Bitcoin Forum

Something happened today which makes my choice of bitcoin more stronger than the centralized fiat and traditional banking system.

I transferred some amount of cash to someone to get me a few items I would be needing for my project at hand, a day after I received a call from the him that his account has been freezed due to the amount received into the account that the bank told him it was above the account grade and he has to come with some required documents for the upgrade to a higher tier and this has to shift my schedule I have arranged for my project to a day further.

While I was with a feeling of  disappointed I recalled I have been stacking a few unit's of bitcoin in my wallet and have never experienced this crazy shit neither have I heard any bitcoiner make such a lousy complain about bitcoin whatever the amount of bitcoin transfered into their wallet. I don't think there's anyway the fiat system can be compared to bitcoin, the more experiences I encounter the more I see how advanced and greater purposes bitcoin serves.

It's indeed a good reason to encourage Bitcoin adoption. I have already faced similar situations too, where the bank forbid me transacting the amount of money I needed to send, even though I had the amount on my banking account. They forced me to wait few days until being able to make the transaction I had to do at once, and as quick as possible.

They also create a lot of bureaucracy when you want to start investments through their services. What annoys me the most is when you need to wait several days until they give your account permission to have access to determined features.

These are big issues of centralized financial platforms. It's a shame that at the current technological level we have reached, simple permissions still take a long time until being given, and that such limits on transactions are imposed to free and autonomous individuals. But what can we do about that? We can't live transacting only with Bitcoin...

Sorry to say but this story sound very unbelievable because from the events you explained there is nothing connecting bitcoin to solving you immidate problem, and have nothing to do with your money getting fozen in your friends account, bitcoin is here to play a very important role in the financial system, which is that bitcoin is alternative to fiat financial system, so for sure bitcoin can't be controlled unless you have your bitcoin stored on centralised excahges which is nothing different from the traditional banks, but in all categories bitcoin offers us the freedom for control and restriction from the third party payment system like the banks, and also bitcoin double as an asset so with such unique features of bitcoin, definitely bitcoin will be more preferably to fiat paper money at anytime.
Much more also, before you do any transaction in fiat, you should ask about the limit trencehold on the recipients account, most especially when you are sending an amount that is larger than you country daily deposit limits on individual accounts for example in my country 5 million in my local currency is the daily one time deposits on savings account, and any amount above that will be subject to further verification or delay for clarifications from law officer to avoid or prevent money laundering, but with bitcoin there is no such limits unless on custodial excahge wallets whome I already mentioned their limits just like banks.

The simple fact Bitcoin cannot be frozen the way fiat money often is makes BTC/Crypto a great choice in many situations. Bitcoin is one of the few truly great things to happen this century!

That is one of the outputs shedded around the fiats as centralized currencies. The governments issues orders on the banks to keep users on track via their incoming and outgoing transactions.
They lies using the language "upgrade of account to account such a huge amount of money". Why the restrictions of accounts to accommodate as much amount of money? They only wanted you to come in person, enrolls on some data captures so that they could get some new updates about you since you have also increased in the amount of money in your account in other for them to get you whenever they wanted.
So, the minimum amount per bank account to accumulate without an upgrade is nonsense.
So cares about that in bitcoin? Of course non. So let us keep to appreciate the invention of the decentralization of bitcoin where users are self custody and self moderated of their funds.

If it takes the bank one day to handle it, detect issue with his account, and inform him about that, it's something wrong with the bank. Your friend can withdraw money easily within one day before the bank does that action.

Is it a good bank, think about it, honestly?

Honestly I never know any bank that require you to upgrade your account, to receive money. Thresholds for different tiers of bank account usually are related to withdrawal, sending money, not with receiving money.

Generally with banks, they don't provide you full control of your money.

It's not your keys, it's not your money.

That's why Bitcoin is better than the banking system, because when you use Bitcoin in your transactions it means you have full control over your assets and when you make a transaction there is no party that can intervene in your assets or the transactions you make. Unlike the banking system where when the bank suspects your transaction, they are able to intervene in your account and freeze your account unilaterally until you can prove the transaction is safe or not. This is the weakness of a centralized system where one party can easily manipulate or intervene in anyone on their system - and for that Bitcoin is really the best.

I'm not an expert, but I'll try to say what I understand about this scenario (whether it's true or not).

How much is the amount that you put into your friend's account? I mean you know that you are transferring a huge amount of money. Why didn't you ask the limits of his bank including the amount of money that he can receive on a daily/monthly/yearly basis? That's being irresponsible on your part. Take note that you're transferring a huge amount of money (huge enough to make an account freeze), so at least put the limits into consideration.

Well, that's the power of decentralization. Nobody can freeze your account (in this case, wallet) even you transfer billions of Bitcoins. The thing about these banks is, they can just freeze your account anytime they wanted to as long as they have seen suspicious transactions on your account. They might saw your transaction as somewhat "suspicious" because of the fact that it's a huge one hence, they froze your friend's account.

