Why I hate Banks and love Bitcoin :->

[oapieNL]

I read today that if you have a bank account for 20 years and you do not even know it yourself, then according to the law, the bank may have all the money in the bank account and the account will expire without you noticing

[1715076590]

1715076590

[TheClownSong]

I read today that if you have a bank account for 20 years and you do not even know it yourself, then according to the law, the bank may have all the money in the bank account and the account will expire without you noticing

Really? That's a strange regulation, because if we can prove our ownership legally, we should be able to leave the bank account to our descendants. This is clearly different from bitcoin, because we can claim our bitcoins in the wallet as long as we hold the private key even without any documents because it is anonymous. The bad side is that our bitcoin can be stolen by other people who know our private key

[Viscore]

I read today that if you have a bank account for 20 years and you do not even know it yourself, then according to the law, the bank may have all the money in the bank account and the account will expire without you noticing

I am not aware of this, not knowing mean you haven't update your bank account, right?
In our country, there is a dormancy policy that the bank will deduct a certain amount on a regular basis like every month if your balance is below on the required maintaining balance, for deposits that are unclaimed it should go to the treasury which is a government agency.

Can you specify where this news is coming from? Like a link of an article would do.

[mitchr4]

I read today that if you have a bank account for 20 years and you do not even know it yourself, then according to the law, the bank may have all the money in the bank account and the account will expire without you noticing

This is the difficulty of using a bank we must always update the bank account so that not considered inactive. But their regulation is really unfair because people who use banks want to save money even though they have paid monthly fees automatically. Without notice? The government should give notice to the account holder whether it is still alive or not. I don't know if they are a good government because they have taken their own people's money without notice.

[Kakmakr]

I read today that if you have a bank account for 20 years and you do not even know it yourself, then according to the law, the bank may have all the money in the bank account and the account will expire without you noticing

Well, in my country they also "lock" your account if the account is dormant for more than 2 months. So, they force you to make some transactions, because they generate a income from those transaction fees and you are not allowed to just leave the money in the Bank to accumulate the interest. <Normal Transmission accounts>

Where with Bitcoin you can "hoard" your bitcoins without any penalty or your Bitcoin address being locked. <That is to say, you you are not using one of these 3rd party services to access your coins.>  

[nydiacaskey01]

The reason why I hate banks is that the bank is settled and continually deceives people by taking back customers money especially when they aren't aware of the money they have in their account unlike bitcoin.

If that is the case then its the depositors fault because first, they settled to a bank that takes away money without them knowing, not all banks are like this and what are those that are taken away without the depositors knowledge anyway? Is it the fees? That was discussed when they opened the account, they just didn't put their attention when its being explained. However, we still need banks, its not only to store our fiat, there are other services that they offer.

[tiedcoin]

For one, banks and governments won’t let you have full control over your money. Then they expect you to wait for hours at a stretch to confirm the payment made by you for something that is not even relevant now because of the time it took to confirm.
If it was only for Bitcoin, the power to transact at our free will would be safe. Secondly, banks and governments would not have a say in how and when we transact.
Also, with as good as they show themselves, it’s a rather long time to confirm a payment made 21 hours ago

[bitbunnny]

There is no use in hating banks. They have the way they do their business that doesn't always suits us, often it's only for their best interest and they don't care about their clients much but still they will continue to exist for a long time. The way our societies and economies are arranged they can't survive without banks.
But in a way we have a choice and cryptocurrencies are part of that choice so use it the best you can but still you can't avoid banks completely.