to handle our money?
But as of sudden bitcoin can't change everything, first of all the payment infrastructure is needed then only we can pay by bitcoins or any other cryptos.
The deposit that we do in banks is a special type of deposit where the former has to respect their obligations. This is what we call a 'fiduciary relationship' where the banks must honor their obligation of giving back the money that you just deposited because that is your property. You trust the bank for safekeeping and the bank will have this obligation that they have to fulfill immediately.
That is the problem of banks- sometimes regulations from the main branches may halt your deposit for some reason. That is why BTC was created in order to experience financial freedom where no one has control over your money.
BTC is life changing if people can only understand that. There is no need for banks in our system. Decentralized is the key and BTC has that. Also it comes with freedom. I don't know why people still don't get this. They need to learn a lot.
It is not a question whether people don't understand Bitcoin and its life changing ability. Without taking anything away from Bitcoin and what it is, can you confirm that you did not or have not to spend some fiat from your Bank account buying some Bitcoin/Satoshis if you are HODLing BTC? regardless of how we want Bitcoin to be accepted by every sales shop in every location, that is not the case now and so are other sectors of the economy like the Hospital in question which has no option for Bitcoin payment, so we still have to resolve to using fiat/Banks. BTC is life changing if people can only understand that. There is no need for banks in our system. Decentralized is the key and BTC has that. Also it comes with freedom. I don't know why people still don't get this. They need to learn a lot.
It is not a question whether people don't understand Bitcoin and its life changing ability. Without taking anything away from Bitcoin and what it is, can you confirm that you did not or have not to spend some fiat from your Bank account buying some Bitcoin/Satoshis if you are HODLing BTC? regardless of how we want Bitcoin to be accepted by every sales shop in every location, that is not the case now and so are other sectors of the economy like the Hospital in question which has no option for Bitcoin payment, so we still have to resolve to using fiat/Banks. 
This isn't new, all centralized banks ask questions once you withdraw a big amount from fiat banks. Yes, of course, Bitcoin doesn't have this issue till you are holding. But you have to convert it in fiat anyway. Very rarely we can use Bitcoin directly for our daily needs. So here sadly we have to use the bank again to cash out our Bitcoin.
I have also faced many problem at those types of bank Where I had to stand in line for hours to withdraw cash and sometimes there was a delay in check issue. So now I hold most of my money in cryptocurrencies, when I need fiat currency, I withdraw by doing p2p trade directly at the bank with ATM, in this case, I keep some bitcoins in holding for long term trading and for its volatilities I have to hold in stable coins, and I also think it is much better than our conventional banking system.While banks have problems that annoy us, it would be unwise to put all your money in crypto. In addition to the volatility of crypto, when you hold assets in crypto, there are also risks such as being hacked by hackers and moreover bitcoin and apart from bitcoin, all other cryptocurrencies are mostly centralized and controlled by an organization or individual. Your assets can still be in jeopardy at any time, stablecoin is also centralized, it can be frozen due to mistake or suspicion related to money laundering...There is no safest place in the world, in this situation we just need to diversify our assets, don't put it all in the bank nor put it all in crypto.
The problem I see here is the part where the hospital or the one doing the services would have a hard time dealing with crypto because they might have to do some legal stuff in accounting to account for that. It will depend on the acceptance of BTC. If the hospital is willing to, I think it would be okay, or find someone willing to trade it for you locally.
But I think the lesson here is that if you controlled the actual wallet, she wouldn't have been in that situation; I think we should all agree on that.
But I think the lesson here is that if you controlled the actual wallet, she wouldn't have been in that situation; I think we should all agree on that.
You can save money in various ways that will serve as your backup and you can use it for withdrawals as well. Of which P2P will serve as one of the mediums and if you are a bank If you want to withdraw all the money, you can do the transaction through gift card.
But here Bitcoin is introduced instead of banks so that people can keep a small amount of money in the bank and all the remaining money will be invested in Bitcoins. However, there is no withdrawal if you buy bitcoins There will be no risk that you can take on your own.