At the end of the day, there are still things that only Bitcoin can do but at the same time, there are also things that only the current fiat system can do.

yes, it can happen, but if the bank freezes the account, I think it's quite excessive. even with very large transactions, the bank management should not freeze their customers' accounts. they should know the origin of the funds from personal accounts or other reasons. That is really an unpleasant experience.
what is more often experienced by fiat users today is when making large cash withdrawals, the bank asks for the reason for using the funds. does that happen to banks in your country?

people who are increasingly aware of the more efficient use of Bitcoin can certainly compare. Bitcoin's problem may only be the costs that can be very expensive. Bitcoin can be used as a substitute for fiat for better payment for services and goods.

Actually fiat system or centralised traditional banking system can never be compeard to decentralized blockchain technology. That is one of the important of bitcoin or blockchain technology. It's unlimited in Bitcoin transaction except in centralised exchange that you didn't complete the whole kyc process.but apart from that Dex is unlimited. Blockchain technology does not only solve the problem of limited transaction but also solve the problem of sending fund across the globe within few minutes. And it is totally effortless compared to traditional banking system which takes a lot of process to help you send fund across the globe. I will say bitcoin is really the best as @retreat may say.

Banks are fully controlled by the government, and any financial policy must be implemented by these banks to avoid sanctions. They can freeze accounts, place restrictions, or even seize funds without any form of restrictions. In some countries, you cannot withdraw or deposit more than a certain amount. Some deposits from outside the country are tracked to check if they are from illicit activities. Sometimes, a bank's KYC procedures can be very complicated and worrisome.

But Bitcoin breaks all these barriers because there are no restrictions or regulations that limit the transactions that one can carry out. You are your bank and can operate it the way you want. Bitcoin can be sent and received from any part of the world without any form of surveillance or restrictions. In Bitcoin, you don't need any form of registration or submission of any personal documents. When it comes to freedom to use your funds, Bitcoin is far better than banks.

I have never heard of such a case in the Bank because of the reason that the amount of money does not match the account. As far as I know, the Bank has never made such a rule and there is no withdrawal limit when you withdraw money from their teller. Unless you use an ATM card, it is true that the withdrawal limit is adjusted to the model of the card we hold. So I don't have the problem like you said and even I have withdrawn money from their teller in large amounts for one process it went well.

We always try to compare, but like it or not, banks are still quite necessary and I see bitcoin as another step where it is only for investment matters. When faced with business, I still need a bank to transfer the amount of money needed and that still helps me quite a bit.

This is not a case where the bank requires you to upgrade your account, but it is related to legality and this is not a new thing in using banks. For example, your bank account has never had any large transactions before, but suddenly you have one or more transactions that are unusually large compared to normal. The bank may temporarily freeze your account and they will ask you for an explanation because they fear the money is related to illegal activity. This also happens with centralized exchanges, which is really an inconvenience but it is a regulation that the government puts in place to prevent cases of money laundering, terrorist financing, etc.

Crypto or Bitcoin is about control, we have the mnemonic phrase and private key, and so we have the complete control. And how many times we say that we are own bank, or BYOB (Be your Own Bank). Unlike banks wherein they can freeze our account or we don't have control as there could be limits on our withdrawal and even if we have a lot of money from them, for sure they are running on fractional reserves. And worst, like this story, Lebanon man hailed hero for holding Beirut bank hostage over savings. (https://www.bbc.com/news/world-middle-east-62514631)


You don't want to go that length just to be able to withdraw your money, do you?

Surely Bitcoin offers a lot only that some people has refused to see the true potentials that Bitcoin holds, offering a borederles transactions without any form of intervention or control by the government or bank is a huge convenient and high level of preserving privacy is a good reason for any one to adopt Bitcoin let alone other benefits Bitcoin can offer. However, while Bitcoin are decentralized the banking system is centralized hence we shouldn't be expecting an equivalent mode of operation, there are several reasons why anyone will ever consider Bitcoin.

What? Account grades for what?

I have never heard of such a thing where I'm living.

Sure, I hear that your account can get frozen if the bank thinks you are receiving way more money than they think you can afford or something along that lines - to prevent money laundering - and all that can go away by giving them a certified source of funds document. But what you are describing sounds crazy to me.

We should all be thankful that Bitcoin doesn't come with this kind of BS.

It's normal for these banks to verify the deposits and transfers. But it will be odd if the amount isn't that much and that's only a payment for something that you've purchased online. Based on your story, it looks like you have transferred a huge amount that triggered the bank to make that call and have some follow-up for another KYC. And that is true that with Bitcoin, this won't happen if you're going to send a payment to another wallet but it can also happen on exchanges if you deposit amounts that are out of your limits.

