Bitcoin Forum

There was a time I made a transaction through my GTbank master card to order an item on Konga, the transaction failed. I called Konga, they told me the money is with GTBank that I should go to the bank. I went to the bank and I was told to fill a report form which I did. I did not get refund back. I went to the bank two times. It was ₦5960 but that was 2012.

There are many news that I have read online that people will voice out about how bank want to scam them. But if we can see many news like that, how many would have happened that these banks officials have stolen from people. It happens frequently. The one I read about 2 days ago but surfaced on the news 10 days ago shocked people. You can watch it here:

https://youtu.be/bMDO89sArdU?si=05hHenX9T1y-BLPl

The man noticed ₦55 million was lost from his account. He investigated and noticed that the money was stolen by bank officials. That pissed him off and wanted to terminate his fixed deposit of ₦500 million. He was told that the money has been withdrawn. He sued FirstBank. They stole his money.

I am surprised that someone can hold ₦500 million in fixed deposit but he is not a young person but an elderly man which we should expect something like that.

You can lose bitcoin also through scam or wallet hack, but they are very easy to avoid if you read about it. Naira that is depreciating in price.

People usually invest in what they know and trust. most old persons in their late fifties upwards will prefer saving millions in the bank because of a petty interest and because it is what they have been used to.

Even with several cases of theft that are carried out by bank officials, you can't talk them out of making that decision because, at their prime, it is what they are used to. Bitcoin might have its issues, but most time it is usually a function of the negligence of the holder of the asset.

If this case is with bitcoin, the owner of the asset has complete control of it, and for any loss that has happened, it is usually 70% the negligence of the holder and the remaining 30% might just be factors that he can't handle.

When you relinquish the control of your asset to the bank, the bankers, and the bank itself will be hoping that they are able to steal from you so you don't get your asset back. 55 million naira stolen from just a single person? This shows how ineffective the banking system is.

2012?, the banking system wasn't as stressful then, compared to now. I guess that was why you were even able to pay them a visit twice, which you wouldn't think of doing in this present day  :D


Nigerian banks and scams, I will call them 5&6.
I have witnessed bank scams, so I'm not even surprised at this point.
The last one I witnessed was actually a scam attempt on a child that should probably be around 17-19 years old. I don't really know how the child's BVN ended up with the manager, but about 40K was missing from his account. I think the manager ended up sending back the money after threats from those who heard about the issue.


It's just a simple tactics. Banks now wait for a specific number of years/months to see if a dormant account will be touched again, and in the case of the victim, N500million was literally lying for too long, so they had to start taking their cuts piece by piece, thinking the owner might be dead or something.

And, I don't know how effective the court will be considering the culprit involved. We know how flexible the judiciary system is. But it is good that the case is on the media, so settling outside the court might just be the best and next option for the bank. N500Million is not a joke.



An elderly man with so much faith in the judiciary system, I felt like crying for him. I just hope it turns out good for him. March 26 is tomorrow, and Firstbank hasn't made any statement via any platform, finger crossed.


There is literally no debate between Bitcoin and the banking system.
If you know how things works here, you won't have any issue. Just as life teaches us a lesson, Nigeria banks also teaches us a lesson in this country in one way or the other.

Everything get advantage and disadvantage bank get advantage and disadvantages same as Bitcoin too, if not be now bank is a place where we trust and to the extent we can’t do without it because they are the ones that we grow up and see, I know that many people have get issue with banks and banks have becoming a place where instead of saving money with them it will be better you keep it at home, i have heard many stories about banks and that really affect banks because the youths and young people find it difficult to believe trust them.

You can control your assets when it comes to Bitcoin but that doesn’t mean that you can’t also lost your assets, when it comes to Bitcoins when your wallet is hacked and you got scammed it will be very difficult to get information about it how it happened but banks can get any information and how your money is being stolen unless they don’t want to give you your money but if you sued the banks they must give you back money, a bank can not steal your money and go free because they are also scared of losing customers.

Banks are thieves, it's fucking unwise to entrust our wealth with banks, never should anyone leave whole portions of their money in the bank, if for any life sudden incident, at your dismissal everything ever owned are going down the pit, not a single dime will be transferred to your family or children.

