Bitcoin Forum

High rate of crypto illiteracy still makes me sad.

I made a transaction through my bank, Fortunately the money was'nt received by the suppose receiver and i was debited.
I went to the bank for transfer error issue, spending more than 5hours trying to get access into the bank(due to crowd) and 3hrs trying to fix the transfer error.


My point here is that, if i had sent the money in form of crypto(Bitcoin), my transaction would have run smoothly, the only way i would have had an issue was if i had transfer to the wrong address.

Note: Crypto illiterate as mentioned above is not an insult, they are individuals with low crypto knowledge.

What's your opinion ? .

Don't mix Bitcoin with crypto aka shitcoins.

This is why Bitcoin is better than banking system, it's faster and transparent, there's no hide or secret fee if you want to send a coins. Government will not want to accept Bitcoin as a currency because people might tend to choose Bitcoin over their fiat and banks, if not many people use fiat and banks, the government will not make a lot money and many banks will collapse.

Remember how 5 years ago people didn't even know this word. They just need some time

You must be a Nigerian, have seen complaints of banking errors both in this forum and online regarding interbank transfer.

Even transaction done on the blockchain network sometimes delay, it's all depends how fast and congested the network is. I have sent a Bitcoin transaction before that took almost 8hrs before it arrived at my receiving address, from the receiving side it was showing confirming, that's the transaction was successful but not yet confirmed on the blockchain. Both the banking sector and that of Blockchain transaction due delay sometimes but the difference is that you don't need to launch complaints to any party on the blockchain side because you can see everything from your own end.

In a world filled with billions of people you can't expect every one of them to accept Bitcoin/crypto you must find those that will still prefer to transact with fiat to Bitcoin.
The majority of people tend to go with the idea of "what the government says or do is always right" and because the government is looking for a way to bring down Bitcoin they then paint it as a means of committing scams and that has also made some potential bitcoin adopters lose their interest in bitcoin.
Op, we have seen some threads of some Bitcoiners implementing Bitcoin as a payment method in their business and with time and consistent awareness creation they'll be an improvement in the adoption of Bitcoin.

Not smooth always.

It depends on network status as well as your transaction fee which will help your transaction is prioritized to confirmed by miners, stakers, nodes, validators etc. If fee you use for your transaction is low, it can be stucked many times in mempools (Bitcoin) as well as similar on Ethereum ERC20 chain or other chains.

In some smaller chains with centralized ownership distributions, their transactions and blockchains can be rolled back. Like in mid of Terra and FTX crises, a project on Solana wanted to revert their transactions. SMH.  :(

I understand your situation and agree that the use of cryptocurrencies can reduce the risk of similar problems, such as transfer errors or problems accessing bank accounts. Cryptocurrencies operate on the basis of blockchain technology, which allows direct and fast transactions between participants, bypassing intermediaries such as banks.
However, it must be understood that cryptocurrencies also come with their own risks, including high price volatility and the possibility of fraud. In addition, not all companies and stores accept cryptocurrencies as payment, so in some cases you will still need to use traditional banking transactions.
In the end, the choice between using cryptocurrencies and traditional banking transactions depends on your individual needs and comfort level with blockchain technology.

Exactly, that was the reason the central bank in my country ban transaction of crypto to local bank, trying to increase poverty and suffering among the people, telling us that crypto is fraud.

If you are unfamiliar with Crypto, it is possible that what is described above will occur to you. And you are to blame because you sent money without knowing what would happen if it was delivered to the wrong address. If your tokens or coins are accidentally sent to the wrong address in the crypto space, you will not be able to recover them, and you should be aware of this. So, knowing that, you will undoubtedly be cautious about your sending address, and there is very little chance that you will send to the incorrect address. I recommend that you use Bitcoin as your cryptocurrency. The point of what I've said is that using Bitcoin is not scary if you know what you're doing.

It's because the banking system and its networks are not perfect. It is subject to human and program errors. There are even hacking incidents here in my country that is happening frequently. Unlike the bitcoin blockchain where everything is clear and honest.

Hopefully, some of these banks and maybe the new banks that are established by the younger and more open generation are the ones to implement bitcoin acceptance. Most of these banks, especially the old ones are in the same stance as governments, and that is to try to stop decentralized systems because they are out of their control.

Cryptocurrency is a general name for digital currencies which includes bitcoin and any other coin out there but for shitcoin we classify it as altcoin by this it doesn't have any connection with bitcoin which they can't in any way classify to bitcoin.
So i think op is still correct with his post, there have been lot of mixture and transaction issues nowadays with bank which i think is the right time for them to start accepting cryptocurrency for transaction to limit and reduce network outrage while using the banking system.

