Bitcoin Forum

I just felt few things about banking and Bitcoin today . I wanna share here.

I just have passed 5 hour to create a bank account to XX Bank (I don't want to reveal the name). Suddenly today my friend needed $5K through a specific Bank. I did not have account of that bank . Do you know , i have invested my valuable time to verify my First name Last name , Nominee etc. Again today i felt wish i could send that amount through Bitcoin . I felt if there were no authority , it would be more easier. Decentralized technology is setting more influence in the hands of people and Bitcoin is a genuine move up to our cash. Why i am saying that ? please check the reasons , (I may be wrong , but i swear i am disappointed on conventional banking)

Sky High Fee for sending money :

In Banking the most alarming factor to send money to another country is their high transaction fee. Later i realized  they really needed it , because they have to operate a huge HR to operate one single transaction. Recently the transaction fee between Bitcoin wallets is lowered. Bitcoin is the least expensive approach to send worldwide installments. As somebody who works on the web, I've attempted a wide range of installment choices and Bitcoin is the least expensive. When I send bitcoins, I pay the need mining charge that is so minimal and it depends on the number of transaction , not my amount .

Some Examples (Collected)
Worldwide bank wire: between $22-$50 (1-3 days)
Paypal: 2.9% or more $0.30, 2.5% remote trade expenses (considers 3-5 days to store)
Settlements: Between 9-13% (typically takes 5 minutes)
Visas: 3-5% for dealers, for buyers (expecting you pay on time) yearly expense $0-$200, 2.5% outside cash transformation, numerous expansion charges and premium charges for late installment.
Other e-wallets: There are a wide range of e-wallets yet exchanges can go from 2-4% on remote trade charges, a % or settled expense for sending and getting installments and 1-5% for stores/withdrawals into your bank.

So do i need to explain more ? its crystal clear.  

So long and Critical PERMISSION:

Opening a ledger or applying for a Mastercard requires rounding out long structures and marking gets that never work to support you. Bitcoin is allowed to utilize and available to anybody without constraints. May be you have to sign the same signature over 10 pages or 50 pages. But in Bitcoin i don't need these things. Just the private key.

Sending Limits :

I most of the banks , there is a sending limit. If you want to send bigger then you have to pay bigger to make more richer account . That's a pure business. Banks need to confine buys and withdrawals with day by day spending limits. Bitcoin doesn't have any spending limits which implies you can send as much cash as you require.

Conclusion:
I am just fade up of the system . I came back to home , and rethink. I did not send the money , but spend almost 5-6 hours in bank  to open new account and understand their procedure. I know with these FIAT currency these are the common factors. Just opened a new wallet , bought the required amount from a exchange site , believe me the rate was so low than my banking experience. Then send it to my friend , for faster delivery may be i have used higher sat/b for priority . But thankfully he got. Its my real experience.


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I agree that the banking system is coming to an end, but unfortunately switching to bitcoin is not the ultimate solution, especially with volatility and uncertainties

The banks are pure evil, but they are too powerful to come to an end.  If they thought that crypto was a real threat they would kill it no problem.  The market cap of all coins is peanuts to them.  They don't like it, but I don't think they really take it seriously yet.

But recent actions, like the credit card stuff, shows that the powers that be will not adopt with open arms.  To an extent it reminds me of the mp3 files for music.  In stead of adopting new technology, the record companies put their fingers in their ears and chanted 'nah nah nah I can't hear you so yo don't exist,' and paid the price.  Banks and friends are doing the same.

Then where should we invest our money then?

I'm sorry but I have to disagree with you saying that the banking system will become obsolete. They have been in existence for several centuries now so I doubt that they will just vanished from the face of the earth. All I say that maybe down the line, we can all get together. Why not take advantage of both worlds?

As for the OP, I have similar thread complaining how I'm totally disappointed opening a bank account. Too many questions and what really irritates me is the way they asked me and my wife where are the source of our income. I totally walk away from that bank and went straight away to the next bank, unfortunately I got the same f**** treatment. I totally give up went home and never going to open up a bank account anytime soon.