I can tell that there are big businessmen who own accounts that their family knows nothing about, one's the account gets inactive for long time, banks begin to pull out funds little by little, time without recall we have heard various news concerning such immoral behaviors, banks should not be issued live savings, we should learn how to decentralized our savings and not put all into central services like banks.

Well na old person though and I will not be surprised if no be politicians or one of those perm sec wey don collect people salary go fix or those MDs because na wetin dey enrich them be that. To have that kind of money for fix, you can imagine properties and floating capital he has. Anyways...

So now you have exposed something too about the advantages of bank regards to theft or stealing of fund from person account. At least now the papa know where to trace him money go unto say him know say him no withdraw am. Behold... him carry bank go court because him sabi say na bank hand the money.

If na person coin go miss like that being say you misplace or expose password, btc that is sent to a wrong wallet may not find it way back. We need to be careful whether we are using noncustodial wallet or not, we have secure our passphrase safely.

All these are part of the failures we had with the use of the commercial banks because the entire system is not being transparent enough, many have been scammed form the use of this same traditional financial system and lost their fortune for life, some are being seized and some people couldn't not just know how they could stop the financial authority from taking actions on their behalf, but bitcoin came and change the whole thing for the favour of the masses, we can have our own privacy, control and determine when should our transaction be sent and rate to be charged affordable by us.

This is something I have heard of multiple times, most of the victims are usually those that use fixed deposit accounts if they leave the account untouched for many years banks usually tempered with the amount in the account. Most of these cases are common in court most especially if the owner of the account is deceased, the next of kin or deceased family are usually keep in the dark about the amount in deceased has. Some bank officials even go to learnt of lying that the deceased has a loan with them and the money was used to pay back that loan.

With bitcoin the only risk is losing of seed phrase aside that except the owner uses a CEX if not there is no third party to his wealth.

As for the only payment failure you mentioned, I have of recently been use to using bitcoin or other crypto as a means of payment except If the platform doesn’t accept crypto payment method

Every bank are not to be trusted, they are still manage by humans, who may likely be controlled by greed and then can do anything to get their hands on customers funds.

Aside this reason, they could leak customers data ine way or the other for scammers and theft to get access or contact to them. This was among the main reason I wasn't surprised at the Gt bank data breach. I remembered when I tried to get a debit card there and after the registration, got calls from scammers about it.

I don't think he will lose the case while going through the comments, I could see others speaking of him being more eloquent than his lawyer, I think he already has all proof of winning the case and the fact that this is now in the public, firstbank would be careful of their move after all they won't want to be tainted black by all but this would definitely make other become cautious of their funds in first bank and any other bank.

I think one thing he mat suffer behind the scene would be potential death threat but the fact that he is a businessman and having such amount in a bank on fixed deposits shows that this may not be his first time dealing with issues that may have potential death threats or law cases.

I can't remember the last time I went to the bank for anything and as a matter of fact, the banking system in our country is a shamble of itself. They are just too backward in anything they do and are always looking for means to extort money from their customers. I have read many stories online on how bankers steal from their customers and so not feel any remorse for their evil acts and they always cover it up with their so called charges just to make it look like they are right for their actions.

As a Crypto enthusiasts, of what point is it to have anything doing with the bank when you have your self custodial wallet to help keep your funds and assets safe. Bitcoin is there as a store of value and also doubles as an investment so why going to the bank to keep funds when you can control your assets yourself, trade with it to yield more profits rather than having it in the custody of a third party who uses your funds for business to make more profit for themselves and gives you peanuts with outrageous charges coupled with theft and cheating.

I never said that he was going to lose the case. I agree with you that he has all the evidence, which his already a win on his part, but you and I know the country we live in, where we sometimes address black as white, and white as black. The only thing that the victim is demanding for right now is his money, so that's why I think Firstbank will prefer to settle it out of court, so as to avoid further follow up from the media, and also further compensation for stressing out the victim(which is done in the western world).

The only problem I foresee is the issue of adjournment.
There is enough evidence, but several adjournment can happen just to buy sometime to settle the issue. You made mention of threats, which is also true, but I will be hoping that the judiciary system proves me wrong, thereby making judgement on the case as soon as possible.

