There is no use in hating banks. They have the way they do their business that doesn't always suits us, often it's only for their best interest and they don't care about their clients much but still they will continue to exist for a long time. The way our societies and economies are arranged they can't survive without banks.
But in a way we have a choice and cryptocurrencies are part of that choice so use it the best you can but still you can't avoid banks completely.
Topic: Why I hate Banks and love Bitcoin :-> (Read 9021 times)
For one, banks and governments won’t let you have full control over your money. Then they expect you to wait for hours at a stretch to confirm the payment made by you for something that is not even relevant now because of the time it took to confirm.
If it was only for Bitcoin, the power to transact at our free will would be safe. Secondly, banks and governments would not have a say in how and when we transact.
Also, with as good as they show themselves, it’s a rather long time to confirm a payment made 21 hours ago
If it was only for Bitcoin, the power to transact at our free will would be safe. Secondly, banks and governments would not have a say in how and when we transact.
Also, with as good as they show themselves, it’s a rather long time to confirm a payment made 21 hours ago
The reason why I hate banks is that the bank is settled and continually deceives people by taking back customers money especially when they aren't aware of the money they have in their account unlike bitcoin.
If that is the case then its the depositors fault because first, they settled to a bank that takes away money without them knowing, not all banks are like this and what are those that are taken away without the depositors knowledge anyway? Is it the fees? That was discussed when they opened the account, they just didn't put their attention when its being explained. However, we still need banks, its not only to store our fiat, there are other services that they offer. I read today that if you have a bank account for 20 years and you do not even know it yourself, then according to the law, the bank may have all the money in the bank account and the account will expire without you noticing
Well, in my country they also "lock" your account if the account is dormant for more than 2 months. So, they force you to make some transactions, because they generate a income from those transaction fees and you are not allowed to just leave the money in the Bank to accumulate the interest.
Where with Bitcoin you can "hoard" your bitcoins without any penalty or your Bitcoin address being locked.
I read today that if you have a bank account for 20 years and you do not even know it yourself, then according to the law, the bank may have all the money in the bank account and the account will expire without you noticing
This is the difficulty of using a bank we must always update the bank account so that not considered inactive. But their regulation is really unfair because people who use banks want to save money even though they have paid monthly fees automatically. Without notice? The government should give notice to the account holder whether it is still alive or not. I don't know if they are a good government because they have taken their own people's money without notice. 
I read today that if you have a bank account for 20 years and you do not even know it yourself, then according to the law, the bank may have all the money in the bank account and the account will expire without you noticing
I am not aware of this, not knowing mean you haven't update your bank account, right?In our country, there is a dormancy policy that the bank will deduct a certain amount on a regular basis like every month if your balance is below on the required maintaining balance, for deposits that are unclaimed it should go to the treasury which is a government agency.
Can you specify where this news is coming from? Like a link of an article would do.
I read today that if you have a bank account for 20 years and you do not even know it yourself, then according to the law, the bank may have all the money in the bank account and the account will expire without you noticing
Really? That's a strange regulation, because if we can prove our ownership legally, we should be able to leave the bank account to our descendants. This is clearly different from bitcoin, because we can claim our bitcoins in the wallet as long as we hold the private key even without any documents because it is anonymous. The bad side is that our bitcoin can be stolen by other people who know our private key
I read today that if you have a bank account for 20 years and you do not even know it yourself, then according to the law, the bank may have all the money in the bank account and the account will expire without you noticing
I pay for my monthly satellite TV subscription with a bank transfer and for some obscure reason I forgot to pay it this month. I was still watching the World cup Cricket tournament, when a message popped up, saying that my account was in the arrears and they blocked my viewing.
I immediately logged into my internet Banking and checked my payment history and realized that I skipped that payment for some reason, so I made the payment and thought I would wait for a hour or two and then resume viewing. Noooot!
8 HOURS passed, I phoned the company and they informed me that the payment is not reflected on their system yet, so I waited another 4 hours and phoned them again.
A whole 21 hours later the payment went through and I could continue viewing, but the match I wanted to see was finished.
If I paid with Bitcoin, this same payment would have taken less than 20 minutes at most, but unfortunately this Satelite provider does not accept Bitcoin payment for this service.
I immediately logged into my internet Banking and checked my payment history and realized that I skipped that payment for some reason, so I made the payment and thought I would wait for a hour or two and then resume viewing. Noooot!
8 HOURS passed, I phoned the company and they informed me that the payment is not reflected on their system yet, so I waited another 4 hours and phoned them again.
A whole 21 hours later the payment went through and I could continue viewing, but the match I wanted to see was finished.