But here Bitcoin is introduced instead of banks so that people can keep a small amount of money in the bank and all the remaining money will be invested in Bitcoins. However, there is no withdrawal if you buy bitcoins There will be no risk that you can take on your own.
Wishing a case like this keep increasing day by day , so people could looking for alternative and realized it is all in bitcoin , the benefit are there to grab .. you just need to learn by doing .
And by the proccess they would feel how good actually the bitcoin money system is , far better than the traditional money/ banking system that we are currently have.
I would do the same as her though to even shot a fire in such angry mood.
And by the proccess they would feel how good actually the bitcoin money system is , far better than the traditional money/ banking system that we are currently have.
I would do the same as her though to even shot a fire in such angry mood.
For how long should people understand the importance to have bitcoins for emergencies such as this one?
They found it once they change their mind and stop from thinking it was a scam and useless stuff. Because as long as they are in that negative mindset, nothing will be able to see but all of the negative views of Bitcoin. However, I'd see no reason why we have to urge people from adopting this new form of the payment system as it was the first for them to learn it and give value to this new creation. I have no clue what is really in their mind but for sure, the doubts and worries make them afraid to try. 
This isn't new, all centralized banks ask questions once you withdraw a big amount from fiat banks. Yes, of course, Bitcoin doesn't have this issue till you are holding. But you have to convert it in fiat anyway. Very rarely we can use Bitcoin directly for our daily needs. So here sadly we have to use the bank again to cash out our Bitcoin.
I have also faced many problem at those types of bank Where I had to stand in line for hours to withdraw cash and sometimes there was a delay in check issue. So now I hold most of my money in cryptocurrencies, when I need fiat currency, I withdraw by doing p2p trade directly at the bank with ATM, in this case, I keep some bitcoins in holding for long term trading and for its volatilities I have to hold in stable coins, and I also think it is much better than our conventional banking system.
I don't think that they will release your money in an instant right after you explain your situation that you badly need your money because why did it lead to this incident when the reason of one of their costumer is way too serious but after this scandal, I think this bank are now removing this kind of rule in their system and their costumers will probably pull out their money and transferred it to a different bank which has no bad records like this or maybe they will now consider putting that money in bitcoin because many people are also recommending it to them and they themselves also see the benefits of it by the time this horrible experience came.
This isn't new, all centralized banks ask questions once you withdraw a big amount from fiat banks. Yes, of course, Bitcoin doesn't have this issue till you are holding. But you have to convert it in fiat anyway. Very rarely we can use Bitcoin directly for our daily needs. So here sadly we have to use the bank again to cash out our Bitcoin.
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.
And that isn't just a singular event neither. We have seen banks and economies of nations collapse all the time, and governments or banks seizing the money of the people until it gets back to okay, basically stealing your money until they can pay it back, has happened in other nations before as well.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.
Cyprus comes to mind, happened about 10-15 years ago and they were getting everyone's money if they had more than certain sum. So long story short, this happens, it happened before, and it is happening right now, it is just different nations but the fact is that crypto would allow you to have 100% control over your money whereas others do not give that option.
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.
That's how most banks operate; they may not restrict you from withdrawing your funds, but you must follow the proper procedures, which will take time.Such large sums of money should be invested in Bitcoin rather than simply keeping them in your bank account, because the government may have a close relationship with banks and may investigate and compromise your privacy in the name of investigation. Bitcoin and cryptocurrency have made it possible for us to be financially secure, as we can invest large sums of money and be in control, rather than any bank or third party.
This is why people become interested in Bitcoin as they are free to deposit and withdraw cash anytime, anywhere.
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.
That's how most banks operate; they may not restrict you from withdrawing your funds, but you must follow the proper procedures, which will take time.Such large sums of money should be invested in Bitcoin rather than simply keeping them in your bank account, because the government may have a close relationship with banks and may investigate and compromise your privacy in the name of investigation. Bitcoin and cryptocurrency have made it possible for us to be financially secure, as we can invest large sums of money and be in control, rather than any bank or third party.