I use to hear about how bankers could go around the community inquiring and investigating about certain customers they are no longer seeing visiting the bank anymore and their account balance just been static without any transactions long enough from when they stopped visiting the bank. This inquiries is purposefully not for the interest of the bank account owner but to know if the person is deceased so they can steal the money from the account in that there family members none is also with knowledge about the very account. I never believed about this initially when I heard until a banker friend confirmed it among some of their bosses.

If you have accounts with banks make sure to inform your family members about them and the documents if possible, don't be extremely secretive so you don't leave your family to poverty while some strangers enjoy your wealth should the unthinkable happens to you in a flash.

I think this is your misconception. Banks keep your deposits properly while you are in fear of thieves or robbers to protect you. Your local bank provides the highest security for your cash funds. If you wish, you can remain cashless by keeping your money in the bank and the security of your money is maintained by the state. Banks are responsible to the state for the proper storage of the money of every citizen.

The unethical behavior you have mentioned about banks is largely not correct. It is possible that a person working in a bank may be involved in such unethical behavior and it does happen in some cases. But most of them are subject to punishment. It would not be fair to blame the bank for such activities because the bank is an independent financial institution run by the state.

Its so sad that in this country you still need these banks for your everyday transaction because people don't accept bitcoin for payment, the once that d are very, very few, so we have no choice but to still deal with these banks.
Sometimes you make pay for something and you have to do a back and forth to the bank on multiple occasion before the issue is resolved. Sometimes they hit you with the "wait for seven working days" line. It's so frustrating.

Our local bank workers and managers are thieves and there was a news I read some time ago and there was an investigation that VERYDARKMAN carried out ago about a bank trying to scam a woman of her either late son or husbands money that was in millions and I guess it was because the account has been dormant for long and they thought no one was going to coke for it and even after someone came for it, since it was an elderly woman, they wanted to play too smart on her but I guess she was the wrong person for them.
Make this one be one thing wey go give us more courage to invest more in digital assets over these thieves institutions called bank.

A lesson for those wey go wish to die intestate (not having a will before dying). Person suppose make at least one person sabi certain things about him finance so that at least if the person die, the properties and finance wey him acquire no go just go like that. Or how we think say some bank top ranks dey make money, some money dey wey nobody dey come for na (wetin you think say go happen to such huge pepper). Some people are selfish not to disclose wetin dem get for different parts of the country and the world to people wey dey close to them either because of trust or family challenge but make dem try, at least a will will suffice.

Omo me I still feel say even out wallet passphrase shouldn't be known by just you oo. You fit get someone wey you go still carry style let know how e dey be or you write am down explicitly for exercise book and keep for your house so that one day they can search go the exercise book.

"Death say if we dey talk make we still dey talk about am". That one na proverb.

I saw the news too, from what i read, the man stays overseas, which is why I blame him, if you stay oversea and you've been seeing over the years how naira has be depreciating since 1984 when it all started, why would you have the guts to deposit suck kind of amount in a depreciating economy, why not save it overseas where you stay, at least that's more of a safe harbor.

As for the Bank staffs, that has been their modus operandi, once they notice a particular account has been inactive for years, by inactive i mean there has not been withdrawals or deposit in an account, and the said account is holding a good amount of money, the staffs will start by testing the waters with minimal amount of withdrawal to see if anybody will come and make official complain, hence nobody comes in a given period of time, they will systematically syphon that account, and I think that's the unfortunately thing that happened to that man. Omo saving your asset in Bitcoin is the best oh, u no go wake up one morning hear say everything for your wallet don commot, except you you lose guard your account seedphrase and password to hackers or fraudulent people.

The banking system in Nigeria has not good regulatory agent to monitor the banks transaction and deposit is what the bank say is final. We are really backwards n out banking system, in fact all sections of the economy are corrupt.

The very dark man issue with access bank is a obvious fact that the bank are scammers and the government have  no control over them. See how they frustrated the woman and lied that there was no money at the end they accepted there was money. Bankers are thieves, once they notice a customer is dead they will withdraw from his account and present a fake statement of account to the family.  That's why I advise we save in bitcoin for our children, it's easy for them to assess it than banking system. Just reserve the secret phrase of your wallet for them.

