Bitcoin Forum

When people talk about the benefits of bitcoin over Fiat money, one of the biggest advantages is that bitcoin is more secure and the bank has not control over your money. Generally, people talk about the lack of 3rd party.
Give some examples of the problems with banks you have faced that there wouldn't be if cryptocurrencies existed that time.

One simple example is the requirement of keeping a minimum balance to maintain an active bank account. In my country, if I want to keep an active savings bank account, I will have to maintain a minimum balance of 10,000 INR. If I fail to maintain that amount, bank will deduct charge of 150 INR for each day and that money will be recovered from your bank account.

Lets assume, your account balance is 9,500 INR on 1st November. Bank will deduct 150 INR non-maintenance change from that same account. So on 2nd November, your balance will become 9,350 INR.

So if you want to refill your bank account on 2nd november, you will have to add 650 INR to your bank account! That's an organized loot!! It's your money but bank will not allow you to withdraw it even in case of an emergency!! If you do, you will have to pay charges for withdrawing your own money!

I have lot of other examples available because I used to work in a closely related sector. That's just a teaser for you!

The fact that if I need to withdrawal over $2-3k I need to call them so they can have the money ready

I tried to take out $5k one day and was told the bank does not have that much cash.... ???

I get it, but I don't like it.

On the one hand, this is a true statement. But still there are a lot of people who are not ready to answer for the safety of their money and therefore trust their storage to banks or centralized services and exchanges.

Just 5 or 10 years ago my bank offered a free account and a free Visa card, now everything have gone cash less, and now I have to pay to have an account and pay to have a Visa card or any other ATM card. My local bank have closed down its branch and left an ATM. I never used the bank branch so it's ok with me, the bank don't really have any expenses with me as a costumer, but every year they raise the fees I have to pay.

My issue with them is that even while you are not in the bank but has been registered with a particular bank, they still deduct money which they call charges etc but cryptocurrency is not like that as we know.

The major problems as regards the banking system that I have complained of and similar with those around me is the issue of payment transfer confirmation; network issues! This usually happens most times when one is the heat/peak of urgent transactions. This affects one's credibility when transactions/payments are not made immediately with clients.

My major problems with the banks are charges and delay, especially when it has to do with international fund transfers. As a sender, you are required to provide some documents to back up your transfer. Apart from this, there is a heavy charge on this transfer.

For me the most important aspect is how banks try to dictate the way I use my money.

I had to ditch the bank I was a client of for over 20 years, all because they found it necessary to force me to stop sending and receiving money to and from Bitstamp. They literally told me that if I don't stop transacting with a crypto related party, that they immediately would end the relationship with me as client.

I don't expose myself to any form of debt, so it was only a matter of digitally transferring all the money from bank A to bank B, which took just a business day. My current bank works like a charm and hasn't done anything to annoy me, so there isn't much (yet) negative to say about it. I just hope it stays like this.

The other aspect, which is less pressing, but still important, is how it takes up to 14 business days to move money from one country to another. I'm not really a fan of Brad Garlinghouse (Ripple CEO), but he's right in the way that it is much faster to fly the money over to whatever country in physical form. It's an absolute disgrace for the banking system that it is still like that today.

Technology has advantages and disadvantages even bitcoin nor banks they are a problem that we cannot avoid that some of disadvantages or problem because they have also a limitations. Some of the problem that I encountered  at the bank was sometimes the system error or just like glitch of the system so that one of the example I've  encountered and I'm bitcoin or cryptocurrency was scam or hacking that are the example of the problem that we are encountering.

I once experienced a cart at the ATM of a bank in my country, accidentally happened a transaction happened twice, it would still be the money I received only once. then I tried to complain and it was received, but it has a very long process (two weeks).

One of the problems i faced with the banks in the past is their selective approval of application. Not that it happened to me, but i was with a friend when his application for a bank account was denied simply because he is relatively new in his area of residency. And i really think it is absurd. And that's where bitcoin leverages, being permissionless, surely, no one will deny a person wanting to have a bitcoin wallet.

monthly fees when we store fiat in a bank, and this is detrimental to every consumer of the bank, in contrast to Bitcoin, when we save the value of bitcoin, our assets follow market volatility and no monthly administration fees.

A lot of waiting time in every bank visit and calls.
A limit on my withdraws.
Limits on deposits.

When dealing with a bank, in addition to having to pay a high premium, especially when dealing internationally, you have to incur more complicated procedures before the transaction is made. That is the disadvantage of the bank. This makes bitcoin more attractive

I don't know what your basis is to say that bitcoin has better security than a bank, if bitcoin has better security than a bank, of course there is no news about "hacked wallet" and bitcoin itself still needs better security to overcome this. In some cases, the use of bitcoin makes it easier, and a very low transaction fee of up to -90% from the bank

Very poor service especially on their branch and the interest is very low. I know banks are already here for a long time but I’m just wondering why they still not improve their services. Now that cryptocurrency is here, i really think the future is great for our financial system.

This!

When I opened my bank account when I was younger that minimum balance requirement is quite hard for me to maintain. Like I said, I'm still young by that time and I have to force myself of not going under that or else I'll be charged.

They have also an option that you don't have to go through that maintaining balance requirement but every time you withdraw, you'll be charged. This is the same with bitcoin, we need to pay for fees if we're going to send / withdraw but I just hate the part that banks would do that, yes they have to earn but what kind of option is that?

