Topic: Why I hate Banks and love Bitcoin :-> - page 10. (Read 9021 times)

The transparency and distributed nature of blockchain technology, once it scales, will put pressure on traditional businesses relying on legacy systems. This particular case highlights the need to improve payment processing. There is no need for payments to take hours or days to reflect in an account.

I feel you banks are slow in everything deposits, withdrawals etc. That's why when i stumble upon cryptocurrency i took out my money on banks immediately because using digital currency is far more way advanced faster and the fees are very low, it's more convenient than traditional banks.

Why don't you use Ethereum or Ripple or other crypto currency? They more quickly,just only 3-5 minutes. Bitcoin have to lost 20 minutes for this work

Sad to say that not all transaction can be made by bitcoin.but why we love now bitcoin  than bank.is it because bitcoin now is can trusted for.your money is in safe mode.bitcoin also can used for bussness transaction as easy as well done bank so many ways before the transaction be done.although yes we still believe in bank but for now I used bitcoin.

This is a common situation I think almost everyone has already been. It also happens when we need to make a transaction on friday night, however the transaction will be only made by the bank on next monday morning.
On this point bitcoin has an advantage. Its system doesn't stop working on weekends or during some hours, it works 24/7. Banking system is still too archaic for the modern times we are living, they have much to learn from bitcoin.

That's just how they operate. If you transfer money from your bank to another bank (in this case the bank of your satellite service), the other bank has to approve the transaction within its daily frame of business hours.

If the bank of your satellite service is located in a different country, things can become even more complicated and time consuming because there may be third party banks in the middle functioning as hop.

Bitcoin would offer a much faster alternative, but if your satellite service isn't aware of its advantages, they won't be accepting it, so based on that I would contact them and educate them about it and preferably so that they accept LN.

If they don't want to accept LN directly, there is a third party payment processor being CoinGate that offers LN payments.

Around the world we've got billions of satellite TV subscribers, and what you've encountered doesn't seems to be a big issue. Most of the time there won't be much issue with the payment, but the later process of adding service to the respective number gets delivered delayed. I believe this will happen with bitcoin too, as it happens with one in thousand users.

Banks also hate money. I hate also banks.
Transaction are fast in netherlands, but the bankcards are crap.
cards are times as thin with less plastic
Gold on the chip is now silver
they have used copper as little as possible


Bank like crypto. safes time and a lot of money.
That is why this system was conceived and developed by tech companies and the people people.

Banks will continue to exist, but they will become richer because everything will go automatically. Lot op people not needed annymore and 1 building for all administration.
People will always need loans. But will probably come up with an option to deposit it with a full compensation if it is stolen.
If you yourself have the risk of being hacked, all your money will be gone forever.

See bitcoin as a test mode right now. In a positive mind.
But how can you test it better than doing it worldwide?
Testing with mass hystery and dumps, with a lot and less miners.
2017 Bitcon was stress tested full power to see if blockchain holds, then fast dumps and so on and looking what it cant do. Whats going to happens. Think the exciting thing for techs is to wait anyway when all bitcoins are mined. Destroys the blockchain his self, works it after all coins mined well. they don't know it either.
Bitcoin technology is now just as far back as the T-ford.
10 years on, bitcoin has developed so far that it can no longer be compared with now.

This is why i like bitcoin and ussually coins or payment who are sent instant, i also pay for my tv service, but not with bitcoin because is not possible, i pay with card and ussually on 5 minutes the payment appears as processed, but yes bitcoin and crypto solve the problem of bank transfer, i mean we can use crypto instead of bank transfer.

Similarly as another contraption, for example, a cell phone. At first, individuals will in general scorn the new innovation in the devices. This isn't on the grounds that they don't care for it, but since it's new, confused, and might overuse it.

For this situation, a few bankers / investors have no clue on how this new innovation functions. Tragically the individuals who get it, loathe it.

That is why many of the modern people especially those who are technology literate people who's wanted an easy and fast transaction like me. I am sorry that you experienced that kind of situation for sure it is very annoying,
I hope that in the future bitcoin will be available to all providers or all products that it can be an alternative way of paying instead of cash or through bank.

Wouldn't bitcoin take just as much or even more? Sometimes it could even take days to send bitcoin and you have 0 safety when it comes to bitcoin payments, you would have to rely on the company to be safe and if they scam you, you are fucked, who is going to give you the money back? At least with banks, if you get scammed for small amounts of money you can easily cancel the payments.

imagine people from poor countries like mine? when I pay TV and Internet via ATM it usually takes between 30 minutes to hours, and it constantly causes me headaches. Even the POS services in my country are not so reliable because they have many problems and maybe in many years my government will think about accepting bitcoin as a means of payment. By this I mean that at least you have better options

Not all offline and online media accept payments with bitcoin. Because there are still many government restrictions on this digital currency. Even though with bitcoin everything becomes simpler and faster

bank service does not make us satisfied.  the reality of the system created by the bank only gives us a loss. 
I like if everyone takes all their assets and then transfers them to BTC.  I believe.  the bank will disappear and will be replaced by gold or bitcoin.

It's useless to hate banks, we still can't fully rely on.cryptocurrencies (and probably we never will) so their services are still needed. The fact is that their business is limited with very strong regulations that often don't suit us but that can't be changes. Still you can choose the scope of services and products they offer that suits you the most and other you can try to compesate with cryptocurrencies. So, combine the best of both.

It's known that bank transfers take long, which is why you should automate the billing process. All my bills are automated and I never have to worry about being too late with payments.

If there are trust issues in the way that you may get double billed, there should be an option within your banking portal to set some restrictions such as only one payment per whatever time frame, and only X amount as max that can be debited from your account. If that isn't an option in your region, then perhaps we just have superior banking here in Europe, hmmm.

Since it's automated there really isn't much of an advantage using Bitcoin over a traditional bank in this specific case.

I have the same experience as you, and that makes me angry with them. I tell them that I already paid the services, but they said that it needs to be verified by their accountant so they can release the access. Almost one day I wait for the access, and I called them in many times, and I am sure that they are very angry too with me, but I don't care

We hope that we can pay with bitcoin for subscribing in any services so we don't have to wait for a long time to get verification and even I think the system will automate the process so we can get the access the payment gets 1 confirmation for the transaction.

Banks have some limitations when it comes to paying, but this is how the financial / banks system works. If I send payments from my bank account to other user of same bank, the payment will be visible almost instantaneously or within minutes. This will not be the case if it is a different banks, this process lasts longer because of all the possible checks which both banks have to make.

Bitcoin could be solution for OP problems, but only if he pay an adequate fee for confirming the transaction in the next block. If fee is too low, sometimes it take days to get first confirmation, so bitcoin is pefect solution only if you know how to use it.

If some of service you use does not accept bitcoin, the only thing you can do is to ask them to think about that, and if merchants received more such requests they will maybe consider such an option.

Yes, this is a weakness of the bank system, and the existence of blockchain technology will improve all this, hopefully the government will immediately apply blockchain technology to the banking system, so that cases like this do not happen again