If I paid with Bitcoin, this same payment would have taken less than 20 minutes at most, but unfortunately this Satelite provider does not accept Bitcoin payment for this service.
what thngs you have pointed out is just one of the reasons to love the Bitcoin network and blockchain in entirety, but have you taken a second look at the Fees they charge per transaction and how they get you to verify and reaffirm numbers to just have a valid and corresponding transaction and not mistaken it for someone else's. Then the fact that the ledger in which the transaction got recorded can be hacked and documents deleted or even altered to suit another reason. Bitcoin is second to none.
I am well aware of all the advantages that Bitcoin has over the Banking systems, but I just gave one real world scenario where Banks failed me once again. I have been a victim of Credit card fraud and I lost a lot of money that I had to pay off as debt, so I know how these @#$%& operate.
It is about time that Bitcoin challenged the Banking system and the monopoly they had over people's finances. True financial freedom is more difficult and inconvenient, but it is definitely very rewarding.
I pay for my monthly satellite TV subscription with a bank transfer and for some obscure reason I forgot to pay it this month. I was still watching the World cup Cricket tournament, when a message popped up, saying that my account was in the arrears and they blocked my viewing.
I immediately logged into my internet Banking and checked my payment history and realized that I skipped that payment for some reason, so I made the payment and thought I would wait for a hour or two and then resume viewing. Noooot!
8 HOURS passed, I phoned the company and they informed me that the payment is not reflected on their system yet, so I waited another 4 hours and phoned them again.
A whole 21 hours later the payment went through and I could continue viewing, but the match I wanted to see was finished.
If I paid with Bitcoin, this same payment would have taken less than 20 minutes at most, but unfortunately this Satelite provider does not accept Bitcoin payment for this service.
I immediately logged into my internet Banking and checked my payment history and realized that I skipped that payment for some reason, so I made the payment and thought I would wait for a hour or two and then resume viewing. Noooot!
8 HOURS passed, I phoned the company and they informed me that the payment is not reflected on their system yet, so I waited another 4 hours and phoned them again.
A whole 21 hours later the payment went through and I could continue viewing, but the match I wanted to see was finished.
If I paid with Bitcoin, this same payment would have taken less than 20 minutes at most, but unfortunately this Satelite provider does not accept Bitcoin payment for this service.
what thngs you have pointed out is just one of the reasons to love the Bitcoin network and blockchain in entirety, but have you taken a second look at the Fees they charge per transaction and how they get you to verify and reaffirm numbers to just have a valid and corresponding transaction and not mistaken it for someone else's. Then the fact that the ledger in which the transaction got recorded can be hacked and documents deleted or even altered to suit another reason. Bitcoin is second to none.
Yea man banks suck
I do not like banks also. I am not happy that the government has access to my account, it can look at my balance, and if it wants, it will freeze it. I hate waiting for 2-3 days for a bank transfer, we all know that this is not due to technical reasons, banks simply profit from our money, delaying it.
I am not satisfied with their transfer fees; they are too large for such a poor quality of service.
I see crypto as a means to turn the world around and see the inflation down on the wheel, the fiat has really cause so much devalue in the market regard but having crypto here will deflate the market by having little today and will be able to take what your present pocket could bid for in future .
Yea man banks suck
I do not like banks also. I am not happy that the government has access to my account, it can look at my balance, and if it wants, it will freeze it. I hate waiting for 2-3 days for a bank transfer, we all know that this is not due to technical reasons, banks simply profit from our money, delaying it.
I am not satisfied with their transfer fees; they are too large for such a poor quality of service.
Why do they freeze your account if you're not doing anything wrong?
I mean freezing account are for those people who violate the law so they can't access the bank and leave the country. Actually, some of the banks accept bitcoin for money transfer, and it's very fast and helpful. Maybe the banks in your country are really poor eh'?
I pay for my monthly satellite TV subscription with a bank transfer and for some obscure reason I forgot to pay it this month. I was still watching the World cup Cricket tournament, when a message popped up, saying that my account was in the arrears and they blocked my viewing.
I immediately logged into my internet Banking and checked my payment history and realized that I skipped that payment for some reason, so I made the payment and thought I would wait for a hour or two and then resume viewing. Noooot!
8 HOURS passed, I phoned the company and they informed me that the payment is not reflected on their system yet, so I waited another 4 hours and phoned them again.
A whole 21 hours later the payment went through and I could continue viewing, but the match I wanted to see was finished.
If I paid with Bitcoin, this same payment would have taken less than 20 minutes at most, but unfortunately this Satelite provider does not accept Bitcoin payment for this service.
I immediately logged into my internet Banking and checked my payment history and realized that I skipped that payment for some reason, so I made the payment and thought I would wait for a hour or two and then resume viewing. Noooot!
8 HOURS passed, I phoned the company and they informed me that the payment is not reflected on their system yet, so I waited another 4 hours and phoned them again.
A whole 21 hours later the payment went through and I could continue viewing, but the match I wanted to see was finished.
If I paid with Bitcoin, this same payment would have taken less than 20 minutes at most, but unfortunately this Satelite provider does not accept Bitcoin payment for this service.