With the maintaining balance, I'm thinking that its going to be with them forever and considers that it is just a fee for their service to keep my money on their vault safely.

banking delays and banking seizures. in my online poker days, this was a big issue. the prohibition of unlicensed online poker in the USA created a situation where many sites (or their 3rd party processors) had their bank accounts frozen or seized. this caused weeks and months-long delays for withdrawing money from USA-facing poker sites. in some cases, it drove some poker sites and payment processors to shut down or exit scam.

i think i dont have a problem with bank, but i know the disadvatages the bank than bitcoin, bank need people to manage all the data and the money, in bitcoin as i know all transaction is managed by blockchain system, for customer its not give any effect, but for institution it give a big effectS

Too many costs to save money in bank, they provide security and service for us but they also charge us for that. Sometime there are also human eror on their service and technical eror also occured. But we can't ignore that money that saved in bank is used to invest in industry to improve gross nasional product. With this global economic regulations, we still need bank to improve country economy.

Currently in my country 2 banks have been bankrupt. People have lost a lot of money but now can not get their money back. Cryptocurrency is really a great thing. I no longer send money to the bank. Instead I transferred all my money into USDT and kept it in a hard purse. I only used a few and the transactions with fiat money took place very fast. So I really see the strength of Crypto.

I had a problem with the withdrawal of their investments. I needed my money urgently. The bank had a day off. I couldn't get them. I use Bitcoin and can exchange and receive my money at any time.

For example, I started saving money in a bank account in 1987, 30 years after looking back at my savings you will see its value plummeting. But many others will protect their work by investing in other types of assets such as gold, silver, gems, stocks, land, etc. In other countries, however, your hosting assets other than money will be restrictions and tightening regulations from the government. So what path to store the real value of human labor, Bitcoin answered that question.

This story was not happened to me but to my friend he has lost over $2000 in his savings deposit account he rarely check his bank account because its a trusted and one of the biggest bank in my country and to his surprise upon checking he only have almost $100 left until he found out that there are many unauthorized withdrawals in different atm locations he immediately go to branch and investigations are still ongoing until now almost 5 months and nothing happens, if ever this banks will use a private ledger/blockchain which we can use to check our accounts in seconds in explorer then this problem might be stop immediately. 

bitcoin and banks are very different, and of course, more profitable for bitcoin, bitcoin security is safer than banks, a few months ago, some consumers of state banks in my country were hacked.

the bank transfer model is still limited, the transfer process to different countries will spend a lot of money and takes a long time.

actually not anything worth mentioning, maybe transaction speed which bitcoin is better always except bubble times when confirmation times sky rocket
other than that nothing

Indeed, storage at the bank will be subject to administrative fees every month and it has become a risk and bank policy, for customers it is reasonable but when it is not able to fill, the deposit will eventually run out too. This is an investment that is able to run out and eventually disappear.
Bitcoin is able to provide benefits because it continues to grow well.

I have selling product using fiat on bank. even when have sold product
at weekend, i can not withdraw my money. because bank only bussines
day operated.when i am using bitcoin payment, every time, every day

The most problem using bank transaction is it needs long process if you transfer from one country to another.In that case bitcoin needs couple of steps to receive money.Bitcoin is peer to peer transaction which is awesome.

I am presently facing this issue, I bought bitcoin from somebody online, I sent the funds to the person and he sent me the bitcoin, I discovered later that I was debited twice for the transaction and now my bank is saying that they need the person's permission before the money can be reversed while the person is saying that he didn't receive my payment twice, if it were Blockchain, I could easily trace the transactions and know the wallet that the money is, I would know if the guy is trying to cheat me or if my bank is trying to do the same.

If you fall below your maintaining balance you have to pay the bank charges and opening a bank account such a tedious process.

Honestly the banks is just a mean to exploit the general public, they do these in so many ways that inconveniences the majority.  One way is the issue of transaction speed which takes some time to deliver,  another is transaction fee and account maintainance  fee,  also the minimum balance fee,  third party issues,  lack of freedom and many more.  All these are solved by blockchain  and bitcoin.  These  is simply why banks will always lag behind. 

To be honest i have not had a problem with the bank itself, but there are problems with the investment bankers who use our money to gamble on the stock exchanges and then use our tax money to bail them out. Won't happen with crypto

there are a lot of difficulties in the bank, moreover the bank limits the taking of money in the account, many more that make us have to take care of this and wait very long

For me, specially when I started crypto , some of my banks here in the Philippines started to questioned me, they are very strict when it comes to crypto. They want me to come to their office and talk about my account, they ask where my funds are going or where they are from, and I told it that I am connected with crypto.

I think this article is applicable here : https://ethereumworldnews.com/brazil-cryptocurrency-wins-court-orders-banks-to-reopen-exchanges-accounts/

For a while in my country banks had really big freedom to do almost everything they want in the way they want. From constant increasing of interest rates on loans and credit cards, abuse of personal data and similar. Many people had issues with that, including me and wanted to stop that.
Bitcoin looked like one of solutions for such issues but we couldn't entirely escape from banks because we still depend on fiat money and their services.
Also, some banks that have noticed transactions related to Bitcoin started to make problems to such clients, monitor their accounts and similar.
However, situation is changing for the better, banks don't have such freedom anymore and in the future I hope that such problems will be completely escaped.

Stupid questions about source of funds even with small amounts of money.
International transfer problems, expensive, extremely slow and sophisticated.
Expensive fees for banking services in general.

I used to have a sub account before was attached to the main account. I opened it online and that's where I was transferring my savings that I get from the main account which was my payroll account. I had it for years as I was saving to buy a car back then. When I was just a few days away from withdrawing it to pay my car, lo and behold! It was closed by the bank without a warning and my funds for the car were locked down. Of course I panicked and called the bank immediately who said that they don't allow sub accounts anymore. You can just imagine how hysterical I was. Anyway, to cut the story short, if cryptocurrencies already existed then, the bank would have not access to my funds.

I think this is irrelevant to be a comparison, of course we have different problems for banking or bitcoin. each has its own advantages and disadvantages.
but in fact someone will withdraw money from the bank to invest in crypto. and vice versa someone will withdraw bitcoin and exchange it for fiat money.