We'll get to that point, but it'll take time, we can't just expect everyone to be opened minded as we're on the forum for accepting Bitcoin. It's going to be a gradual process and soon every business will be accepting Bitcoin as the advantages would had gone mainstream by then.

For now there are still many negative stories been spread by the media and government yet, we have still having success compare to 10 years ago around when Bitcoin just came out. In the future there'll also be a progress in the adoption speed compared to where we are today.

When speaking about adoption of cryptocurrency, use Bitcoin instead of crypto because that's the goals at the moment, the community is fighting for the adoption of Bitcoin and not cryptocurrency which involves altcoins and other shitcoins that can't receive global adoption.

I think that if you had used bitcoin you would not have stood in line at the bank and above all the payment would have been resolved in a short time indeed with LN in an instant, without any intermediary.  This is the goal of Bitcoin to override centralized banking.

You don't need to shoulder that problem though, so don't be sad if majority wasn't aware of what crypto is, or at least BTC.


Yes, I know your frustrations and everyone has experience that as well, that's why we quit banks and go full bitcoin.


As the saying goes, be your own bank (BYOB), yeah you could run an issue if you have send it to the wrong address because bitcoin transactions is irreversible. But at least you have total control of it, not going to be instant, we all know that, it will really depend on the network and mempool, how congested it is. But there are movements in the past worth millions of dollar with just small fee and it went in, in just hours.

At least your money is credited back.


Nope, you transaction will also get rejected if you happen to create a transaction sending Bitcoin to the Litecoin network.  What I mean is, there is also a limiter to crypto transactions.  Also, if you happen to create a transaction with lower transaction fee than the standard, you may have your transaction pending for hours or days and possibly get rejected and reverted.


I do not know what is the relation of your bank issue to crypto illiteracy.  But well, people have their own interests.  One of the major reasons for crypto illiteracy is interest and exposure.  there is nothing to do with that except to keep on promoting and sharing cryptocurrency information.

I didn't even need to read further to come to this conclusion. Individual interests differ. The world would not be an interesting place to live in if everyone easily accepts crypto for use.
I doubt this Bitcoin forum would exist even, which stands right now to help educate those who intend to learn about its uses and application.
Infact, so many things would be different from the way it is now.
This is why when people migrate for vacation, medical checks, work and other good reasons, they gain intelligence on other financial practices like the use of cryptocurrency for commerce.
For everyone to accept cryptocurrency, it is as good as saying everyone in the world should be governed by one president or leader. Think about how impossible this is right now.

Crypto illiterate, financial illiteracy..it's one in the same across the board.  I have constantly maintained the stance that the reason bitcoin and cryptocurrency as a whole isn't bigger than it is at this moment, is purely out of laziness/illiteracy by people who simply won't spend the time to learn how it all works.  I mean if they wont spend the time to learn how a basic mutual fund works (and trust me most have no clue), how are we going to get them to understand what a blockchain is?

It's going to take some time ..

The bank isn't just good as we think that they can accept bitcoin/crypto for their transactions. They've got a different purpose so as we do.
And much even worse that most of these issues being delivered to them will take 1-3 business days for acceptance and up to 7 business days for them to solve or send back the refund to you for these errors they make. Well, the time is coming when these banks might go with the same interest as we and we're seeing few banks accepting services related to crypto and investing in bitcoin. But then, we just can't see that all of them will in the future even if it's already in the mainstream.

Even with a single president governing the global system, people will still use other means of transaction.  It is people's freedom of choice.  As long as the financial industry is not monopolized by Bitcoin alone and there are still lots of options for the transaction out there, I believe that not everyone will accept cryptocurrency, whether because of their own ego, company policy, or personal experiences.  We have a saying, "We cannot please everyone", the same statement stands for Bitcoin and other cryptocurrencies too.

That wouldn't be just an issue, you would permanently lose those money, unless you mistakenly sent them to someone you can contact and convince them to return the coins. With banks at least you have a very decent chance of fixing the mistake, even if it doesn't happen fast.


In my country banks provide customer support via online chats, they respond within minutes and generally can quickly fix all the common problems. Banks don't have universally bad user experience, people need to chose their banks more carefully and demand better user experience to create incentive to modernize.

I think this level of bitcoin adoption in B2B sales will take a long time before it happens because the demand isn’t there, if there was a high demand of customers requesting to pay in bitcoin, businesses would make the improvisation to satisfy the needs of their customers. But there aren’t many bitcoiners who would want to shop with bitcoins, that’s also a huge part of the problem.