In as much that you hate banks, they will always be in existence and have more patronage compared to the number of people in the crypto ecosystem. The ideology behind Bitcoin in no doubt the best and reliable way to make transactions but the volatile nature of Bitcoin is preventing people with either no knowledge or less knowledge about Bitcoin to consider the use of it. In as much that banks control how people make transactions, the currencies do not fluctuate.
Well I would say its choices. Everyone has a choice to make whether to go in for bank investment or bitcoin. I personally don't hate banks per se but I prefer bitcoin investment because its fast and no tax is involved here. Bitcoin is also a way to make money faster than bank.
I think the argument here is not about investment or which can provide money faster rather it is on the basis on who's services or transactions is more reliable, Ofcours banks have a lot of flaws when it comes handling transactions since they deal with millions of users at the same time but they still provide the most services compare to payment system.
Yes, it seems that Bitcoin transactions are done very quickly and accurately. However, it is not really popular, so it is difficult to pay with Bitcoin for your services daily. I think the bank's transactions are fast and convenient for you. But maybe the services you need are not fast enough to update
Such a comparison is unreasonable because bitcoin is not really a professional tool for transferring money and handling services, it is just a tool that has many advantages for that process, in essence, it is still suitable for the most investment, while banks are created to serve the services, the level of professionalism and accuracy is certain, they have calculated everything and upheld the quality. So we should consider which is convenient for our needs, we should use, don't spend too much emotion and act according to our emotions
I pay for my monthly satellite TV subscription with a bank transfer and for some obscure reason I forgot to pay it this month. I was still watching the World cup Cricket tournament, when a message popped up, saying that my account was in the arrears and they blocked my viewing.
I immediately logged into my internet Banking and checked my payment history and realized that I skipped that payment for some reason, so I made the payment and thought I would wait for a hour or two and then resume viewing. Noooot!
8 HOURS passed, I phoned the company and they informed me that the payment is not reflected on their system yet, so I waited another 4 hours and phoned them again.
A whole 21 hours later the payment went through and I could continue viewing, but the match I wanted to see was finished.
If I paid with Bitcoin, this same payment would have taken less than 20 minutes at most, but unfortunately this Satelite provider does not accept Bitcoin payment for this service.
everything has been systemized bro and maybe that's the procedure, when late paying and finally your subscription is temporarily closed, maybe that's part of the suspend you received.I immediately logged into my internet Banking and checked my payment history and realized that I skipped that payment for some reason, so I made the payment and thought I would wait for a hour or two and then resume viewing. Noooot!
8 HOURS passed, I phoned the company and they informed me that the payment is not reflected on their system yet, so I waited another 4 hours and phoned them again.
A whole 21 hours later the payment went through and I could continue viewing, but the match I wanted to see was finished.
If I paid with Bitcoin, this same payment would have taken less than 20 minutes at most, but unfortunately this Satelite provider does not accept Bitcoin payment for this service.
but I also agree that payments using bitcoin can happen very quickly, and it is impossible to delay unless there is maintenance.
Yes, it seems that Bitcoin transactions are done very quickly and accurately. However, it is not really popular, so it is difficult to pay with Bitcoin for your services daily. I think the bank's transactions are fast and convenient for you. But maybe the services you need are not fast enough to update
We can't really compare bitcoin to banks because bitcoin is automatic while bank has a 3rd party to verify transaction. In general, bitcoin is not widely acceptable yet, so whether we like it or not, bank is still very useful compared to bitcoin if use as a payment system.
We have our individual interest in life, like me, I like to gamble and when it has to pass through my bank account, it's not fast as I will just send from my bitcoin wallet, I'm just lucky that we have a lot of gambling sites there that accepts crypto already.
Yes traditional banking system may sometimes make problem as their system fall but this does not happen in cryptocurrency transferring. If address is accurate then no problem to find any tokens but sometimes it also make late for block confirmations.
Here main problem is everybody is not still introduce about it and we also can not implement it in largely. But we can hope about it and waiting for batter day in near future.
Thanks.
Here main problem is everybody is not still introduce about it and we also can not implement it in largely. But we can hope about it and waiting for batter day in near future.
Thanks.
Circumstances like that really try your patience. That is the problem when transactions will pass through some middle agencies that are actually unnecessary. And the fact that the payments are not allowed in several modes will add to the hours of processing. Bitcoin would have made the payment a lot quicker and disturbances would have been completely avoided or reduced to the minimum. But then again, you should have paid on time.
Well, there are one other way of doing this without them having to accept Bitcoin as a payment option and that is to use payment processors. I do not like this option, but it gives Bitcoin users more options to spend their coins. Payment processors convert the bitcoins to fiat currencies and the merchant does not have to deal with Bitcoin.
The problem is, if we do it this way, merchants would not need to accept Bitcoin directly and third parties gets involved and they usually add extra fees to make your overall transactions a lot more expensive.
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