I always tell people that whenever someone money in their bank account get missing or stolen which they are sure they didn't share any information about them to anybody, then they should know that definitely a bank official has idea about that heist. The level of security layers the banks in Nigeria has it can't be possible for some small fraudster to sit in his small corner and hack into their system to steal a meager sum of cash, except for a well equipped hackers with advance tech gadgets, they would be stealing hundreds of millions to billions if they ever get successful with the hack. I say this again, bank officials are the problem of bank security breaches today.

I was using Palmpay from 2022 to 2023 and that was when I when I became fully aware of all these online apps Banking. And this Palmpay of the bank were deducting my funds without my approval for nothing and they are times they would saved the money in the saved box without my permission and and when I want to transfer it back to my main wallet balance they would deduct a good amount of money as their percentage because the stipulated time has not reached. And there was a day, a faithful day, they deducted my N1500 with notification that it was deducted because of something and I contacted them and they didn't give me any reason and I blocked, delete and uninstall the app and also blocked all their messages both in email and phone. So I am free from them right now.

And Opay sef wanted to do that so I chatted them immediately and told them that if they try am I go delete the account and since that day till I am peacefully using Opay.

Saving your money in Bitcoin is the best because there is no deduction and worry of anything.

The kind fear people use to have wen hodling money in the bank has reduced this days op, because dey have find good network BTC and safe wallet u can use to hodl BTC for long years without having the fear of disappear from your wallet. E be na say I hear that story from one popular radio station, but I don't no whether all those things dey wetin make first bank change their name and the information has spread all over the state in the country.

With BTC u don't need to be afraid of people no wetin dey your wallet, because u have the key to access your wallet to no how much u have in your wallet without contacting people to help u. I guess this is what is making bank official to scam some bank users because dey always help many bank users to check their personal details in the bank which is an easy way to gain access to people money in the bank.

This is very common that I always experience all the time, sometimes if I try to but some airtime from my bank i get debited but I don't recieve any airtime and if I don't make any complaint the money won't be reversed again. Bitcoin is just the best,  doing transaction with bitcoin you won't experience anything like debited fund and it won't get to the destination.
Many have lost their money in the bank trying to save up but if this money is being save in bitcoin one will always have control of his or her money whenever it is time to use the money.

The banks we have in Nigeria have failed us many times; they are not to be trusted with our money again because they now use our money to do business and enrich themselves with unnecessary charges they have all learned to be doing to their customers regularly.

Funny enough, the naira we do save in banks is losing value; the bank officials don't seem to understand that Nigerians are not happy about that, the money they labor for and save in the bank has lost value, and banks are charging them for simple services they render like transfers, maintenance on weekly basis.

I think some banks are still doing this kind of shit even till now but in a low key, me personally I am fucking tired of bank wahala, if you receive money charge, if you withdraw charge and even you don't withdraw anything charge there is one they charged me I wish I can remember this thing, it was so annoying. Waiting some banks they do now be say them go first comot better money for your account if your money long and when you receive debit alert come go meet them, them go tell you to either fill some documents or they go tell you to chill and the reason they are telling you to chill is to check if you are serious to get the money back and once they notice you are not serious they will achieve it but if you are serious they will do as if they are working on something and later they bring it back.

Yes, But don't forget how difficult it might be when the network is congested and you have to pay an excessive fee for a single output.  Saving in Bitcoin is valuable, but don't let anyone gaslight you to not save some money in a bank.

Bitcoin Whales, Craps, Octopus, and the rest all have active local bank accounts.  Bitcoin is not legal tender in most parts of the world, thus only cash and banks can save you..

Many people see banks as easy way they can save their money because whenever they feel like withdrawing money and get bank issues, they can go to the bank officials and talk to them eye to eye, some people believe on something they can discuss physical before they can have peace of mind that their money dey safe. Moreover, I start losing mind for anything that concern saving money at bank since 2022, I was about to pay my school fees 4 days before my exams and I was debited while cafe man didn’t receive any alert.

However, I was asked to go to the bank to explain my issue, after I went to the bank and met the officials I was told to wait 7 days before I got my money back and it was 4 to my exams. I have no choice but to borrow the money from someone and after the 7 days dem refund my money back, I no dey try anything like saving in the bank again because they can’t disappoint you when you need the money urgently.