It is true that there is a significant increase in the rate of illiteracy in Bitcoin. I can speak with full force about my community, but I do not know much about the rest of the communities, but this seems clear that it is a phenomenon that is unfortunately prevalent in all societies.

But this should not make us pessimistic, because we must not forget that Bitcoin is considered a new invention that has not passed its age for less than 15 years, so it is natural that there is a great lack of knowledge about Bitcoin so far.

Therefore, it is our duty to seek as much as possible to spread knowledge about Bitcoin to everyone in his community.

Unfortunately, Bitcoin is not anymore faster than fiat wire transfers, because on-chain transactions take more than 10 minutes, even with expensive mining fees while transfers through Paypal or Instant SEPA take only few seconds with no fees. So only LN(that is to say off-chain) transactions can compete with the speed of bank transfers now.

I think the banking industry does not educate their bankers much about crypto. They are still focused on fiat transactions and other centralized online transactions. It's not that they hate crypto, but they don't have comprehensive rules and regulations regarding crypto.

You have to understand that. However, maybe it's the specific bank itself that does not provide good service. You could try opening an account at a bank that is crypto-friendly and has staff with enough knowledge to run certain crypto transactions.

Yep, Bitcoin gives us more convenience in terms of transacting your money from anywhere in the world. You will not only skip the usage of 3rd party money processor or banks, but you will also skip the long queue in a busy banks.
Though online banking is available for everyone today, but issues like what you said are inevitable, thus visiting or calling the customer service may fix it, but you'll always have to endure long queuing time.

Banks can tell if they are third parties before reaching the people you want to send money through your bank account. And these third parties make money from transaction fees because they will be the bridge for the money you send to arrive. And it still takes a few hours or even days, right?

But when it comes to Bitcoin transactions, there is no third party and the transaction will take place quickly and the person who will receive the money you send will receive it quickly.

Aside from the degree of illiteracy, some people don't only believe in Bitcoin and find it difficult to distinguish it from ponzi schemes. When I was trying to explain the value of Bitcoin and the risks associated with investing in it to an engineer I once met, all he said was that he did not believe in internet money and preferred the bank and fiat. This made me realize that everyone is free to have their own opinions and that no one can be forced to invest. I believe it should be a personal choice made that yes, today I do want to invest in Bitcoin. for now I feel is going to be difficult for everyone to invest in Bitcoin but I believe with time and unless countries that have made it a legal tender.

It is true that cryptocurrencies like Bitcoin can enable quick and seamless transactions without the need for intermediaries such as banks. However, there are hazards connected with using cryptocurrencies, such as the possibility of hacking and fraud, as well as the fact that transactions are irreversible. As a result, before using cryptocurrencies for transactions, individuals should educate themselves about them. Additionally, the broader financial system must continue to improve and evolve in order to provide greater services and consumer safeguards.

Not every technology had reached all sector of people in a short period of time.After the event of bitcoin price crossed the value of 19k dollars, most of the stock market investors had moved their view on crypto currency. Then the price of bitcoin had some break down in 2018, it was happened by the whales impact in the price after the all time high of bitcoin price in 2017.

When the covid 19  begins, the same was inverted to pump of bitcoin price.During Covid 19,the investors of stock market had get into loss.This happen due to the investors consider the crypto currency as the stable investment tool during Covid-19.So the price of bitcoin had crossed all time high value of 68k dollars.

The best way to spread the knowledge about the crypto currency is start the things from you.Because we should start the change from  ourselves.Their is one proverb," If you want to bring the change, it should be started from yourself as first ".

Mate, in as much as Bitcoin provide the best alternatives to fiat in transactions, it is most important to note that sometimes Bitcoin transactions can also get delayed on unconfirmed for several days and sometimes you will need the help of a Bitcoin transaction accelerator to get the transaction pushed through to confirmation and this may take days weeks depending on the fees and network congestion rate.

But in all ramifications, bitcoin proper is a better option in terms of transactions vs the bank and such waBitcoinoin offers the best financial solution can also be noted below.

1: Bitcoin offers universal trans-border financial inclusion compared to the bank.

2: avoidance of third-party involvement and access transaction fees.

3: no double spending with Bitcoin etc.

First, maybe I quite agree with what @Plaguedeath said by not equating bitcoin with the whole of crypto. and the second, in this case, not all expectations that we aim for in life will go as expected, as well as bitcoin.
Expecting everyone to be in bitcoin quickly wouldn't this just be monotonous. Even though sooner or later in the future more people will know about bitcoin but the process in it is clearly important so that when everyone is pro towards bitcoin then surely this will also affect the market and with the cons in it this will actually be interesting and like today . Honestly I would prefer that kind of condition than immediately expecting everyone to acknowledge bitcoin because this would be normal for bitcoin itself if things were like that.