I didn't write this in my reply above but I know that is goes without saying that P2P trades are just seen by the banks as random transfers from one person's account to another, and comes with extra risk especially if they are transfers between international banks.

Domestic transfers and wires from reputable companies usually don't trigger this sort of investigation because in this case the banks can find all the info that they need.

I don't think it's irresponsible thou because it has happened to me several times and it wasn't always my fault. I see them (traditional banking system) as incompetent with their limit policy in the first place restricting people from accessing their funds. My first experience was very frustrating because I wasn't informed about the incoming transfer from the sender but the money was freezed until I had to go and update the account to increase the account limit. Even after the upgrade,  it took almost a month before I received that money.

https://talkimg.com/images/2024/08/01/5ZxOo.jpeg

Bitcoin can never stress someone or giving you limit to transaction you could perform in a day. I had to go through my inbox after reading this, it doesn't matter whether it's huge amount or not. I searched my inbox and I discovered a lot of cases like that which usually takes them time to resolve. Unfortunately, one might lose the money if you failed to meet up with the requirements to upgrade the account.

This is true, but it's only effective if the holder is making use of a self-custodial wallet and isn't leaving their bitcoin holdings in a custodial service, as there will be no difference between that and those who hold fiat on their regular bank account. 
 
If you want total control, using a personal private wallet is the real deal. That way, you won't have to worry about waking up to see restrictions messages from whatever service you make use of; rather, you can decide when to spend and when not to spend your holdings at your own comfort.

Well same thing happens occasionally with CEXes to some people as you might as well replace CEX with a bank.

If your plan is to move that bitcoin because someone wants to cash it out and spend, then any centralized entity that deals with the payment and fiat money can freeze your account. We are ultimately dealing with fiat money, and sadly that is the bottleneck for the bitcoin. Until there comes a time where we measure value in BTC and not fiat money, we are stuck with dealing with fiat money.

Only when you are directly changing goods with btc, you are using the power of bitcoin. And by directly i am talking p2p, where the receiver gets to keep the btc. Not any crypto debit cards or payment systems where you pay with bitcoin, but it automatically converts it to fiat and receiver never even sees the btc.

Bitcoin is Bitcoin, can not be frozen in your wallet by any third party if only you have the private keys.

Crypto is too much, because it includes altcoins that are possible frozen by third party entities. For example.

• PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets (https://bitcointalk.org/index.php?topic=5204055.0)

It's your private keys, it's your coins!

Your warning is correct! People must use self-custodial (non-custodial) wallet to have private keys and to own bitcoins by themselves. Expand it more, it should be open sourced wallets too.

• Reminder: do not keep your money in online accounts[/url (https://bitcointalk.org/index.php?topic=5421039.0)

The advantages of using bitcoin over fiat are many, we cant keep on the count till we get tired, there are many instances of this same scenario whereby many were regretting till date that why are they not having an alternative source to using the fiat currency, until bitcoin was introduced and the people quickly embrace the use after discovering the numerous opportunities that bitcoin can serve them if adopted.

Banks making life harder is a great reason to be there, I also love it because I have a job that pays me in bitcoin and that means if I had to use fiat, then things would have been super harder, wouldn't really make sense for me at all, would be incredibly tough.

What I need to do in this moment is just take care of the wallet address and check if it's correct or not, that's it and we are going to be fine if we do that with bitcoin, but with fiat that's not the case. Imagine being so forced to use paypal or anything smaller than them just because if you dislike paypal, and then you are basically at the mercy of paypal and what they do, that's all we had for global payments in small scale and that never made sense to me. Bitcoin basically saves lives at this point.

This is nothing out of the ordinary and it can't be said to be an act of irresponsible. The traditional banking is getting more frustrating and worse with their banking policies as society advances. And all this they do by the instructions of the authorities who have pocketed them, regulating all their activities. In my country Nigeria they regulate how much you can withdraw as an individual both on the cashier desk and from the ATM, transfers and deposit all regulated to a limited amount depending on the documents provided while opening the account with the bank. 

I had a similar experience with the traditional bank last month. My account was frozen because it hasn't been used for a very long time. I transferred money into the account but couldn't withdraw the money when I needed it because I needed to do another KYC which would take days to get approved. I have never been that stranded with bitcoin. Aside this, the constant maintanance and transactions charges including VAT and many other charges are so high that it will prompt anyone to seek for an alternative banking system just to have peace of mind.

Decentralization is obviously the solution to all the troubles we are going through with the traditional banks and  it is because of this and many other reasons that is why I will always rate bitcoin higher than any form of currency in the world.

I don't know if there are differences between countries, because I've been using a bank account for over 20 years and I've never had any problems withdrawing money. Whether it's a large amount or the entire amount in my account, the transaction goes very quickly and doesn't take as long as many people complain.

I agree with you, the topic of comparison between bitcoin and banking has been discussed many times before but in the end I guess no one will ditch their bank account and just use bitcoin. Honestly, we will still use and even depend on banking in life even if it gets worse.

