Topic: Why I hate Banks and love Bitcoin :-> - page 8. (Read 9021 times)

Bitcoin is better than in bank when it comes to payments, because it so fast and no need to wait for the approval of the banks. In bitcoin anytime you can open it or use. While banks there so many procedure and there is no privacy unlike in btc.

Banks and bitcoin have different function for everyone. It does not matter whether you only trust one of them because they give you much benefits than the other. I am using both, bank where I can save my money for the future used and bitcoin where I keep money for investment or spending purposes because it is less hassle to process online than in banks.

If you make a bank transfer by mistake the bank can do nothing in most cases. If you get ripped off your $100 banknote, there's nothing you can do either. So I don't really see the comparison?


There are literally a thousand of payment methods and more currencies, it's not the problem. The problem is they are all centralized or state-owned. Bitcoin is the currency of nobody, doesn't represent a nation and isn't controlled by a centralized network.

Which takes away the point of bitcoin, doesn't it? Using centralized services because bitcoin cannot do it alone? There are many problems with bitcoin, most of these issues are holding bitcoin back from mainstream adoption. Stablecoins have tried to solve the volatility problem and while they are not volatile, they are also not necessarily the best option.

Financial Freedom is important but it also has its disadvantages, mistakes for example can be devastating because no one is in control of your coins and so, no one will be able to refund you if you make a  mistake.

Yes, banks suck, their interest rates, fees, etc are bad, however there isn't a much better alternative when it comes to everyday payments and even other type of payments. The bitcoin network is certainly secure, however that doesn't mean your coins are, your money is probably much safer in a bank than in your own computer with bitcoin unless you are never trading with it and holding it in a paper wallet (which certainly doesn't help if you want to use them for daily payments). Exchanges get hacked all the time, people lose their bitcoins all the time, even using hardware wallets, it happens. Security isn't necessarily a + when it comes to bitcoin.

Deflation: Yes, in that regard, bitcoin and cryptos definitely win, it's math, there is a limited number of bitcoins, in fact the amount is lower and lower every single day because of lost bitcoins.

Anonymity?: See, this one is tricky, you need a credit card/bank/paypal to purchase bitcoin, at least if you want big quantities of it, there are ways to do it without them but you wont be able to buy 1000 bitcoins not using one of those methods, also even if you manage to do it, what are you going to do when you need to cash out?

Talking about cashing out, bitcoin can be a bitch, did I say banks have high fees? Well shit, when you cash out your bitcoin, you can get pretty fucked with fees and it's not even that easy to do. Localbitcoins has been targeted by governments recently and might even shut down at some point, it's certainly not very anonymous anymore.

Banks do have a very important role, stabilize the economy for example in times of crisis, they can literally create or destroy money, we wont be able to do that with bitcoin and while you might think this isn't necessarily great, it's needed sometimes.

Sorry about the game Kakmar, i have also been in a similar situation where a friend of mine needed money so badly and urgently and you know how our central banks are. I sent the money but it took over 5 hours before he was able to cash out the money. I think it's time we actually push for the adoption of cryptocurrencies to the masses and marketplaces.

This would really help save time and all the stress that we have to go through when cashing out through banks.

This is an issue that must be tackled by that Bank because it made consumers like you lose trust in them. Its unfortunate that some banks are still slow on processing payments and their services are still not that good enough to satisfy their consumers. It is their mistake because a lot of people are trusting them with their own money. Money is not something that is easy to gain and the best way for this kind of issue to be resolved is by finding a better bank.

It is true that paying with Cryptocurrency will be hassle free but that also depends if people are already knowledgeable enough to understand how Crypto works. We should start teaching them little by little for us to make a better community.

For convenience, third party service is good but for me, it quite defeats the purpose of blockchain and bitcoin. Blockchain is created to avoid the third party in making transactions. The third party service providers are like the banks which we are trying to avoid by using bitcoin.