I see a danger like this in Bitcoin. Who will be your interlocutor if there is a problem in the stock market you are trading? especially if it happens on an exchange that does not have an official office in your country. Yes banks are slow and less helpful but at least they have a formal responsibility.
Do you know that more investors in the Mt. Gox hacked exchange did not live in Tokyo, Japan where the exchange was based, and as we have heard recently that there will be a repayment distribution of funds to former customers of the crypto exchange, and if this eventually happens which I believe will, translates to, you don't have to be physically in that location of the exchange for you to get a repayment and I can also tell you that some Banks in my country have bankrupted with all the customers in that same location couldn't collect their money even with the Bank was in their location. Did you know that Mt.gox has been bankrupt since 2014 and until 2022, that is 8 years have passed and until now we still have no certainty that they will return bitcoins to victims? It's all just rumours and rumours have been around since 2021. Centralized exchanges are no different from banks, if you hold your assets on it, you also run the risk of losing all your assets. If Mt.Gox doesn't pay the victims bitcoin, then I think they won't be able to do anything, no one will come forward to solve it.
Both banking and bitcoin have their own problems, no one is perfect. If the case of the other girl is holding bitcoins and paying for her sister's medical bills, and bitcoin in her country are not legal and the hospital doesn't accept bitcoin payments, then bitcoin also has a problem.
Banks do this, when they want to stop a Bank run in countries where the economy are struggling. They do not want loads of people running to the Bank and emptying their Bank accounts. Is this ethical ..... NOPE... it is not. Is this understandable? ....YES... because if everyone withdraw their money... Banks will go bankrupt. (So they looking out for their own interest and not that of their customers)
In Bitcoin we believe that everyone should be their OWN Bank..... and that you should be in FULL control over your own wealth. You can only do that, if you have FULL control over your Private Keys.
In Bitcoin we believe that everyone should be their OWN Bank..... and that you should be in FULL control over your own wealth. You can only do that, if you have FULL control over your Private Keys.
No need to look at banks, look at so-called crypto exchanges that impose all kinds of nonsense now. Calling themselves financial freedom protagonists and sovereign money liberators, and yet blocking certain people and countries at the beck and call of the very regulators they swore to break free from.
Oh and in case anyone needs a reminder of how Bitcoin really is different from the rest of crypto, ask MetaMask would-be users from Venezuela or Iran how they're getting along.
Oh and in case anyone needs a reminder of how Bitcoin really is different from the rest of crypto, ask MetaMask would-be users from Venezuela or Iran how they're getting along.
For how long should people understand the importance to have bitcoins for emergencies such as this one?
They found it once they change their mind and stop from thinking it was a scam and useless stuff. Because as long as they are in that negative mindset, nothing will be able to see but all of the negative views of Bitcoin. However, I'd see no reason why we have to urge people from adopting this new form of the payment system as it was the first for them to learn it and give value to this new creation. I have no clue what is really in their mind but for sure, the doubts and worries make them afraid to try. The financial freedom provided by BTC is an advantage that the banking system will not have, because banks are regulated by the government and all the money in the bank they can manipulate in any way. using BTC or holding BTC provides privacy and only the holder can control it. Currently BTC is the most valuable and most sought after digital asset due to its diminishing supply, in contrast to Fiat money, which has a supply that can continue to be added. Long-term investment in bitcoin will provide a fair return and there is no deduction for holding bitcoins.
For how long should people understand the importance to have bitcoins for emergencies such as this one?
They found it once they change their mind and stop from thinking it was a scam and useless stuff. Because as long as they are in that negative mindset, nothing will be able to see but all of the negative views of Bitcoin. However, I'd see no reason why we have to urge people from adopting this new form of the payment system as it was the first for them to learn it and give value to this new creation. I have no clue what is really in their mind but for sure, the doubts and worries make them afraid to try. ... 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? A lot of them requires bank accounts for trades so the same issue.It's not really bitcoin's problem but the point here is that there is always a risk as long as people continue to use centralized platforms.