Not to mention, bitcoin is not as perfect as we think, once it took me 7 days to complete a transaction because the bitcoin network was congested, and I think this also causes a lot of discomfort for anyone who has ever fallen into this situation like me. Both have pros and cons, no one is perfect.

I think they are flagging some accounts if some activities aren't often like huge transfers happened all of a sudden and that's one factor that triggers them to check out that account and transaction.

I agree but if the history of both or one of the accounts aren't the usual transfer like what happened to OP, that's what made that bank checks out for more.

I see OP’s post been looking crazy I think it’s a country thing because what OP has actually written is definitely the truth which I have had to face from my local bank in the past. The problem is mostly on an account which you open without providing government owned documents like the national Identity Card, they simply set a very low limit of capacity that the account can hold, very little amount it can also withdraw or transfer per day. I will say it is simply just like the CEX with KYC protocols they simply give you limited access to your account and if you don’t provide full KYC and receives large amount of money they don’t bounce it back but withheld until the KYC is passed. It’s not strange but thanks bitcoin though.


Yes it’s simply two individuals just sending each other money and nothing more, that’s why in countries where cryptocurrency trading is illegal they resort to P2P because banks cannot identify where the money is from. They only way they cam know is probably the sender has registered his account with crypto tag or maybe the transaction has a crypto word as narration, and the amount is huge

Bitcoin has many advantages as it make you financially stable but on the other hand fiat is accepted all over the world while bitcoin is not accepted worldwide like fiat so it will take time but for financial freedom bitcoin is always best option over fiat and anyother currency.

The Bitcoin have become very strong than the the centralized banks since it has helped a lot of people in every angle, because bitcoin can allowed you to do transactions from one person to another without facing any networks challenging and that’s many of people to use the bitcoins network than access the centralized bank’s fiat’s.
The reason why I preferred the bitcoins even in terms stored my assets is that, the will never know ask you that the amounts of money or the transaction you made into your wallets will no longer withdraw due to the wallet issue is only the traditional banks that are facing that issues, you can input what ever you like in the bitcoin wallet without ask you to go and upgrade your wallet accept the person didn’t intact his details correctly.

Banks follow strict rules and regulations. Their system is designed in such a manner that it will be automatically triggered if any unwanted movement is done. But this is done by the government to ensure the safety of the people and for money laundering issues. But yes, this sometimes becomes pain for many legit people. As here in the case of OP, many people need money in emergency situations. In such a type of situation, paying through Bitcoins or crypto can really help them to get the things done in a quick manner. So yes, I would say Bitcoins have an upper hand in this type of situation.

Well, yes, Bitcoin is not centralized, just like banks, which operate on a centralized system, and every law they enforce is an order taken from the superior office, but Bitcoin is not like that. You can store as many bitcoins as you want in your Bitcoin wallet, and no one will freeze your wallet and no body will even know if you are the owner of the wallet unless you open up to someone.

If your friend was aware that his bank account couldn't accommodate the amount you sent to him, why didn't he upgrade the account before asking you to send the money? 

It's a good reason to choose a decentralized finance system like Bitcoin than traditional banks that works on the basis of centralization.

You aren't alone OP, most people have chosen Bitcoin and other crypto-currencies because of the same reason and they don't really want to move back to that traditional banking systems again.

I know we are still far away to fully rely on crypto-currencies and avoid fiat but at least we can be part of a community that prefers Bitcoin way more than fiat and uses only fiat where Bitcoin or crypto-currencies are not acceptable.

Who knows there might comes a day when we may have option to pay for goods and other things using Bitcoin and cryptocurrencies only.

With bitcoin, your transactions are not limited and won't engage any third party for your own account, but with banks, know that there are always set limits on the amount you are going to deposit and if they find one account suspicious, automatically it will be monitored by them and freeze the account if they want. Something that we don't get to experience with bitcoin. That's how advantageous Bitcoin for us compared to fiat and banks.

The beauty of decentralization where there is no central authority that can meddle with one's funds.  Aside from financial profit, it is also one of the major reason why I like BTC.  Holders have the freedom to own how much they want unlike banks that intervene with their client's accounts when their clients exceed the threshold.


At least we can rely on Bitcoin for online payment. Many government already acknowledge Bitcoin as mode of payment and with that many online platform has option for Bitcoin payment.


I do hope that we can use Bitcoin for p2p microtransactions where we can buy coffee with BTC without worrying much that the transaction is much higher than the cost of goods.

Because Bitcoin has a better and greater level of financial freedom than fiat, most people who have known and owned Bitcoin will always keep and store Bitcoin after they buy it using fiat. And if there is something that can be more valuable to be owned by everyone in this world, of course they themselves will also see if it can be obtained by relying on fiat. Because people who are willing to throw away fiat for something more valuable will never lose financially, especially when they want to get Bitcoin through the market which can still be done by entering fiat into the market.