The beaurucratic protocols.
Excessive transaction charges.
The bottlenecks to obtaining loans on time.
The attitude of some bank staffs.
I hate the long queues while trying to deposit money....I can't stand those.
The high interest rates on loans and miserable interest rates on lending deposits like fixed investment etc.

The bank has a substantial fee when it wants to transfer money to another account, the bank has a monthly fee that might cut our savings quite a lot. Of course when we deal with banks, we must talk about fees

If there were cryptocurrencies, then I would not have a problem with the depreciation of money in the bank deposit.

There are many obstacles in the bank, one of which is when you want to withdraw large amounts of money it must be troublesome. In terms of requests to take one or two days in advance to notify the bank and also the security risks of off-bank crime, an example of a robbery crime. I think cryptocurrency is indeed much more efficient.

This os true. Banks continually take charges to the thimgs they are dealing. With you having money im the bank, they make sure that even if you do not move it or do something into it, they will have profit or they will gain something. Which is the total opposite of bitcoin.

now banks have received a lot of bitcoin in any way in the digital world or the internet at a very high price which continues to soar that many people invest in it.

The problems I have faced with banks are: they are slow, fees are high, and just overall hassle when something goes wrong and it takes forever to sort them out. That's why I love Bitcoin for example. It is fast, it is cheap, it is easy. Exactly what the banks aren't!

I don't think bitcoin is more secure because so many stolen bitcoin cases because of hackers.
Bitcoin is volatile and that's one of the reason why less investors invest on bitcoin

Cryptocurrency is suitable for big investors who are always looking to profit and remove identity for what they own. This will negatively affect the banks as the user gradually escapes the bank and uses Cryptocurrency as an alternative solution with superior advantages.

My own belief is that bitcoin is more secure than Fiat money. The bank can not control the Fiat Money, this is a bitter truth. In the same way there are more problems in the bank such as: Long queue, interest deductible without your consent, without fixing your money, fixed deposit, cash withdrawal or delay in payment, lack of security! Bitcoin helps you get rid of these problems.

the problem with the bank that I had experienced was that I had a refund from an exchange in the form of money into a bank account with obstacles. there are some problems that cannot be implemented by the bank so I have to transfer through another bank account. it's a problem with the bank that I have experienced.

I have never complained about the bank's performance until now, they work with professionals, but one thing that makes me interested in choosing to save money in Bitcoin is because the value of assets that we store in Bitcoin can increase or decrease following market volatility, while saving money in banks. our money every month will certainly decrease.

banks always trying to steal from us . Every contract we sign is actually ruining us . We have to stop it.

we all know the benefits of bitcoin with all kinds of things as you say. I agree to that, but there will always be problems in banking. and so is the problem with bitcoin.
I think we all have bank accounts. this is a selfish and irrelevant comparison.

We have all experienced one or two difficult situations in the bank, I still can remembered when the bank trapped my money for over two months without any good reasons and at the end their came out to tell me to provide two guarantors with valid means of identification before I can have access to the money, the situation was so frustrating at that time I was not aware of digital currency.

Terrible long queue which result to wasted time and top it up, rude customer service personnel addressing you as if they are doing you a big favour!

But with the blockchain technology, I run my show without stress and security is guaranteed.

Actually i have faced a lot of problems in banking system. More delayed to proceed in their system and order is succeed within 15 days, time limitation.
High fees charging and not provide nicely also withdraw/deposit limitation. Overall they are not able to served strongly.

I hate withdrawal limit, especially when you have to go to the bank to do it. I also hated waiting for days before they give your money back to your account when you encountered problems with one of their ATMs, sometimes they're not even sure if you will get your money back.

Banking is always full of hassle and stress. When you deposited your money with the banks, it's as easy as 1 2 3. But when you are about to withdraw your hard-earned money, your own money, you have to face a lot of tiring and unseemly verification and clearance processes, which usually take days. Why all of a sudden all these annoying processes came, when those are not present when you are entrusting your money with them, when they are receiving your very own money for safekeeping? Well, I think this is just their lame excuse to delay your withdrawal, so that they can make more profit out of your own money. These hassles are not present when transacting on the blockchain. If people will only realize the good that bitcoin brings, we don't have to be a pitiful puppet of these greedy banking corporations.

The most important advantage of Bitcoin in comparison with traditional banking currencies is that during a bullish trend it is capable to making a profit more than thousand percent. No bank can allow you to have such a profit if you place your deposit there. For me, just this fact is enough to permanently abandon the services of bankers.

I have faced some credit problems but it was long time before. Now i try to avoid using banks often and this has its reasons. I don't like banks because they have many hidden fees and percentage

I would say that there are actually a lot more problems with Bitcoin and cryptocurrency than with the bank itself. the bank now has a number of advantages over bitcoin

There are many problems with the banks of them
1. Complex account opening procedures
2. Length of remittances
3- The use of bank credit or letter of guarantee is complicated and requires a large period of time and significant costs

These are some of the problems Bitcoin has worked on to solve.

the problem of transferring crypto currency is easier, especially if we transfer money to a different country becomes uncomplicated and the cost is definitely much cheaper, the problem of saving our money is much safer because it will not be affected if the bank keeps our money bankrupt, without all three party intervention free to determine where we will spend our money ...