My understanding is that the money you put into bitcoin should be money that you do not plan on spending at all, it should be there for a decade if it could, even longer if it could stay that way. If you have money that you plan on spending in case of emergency, then life is filled with those type of emergency stuff and that doesn't change the fact that you would end up with something terrible in the long run, like price dropping and then you cashing out because you have to.
it is time for the government to make a new policy regarding crypto for alternative currencies, I think it's the best solution to recover the economy.
I do not think that the adoption of cryptocurrencies will be a solution to economic recovery, the country's economy depends on a lot of factors such as people's income, import and export, foreign currency reserves, political domestic and foreign policy...To fix it, the government needs to find out the exact cause so that it can be fixed.
But regarding the news, I think it's because banks require a lot of requirements that their customers must meet and it also takes time before their customers can get their money back. This is a dilemma because if the customer wants to save his money in the bank, the bank will immediately open an account. Then the customer can start saving or transacting as usual. But when they want to withdraw their money at the bank, the bank will ask various questions and it will not be easy to get the money.
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It's very clear that bitcoin gives us freedom, because bitcoin and ethereum can be used and traded internationally, South America and Venezuela are excellent examples of how crypto provides financial inclusion for the unbanked, since bitcoin was launched. more than ten years ago many cryptocurrencies have appreciated in value very quickly, while vitality remains a concern in the short term,
Yes, people don't worry much about their money they put in Bitcoin like the way they worry about the money they put in the bank, because their wallets made their Bitcoins or Ethereums secured and safe from any crisis that will happen in the country. But bank is not too safe for any crisis that will happen in the country because the government can decide to close all the banks in the country until the crisis is be solve from the country, which will make a lot of bank users not to be comfortable with their feeding at the moment. 
It's not just the bank. In cryptocurrencies, we also have to be wary about the local exchange/wallet. Sure, it's faster to exchange our Bitcoin for our country's currency, (i.e. USD, PHP, EUR) but, there's one time that I felt like they are not far from what the banks are doing.
I was unable to exchange my BTC for PHP just when I badly needed the money and I got furious about it. To my surprise, they are asking for IDs, where the money came from, transactions, jobs, how much I make, and more stuff that I believe should be private so that they can enable my transactions again.
Be careful with them. They can lock you whenever they want.
Not your keys, not your Bitcoin.
I was unable to exchange my BTC for PHP just when I badly needed the money and I got furious about it. To my surprise, they are asking for IDs, where the money came from, transactions, jobs, how much I make, and more stuff that I believe should be private so that they can enable my transactions again.
Be careful with them. They can lock you whenever they want.
Not your keys, not your Bitcoin.
It's very clear that bitcoin gives us freedom, because bitcoin and ethereum can be used and traded internationally, South America and Venezuela are excellent examples of how crypto provides financial inclusion for the unbanked, since bitcoin was launched. more than ten years ago many cryptocurrencies have appreciated in value very quickly, while vitality remains a concern in the short term,
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If you live in Lebanon then there is no other way but to have cash in your wallet, if you are tied to banking then you have to be willing to comply with withdrawal restriction regulations during the crisis,
I'm not from Lebanon but this woman's problem has happened in many other banks around the world, I've had this problem myself. The fact that many banks restrict withdrawals or make it difficult for people to withdraw money is a lot, while it is their own money, not someone else's.
Banks are like different companies, not all banks have the same policies or services, so choosing a bank to deposit money should also be carefully considered.
And bitcoin in this situation is also unlikely to solve the problem for the woman, if the country where she lives bitcoin is not accepted or not yet legal.
it is time for the government to make a new policy regarding crypto for alternative currencies, I think it's the best solution to recover the economy.
I do not think that the adoption of cryptocurrencies will be a solution to economic recovery, the country's economy depends on a lot of factors such as people's income, import and export, foreign currency reserves, political domestic and foreign policy...To fix it, the government needs to find out the exact cause so that it can be fixed.