Don't spend time being sad about the situation, when there is something that you can actually do to change it. Many members of the forum have identified this same problem of low or wrong knowledge about crypto in their environment and they are actively taking steps to try to influence the situation and change things. You can organise a seminar for people who are interested in learning about cryptocurrency.

-Tell them the difference between bitcoins and other altcoins.
-Tell them the potential of bitcoin and why it was created.
- Tell them the benefits it will have.

With a little effort in educating a few persons, it will spread from there and other people will hear in a little time. You can actually change things.

If bitcoin is highly illegal in your country, you should try another approach that does not expose your identity easily.

The bank is also part of the government, you cannot run the bank without the permission and regulation of the government. And I don't think the younger generation is going to change that, I mean, no matter what kind of person you are, when you work for the government, you have to conform to them, brings benefits them. You will also be fired if your innovations harm the government. Accepting bitcoin will benefit the people, but it will harm the government, so I don't think they will change their minds.

I haven't had issues with Bitcoin transactions in a long time, but there was a time during the bull market when the fees spiked like crazy and sometimes a transaction could get stuck for many hours if not a few days only because of a sudden rise in demand that you didn't anticipate.
Also, it can be easy for newbies to miscalculate fees and that can sometimes lead to needing up to a day to have your transaction confirmed, but at some periods it can take weeks (I had a friend with this issue years ago during the bull market).
As for banks, I guess it depends on a country and a situation. In the vast majority of my experience with banks, I had no issues, the transactions were fast and smooth, and I could instantly see a balance update when they happened. Of course, sometimes things happen, and then it can lead to minor or major problems, but IMO the frequency of such issues, at least in my country, is pretty low and similar to the number of rare issues one can have with Bitcoin transactions.

It would be ideal if banks were to accept cryptocurrency worldwide, but realistically speaking, it is unlikely to happen. Banks have been resistant to cryptocurrency since the start, as they recognize that its widespread adoption could potentially harm their own businesses.

This is largely because bitcoin is decentralized and offers several advantages over fiat currencies, such as the ability to transfer large sums of money instantly and with low transaction fees, without requiring the involvement of any third parties. However, there is a risk of irreversible transactions if mistakes are made while sending bitcoin to an incorrect address, as it may be difficult to identify and recover the funds, but anything else is really great so far.

This is obviously better that the chance of payment not taking place is negligible in Cryptos but I have seen cases where a few transactions take hell lot of time in getting completed because of network scalability or just the fees being high. In case of Cryptos the fees is pretty hefty same can't be said with bank payments atleast payments within the country. So you can say that one is paying a lot of premium in bitcoin fees to get this full proof facility.

Transition needs time. Everything won't happen overnight. The acceptance of bitcoin and the awareness on the same can be seen high in comparison to few years back. Traditional banking have got more flaws, ans bitcoin is innovated to fulfill what is lacking with the traditional banking system. What is being mentioned by OP were common issues that everyone into banking experience. Bitcoin can be considered as a solution, but to create awareness among the common people it takes time. Because bitcoin is much known among the urban population and to make effective usage from the rural population is the real growth. I reside in a rural region, and it takes atleast 5+ years for people to talk about bitcoin.

Bitcoin became popular because it allows for decentralized and borderless transactions, unlike traditional fiat transactions through banks that can be fraught with difficulties such as questioning from the bank about the reason and destination of the funds. While this is not a new issue with centralized financial organizations, Bitcoin offers a solution for hassle-free borderless transactions. However, it is important to ensure that funds are sent to the correct recipient, and it cannot be assumed that everyone will readily accept cryptocurrencies as not all crypto coins are the same. Understanding Bitcoin properly takes time.

Banks are centralized system and you need their permission in whatever that you want to use your money for. You will even get debited without them sending the money to the receiver. From the way you explained it shows that you are a Nigeria,Nigeria banking system is very poor in terms of internet service which will lead to debiting customers without reversing the money. Even if you go to the bank,they will not attend to you immediately, all they will do is to give you a form to fill and leave you there waiting.

As for bitcoin,you can't say that it should be adopted by everyone because it is still a new currency which hasn't gained ground in the world. You might have your bitcoin to use for transaction but what if your customer is not a bitcoin fan,this will still not solve your problem. Bitcoin and not cryptocurrency,because there are more than 100 cryptocurrency.