No matter how complex the traditional bank regulations are for all countries, I have never had a problem with bank regulations because that is the procedure, before and after the appearance of bitcoin / crypto I still needed the bank as a place to withdraw funds from the crypto wallet after becoming fiat money

I am sure the bank will remain forever and bitcoin will not be used forever as a legitimate payment instrument from all countries

Bitcoin is a tool for buying and selling shares or investing to make a profit

My problem in my bank if someone send money in my account need to wait for couple days and they deduct some percentage. And also once you lost your card if you leave in other country they never mail for a new card need to go back home to apply a new card. so annoying >:(

what everyone dont like in the bank is their hidden charges or some hidden policy
it feels like a trap and they are just waiting to take advantage of you
you will not know it until you experience it

Sometimes banks are also the main cause of concerns in the savings. Especially when listening to news about the unstable business situation of a certain bank.

well even though I didn't feel it but the demonetization experienced by the Indian yesterday really was hit their government so hard and also to the world of ba (http://yubster.com)nking throughout the world and again it is not a secret that the government will back up bankrupt banks because it will have a big impact on their economy, this is the work of business people who have received permission and through rigorous selection but in the end they are destroyed from the inside.

yes that's true as you say.
however, we are still very dependent on banks for a number of reasons such as payment of water and electricity accounts, especially for savings and loans.
I am a crypto but I also really need a bank, because crypto is not really used as an option in every transaction

I facing too many problems for international transactions through banks because there are too many restrictions about out of India Transactions every time banks are asking the reason of Remittances but now I just take any cryptocurrency behalf of my payment that is also find a good solution for me. so that I can say thank you Cryptocurrency.

There are many problems in the banking system i.e.
1. Cross border transactions -- It is really big problem because bank takes high fee for cross border transactions.
2.  Complex access of online banking apps.
3.  Support system if money got deducted from bank but receiver has not received money than bank would take 7 days to refund money into bank account in India.

But if you compare a decade banking and current banking you can see huge difference between.
Today we are having modern bank with latest innovations and features.

I basically do not like the fact that I have to use the Bank to store their own money, pay for it a lot of money. Besides the Bank is easy to Rob, there have been several such cases in my city and I don't feel that my money is safe. I want to control my own contribution.

In my country, some banks closed exchange accounts without motivation. This has caused problems for the exchanges and especially for their users. This move has given pause and banks are being forced to reopen the accounts by decision of the supreme court.

I only use the Bank to hold the money. I don't take out loans, mortgages, etc. And I think to keep money in bitcoin much more profitable. In addition, the Bank I need to pay large fees for transfers and storage. Therefore, I prefer bitcoin.

the main problem every time I make a transaction at a local bank is the speed of transactions and the accuracy of financial transactions. this made me have to be patient when making transactions with the bank. takes a long time for one transaction because the process and speed in serving customers is very long and there is a long queue. This is very ineffective when only one transaction takes more than 20 minutes.

Biggest problem with the banks is the waste of time one should have to walk through to get a service. And after all this got currency in hands but not safer then digital as it can cause roberry etc. Digital currency can not be robed.

Banks the world over exist for one reason to make as much money from you as they can, either by charges and fees or even just using your money and paying derisory interest rates while charging extortionate rates. The sooner banks are replaced by crypto the better.

Just recently had a problem with a usd transaction. The receiving end's bank didn't have a correspondent bank, so they couldn't receive usd.. lol, in what world do we live in if you can't send someone usd?

#absurd #gocrypto

The place that I work signed a contract with a bank for three years in order to be paid our salaries and they offered a free account and a free Visa card. After tree years, my company signed a contract wiht another bank and I went to previous one in order to close my account. I thought they did. After years I received an e-mail that says I have to pay for account management fee. Although they have said to me that they closed my account and give receipt for it, they did not do that. But after those years I did not have this receipt. I paid the money and I never trust to banks after this happened to me.

this will be a long debate that will never be resolved until the time comes.
I think someday banks will adopt fiat money into crypto. yes, after everything becomes legal. and the possibility of this fact will happen in the future.

There are many tricks that banks use to get money from people. There are a lot of examples from interest rates to the elementary unreliability of some banks in various countries.

In bank i have faced  many problems like error in transferring money ,delay in transfer and especially waiting in row

I hate it whenever I have to visit the banking hall.The long queue alongside terrible customer services from the employees are terrible. With Bitcoin, I can get everything done within seconds.

bank have fee that you paid every month if you save your money in there. they will cut your money to some operational, and you cant withdraw all of your money, you must save some portion.
people will complain about their deposit, transfer, or the other thing that make someone must be go to their place to make it clear. and it take much time to wait in line for some trouble

Two years ago I was an employee of a bank that went bankrupt. Naturally, all of his clients suffered, and first of all those who had a deposit with the bank and current accounts that held money. The state was able to return only some of the deposits to them, and the rest of the money was gone. If they were invested in, say, Bitcoin, many of the victims could increase their assets several times.

Banks have too many administrations that must be processed and not too transparent. I have experienced a double withdrawal of money but even though I only drew my cash once and this is really not relevant at all with the amount I took

hmm, i dont have any problem with some bank, i think if the problem on the bank that bitcoin can't do I think the loan, in the bank we can get some loan, how about bitcoin? i think we can't get some loan in bitcoin

if we want to money then should go for bank and there are restriction in deposit and withdraw. and we need to wait for some times.

I was experienced to lost my money through my Credit card used by someone who cash out in different location so I decided to quit my credit  from bank and focus in bitcoin crypto currency. not only that there was sometimes that there is a bank declared Bankruptcy  and allegedly our money is not 100% money back guarantee.

I went in bank and tried to open an account but bank manager declined my application because when she asked me what is my resources of fund, then I told her that I'm a bitcoin/crypto trader online, in short I worked as freelancer home based online. She said that I need that will prove that I earned fix every month, they after with the certification from the company ton whom I get my fund/money then I said I don't have any company. and because of that I failed to open an account.

read this one today...

https://www.cbc.ca/news/business/woman-fights-bank-for-financial-records-1.4895631


Every banking complaint is another advertisement for bitcoin.