Perhaps, in the future but for now, I no want anything wey go add me with bank issues. Even the banks that we are supposed to trust have turn to a thieves, if we even save in bitcoin and get scam, we might believed we have fallen into the wrong hands, but banks that we completely trust with our full chest to keep our money are also scams.

I have read in recent times, like end of last year how banks steal people’s money especially if the person is deceased and the family does not come to claim the money in the account. Even when you have your next of kin information in a bank, it is not a guarantee that they will contact them after your demise to give them the money, they’ll intentionally hold on to the money and if you’re not one that is very rugged, they may deny that the person never saved money in their account and they will just keep it to themselves.

I read in a news when a woman reported to social media activist VeryDarkMan to call out Access Bank for denying to have in possession some amount of money (in millions), the deceased brother left in the fixed deposit of the bank. The brother gave her information on all banks he had savings with, so she was following up those banks up to collect the deceased brother’s money. How Access Bank was denying her access to the money was how one of the banks she was following up did but after she threatened them, they gave her the money.

Now Acesss were proven hard and still saying he doesn’t have money with them in which he has the largest amount of deposit there. I don’t know how the story ended but that shows how banks are the thieves we thought they can keep out money safe with. No matter what happens and how secretive we want to be, we should allow our loved ones or more importantly next kin knows where we have money with so that they can claim it when we are no more. The wealth is better off used by your loved ones than being used by the banks for their selfish desires.

How you expect say people go fear wey be say e get people sef wey never touch their local bank app for sometime now. Wallet bank and crypto wallets now weting they reign these days. And e dey give you full control over your money. If you wan pay for house or buy car now now na simple something for you. Just enter your crypto wallet send am to exchange then trade the exact amount to fiat wey u want directly to ur wallet bank like opay or kuda straight up you done pay. Me i no dey stress my self again na these steps i dey always use.

There was an old man I once met in Lagos who also had a similar issue with UBA bank then.
What happened was that whenever he goes to withdraw his money with the help of his bank manager, he would sign and fill the check in front of the manager who is rendering assistance to an old man. It wasn't long the manager started faking his signature and using it to withdraw the old man's funds because he didn't have anyone as family to assist him with such delicate thing as filling a check and cashing it out like everyone else on queue.

The Naira is really depreciating in value very fast and with the way bank staffs are acting indisciplined and stealing from accounts unsuspectingly, cryptocurrencies investment mostly DCAing BTC has assured one of wealth that could be easily transferred to the next of kin in cases of demise or sudden tragedy.
 The personal banking idea that Bitcoin marked as a success currency has opened so many other opportunities and it's a world of its own for real.

There's no fixed deposit issues or bank manager stealing or bank staffs  claiming deceased money issues with crypto currency and a secured cold wallet and good amount of BTC in it over time could be a heirloom to the next of kin without much notice from others not within.

I know plenty people wey lose their money like you did, dem go bank tire, in the end them just forget the money. The bank is in control of any money wey you deposit for bank, just as centralized exchanges dey in control of any coins wey you deposit. That being said, that is why we have bitcoin, so that we go get control of our assets, but make we no forget say na only bitcoin wey dey for non-custodial wallet wey we get control of, if you put am for custodial platform, e be like when you put your money for bank.

Apart from network congestion and high transaction fees, we should remember that bitcoin is volatile in nature such that if you store all your money in bitcoin and the price drops it will become problematic if you needed money to attend to an immediate need so it will be better to also save some money in the bank then any amount you store in bitcoin should be left for a longer period of time without touching it.

We should know that it is not really easy to avoid being scammed both online and offline so the remedy will be that if you have Fiats, make sure you split them in different bank accounts. If you have bitcoins, also open a lot of wallet for it so that if one gets compromised, others will remain untampered.

Yeah, we can’t always rely on Bitcoin for everything, Bitcoin is undoubtedly the best option, compared to banks and fiat, when looking for a store of value, But that doesn’t mean that it doesn’t have its own limitations. There are definitely situations that we’ll have to turn to fiat, especially when it involves certain micro transactions. Just as you’ve rightly said, Bitcoin TX fees can sometimes become so exorbitant that you’ll end up paying more if you wanna spend less Bitcoin.