You can't persuade everybody. But what you can do is persuade the majority. I suspect you're living in Nigeria since I had friends there tell me about the struggles of banking in their place too. But I digress, proper information campaigns should do just fine, but for the most part you will not be able to persuade everyone. In any case, global adoption is coming, but we're not even close, and what hastens this is rallying of information and benefits of bitcoin so the public know about it, ptherwise if we just sit our asses all day without doing anything, we won't get anywhere.

That is part of the charm of bitcoin which cannot be discovered until you actually try it, since I have adopted bitcoin I had several problems with different banks, nothing too important but as you mention it can be a time consuming experience and it can easily ruin your day if it takes too long to be resolved, however this has never happened to me with bitcoin, at worst my transaction has taken a longer time than usual to get a confirmation, but that is it.

The answer is that Bitcoin cannot easily accept crypto by all, for now, many people don't even have any crypto address but with the advancement in technology, some organizations might be involved with Bitcoin used as a means of payment.

Although I can sympathize with how you would feel. we do not have the same rationale, so we will continue to encounter people who will never embrace Bitcoin in any form. In reality, there isn't much to blame because some people are ignorant of Bitcoin's existence.Anyone who has conducted a Bitcoin transaction before will be able to distinguish it from a bank transfer. Many people have voiced their complaints regarding problems that do happen in bank transactions but up to now no solution to it.

But on a traditional bank international bank transfer, Bitcoin is way faster having only 10 minutes at least waiting time, while banks international transfers[1] needs 1 to 5 working days.  Even PayPal to bank account takes 3 to 5 days[2] although paypal to paypal takes seconds.  It is still faster with Bitcoin if we compute the time Bitcoin to bank and PayPal to bank time of arrival of the fund.  On top of that faster transaction, we all know Bitcoin does not need any intermediaries and has cheaper transaction fees.

---

[1] https://gocardless.com/guides/posts/international-bank-transfer-times/
[2] https://support.2go.com/hc/en-us/articles/236226847-When-Will-My-PayPal-Transfer-Be-Available-in-My-Bank-Account-#:~:text=To%20transfer%20funds%20from%20your,when%20your%20money%20is%20deposited.

The retailers want to adopt bitcoin but it is the banking sector and the government institutions which will not let this happen so easily. They have the power and they want to continue this without having losing the monetary control to the people by shifting from fiat money to the crypto currencies.

A time will come when everyone will accept crypto and let go the fiat currency, it will not happen overnight. It is not easy to replace the current monetary system which is in controlled by the governments and the people in power.

If you talk about the time it takes traditional banks or local banks now to send funds between banks or between accounts, I think it is still faster because it only takes me a few seconds to send money via mobile transfer or ATM.
Bitcoin may be quite slow with a delivery time of 10 minutes, because it uses the regular Bitcoin Network, if it uses the Bitcoin Lightning network it will be faster and cost less.
Bitcoin does have a few more advantages regarding privacy issues and lower costs if using the lightning network. there is no intermediary and it is fully controlled by us as asset owners.   

I wouldn't really say crypto is without a problem though. I mean OP talked about how he had to go to bank and fix stuff and all that, but at least he had some possible way to handle that. If you were to be dealing with crypto, yeah if you sent it properly then it is all fine but if you didn't? There is no return, its gone, you are done, never getting it back. This is why I highly suggest that we should coexists with fiat world. To be fair if I was a super rich person, I wouldn't send large chunks in crypto fearing I could make a mistake, I would rather have the confirmation that the bank is with me on that and I would be able to fix any issues that may arise. Crypto doesn't have that, its awesome, much better investment, just not something I would like to see alone, fiat should stay with it.

Yes. The banking system is a pretty good and convenient one to use, but it has a lot of problems and is not anonymous. And your money is also NOT in your hands.
That's why we need crypto to change it. It literally solves all problems banks have. And I think people are realizing it now so I think adoption will be speeding up.

So have you ever used bitcoin during network congestion, especially if we are in bull season? Bitcoin transaction fees become expensive, and transaction completion can take up to several days. I'm sure many people here have experienced the same thing. I bet you are just trying to say good about bitcoin to gain merit, you have never used bitcoin for a transaction at all. Nothing is perfect, everything has its pros and cons.

in this world very much
people and of course everyone has different interests,
some like bitcoin and some don't like btc, and some don't know about btc.

in my opinion this is a natural thing, and in my opinion it takes a long process so that people in this world know and are interested in investing in btc.

I think in this case we have to enjoy the existing situation.