I do not think as you said, I for example, if there is a robbery happening at the bank you are storing money, I bet your money will be lost, no matter if you lose money or not but still have can But say banks around the world are fraudulent, recalculate the rate I have not seen, expect you to think again. :(

That's right, I agree with you about that, compared to the bank, my bank only used to store money for people around me to see, and bitcoin I still invest and use to do things besides storing money, but not. safe or profitable like bitcoin but it helps me a lot. ;D

In the problems of the Bank and Cryptocurrency can not be separated from the innovation and advancement of digital technology which is currently developing more widely in modern human life today.

like in a Bitcoin transaction, there is no credit card number that can be collected, with Bitcoin it is possible to make anonymous transactions or without revealing your identity at all, with an efficient Global Payment method.

Example:
Bitcoin can be transferred from one bank to another within 10 minutes.
= (There is no bank that slows down the process),
= (There are no expensive fees),
= (There is no freezing of funds),
= (No one will ask where the money comes from and what the purpose of the transaction is).

in this case Bitcoin users, cross-continent transfers are as easy as making transactions with your next-door neighbor.
In essence, banks and crypto also need to understand the risks of potential cyber attacks and the privacy of their own users and remain vigilant during transactions.

Not really secure. Fiat money and cryptocurrency money have imperfections. No matter what you use, there is still a probability that your funds may get stolen by someone else. Meaning, as much as possible we have to do precautionary measures in order to reduce the risk of getting your funds stolen.

This is true. I really hate it when those banks keeping those maintaining balance. I am not sure why they have to implement this. Its fine with me if there a minimal maintaining balance. But most of this banks required you to have a month salary (minimum) maintaining balance. I encountered many situations from friends and family that they loss all their keep saving because they go below the limit of their account. Is this the way some banks earn? How about their costumes?

Hidden charges, no activity fees (if your money is sitting idle, no cash in or cash out for 3 months, you need to pay penalty), the minimum balance thing, too much time at the counter, and the common problem - the bank people never want to listen to you, they just start telling some bullshit that is not even related to your problem just after you say 3/4 words of a sentence.

I was simply blocked by my account and it took two weeks to restore it. with crypto-currency and bitcoin this would never happen

Banks may block or freeze your account if the operation seems to be "suspicious." Banks also can even steal some money from you under any pretext. That's why "decentalized btc" is needed.

Before I also faced same incidents, having some issue with banks transactions to the point that account being freeze and needs to have a good
explanations and proofs, if bitcoin exist back then it might not happen as I can directly send my funds to a remittance center and withdraw my
balanse without having any problem and keep my money inside my wallets without using any banks.

One of the issues I have had with my local bank is extortion. In my country money, you have in the bank will be diminishing instead of growing even when you are not withdrawing from such money. This is as a result of deductions from the account which is done monthly. Can you imagine where you are charged for SMS to your phone from the bank, or what they called stamp duty which is withdrawn monthly. There suppose to be an interest earned by the money in your account that will never be added.

I have recently learned about hidden fees bank charges when you open an account. They are small and considered to be a protection fee. But adding up a lot of such small fees can amount to a significant sum of money. The most revolting thing is that these fees are optional, but banks intentionally make them hidden and don’t let you know that you don’t need to pay them.

Once i lost my debit card, when i went to the bank for a new one they make me sign a payment for an insurance, and after they make me sign the payment for my new debit card, i was like 'wtf, i already sign that' and they say, nop, you sign for an insurance. in that moment things get nasty. I was just in fire... 'You mother fuckers, every day calling to my phone to sell your fucking insurance, and now you make me sign it with lies!' Then the manager comes to calm me down, but i give him two options or he cancel that insurance or he cancel my accounts and gives me my money. He takes the first option.

Well, in my own experiences the most biggest problem we faced by using banks is the small percentage of its growth when we put our money in the bank and its increase would consume a lot of time and it is not profitable in our side in the long run so I would rather choose to invest it in bitcoin rather than depositing it in the bank.

the real problem is, banks manage fiat currencies, and bitcoin or crypto are virutal currencies and that are not recognized by banks.
so this is actually the problem for now before banks adopt the blockchain and each country has its own crypto

my money abroad is transferred for a very long time and this is a very big problem. I think that there would be no such problems with cryptocurrency

There are many problem I have faced in bank transaction process. At first time schedule,sometimes I need to transfer my tk very short time but bank can't give it in short time. Than if I transfer my tk from one state to another state than bank ask many question I think that is irritating for me. This type of problem continuous faced through bank.

For example, if you want to send money from one bank to another you will pay 3% (in my country). In crypto you pay fix some dollars. If you want to send big amount you will save enough money.

When you get accidentally charged off a website or something and it takes days/weeks before it reflects back on your account IF they approved your request. Plus the waiting game when someone sends you money, or you sending money to someone. Like seriously. What the heck is up with that?!

For me the big problem is the banks documentation and the transfer time for money while it is some time very urgent for me to send some money but here in the banks we have many problems which i have not seen in the crypto market and blockchain technology have changed many things, In preen time banks policies are so rigid and for a new person it is very hesitating who have new to banks but crypto is an open source to every one.

I actually just made an international bank transfer last week to a friend for website development and he has yet to receive the funds due to processing delay. Also had to pay some bank fees.

Their transaction verification procedure is also time-consuming and inefficient.

For a long period of time crypto companies have had to operate in uncertain markets when storing company funds, this uncertainty stems from banks unrelenting assaults towards companies related to cryptocurrencies or just by having ”Bit” in their name. These assaults are executed in a form of  commercial bank account denials or simply freezing accounts without prior warning or notification.

These kind of actions create an enormous amounts of unnecessary stress to the company leaders and employees whose work gets disrupted by denying them ,what we consider to be a basic right, a safe and trusted way to store company funds.