The link provided does not work. Considering the scenario from what you described it seems the account holder was really pissed over withdrawal situation and could be victim of repeated attempts of withdrawing money from bank under pressure. Is it possible that they have been forced to withdraw large sums of money by a criminal who might have sent large chunks of bitcoin over their address and now trying to get the cash for the same?
I mean this could happen. Someone might just send it intentionally or accidentally and then study you, where you live, breath, work and what not and then commit such horrible crimes.
I mean this could happen. Someone might just send it intentionally or accidentally and then study you, where you live, breath, work and what not and then commit such horrible crimes.
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.
You will be surprised to know that the Lebanese bank limits withdrawals even if the depositor only withdraws his own money, in the news article that the woman confirmed using a toy gun to get her money in the bank for her sister cancer treatment, but yes the woman is in a desperate state because she only has saving money in the bank for his last option, he even thought of selling a kidney to treat his sister.https://www.reuters.com/world/middle-east/woman-holds-up-lebanese-bank-13000-her-own-money-advocacy-group-says-2022-09-14/
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I guess we should consider doing research regarding banks first before depositing your money there.
If you live in Lebanon then there is no other way but to have cash in your wallet, if you are tied to banking then you have to be willing to comply with withdrawal restriction regulations during the crisis, it is time for the government to make a new policy regarding crypto for alternative currencies, I think it's the best solution to recover the economy. 
... 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? A lot of them requires bank accounts for trades so the same issue.It's not really bitcoin's problem but the point here is that there is always a risk as long as people continue to use centralized platforms.
Instead in these type of situations, the person should do P2P deal and that too preferably for cash. That is the best way to get money if you don’t want the bank or any legalised body to get involved.
Moreover hospitals should definitely need to accept Bitcoins, as not many people hold their assets in form of cash.
For how long should people understand the importance to have bitcoins for emergencies such as this one?
They found it once they change their mind and stop from thinking it was a scam and useless stuff. Because as long as they are in that negative mindset, nothing will be able to see but all of the negative views of Bitcoin. However, I'd see no reason why we have to urge people from adopting this new form of the payment system as it was the first for them to learn it and give value to this new creation. I have no clue what is really in their mind but for sure, the doubts and worries make them afraid to try. ~
For how long should people understand the importance to have bitcoins for emergencies such as this one?
https://www.facebook.com/watch/?v=607786560854535
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.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
Video from: marwanmatni
-Arab News
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.
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.
~
For how long should people understand the importance to have bitcoins for emergencies such as this one?
https://www.facebook.com/watch/?v=607786560854535
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.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
Video from: marwanmatni
-Arab News
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.
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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.
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.
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. 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. 
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.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.
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.
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.
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.
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.
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.
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.
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.
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.
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. 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. 
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
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. 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
Video from: marwanmatni
-Arab News
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
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.
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?
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.
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.
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.
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.
... 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?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!
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.
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.
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?
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.
With the situation of things around the financial sector, a lot needs to be done and Bitcoin is far from doing those things that need to be done, take for example if you have Bitcoin in your wallet you still need to bank for your exchange to go through and making payment for small goods are done using traditional money and not through Bitcoin.
Even in countries like El Salvador which already make Bitcoin a legal tender, citizens still have it hard to depend on Bitcoin solely and that is why the president announced Bitcoin usage alongside United States dollars.
Even in countries like El Salvador which already make Bitcoin a legal tender, citizens still have it hard to depend on Bitcoin solely and that is why the president announced Bitcoin usage alongside United States dollars.
hero member
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Leading Crypto Sports Betting & Casino Platform
That may be because the bank does not have cash in its office so if someone wants to withdraw a large amount of money, the bank cannot immediately provide it. Maybe the bank will transfer several times for all the too large amount of money.