Your delay is only temporary. That is, the type of harassment you have experienced does not always have to be the same type of harassment. You may be facing this problem due to some technical problem. But it's true that if the bank had a Bitcoin transaction system, you wouldn't have to face so much harassment without using the wrong address. But sometimes there are technical problems in different systems of banks and I think even if banks accept bitcoin directly they will still have technical problems.
It is not correct to say that the above mentioned persons i.e. various employees of the bank have less knowledge about kript. Maybe they have enough knowledge about crypto but the bank authorities did not give them access to Bitcoin as an alternative mode of transaction so I don't see anything wrong with the bank officials or employees. If banks were to legitimize accepting bitcoins directly, they would certainly have demonstrated considerable expertise in this regard.

That's what's been happening all along. We are used to using banks for transactions and have experienced transfer errors so we have to spend a long time to be able to solve the problem.

With the existence of bitcoin, we can overcome the problem of transaction delays due to busy banking networks, banking server repair problems, or others. But bitcoin is still new for them, and maybe they are still learning its advantages and disadvantages.

People may need to learn more about crypto to understand that they can use crypto to transact. But it all requires approval from the governments of each country.

  -    In this day and age, the bank is still helpful, especially the ATM cards that we just take in places where there is an ATM using our card. Although, if you go through the online banking system itself, it will take a few days before it is transferred to our remittance.

Which is the advantage of cryptocurrency or bitcoin when we send money to different parts of the world and the transaction transfer is really fast.

I highly agree with this opinion. During bull season or even not, sometimes the network gets congested, just like recently where I won a raffle and the prize was bitcoin, it took me 4 days to receive the price although it is not something to panic or be worried about, if the network gets even more congested after that, for sure I will have to wait for few more days again.

Bitcoin or fiat, has both pros and cons. While some supports bitcoin like a fanatic, we should understand that there are also people who don't. We also have to accept that fact and respect their decision. Personally, it doesn't matter to me which is which, but at least I have options to choose, either crypto or fiat.

Oh, your anguish resonates with me. Spending hours at the bank resolving transfer hiccups is like a never-ending DMV nightmare. But you know what tops that? Crypto illiteracy. For heaven's sake, it's 2023! Time to welcome the age of cryptocurrency. If I scored a Bitcoin for every bank issue rant I've heard, I'd be one filthy rich dude. The beauty of crypto is that those pesky problems don't apply. Sure, there's a risk of transferring to a wrong address. But that's where our trusty blockchain steps in, right? It's the digital safety net we all need. If you've had enough of traditional banking woes, give crypto a shot. Who knows - it might just be your cup of tea.

Not everyone going to use crypto especially bankers, they really hate crypto cause many cryptos already made their business slow growth compared to when crypto doesn't exist. We can't force this and make everyone in the world understand crypto well, we need this to grow slowly and smoothly. If our friends want to learn cryptocurrencies we should teach them the basics not how much profit we can get in the crypto space.

Bitcoin is still practically a crypto, that mix that up. Crypto is a broad name while, bitcoin is just a variety. The main difference come in the sense that, any other coin other than bitcoin is an altcoin and this is due to the fact that, bitcoin remains the pioneer, truly decentralized and priced currency amongst all other coins out there.

Unfortunately you mean buy yeah, these things happens and the smart thing to do is making complaints using your banks Mobile app. Cryptocurrency has made banks to be playing catch-up on means to ensure proper online banking, ease of making complaints and resolving issues. You don't need to go to the bank, there is a customer care personnel on there to engage you on chats and resolve your issues. Engage them some times and there won't be much need in going through those bank walls.

Bitcoin transactions don't always goes smoothly. There are issues of mempool congestion which you can over come by increasing the fees perhaps. In cases where low fees are been used, you could as well end up waiting for a day. This doesn't mean bitcoin isn't a better payment option than conventional banks, just telling you what could go wrong.

Mate, OP was not wrong in calling them Crypto currency. Bitcoin is still under the Crypto currency classification and it is a blockchain on its own while shitcoins just as you have said are the altcoin or tokens that liverages on other blockchain to sustain their scalability.

No doubt bitcoin is the most popular Crypto currency in the world and has gained traction for itself since it's inception. However, bitcoin and Fiat are unique in their own ways so therefore, non of them can be sidelined to function in the capacity of the others with the rate of the current situation of their existence.

Fiat globally is the government number one recognized legal tender approved by them but bitcoin is a digital asset yet to be recognized and approved by most of the government globally for the fear of their local fiat being neglected. The fears of the government are too many to accept bitcoin in place of their currency digitally.

They know Bitcoin and other cryptocurrency, they just can't process it in their minds how it actually works and how come it has a value. They are ignoring it, I think that's the best term for them. They just love the old traditional fiat system because that's the norm in the society where we live in.