We are looking to solve this problem for more information please visit: https://www.knabu.me/

The problem with the bank that I faced was when I received a transfer of funds from someone I did not know it was not so long, the funds disappeared again. Being a question, whose fault is this? If you use bitcoin, that won't happen, because sending a bitcoin to the wrong number cannot be canceled. Means the sender bitcoin is lost, and for the recipient of blessings.

Nowadays all the banks transaction have been digitized but when the bitcoin is not existed we all need to go to banks for making the transactions which causes lot of time waste for us the the behavious of the workers in the banks is really bad when they are from central bank of their government so I only opt for private sector banks were we need to pay more fee and more minimum balance than the regular one.

In order for our account to be active in bank, we should have always a balance. That is also a protocol to my country. I want to have ATM card someday because I want to withdraw my earnings in cryptocurrency using bank. However, if there could be a cashless bank and accept cryptocurrency, I will never get a card.

Financial fraud on internet;line up;terrible experience about reservation service;restricted business time;long and tedious procedure and so on.

maybe for our problem, it can be said to be complicated to see our balance amount in the past which is really complicated because we are still looking for an ATM machine to check our balance at the bank, even though only checking does not take ATM. jammed outside the house.

A friend of mine got employed just last week and in addition to his certificates and personal records, a bank account was also required. He got to the bank to create an account only to be told that it will take a minimum of 3 days for the account to be ready. That was when I realized that bitcoin accounts and wallets unlike bank accounts can be created instantly at any point.

If Bitcoin is existed long time ago, there will be no inflation and and the people will not suffer like we have right now. The government will be less corrupt because everything can check the transaction publicly and we will know where they spend our taxes.

all of them are very important and need each other. and we are looking for a trusted market for buying and selling transactions, so we need slings and complementary products, but we need each other to be different but in one purpose.

if I need money or save money I have to be willing to wait in line to receive my turn, when it is almost my turn the queue number has a problematic network, I often encounter disruption of networks in the area where I live. it won't happen if I use bitcoin.

Of recent i did a transaction on ATM machine from another Bank and the funds got stuck without any reason, so, i decided to visit my own Bank for the transferred fund and was told that my fund was hanging, and asked to fill a form which i did. Then later they told me that my fund were not hanging that, they have not find the said fund i was told. Till now the issue has gotten them to court and hopefully my fund be refund back to my account. This happenings has not be found with Bitcoin transaction, just my little opinion.

Problems with banks are boring, because they wait and there are some procedures that are clearly annoying, unlike using bitcoin. Transactions with bitcoin are very short and cheap, like having a bank. Only send from e-wallet owner to e-wallet recipient. It takes a few minutes.

you said taking few minutes ? i thought big no , bcz if you knew currenctly if you send a bitcoin you will wait for hour
because a lot of miner stop mining the bitcoin or any alt
you can try if you dnt believe

They are just arrogant in my opinion,they are living with our money but they still treat like a slave to them.I have banking at old age but now after after the internet banking came I used banking for all my purpose but before that only transacted as hot cash. ;D

Both has different ways and process. Banks in other hand has some kind of slow transactions because of the teller personnel and might be the bank system as well as some other contributing factors that we may add. In the other side btc transfer also take few minutes to an hour before the transactions complete the two has advantages and disadvantages but it is up to us how we handle and adjust each flaws according to the urgency of the transactions we transact .

I find that banks charge high fees. I ever send one remittance overseas and it cost me $300 to remit $15,000. It takes 1 day but because of different time zone, the amount was credited to the beneficiary account on the next day.

The biggest problem we face is this. That bank considers Bitcoin as an illegal currency. Because of which we have to face difficulties in using bitcoin.

The problems with bank is they are requiring their clients to comply first to give the important documents before making any transactions with them. Because once you are incomplete with it, they will not allow you to give your money. And aside from that, they are not aware about in cryptocurrency or they may heard it but they won't accept it as valid source of your income because they are demanding any certification from the company from which you are getting your resources.

Kyc is the main problem for me and they tend to block out of your money sometimes, then you have to take drive to their bank to solve it.

Bitcoin has come a long way in the eight or so years it's been in existence, but there's still a long way to go before the digital currency becomes a widely used method of paying for goods and services. Here are seven of the biggest challenges facing mainstream adoption of bitcoin, and what would need to happen for consumers to start using the digital currency on a large scale.

To be fair, it has gotten much easier to buy, sell, and use bitcoin over the past several years, but it still isn't user-friendly enough to encourage mainstream adoption. Currently, if the average person wants to buy bitcoin, he or she needs to open an account at a bitcoin exchange such as Coinbase, link a checking account (or credit card, which generally comes with a higher fee), and in many cases wait several days for the transaction to clear. I consider myself knowledgeable about bitcoin, and I can buy virtually any product online with greater ease than I could buy, say, $200 in bitcoin.

If you buy bitcoin and then sell it for more than you paid, you'll need to report the difference on your taxes. Even worse from a currency perspective, every time you use bitcoin to buy something, it is a potentially taxable event. For example, if I pay for a $5 cup of coffee with bitcoin that originally cost me $4, that dollar in profit is technically a capital gain. As you might imagine, this situation can create the need for an exhausting amount of record-keeping, and bitcoin users have three choices: Keep detailed records of every bitcoin purchase and transaction, risk getting into trouble with the IRS, or don't use bitcoin at all.

GToo many restrictions and controls, I have experienced problems when do transfers have been disrupted on my account written already sent, but in someone else's account has not been received, we cannot see transactions transparently, it is difficult to deal with such problems, and there are many other problems with the bank, different from bitcoin which is very good and free for me

When we save money in the bank that we aim to save our money, what I don't like is that they use our money as they like. The concept of the bank is indeed like that, the goal might be to make everyone able to be helped by borrowing money but it is difficult for them to be able to pay off any money they borrow because it is blocked by interest. They only regulate the money we save only for their own interests, borrowing is only a tool for them to extort every person who borrows.