But if the money is not too big, the bank should be able to give it directly because it is the customer's right. In this case, the bank can be subject to demands from customers because they cannot provide what is already the customer's right. But as we know, the bank is supported by the government and the government may not do too much to defend its customers.
But if the money is not too big, the bank should be able to give it directly because it is the customer's right. In this case, the bank can be subject to demands from customers because they cannot provide what is already the customer's right. But as we know, the bank is supported by the government and the government may not do too much to defend its customers.
While I generally agree with the op, there are certain nuances to it. Firstly, how and where a person is storing BTC matters. If it's a non-custodial wallet, that's fantastic, and there's indeed no authority or company that can demand anything from you when you want to access your funds. But if it's a centralized service, your funds can also be frozen, access can be restricted, demands can be put forth. Secondly, as long as you're storing your own BTC, it's all good and you're enjoying access to your coins. But there aren't many places in the world where you'd be able to use these coins directly. This woman wanted the money for her sister's cancer treatment, and I bet the clinic doesn't accept Bitcoin. In that case, a person still needs to get fiat, and that's likely to involve banks, centralized crypto exchanges, and/or ATM which might also ask for documents and get a hefty fee.
So, unfortunately, keeping the money in Bitcoin for emergencies also have its downsides. Not to mention that the price can just fall by a lot, and suddenly you have way less money for the emergency than you used to have.
So, unfortunately, keeping the money in Bitcoin for emergencies also have its downsides. Not to mention that the price can just fall by a lot, and suddenly you have way less money for the emergency than you used to have.
Even when we use a DEX, are your Bitcoin sales not going to be paid into your Bank account? As far as I know, for now, the DEX I have used also pays directly to your Bank account and we are back to the same problem except you know someone that is willing to pay you by hand directly.
Yep P2P is the option, don't forget they can convert into gift card too. The point is don't fund most of your money on banks, just send some portion you really want to use, if the banks froze your money then you can try other banks.
Honestly Bitcoin created isn't to kill Banks and overtake fiat, but the aim is just to become alternative payment. As long as the government didn't ban Bitcoin usage, it's fine to pay something with Bitcoin if the sellers accept it.
I've read about this today. She said later she didn't want to hurt anyone, just wanted her money back from the bank.
You can see she's a noob at this whole armed robbery thingy. Pushing your gun into your pants is a quick and easy way to put an unwanted hole in your private parts.
Another country with the same problem. Last month it was China.
That has happened in China and too many depositors have been affected but they can't do anything against the bank and its government because they're all powerful there. And the citizens can't do nothing there even if how hard and badly they need the money.
News: China bank customers to get deposits back after protests
In pics - Mass protest by bank depositors in China crushed by local authorities
IIRC, I've also seen some news about it in the Middle East but I can't find that specific news.
News: China bank customers to get deposits back after protests
In pics - Mass protest by bank depositors in China crushed by local authorities
IIRC, I've also seen some news about it in the Middle East but I can't find that specific news.
Definitely it seems way fishy! May be she earned or saved some bitcoins but she did not know how to convert them or convert them without any further taxation and stuff like that. What if the transaction was associated with some spurious trade and bank got to know information about it and thats why they were trying to block the further trade and cease the money. The news is really short and there are number of possible reasons for her extrovert behavior like this.
We have seen banks not giving away money at the time of emergencies, currency alterations, discontinuation of the press notes and much more valid and documented reasons but this one is really new.
We have seen banks not giving away money at the time of emergencies, currency alterations, discontinuation of the press notes and much more valid and documented reasons but this one is really new.
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
Hardly can a bank ever go bankrupt in this modern day, if a bank is having financial problems, what they do is to merge with other banks or handover to another bank, and even if i agree with you that a situation that a bank can go bankrupt is possible today, then customers can't just lose all their money, there are banks' governing agencies that would ensure customers are compensated.80% of your money in crypto, not even bitcoin specifically is not a smart thing to do, banks are necessary evils, and there is hardly anyway not to ever use them. I hope you have the keys to the 80% of your money in crypto, otherwise it is better you use the bank.