One of Bitcoin's key features is decentralization, which has improved many important aspects in the financial system where the traditional system has failed. Bitcoin offers unlimited storage for users without requiring a verification process to store more funds in their wallet. As long as you don't store your coins in centralized storage, you have complete control over your funds. It's surprising that people still doubt this technology, as no government institution can hold large amounts without raising suspicions about the source of the funds. With Bitcoin, you essentially become your own bank. Just learn how to store your keys securely and keep your funds safe. In my opinion, Bitcoin is the most amazing technology created by humans so far

It seems you didn't read the how paragraph very well before make this comment.
Reading down everything you said, it shows that you contradict yourself. Op said the event is one of his reasons why he would choose bitcoin over fiat because accounts have limits which the can receive but in bitcoin it's not so. which is basically relating to his story as you called it.

The only mistake op made was not to have asked the recipients credit limits before sending a huge amount that is worth freezing. aside that I think you're making a mistake with your response by trying to push a point that op's story isn't true.

Yes this is a normal norm's here in my country, most Bank have a daily transaction one time deposits and withdrawals, i remember a situation that happened with a business man who bought a landed properties and when he want to make payment from his account, the bank did not allow him, and the bank needed to send a representative customer agent from the bank to come have a physical assessment of the properties before the transaction was initiated, so indeed banks will never like customers moving out huge sum from their account.
But with bitcoin you can spend any amount without restriction or control since you are your own bank unless you used centralised bitcoin services such as cryptocurrency exchanges who are highly centralised in Their operations.

I also hope to see something like that. I know it's possible to see something like that happening in near future but none of us knows when that will happen exactly. I heard that in some places people can still pay for coffee with Bitcoin but that feature isn't yet available everywhere yet.

I hope that one day we may see Bitcoin as an acceptable method of payment for physical goods at most countries. I would then consider using Bitcoin for payment of goods instead of fiat because for me it's way better than fiat currencies.

Various reasons for people to invest in blackchain technology, for me is influenced of individual goals while others are market expectations. Very well said, fiat currency monetary policy by central banks is used to manage the values of each currency also depends on what kind of government, they also adjust the interest just for borrowing and they also lower the value of their fiat currency. On the other each crypto for example bitcoin depend on prevailing market prices.

To add fuel to your realization investing in blockchain tech comes with potential in high return especially when attracting investors, hedge against inflation one of Bitcoin traits, Innovation and of course as other have said Crypto operates on decentralized blockchain technology that promotes financial inclusion.
 

Yes, it's true that's one disadvantages fiat has against Bitcoin due to the amount limit placed on the different tiers of account holding, of which when it comes to Bitcoin, a user is free to deposit or withdraw an unlimited account, inasmuch as he could afford the transaction fees. So it's so sad you had to experience this delay in executing your project, and I think this should be a lesson to you to always learn to ask anybody you intend to transfer money to next time that how much is his/her account limit, so as to how much that could be sent to avoid such delay next time.
As what makes us good contractors or project supervisor is our ability to learn from past mistakes

All bitcoin investors expect it to come true, but if we're being realistic I don't think it will. First, governments will never legalize bitcoin as a currency because they will not allow any currency that threatens fiat. Second, bitcoin's transaction fees are an issue, and I don't think it will be resolved anytime soon as bitcoin's popularity continues to grow. I don't think anyone is generous enough to buy a $1 cup of coffee and pay an extra $1 per transaction, whereas with fiat we wouldn't have to pay anything extra.

No matter what we say, fiat money will still be the primary payment method and we will still rely on and use it. The scenario where bitcoin will replace fiat money is unlikely, IMO.

Well, this rule doesn't only apply to banks but to any kind of centralized service or platform, such as an exchange. When you're relying on a third party, there's always the chance of getting screwed over. I also had my PayPal account limited a few years ago to question where I was receiving the money when they were eBay sales, which is nonsense since PayPal is owned by eBay. The advantage the OP claims applies to all cryptocurrencies that don't involve a third party, with a few exceptions, of course, such as USDT.

As much as we want to expect that bitcoin price will continue to rise, its bitcoin adoption will also comes along when majority of the countries are now open about bitcoin not only as an investment tool but more particularly as a currency. And when that happens, we will no longer struggle on finding stores that will accept bitcoin as a payment mode since bitcoin will also be considered an official currency that is freely accepted all over the world. I know it will happen eventually, but for now, we will settle first having bitcoin as an investment tool.

Bitcoin unique feature is that it is decentralized unlike fiat that are centralized, meaning that a person that hodl it in a none custodial wallet is the sole custodian of their Bitcoin in the Blockchain. So in that regard you are your own bank and you have the total control over your Bitcoin and when you want to do p2p transactions with another none custodial wallet, there will be no third party interferences. But you have to remember that as you are your own bank, you also bears the sole responsibilities of securing your Bitcoin from lose and theft, without your private keys in your possession that automatically means that you don't own your Bitcoin.