Some people are afraid because they thought of it as a scam because of the news they watched on televisions. We can't force them to deep dive to know Bitcoin much further, they just can't handle the risk that they are gonna take when they go in cryptocurrency or even Bitcoin itself. So mass adaptation is still on the process as of now because of so many reasons.

We ares till waiting for when that time will come bit cryptocurrency adoption may not come at this time of the season when there are several countries that do not want to see there citizens trading cryptocurrency. We need to know what we are doing or else we might miss the bear again which is a time to accumulate as much token we want to accumulate in the market. I don't think that someone like Warren Buffett would ever in his life time want to accept Bitcoin as an asset. He has so much dislike on Bitcoin.

This is good enough to read this. Well, it is not denial that crypto is very useful and helpful. Everyone who is talking about cryptocurrency will commonly understand more about the risks, that is why the are always learning to be more prepared. Btw, we cannot force everyone to accept crypto for payment. You may not life inn the other countries where the law is different. Sometimes if we force so much about this, this will not ended anymore. Many media still declare about the previous matches news and especially and news about crypto. But we have no longer forced everyone to use Bitcoin, but at least to aware about Bitcoin.

They will not accept it because they don't know about it.
They will not accept it because people aren't have the initiative to learn it.
They will not accept it because they find it very complicating for them.
They will not accept it because they're lazy enough not to learn it.

That's the problem right now. They don't want to learn it for various reasons. Most of the people right now prefer bank transfer other than transferring thru crypto because it's either they don't know crypto itself, or they find bank transfer more comfortable for them.

On the other hand, don't expect "EVERYONE" to use crypto. If they will go to a bank, they will assist them. If they will use crypto, who will assist them? Where they will buy Bitcoin? How will they transfer it? I mean for them, they see it as more hassle than just go to a bank, tell the information, and just give the money. Overall, there will still be people who will prefer using banks than crypto.

You said "they are individuals with low crypto knowledge." Well, I agree with you, and it's because they see it as a complex thing thus, they will just ignore it. We can't blame them if they really don't want to use crypto for transaction. Even a person with a high crypto knowledge might still use bank for his/her transaction.

There are too many bitcoin fanatics here, and even though they know the truth bitcoin is not perfect. Recently I made a transaction worth 4k bitcoins but wanted to save cost, I set a fee of 3$, but unfortunately, the bitcoin price suddenly increased, and it took me 7 days to complete transaction. But I don't see anyone talking about this, bitcoin delay.

Cryptocurrency is just another way to transfer funds in this and is its main function.That you can send a payment bypassing all intermediaries. In my country, mobile banking is excellent and it is very well developed and I have no problems, our youth also use crypto payments among themselves, which is a huge plus. It all depends on where you are, progress is inevitable and everyone who wants to use crypto they will start it is only a matter of time.

I agree and also I think one of the reason why most are not informed about it is that they don't really need it in their life, In our country, most of people are not digitally informed and also financially literate so that only 30% here have bank accounts, and this shows how they cannot really make use of these advancement since they are still stuck with the traditional ways of transactions. Also, technicality of cryptocurrency is kind of overwhelming to some that they end up not fully knowing and using it.

They are comfortable doing the same job for hours and wasting people's time. I can relate to OP's incident, nowadays banks are pain in the ass for me.
They intentionally don't complete the transaction and take extra 2-3 days to complete it so that they can give others money to you.

On the other hand bitcoin is capable of solving those issues in no time.

At present, while doing transactions from banks, one has to face difficulties in various ways. Especially not many people have to read such a problem suddenly they have to face such a problem. But I think crypto transactions are very easy compared to bank money transactions. If you were trading bitcoins you would have no risk of losing your money. So I think you should trade with virtual currency and be safe. So your move is good for you if you are trading bitcoins.

Bitcoin is not widely accepted globally and in those countries, bitcoin is been accepted, bitcoin is not fully used there. As we have seen, the citizens of a country make use of what is easily and widely available to them and that is the banking system, despite its lapses.

Having said that, If bitcoin is fully in use by everyone, you would have preferably run the transaction with your friend through bitcoin without experiencing a transfer error at the end of it. That's the advantage of using bitcoin over a bank because is secured, runs smoothly and delivers to the right address if entered properly.

everything has advantages and disadvantages, indeed btc in terms of shipping is very fast compared to local banks behind everything there will definitely be drawbacks not everything is perfect
for example, if we send the wrong btc, we should never expect our btc to come back
conversely, if our bank transfers the wrong data, it can be traced, so there is a possibility that our money will come back
different from btc
you don't have to be sad about crypto illiteracy because everything needs a process that can't be forced

But research has shown that lack of awareness of crypto has reduced over time, at least a graduate from tertiary institutions or high school has heard of bitcoin, the only challenge of bitcoin we are facing right now is the adoption which I believe is growing gradually, it will continue to grow until it is spread to every corner of the world where we don't need to repeat the name twice, it would be everywhere across every city legally adopted as legal tender or legally allow for people to hold on their own will, though the thing is this, not everyone will accept bitcoin even if bitcoin is adopted by the governments across the world.