Hahahahaha Definitely the right decision Bitcoin is sitting in the stock market in order to overtake the banking system at the moment it shows a little further up, and if it falls on it, there is a bad interest now so I'm starting to invest.

btc is not money
if you transfer btc to your friend ,he will have the same difficulties you mentioned to convert btc to fiat
also you will always need banks to pay your daily expenses cause btc does not help with that

Yes thank you,  you should start hedging .

I agree with most things Op brought up, however, I do not share his optimism towards Bitcoin, or other cryptocurrency being ultimate remittance solution or digital borderless cash.
In the end, bitcoin or every other mass adopted decentralized cryptocurrency to be able to become part of the 'official' standard would need to be regulated.
Eventually, Bitcoin simply must change to bring it in line with other payment systems - we can enjoy this grey area of bitcoin's independence, for now, it will change sooner or later though...

That's the revolutionary change which satoshi wished to happen against the banks which just loot the common man and it has started to come true.By adopting cryptos for payments,we could save enough time,more money as transaction fee has once again fallen down and there is no limit for sending money through out the world.No more queries.Either the banks would have to modify themselves or they would be fucked off from the market.

strongly agree that if the transfer is bitcoin easier and faster and do not need identity data to be prepared, but for the price ..... indeed with the existing legitimate money remains more promising legitimate money.
it all depends on the circumstances.

No end for bank and here in our country we have btc wallet in bank so i say they help each other company,I think also good to use different kinds where you save your money for more safe and more good,Here in crypto are good for investing with volatile price so i think it's not recommended as a bank even we can save our digital currency with our own key.

But I think in our country Bank will not compromise , we will suffer forever. Some government people are still want to ban Bitcoin. It's hard truth.

It might not be exactly BTC but if not something very similar will replace it

Well its too early to say that banking system will be dead since one country will not allow that to happen. Yes bitcoin is great but we still need banks for some loans, and other purposes. Bitcoin is an amazing technology that can really make good money for you, and holding on it will always be a good decision.

If you feel that way then go for it. But remember by putting all your money into Bitcoin you must be constantly monitoring your account as it will be vulnerable to change. Yes you have mentions a lot of disadvantages of the banking system right now and that is including that all your money don't grow at all when its inside it. But you must remember if you don't know how to handle quick price movements then Bitcoin is not for you at all. You will be better of leaving your money in banks.

I have never spent 5 hours openning an account, but sure as hell I spent 2-3 hours (and on multiple occasions!) trying to close it or change my personal data. Countless hours invested into the traditional banking system. Never before have I reflected on this, I must admit.

It was all years ago, though. The country is post soviet and the banks initially were very bureaucratic. Now the banks are changed because they noticed, that if they don't change people will move to more modern banks.

I think that you are right that bitcoin has an edge now. But I am afraid that banks may adapt to its presence, so bitcoin must keep its edge sharp too (by constantly changing and adapting, too)

It's not just about the fees as well.

There are all kinds of extra charges you have to worry about. Not only because there is a percentage fee, but if you're sending money globally then you have to deal with foreign exchange as well, and that usually will get you around a 5% mark up at least from market rate.

Bitcoin, since it is a universal currency, doesn't have these problems at all.

Plus, transactions and registrations are completely instant with bitcoin, and it makes it a hella easier to deal with real time transactions.

It's good that you're sharing real life experiences of why bitcoin is needed. Many people don't realise that.

I'm sorry, I don't agree with you. The Banks are too strong, they are related to the assets of the country
They have the support of the national government, so the bank will not end.

So where do we need to switch if not bitcoin?
Yes i also think that bitcoin and altcoin have high volatile and its not good to use to change bank goal. But i am confusing what we will use if not bitcoin? Any idea?

You see lots of problems in bank's system, because you do not understand why the system works like this. The system isn't perfect but identification process in not only for your personal security, but it also avoid money laundering and financing of terrorism what it so important in our life.