I believe that it is safe to keep money in the bank, the difference between the banks and Bitcoin is that  the latter is decentralized while the former centralized, if you save your money in the  custody of a bank, they will give you their terms and conditions on deposits and withdrawals. If their customers meets these demands, then there won't be any problems.

Banks can indeed start messing around with people's accounts if the system catches something out of order. A sum of money well above what a person usually receives is out of order, so it can get flagged.
Bitcoin is a good alternative, but only if you or your pal can spend it directly on what you need to purchase. If not, then exchanging Bitcoin for fiat can bring us back to square one of banks reacting to unusual activities.

Banks are centralized and Bitcoin is decentralized. But things don't stop here, people can have multiple choices from centralized exchanges, decentralized exchanges, non-KYC platforms for exchanging bitcoin.

If they use centralized exchanges, they spent money to buy bitcoin but don't actually own bitcoin. Because, as the saying goes, and also red flag, it is not your private key, it is not your bitcoin. So people need to choose exchanges and wallets that don't require KYC, and give them private key.

Wallet to use for bitcoin storage must be open source, reproducible too.

Ultimately, we will still have to convert our bitcoins into fiat currency before we can use them in life, so it makes little sense for us to continue complaining about the banking system and fiat. I wonder, why can't we take advantage of both in different use cases, we can flexibly use both to bring convenience to life instead of comparing? What does it mean when we constantly compare and criticize fiat when we still use it every day?

I agree that bitcoin is superior to fiat in many ways but we also have no way of eliminating banks and fiat from our lives, so I won't compare them and I'll take advantage of both two.

The banking system of my country is so messed up so this one is a normal occurrence. Whenever this kind of issue happens here, it will take minimum of eight working days to resolved and that will be after filling of series of forms and providing many documents to upgrade the account. This shows fiat banking system somehow set limits to what individuals should hold in their accounts and as soon as those limits are exceeded, you have to come and answer questions. Imagine the delays and stress that comes with this situation. Bitcoin changed all of these and make the financial system more democratic and comes with some level of freedom. Part of the reason the authorities do not like bitcoin is the freedom it offers people which threaten their grip and control of the citizens.

For ATM withdrawals, there is definitely a daily limit given by the Bank and it depends on what type of card you hold. Especially in my country, the types of ATM cards are different and the amount of withdrawals that can be withdrawn in 24 hours varies. But if the withdrawal is made at their teller, the amount is unlimited and can be done as the account owner wishes.

If we want to be honest, banks are still quite needed as a necessary step, especially for those who are business people or people involved in sending money between countries. We can see how large a percentage of people now use transactions through banks even though there are now many services that provide money transfers. People trust banks more because they have legality from the government even though there are systems and weaknesses in them.

Bitcoin is an alternative for users because we are aware that it is impossible to use the banking system to store value because of the nature of money which depreciates day by day. So as long as we can get benefits, then pursue bitcoin as an investment step by saving its assets and there is no need to compare bitcoin with the banking system.

Bitcoin works in synergy with fiat currency, but doesn't understand Bitcoin existence in such manner, the essence of bitcoin establishment is to make transactions across other countries easier for the sender and also the recipient, bitcoin be a decentralised currency is what makes Bitcoin to be fast in transactions compared to other currencies

Assuming it was bitcoin you sent that bank withheld base on banks requirements I don't think that it would have been in suspense until now, that's while since bitcoin came on board I don't like to purchase anything across the nation without applications or use cryptocurrency

So many people who don't understand the important of bitcoin don't like to use bitcoin as a means transactions or means of payment, so for mean if you have money you want to send to your beloved ones and you want the money to reach them as expected I think the best is to send bitcoin instead of Fiat currency

Many people will complain that they feel uncomfortable every time they go to withdraw money because bank staff have to ask them to verify personal information when it is their money. If they do not do this and there is theft, and our property is lost, who will be responsible?

Or some people are unhappy when the bank charges fees but people forget one thing: the bank is doing business, not a charity fund. They establish businesses and provide services for us to use, they have the right to charge fees if we want to use their services. They don't force us to open an account or deposit money for them if we don't feel satisfied with the rules they set.

Meanwhile, we still have to pay transaction fees for each bitcoin transaction but no one complains. We should be fair with everything, we need to make objective comparisons, don't just badmouth everything else just for the sake of exaggerating bitcoin because that doesn't make bitcoin better.



Is there anyone here who doesn't use and eliminate banks from their lives? I guess no one, not even the OP. We don't need to compare as we can use both and make use of them as both can be used for different use cases.