I think with regards to a bank there are disadvantages and advantages. The bank are just strict and transactions are controlled due to its own regulations. If we try to compare bitcoin to bank they really differ from each other. I think it's just a case to case basis.

If I send or receiver $10K or more, I get a letter from the taxman asking why / where the money is coming from. Anti-money-laundering thing. It annoys me, because what if someone is actually laundering money... Are they going to reply to the taxman " oh this money is from illegal activity , Ill make you a list of all the transactions "
But they like stepping on the average guy while criminals have their way of making everything look legit... or in some cases they pay off a corrupt govt employee.

Well even though I didn't experience it but the demonetization occurred to the Indian people yesterday was a pretty hard blow to their government and also to the bank throughout the world and it’s not a (http://renovasi-rumah.net) secret anymore that the government will back up bankrupt banks because it will have an impact on their economy. This is because of business people who got permission and passed rigorous selection but in the end they are destroyed from the inside.

The biggest problems that I have faced with banks is how slow they can be especially on the weekends, bitcoin in the other hand is way faster than that because you can decide how fast you want your transaction to be confirmed thanks to the fee that you are paying to the miners.

Bank charges are eliminated with cryptocurrencies. The transaction fees charged on cryptocurrencies transactions are way cheaper than what is charged by the banks

International transfers are delayed. Plus charges are really huge. :(

I have experience alot of hassles from performing transactions with bank ranging from the high cost of fee, submitting so many personal detail but the one I very much dislike is the slow time before a transcation can go through especially when it's to another country

Banks have minimum balance which you have to consider and if you fail to do so it will cost you charges. Also banks have hidden charges.

High transaction fee especially international transactions. :'(

Well, not necessarily more secure, with hacks, etc. And can't forget about the volatility factor. However, after moving overseas, and losing access to my online banking, I found (for my particular bank) a very difficult time trying to get into my account other than by phone (which also had its own difficulties, and I never did attempt it). Reliable cryptocurrencies, and a wallet with p2p features for trading and transferring may have made life easier. But I personally wouldn't be putting all my money in it.

Have a great day,
The Cyberius team

cryptocurrency is simpler than a bank, and also when we want to send money using services from a bank, we will be charged a very large fee such as the cost of converting money, shipping costs, tax fees and other pieces
different when we send money using cryptocurrency, it's cheaper and the money sent is also sent faster

If we will only look for he problems and trouble banks  has given. To me then there are lots of issues i may put here,but lets talk about the profit they can give in which a shit amount for our huge money that they are using for the term we had vested this unto them.i hate seeing 2-4% per annum while cryptocurrency can offer me alot and much better

I have faced the challenge of having to wait for days to get the bank to effect the change of my signature .....it was friustrating because I needed cash urgently that period to tidy some personal financial crisis .
Reason I prefer cryptocurrency over banks ,cause I can lay hold of my funds anywhere, anytime as I deem fit.

Lots of crazy stuffs i do face with the bank which i can not experience on crypto-currency i get alerts of transactions i did not make useless charges on debit card for maintenance purposes its get on my nerves so much

Bank by and large are incredibly corrupt and evil.

We have seen that banking industry has grown tremendously but there are too many loopholes in thr system because of centralised system.
1.  Fraud and scams.
2.  Liquidation in the bank
3.  Lots of paper work while we borrow loan.
In banking industry even after digitalisation some probelm has fixed but new problem creates i.e. Lack of knowledge about digital banking in remote areas and more chance of getting theft online by phishing attack.

banks need 2 valid ID and all of your information just to have an account to them.
You need to have the minimum amount on your account as always and you can't touch or withdraw it as you will have penalty which is 10 percent of the minimum.
You can't withdraw more than a certain amount per day on hteir ATM, and if you will go to bank to do it you can't in weekends.

I am working with the several banks in my country and the foreign countries as well in last 25 years for my business. I tried to calculate now but i couldn't right now. I believe that i have paid more than $70.000 with all my foreign and domestic transactions to banks. 25 years is quite long time but 70k is also very large number.. If there were bitcoin i may pay just like $50 or $100 at max..

That's true there is lot's of requirements in bank, and also an interview before you get approved to open an account and even you have complete requirements it's denied you, but in bitcoin you never denied your always welcome there if you want to join.

I agree with you even same bank name but in other branch you make transaction the charges the take from you it is big amount, for me it is not fair cause your in a same bank only the different you are make transaction in there branch. In cryptocurrency the charges it is not big like in bank.

Some problems  with bank transactios we encountered  was the waiting for your name to be called by the teller to process your papers , waiting for  your line and  it takes  time to finish such transaction. It tskes also how many days  for you to recieve somethinng from your sender. It is  also very far away  from using bitcoin. It just  takes only few minutes for both parties to finish such transaction.

Having an account in a bank is good for the benifits of investment is concern. Though there are some issues you will encountering specially when you dont study well on how the banks terms and conditions. One of the problem would be hidden charges and minimum amount depend on your account.

Well, you can't blame them, that is an international transaction. We don't need to compare Bitcoin and the banks transaction there since even if you transact Bitcoin locally, you still have to pay a transaction fee unlike bank transactions. The only problem I see with the banks is the limitations you can put in their saving account. It is not that I earn a lot of money but in Bitcoin, you have a lot of Bitcoin but still, no onw knows..

I have had ridiculous problems with banking , one of them is when bank has asked my explanation for 3$ transactions from my friend, this is just plain stupid. Blockchian gives us more freedom.