We humans are not all knowing specially into those old ones who doesnt really have much idea about new innovations or new add ups on this market which we could potentially make use with.They would definitely be sticking into those traditional things that they've been getting used to.Literacy about bitcoin or crypto isnt really that much something you could acquire or known that easily.We know that recognition and adoption
is still on the process or movement. About transactions then bank transfers could really be reversible which is totally opposite with bitcoin or with crypto. It does have its con's and pros
which its up to you which one you would be appreciating into.

There's nothing to worry about, even though there are still many people who don't understand the crypto system, it's not a problem. Bitcoin is only 14 years old, that's quite a young age, so it's only a matter of time before everyone understands about bitcoin and the crypto system.


This kind of problem can also happen with bitcoins. When the bitcoin network is busy, it takes a long time for network confirmation, if we provide too little transaction fees, transactions can get stuck. To be honest, transaction speeds are still faster for fiat money systems than bitcoin. But for altcoins many are fast, like Tron (cheap too)


If we use crypto and enter the wrong address, it is non-refundable, and cannot be complained to anyone. It sounds really bad. Whereas in the fiat money system, we can return money due to a transfer error by coming to the bank.

As bad as it sounds, to be honest bitcoin gives independence to our finances. Full financial control is in our hands, so if there is a shipping error it is also our own responsibility. This is different from the bank system where fiat money, they can reverse our transactions because they are the holders of our finances, we have no control over the money deposited in the bank. In addition, banks can also use our money savings to lend to others and they benefit from it. If everyone withdraws all the money in the bank, then I guarantee that there will not be enough money in the bank because they only have our financial records, while our money that is kept in the bank has been lent to other people. Very bad

Op consider the number of users of bitcoin today compared to 5-10 years ago don't you think there has been an armful increase acceptance and literacy in there numbers of bitcoiners around the globe? You for instance may have had no knowledge about bitcoin 5 years ago but look at you today you're now one of bitcoin enthusiasts. It then means the gap is getting closer each passing day and soonest you may be able to use bitcoin transaction to your clients stead of using the bank transacts.

It's just a matter of time that most banks will have the special lane for crypto transactions and deposits. But what's the point of that if we're the one that will do the transaction and doesn't need the intervention of bank.

This is what Bitcoin is for, we don't need safe vaults from the banks if we can keep it to ourselves and have a better security if we know how to take care of it.

But looking at the adoption perspective, that sounds good but I'm not too optimistic about it.

There is a lack of awareness in our countries that is why they talk about that crypto currency is a fraud.This is Decentralized so  due to which it is considered fraud and banned in many countries.
I also said that Bitcoin investment is better then banking system .One of it profit is very high .And secondly you can make your own transactions as you wish.If government accepts cryptocurrency .

The problems with poorly managed transactions due to the deficiency in the platforms of these banking entities are inconveniences that also affect where I live, so I agree that these processes would be very different if payments were made through bitcoin... however, I recognize that it is still difficult for people as a whole to accept or be aware of the existence of this currency, and this despite the growth that bitcoin has in different countries, since communities are so adapted to banks and centralized currencies, they doubt the veracity of virtual assets, so it will take time so that even the majority can see the potential and advantages that BTC has compared to traditional currencies.

Don't go on peak hours and you really experience that heavy line since more people do their transaction at that time. But rather go on time when there are less people so that you can transact or even file a complain if there's issue regarding on your transaction. Also don't be sad or annoyed about those cases since that is isolated and sometimes that could also happen on crypto especially when network is congested and you set a low fee for your transaction for sure with that you receive your transaction for many days.

It is like you go to transport and sometimes you will be in traffic congestion, traffic jam which you will have to avoid next times. By  what?
You can avoid it by better plans, to understand when is most congested days, hours and have plan to move when less demands on chains. Or you can have plan B, to use different chains and coins for your transactions. If one chain has problems, you can choose your alternative chains in plan B.


From my experience, no chain in cryptocurrency will be congested or fee will be high forever. When demand on that chain is dropped, hype went away, chain operation will return to its normal.