Someone has found a truth that is more valuable than gold. With all their rules and restrictions, traditional banks are slowing us down. Bitcoin isnt just about making things easier; its also about freedom. The stuffy institutions dont have any control over this digital cash. It can be used for money and as a sign of freedom. An oasis of clarity in a suffocating world. Bitcoin is the very heart of independence and detachment.

This person's story perfectly shows how Bitcoin can change things. Not only is it about money, but also about getting rid of old ways of doing things and accepting the futuure. This problem with the bank only shows how far behind they are in our fast-paced, tech-savvy world.

Bitcoin for now is the best means of making a financial transaction which will present you with no glitches at all, that is if we identified on this and are willing to learn more on the use of bitcoin on different applicable aspect of the economy we run for our daily life, as we already knew, using fiat has a lot of challenges in which we could prefer the use of bitcoin over them, just as from the scenario of what OP used as an example which is a live experience, such couldn't have happened if it were to be on a decentralized network like we have with bitcoin.

I think you have to come up with a strong belief that makes you choose bitcoin over fiat money, not just like the cited situation, as it is never reasonable enough to consider.

I think we should have to figure out what benefits we get from using bitcoin this time because I see that fiat money still plays an important role. We believe that bitcoin is the future, but still, we can be assured of how it will look a few years from now, which leaves the majority undecided. 
It is necessary that everything be clear to us before making a final move. 

You are right because Banks provide services where they employ many people so any cost cuts are to provide salaries to their employees. In this case we have to understand why fees are cut for all kinds and that's how banking works even though in general we see them almost completely sucking the blood of customers when lending money to them and I think this is another issue from the discussion we are discussing.

Objectively we don't need to compare banks with bitcoin because both have different functions. Moreover we will use both according to our needs and bitcoin will be much more needed for investment matters and vice versa with Banks.

Almost most of us have or often use banking services, especially for those who conquer business. Actually, all we need to do is take advantage of both according to our needs and do not need to compare one with the other. Although we realize that the banking system has a level of weakness that may be very uncomfortable to use. But if we talk about the need for their services, then maybe it is an alternative that we can use.

There are so many reasons why we should keep holding Bitcoin because it has cut the strong linkage between we and the government making transactions much more easily for us compared to using the traditional way of banking. We can bank a lot of Bitcoin in our wallet and no way would question us on submitting documents to confirm that we are the true owner of such funds. The crypto market is growing so far that many people have started investing in the market too so that they can take the advantage of owning cryptocurrency coupled withe the advantages that is beneath. We can always should people the way so they can always learn about crypto, and the use of wallet to enhance their cryptocurrency security.

If you count people who is in this community majority love bitcoin and it's few will say that they love bitcoin, now let me state categorically  the reason I personally develop much passion on bitcoin, is because bitcoin doesn't require permission from government or anyone before  it can be that successful, so I know very well that since government can't control bitcoin price and when you invest on bitcoin you are in charge of when you will sell and when not to sell, I think that is one of the things that gives people such courage to participate in bitcoin investment, really bitcoin doesn't have third party.

It is definitely the authorities that make it much a complicated business. The reason why crypto is so good because it allows for decentralization and privacy for those who need it and in times where our data is easily obtained and used for purposes we are not aware of, privacy is a great value.

Unfortunately governments or centralized banks do not share the same sentiments.

In all honesty, we are saying all of these because we are all bitcoin enthusiasts and we are all dedicated to bitcoin, but if we will hear from the banks part, they will also claim that fiat has a lot more advantages than bitcoin or any other currency, and that won’t change the fact that fiat or dollar is still the global currency, while bitcoin has not yet approved even as a reserved currency. However, bitcoin is already working on its progress, but it’s still too far when it comes to global usage compared to fiat or dollar.

You usually look back 5 to seven years ago, and see how Bitcoin was doing, and how Bitcoin is doing today. Just by looking at the short span of time, you will surely know that the Bitcoin word has spread among the local people. But it is best to hold on to Bitcoin because a lot of people hold Bitcoin and those who have held Bitcoin for a long time have had the highest success. So if you confirm this then it is definitely best to hold on to Bitcoins.

Comparing bitcoin with the centralized fiat system is like comparing Apple devices with a Nokia 3310 phone, bith have no way of comparison because the only thing they have in common is that, both can make and recieve calls and text message, but talking about other technological aspect, both can't be compared to the other.

Fiat is all about centralization, while bitcoin is all about decentralization, both are fighting and representing different courses.
For those who choose the centralized part of finance or money, they be ready for such kyc verifications, upgrade and so on, even in cryptocurrency, centralized exchanges have such a system where your account is limited to receiving and send out a certain amount of money based on one's kyc level.
But coming to non-custodial wallets, such things are non existent, and this is what makes this industry very unique from what people see to be the norm in our society today.