 Anks don't like or don't understand what Bitcoin is and how it works. I heard stories that people got their bank accounts closed after having widthrown funds from exchanges. The easiest way to change your Btc to Fiat is using Localbitcoin.

Reading all the problem each of us encountered using a bank summarizes that we don't really need trusted thrid party. It boils down yo fact that we really need cryptocurrency to store our funds without any hassle. We always have to take consideration when having Crypto to really stay away from third party not just bank but also exchanges, and closed source wallet. We need to have the control with our private key which most in crptocurrencies now doesn't provide. Choose wallet like MEW or Hodler wallet when holding couns, it gives you assurance that your funds are all kept safe.

     A big problem for banks is high interest rates if you make some money with a loan and low interest rates if you deposit money. You are much more profitable if you invest in cryptocurrency, than if you put your money at the bank. Besides the fact that bitcoin and other important coins are part of a decentralized network and can not be controlled, they can also bring you incredible profits. The difference is that if you put the crypto on the market, it's a long-term investment, while at the bank, you can raise your money when you want it.

I think your 300$ fees is not a too much instead of 15K$ because your amount is huge even you try to cash via bank. Banks always charging big fees even in my country banks asking 50$ fees in every 1000 USD. 22-15 days taken to this transaction.

Each country has different costs and maybe your country is the best country for the economy there. So it can happen in large numbers.

The problem I faced with the Bank, when I was asked about my income, of course everyone had experienced something similar to me, that I was asked where you worked, why did you have so much money that you were just an online entrepreneur, there was no way you could get so much money in your account, when I replied to tell them that I was a Bitcoin player they knew, and didn't talk to me much about my income in Online, because they already knew that I was a Bitcoin trading player ...

For me, the biggest problem is control by banks. I know that every transaction I make is traceable and it makes me uncomfortable. Bitcoin also allows me to conduct my monetary activities anonymously.

I have not experienced any problems with banks yet, but I want to limit myself from them as much as possible. It is important for me that I conduct my monetary activity, regardless of the state of the Bank and other intermediaries. This will give me the greatest financial freedom and independence.

For me, the main advantage of cryptocurrency from banks is anonymity.I do not need to constantly take pictures in the Bank and tell employees about the origin of my funds.The problem I ran into at the Bank was that I couldn't withdraw my entire Deposit at one time.I had to withdraw a certain amount every day during the week.With cryptocurrency such problems naturally would not be.

I have many bad experiences with the banking system, especially in the past where I used to do a lot of business transactions with the banks. On one particular day, I went to the bank and I was told that I couldn't cash out my cheque since there was not enough money at that branch to sort me out.

2nd thing is when are sending or receiving money from other countries, banks charge a quite high fee and take around 3-5 days to deliver cash to the end user and these 3-5 days are only working days that get counted, banks holidays in customer's account. This is not the case with decentralize technology like blockchain, people can send and receive funds whenever they want with very low charges and transfer takes up to few hours, there is no 3rd party involved in such transactions making it easy to carry out.

Both business area have the same place which is money it simple means business. No one can dictates scammers and bad guys regarding their plans. There is always risks everywhere whether tangible or intangible business. The common problem is scammer/fake area of business.

So far i did not experience any trouble with my money on the banks. For me banks is still more secure when it come in saving your money. And bitcoin are more prone to hacking and scamming.

In response to this.I have faced so many problems in  banks. I  witnessed that banks have used the money I deposited or fixed to do business without giving me the real interest I suppose to earn.I have questioned some bank worker ,asking them the  reasons they are making billions per year,but at the same time,they are not giving the long term depositors the real interest.To be honest,none of the bank worker answered the question.
On the other hand,banks always deduct a high fees from my account each time I request for my monthly bank statement, the question is,why are the deducting high fees just to give me my monthly bank statement? To make the matter worse ,I  went to a bank to withdraw money via automated teller machine ,but the ATM is programmed in a way that only small amount of money should be withdrawn. The devastating implication is,the more money I withdraw ,the more the bank bank charge me for every amount I withdraw.The implication again is,I will waste more time withdrawing money because the way the ATM machine is programmed.

if I'm up to now, of course I don't have a problem with the bank, because all this time I have been careful in transactions in the bank. banks will also not create problems if we are careful in everything.

In my opinion. the bank's security system can be hacked by anyone and the security of transactions is very poor. and the internet network is inadequate so that the transaction process takes a long time so it is not efficient. so crypto currency is needed to support my activities.

Since we didn't have any other option to transact, banks were the only option to send and receive money. I had the worst experience when I lost my money in a particular transaction and the other party didn't receive the amount when I claimed the refund of the deducted amount from my bank account, the bank refused to do it without any valid justification. I tried to escalate the issue but no luck, the whole system is the same.

On the other hand, when it comes to the Crypto transactions the amount is either if my wallet or the recipient's wallet. If there is an issue then there is a mistake of the sender and not the system as it is completely decentralized.

Indeed, banks are a safe place to save money (in this context the bank is not an investment place) and everyone can think of it as true cause until now I have never heard an information that there was an account that was broken into.

However, you can think of what you have to spend to pay each tax per month, in my country every person who has an ATM in any bank under the auspices of the government, you are required to pay a tax, otherwise your ATM is not functioning properly.

In other hands, banks also use the money we save for their own purposes, they collect money from each customer and the money is made for someone who borrows. Even though the bank could implement a win-win solution, this is what happens even though you accidentally lend money but what happens is you have to pay a tax, I guess that's a funny thing.

in my opinion, the problem of the bank which is currently in trouble is that the bank has never agreed that bitcoin will save money and take money like real money

the problem with banks is that it is quite troublesome for me that the bank should trust bitcoin so that we can take our money there but bitcoin can be saved and taken from the core bank the bank has to work with bitcoin to make it accessible to everyone