The truth is that most of the advanced in age people find it extremely difficult to invest their money in Bitcoin because of their ignorance and half knowledge about the best possible means of safely investing your assets. They generally believe that Bitcoin is a scam zone and because they totally understand how the commercial banks are being operated, they find it safer. This isn't the first case that I've read or witnessed about people losing hide amounts of money they deposited with some the Nigeria commercial banks.
It's very possible that one can lose their money in Bitcoin when their wallets are hacked but when you're security conscious and follow the right procedures, your assets will stay safe for as long as you want it to be.

I'm not surprised at all reading this, bankers steal a lot and the extent they can go to orchestrate those mischiefs can be very alarming. Maybe they thought the man was dead and started withdrawing his money since possibly he doesn't have a next of kin linked to that account.

A banker friend of mine told me that one of the reason bank managers read newspaper every morning is to know if any of their whale clients without next if kin is dead so they would withdraw the money without trace.

It's always annoying that simple problems that banks can resolve for you immediately, they would turn you like football until you lose hope and stop coming for the issue and then your disputed funds would be theirs, this is why Bitcoin is the best way to invest funds that you don't need immediately since you'll have total control over your funds without having to deal with middlemen excesses.

I have also had the same experience as that of the OP and it is frustrating when your money in hanged after performing a transaction in an ATM machine and some times what causes such experience is when there is no cash in that particular ATM machine. I know how i frequent that bank for my money to be restored but to no avail but what i did then was to call their head office and they asked me some security questions which i answered and my money was reversed why i was still on call with the customer care. What happens in situations like that could be that your report was not submitted by the customer care so sometimes when you are experiencing a challenge with your bank just put a call to the head office directly and they will attend to your complaint immediately.

Saving our money is bitcoins is good but we can never do without the bank or banking apps for now, at some point you will still need them so what you should be concerned about is not giving your security information to those bank cashiers because some of them are dubious in behavior and can use it against you.

Banks are not that useless when it comes to saving immediate money that will be used for a particular purpose. However we plan, there will be need of keeping money in local currency which will be monitored by banks.

Just the way Bitcoin has it's own little risks, same does banks have if you don't apply strict measures against scammers or restrain how personal informations are disclosed. It also depends on what you are saving for and how long you expect the holding period to be, for anyone saving for retirement can pick Bitcoin as savings or when the reason of saving is not in a hurry then you can invest and hold until the prices goes volatile and reach to a price where you may find confident to sell.

We've seen this things happen as you said it but it looks like all this kind of things happen in Africa mainly I don't think this kind of things do take place in the civilised world where documentation and data are properly taken and kept for reference purposes, the laws here are not effective that's more reason I should agree to what you've written so far, it is funny if we even think that financial institutions don't know what they are doing, they do all this things internationally so that they can wipe out the deceased funds in their custody, the frustration the family of the deceased family encounter while trying to retrieve this funds can even discourage them from continuing the process.

Banks here can never be trusted in things like this, I know that we can not do without banks however, anyone considering putting their life savings in the bank will be doing that to their own detriment because anything that involves banks here in this country can not be trusted so we shouldn't put all our hope their so that we won't get stucked.

It's quite sad the institution that was meant to secure our money has now turned into robbers that takes away people's hard earned money in broad day light. Because that man is even lucky to still be alive when that ₦55million was lost and withdrawn from his account without his notice. Because imagine if he had died, thats how those bank officials would have denied he never had a penny in that account and gone away with the whole ₦500million, which is very bad. Because just like one of the case Verydarkman previously had last year with Access Bank after refusing to give to the next of kin over ₦500million her late brother left with Access Bank. As this is what banks keeps doing. Stealing people's money, which is why I can never keep huge amount of money in it, in other to avoid stories that touch the heart. Because till today, I still have ₦10,500 with First City Monument Bank (F.C.M.B) that was declined during P.O.S transaction, and since then I'm yet to receive a refund for over 2yrs now. Hence, enough reason why I will always prioritize funds saved in Bitcoin, rather than traditional banks.

In Nigeria, the old people do not see bitcoin as a scam zone, but they do not see it as money. Many of them do not know what bitcoin is also. They believed in physical assets and their businesses. They believed mostly in their businesses and have their money in banks.