That is true, paying in fiat money is more complex than paying in a cryptocurrency based system. One of the things and one of the reasons why it should get adopted by different companies. It makes us less hassle than paying in fiat money and it little by little, bitcoin will be introduced to naive people.

There are actually many third party services that provide you a convenient way to deal with everyday's shopping through bitcoin also there are many of gift card seller who accept bitcoin  If you really interested in using bitcoin you can try that

A good alternative to the type of payment, I agree that the Bank payment can be credited within a day, and if also on the weekend payment, you can wait a few days.With bitcoin much easier, this tool would make life easier in the service industry.

One person transacted the money, but the money did not reach his account. Then he reported to the bank and the bank said the problem would be solved within 3 days. But it was not, but the money from the man's wallet went away. But the money did not go to the account. The other side also went away. The bank was no longer in charge. The guy got his loss.if it was done with bitcoin instead then he won't face such loss. !!!!!!!!!!!

Different from me, I love bitcoin, but that doesn't mean I hate banks, I'm not hypocritical that I still really need a bank for my transaction right now. I still use the bank for my business, sending money with people in many places. even though I like the decentralized system, for now the bank is still very much needed for me

Well, that was unexpected, but yes if they accept Bitcoin payments you can surely watch the world cup without interruption. Now at least you won't forget to recharge your tv bills. and on second though bitcoin transactions can also get stuck so I think satellite communications are much better alternatives when considering something beyond the internet.

Lols, you realize he was paying for a satellite tv subscription?
How could he remain anonyous?
Ordering something via BTC will stop making you anonymous when the parcel is delivered to your door and it has your name on it.

Seriously now, stop it!


Bounty hunter is not a job and Bitcoin didn't make it, shitcoins did.



Common, nobody died, he just missed a damn match!
@Kakmakr are you still traumatized by this experience? 
If you can't get over I'm sure lupinvn can start crowdfunding (inBTC) to support you through this difficult period.

 

Well you should have had a debit order or yearly subscription as others have mentioned as well. I just hate the banking interface, it is difficult to use and confusing. Bitcoin and crypto is much more easy to understand since it is just a few things you need. Address of the receiver and the amount to pay and your security options.vWith banking you also have no idea the progress of your transaction since there is nowhere to check since there is no blockchain.

Give your condolences to you for having gone through the extremely difficult period. Actually working with banks always has a delay in processing data. Because in some categories, they still have to process trading orders manually. I have no intention of criticizing you, but really, you don't pay your money on time as your fault, and you can't force bank employees to be on duty to handle your mistake, they just an intermediary
Speaking of Bitcoin, will TV providers accept payment by crypto? If so, what guarantees that they will be able to process your request as soon as the payment is completed?

Hows your monthly satellite TV is already reflect? You can choose bitcoin to pay your subscription in satellite TV and I think after few hours or minimum of 30 minutes it will reflect your account and you will get fast compared of using of banks. Maybe banks are delay only what juat happened to you. But next time use bank to pay your satellite tv monthly bill..

You could have added a recurring payment for your subscription. Again, if those are subscription based payment, then should they be almost instant? It looks like you are making some sort of payment transfer to their bank account to avail your subscription. That's really a poor method to accept payment and a shitty service to cancel your subscription instantly without even warning you. Your provider could just accept credit cards. They are always instant.
Yeah, bitcoin payment would be easier but then again, if you pay low fee confirmation might take ages.

That is the very reason why banks are afraid of the crypto adoption. In terms of speed, they are surely the loser. There are still drawbacks of btc transaction that's why most merchants are hesitant to employ it in their system. Volatility is the major factor that they are not convinced to take risk at the moment. But sooner or later, I believe such volatility issue will be addressed.

Indeed,  bitcoin makes some simplifications that banks can't do it.  But the safety of storing such value into bitcoin  will be that huge and it is too far from being stored in the banks.  They are not competing actually, in fact, some banks are also adopting crypto, this means that they tried to see how crypto would meant to be as its purpose and such support will help the market to be strong.