Quote
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
That is why many people prefer to invest their 70% or 60% of their money on Bitcoin, because it will be difficult for network to hold them not to have access to their wallet through out a day like the way bank network used to affect their users not to have access to their money at the moment or through out the day base on network issues. Since I came to discovered potential Bitcoin, I prefer to put my money on Bitcoin than putting all money to bank because anything can happen to the bank that will make the bank not to work through out the week, which such thing cannot happen to Bitcoin. 
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
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
Video from: marwanmatni
-Arab News
First of all, the Fiat money is the property of central banks of their respective governments so its not your money. And banks has to follow such regulations because if everyone wants to withdraw their money from bank there will be actually no money for everyone to withdraw and the question raised is what actually make sense. Why we need to trust the paper issued by banks to have value and we have to follow lot of procedures to handle our money?
But as of sudden bitcoin can't change everything, first of all the payment infrastructure is needed then only we can pay by bitcoins or any other cryptos.
~
To be honest it is even worse for those who use custodial wallet, since they either get ghosted or do not get any replies from the support team at all once they freeze your account until further notice. Might not be related to Bitcoin, but back then I got my Paypal frozen and was given the usual 180 days before I can do anything. Good thing it was just few quarters and I did not bother to contact them anymore since resending my ID and identity did not budge it.This time I have separate wallet for Bitcoin that will be used for purchase and other ones that is entirely for holding.
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.
Bitcoin can help but only if people knows the underlying meaning of the saying "Not your keys, not your coins".If they buy Bitcoin, store it on centralized exchanges, they don't actually own Bitcoin. They don't own key so they don't actually own coins. Exchanges own it if if exchanges reject to approve user withdrawal requests, they can steal your Bitcoin. It's similar to banks.
If people use non custodial wallet, they can make any transaction when they want to do that. Miners on the network will confirm their transactions with priority for highest fee rate at top of mempool. Fortunately, nobody can steal Bitcoin in your non custodial wallet or prevent you to make your transaction.
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
... 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? A lot of them requires bank accounts for trades so the same issue.It's not really bitcoin's problem but the point here is that there is always a risk as long as people continue to use centralized platforms.
Well it always has a problem with centralized platforms [agencies, banks, companies or etc.] as long as it is a centralized organization it is expected that everything there will be under a legal process if you don't have legal papers, the centralized platform is not good as always. Be your own bank as crypto enthusiasts say and there is a way how to cash out your bitcoin to fiat without centralized platforms but in a tricky way. Bitcoin does not have a problem, it is on a government centralization.
However, we dont know the whole story of why that woman pulls out her gun inside the bank, she will perhaps restricted due to a legalities reasons.
However, we dont know the whole story of why that woman pulls out her gun inside the bank, she will perhaps restricted due to a legalities reasons.
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.
Probably theres a deep reason for restricting her vank account. Its not as if the bank will technically reatricy out of thin air which we dont know the whole story.
We cant also be sure that even she has bitcoin the hospital will accept her payment via crypto. But of course there are others way on how to cash out aside from bank. Atleast there are some remittances or any third party in their country for that (I assume).
Im not sure whether it should be blame on her too or to bitcoin but maybe her situation is really tight thats wjy she resort to that. She doesnt thinking straight cause she knows that there is no turning back from that and she is just worried on her sister bu its not right to use force like that.
We cant also be sure that even she has bitcoin the hospital will accept her payment via crypto. But of course there are others way on how to cash out aside from bank. Atleast there are some remittances or any third party in their country for that (I assume).
Im not sure whether it should be blame on her too or to bitcoin but maybe her situation is really tight thats wjy she resort to that. She doesnt thinking straight cause she knows that there is no turning back from that and she is just worried on her sister bu its not right to use force like that.
... 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? A lot of them requires bank accounts for trades so the same issue.It's not really bitcoin's problem but the point here is that there is always a risk as long as people continue to use centralized platforms.
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
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
Video from: marwanmatni
-Arab News
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