My reason for choosing Bitcoin is very simple - I know that it is the asset that all other cryptocurrencies are equal to. I do not like altcoins, they all look like dirt, except for very rare exceptions. Once upon a time, altcoins were serious, they were developed not for the hype, but for the technology. And we all believed that the next altcoin is a significant contribution to our crypto world. And now everyone is obsessed with hype, and not with the technological background. Therefore, my choice now is only Bitcoin.

Well, sentiments on one side, it was never your fault that his account got suspended. As an account owner, it's his responsibility to make sure that his account is on top tier level of savings so as to be able to accommodate any amount that comes to his account. I think many banks gives you infinite number of deposits but there is a cap on amount you can withdraw from a savings account.

I don't see the upgrade as big deal, let him go to the bank and provide some papers and under some hours the account will be allow to make transactions more larger than his already cap without any problems.


Bitcoin gives you upper hand above any other currency you can ever think about but it has its own limitations. The client you paid money to that had his account frozen could have accepted Bitcoin instead of fiat but I guess he wouldn't because not every seller want to go through selling their Bitcoin for fiats again since they are business people and always in need of money. This where is see challenge for Bitcoin since it's not a legal entity in majority of countries.

Yes I agree with you, Bitcoin can do a lot of things but not all the things centralized banking system could do that it may handle effectively and accurately, so for instance,if you send money using the traditional banking system to a customer successfully and he tries to deny it you can Sue him with his name on the transaction details and it will be judges friendly than when you initiate such transactions with his BTC wallet address and many more, we just need to check what we what, how we want it with respect to time and safety be centered in our heart or the advantages and disadvantages before choosing means or mode of transacting...

I do actually agree with you, there's a lot of innovation or improvements into a lot of field that is connected with cryptocurrency. We do process transactions online more easily, its just that not all people really know how cryptocurrency works. However, ever since bitcoin was released more and more people are accessing and making their own profits using bitcoin in a various ways such as trading, holding and etc. It is better to use bitcoin also to transfer a huge amount of money and it is more secure for us than transferring money using local banks that are prone to account freezing because they will check your profit or the amount of money you're transferring.

It is their system so you have to play by their rules, however on the past you really had no option as there was not really any alternative for those that were sick and tired of those situations coming up, however now with bitcoin we have an option, and while this can happen to you if you keep your bitcoin in an exchange or online wallet, if you keep your bitcoin stored on a wallet only you control, then you can be sure something like this is never going to happen to you.

If we talk about the reasons or want to compare fiat with bitcoin, it is clear that bitcoin is superior in any case, especially with the sophistication of technology in bitcoin, it seems that there is nothing wrong with the bitcoin system compared to the banking system which is full of shortcomings. the example you gave, the bank easily freezes your account without prior notice and can even confiscate your money. Because the Bank is controlled by an entity, this is different from bitcoin, no one controls it, no entity can freeze your assets unless you lose the seed phrase.

However, the problem with freezing your account, usually you can come to the bank, especially if the amount of money frozen is large, to file a complaint and ask why your bank account was frozen. Because there could also be an error or mistake in the bank's system. But what is clear is that we both need banks and bitcoin, banks to make transactions, especially if you have a business, while bitcoin is a future investment to achieve financial freedom.

What we need to understand is that Bitcoin transactions are different from other transactions like banks, Bitcoin can not be compared to other transactions because Bitcoin transactions are greater than them in any way and you can do any amount of transactions you can without not any complaints about the amount you did, bank accounts are different and that is why they are controlled by the central bank, Cryptocurrency is much better but each one of them has their advantages and disadvantages, you can transfer as much as you like in bitcoin, but when you have a mistake and transfer to another wallet you can’t trace the owner unless the person is god fearing and want to refund it.

Banks can trace the owner of an account and even get his or her details through the application used to open a bank account and that is why you can’t open an account without having good details, I don’t see anything concerning the bank's problem during transactions before you make any transactions make sure you think well and do the transaction to the limit that the bank won’t stop your transaction.

When I first went to a bank and applied for an account they asked me lots of requirements. They interviewed me about the funds to enter into my account, just because my facial appearance is not pleasing they discriminated against me and told me that I only get a $400 limit on my account, anything beyond that would face a possible freeze of my account. They will interrogate me further about the excess funds.

Imagine, getting that lower limit while in Bitcoin wallets this is not a problem, that's why I only use banks for some small transactions and do not fully trust my money because of what they are doing to me, just because I look suspicious to them.

I prefer only to save my bitcoins in my crypto wallet and not fully trust the banks with my money for I never deposited a large sum of money to them.

Usdt is a crypto, and it is centralized, and can also be frozen even in your own wallet, and this is just one example, when you say crypto, take note that you are talking about BTC and other cryptocurrencies.

BTC ia decentralized, but not all cryptocurrencies are, as for privacy when using BTC, you have to use privacy solutions, or simpy do BTC->xmr->BTC. Take note that so many people still use centralized exchanges, so even when they use BTC, a third party is still in the possession of their data.