There are thieves everywhere. Money theft can happen anywhere. Do not trust people as long as your money is with them.

Well said OP, you see the old people not just in Nigeria but other part of the world, do not really see Bitcoin as a scam,  is just that many of them just don’t understand how something they can’t hold can have real value than the assets they can see, feel and hold. And also because many of them built their wealth through business, hustle, land and property purchase etc. So Bitcoin may feels like a gamble when compared to their tried-and-tested methods.

I believe however that with the right Education and Awareness they go begin dey see Bitcoin in another light and know say na one of the most reliable way to stay ahead of inflation.

People do not know about how banks are extorting people of their hand earned money, past few week I went to purchase something at the mini super store and what I purchased didn't go through, they said declined from the POS machine so the sales personnel has to make refund from her end, and I saw when it said transaction successful but yet didn't reflects to my account. I went there the other day to complained to the sales personnel and she said I should go to my bank to make complaint over there, I had to look at the stress of going to bank with the amount in question I just have leave everything with the hope it would surely reflects to my account. Up till date I haven't seen it reflected to my account, this is to say that banks aren't worthy to be trusted and since I don't usually make transfer that way or even rely on banks, instead I would have to make withdrawal of cash and then go purchase what I want to.

I completely understand why you had to forfeit the money because sometimes when you calculate the transport and the stress you'll have to go through at the bank, it's not worth it. This is how fucked up the traditional banking system is, with many challenges. With our government gradually changing its stance on crypto, I hope global crypto payment giants like Stripe, Square, etc, could come and invest in Nigeria. So we could be able to have a crypto payment option in some of our big supermarkets and superstores.

Analyzing the recent incidents and your conversations, we can easily understand why the government and Banks are reluctant to legalize Bitcoin and are still so dependent on fiat money. Banks, in order to maintain their own control over the common people, only reveal the disadvantages of Bitcoin to the public and in some cases, put all the responsibility on the government and the government - thinking that the general public will lose control of them, keeps telling the people the words taught by the Banks in front of them but not anymore, now it is time to get out of this cycle because different countries of the world have slowly started accepting it. People are getting to know about Bitcoin and are much more aware than before.

I agree with you on the fact that bank is never to be trusted because I have encountered similar issue before Which I was redirected to the bank as well  then I went there but, all to no avail.

is better you choose not to move further because you would have end up wasting a whole lot of time in the bank without achieving your aim, you know, I was thinking that bank is way more better than micro-finance banking, but at some point I realized that they're more reliable than our local bank both in terms of  networking, which is why alot of people have chosen to be saving thier Money in most of this micro finance bank since their level of trust is now becoming equal.

With Bitcoin you have full control to your money and you transfer whenever you wish to transfer no restriction no transaction limits with Bitcoin.
Unlike other financial Banks which can people of their money if they realize that the account has not been acting for a long while. Sometime they places limit on transactions or restrict some transactions due to some reasons following the central banks rules and regulations, but that can't happen with Bitcoin.

The current era is the digital era, the era of information technology. Everything in the world is now in the hands of people, just as the banking system is now in the hands of people. In the past, there was no easy access to computers, cellphones or the internet. If someone was financially well-off, he had to run to the bank.


This old system, although it provides people with security and some benefits, does not reduce harassment. They profit from taking money from customers and giving the customer a small share of the profit. Again, the government or bank authorities or the income tax department can see how much money someone has in their bank account if they wish. If they find it suspicious, they can seize the bank account.

But in the current digital era, one can live without facing such a situation. On the other hand, the result of the cutting-edge technology of the digital age is Bitcoin. It is not under the control of any country, government or group. A Bitcoin account means a bank account that is controlled by yourself. No one except you has any way of knowing how much money is there, as long as your own seed is under your control, you are the only owner of it.

I chosed not to move further because I know that they would waste my time for nothing because Bank aren't to be trusted.
As an individual it's important to avoid banks because they extorting from their costumers and whenever a transaction is carried out they would want to do some silly games just to deceive their customers and most time when you deposited money into your account they wouldn't credit you that moment they would have to hold the credit alert and whenever you see such thing you should know that they are working underway to extort their customers. At this point Bitcoin is more better only when we have seedphrase secured.