Banks do not control my bitcoins - Zimbabwe News!

[wack slacker]

They don't have the ability to verify Bitcoin transactions, banks are always looking for ways to find out and find out how to make money and take money out of your pocket through taxes.  If Zimbabwe has issued its own cryptocurrency, it is likely that those who understand the cryptocurrency market will not like to trade them because they do not want to be controlled.

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[jostorres]

That is a true reminder man, and it is a call back for those who has been lost and seeing cryptocurrency as just asset alone for them to see more of it from the angle of freedom to control our finances. It is really sad that people don’t have full access to their money and I think this type of thing happens in Germany also, you have a limit to which you can withdraw in a day and I feel that one of the countries that bitcoin policy will work against is Germany.

For Zimbabwe, I don’t really know where they fall because it seems like they are quite confused on what to do to actually control their economy because there was a time they were creating their own cryptocurrency, except maybe this policy is to discourage the use of fiat and encourage their own cryptocurrency usage.

[eaLiTy]

The problem is that they have a huge shortage of the new currency, so people are only allowed to withdraw a limited amount of it and then there are already people selling it on the street at a premium to people that desperately need it.

I think this is the same issue that is going on in Argentina as well as there is a limit in withdrawal from banks and when ever there are restriction the black market will take over but the situation in Zimbabwe is pathetic because of the political instability and the economic crisis and inflation that is going on for a while and i do not think that BTCitcoin can sort these issues now, either the merchants should start accepting BTCitcoin which is highly unlikely with the economic situation but in the future and for the countries around the world this is a good reason to adopt BTCitcoin as it could ease the troubles if there is a economic crisis.

[youdacapt]

the same thing if Zimbabwe's bitcoin users withdraw to their current bank because it still has a limit on their fiat exchange, there is no synchronization that is the differentiator for urgent needs. They are currently reconstructing the domestic economic system, and things are not going well right away, it's natural, inflation is the worst so far.

[pawanjain]

Just as I said in my recent post earlier, we have to look at the bright side of using bitcoin and address the problems that bitcoin solves instead of the issues that are created.
Bitcoin gives out huge benefits but people tend to ignore it and fall prey to government backed fiat currencies.
They  don't understand the government controls these currencies and indirectly they control you.

[Juggy777]

So imagine this, you rock up at the ATM and you want to draw $500, but all the ATMs tells you that you can only withdraw a maximum of $100 per day. 

Luckily for us Bitcoiners, nobody can tell us how much we can use, because we control our own currency.  This is just another reminder of what true Financial freedom are supposed to be. 

https://www.businesslive.co.za/bd/world/africa/2019-11-12-zimbabwes-new-banknotes-run-out-within-hours-of-introduction/

https://www.fin24.com/Economy/Africa/long-qeues-form-in-harare-as-zimbabwe-releases-new-bank-notes-coins-20191112

This is really sad news for the Zimbabwean citizens because they cannot withdraw their own money, and it’s ironic that they need to pay a premium to use some extra money. @Kakmakr sooner or later people will understand that their banks have been looting them for years, and switching to bitcoins is the only solution for them.

[pixie85]

Not only Zimbabwe there are many more countries going through the sam problem. Surely Bitcoin means freedom from centralized control and Banks.

But, I do not understand how are you relating Bitcoin to financial freedom. As per my understanding you have to convert Bitcoin to fiat, you are still depending on Fiat.

It is a crisis situation out there, do not make a mockery of it. They need Fiat to survive, hospitals and food store there do not accept Bitcoin but Fiat.

Zimbabwe is one of the leaders in bankruptcy and insolvency a bit like Venezuela but many of you don't even know about hyperinflation in some countries that are acting like they have it under control. Belarus had to print new bills 10 years ago because they had already exchanging million ruble bills and told people to sell the old bills to the government and in return they'd get the new smaller notes. It's a great way to battle hyperinflation by robbing citizens and giving them something new that now would be worth even less

Only cryptocurrency and decentralization can save people from being cheated by their governments.

[palle11]

Not only Zimbabwe there are many more countries going through the sam problem. Surely Bitcoin means freedom from centralized control and Banks.

But, I do not understand how are you relating Bitcoin to financial freedom. As per my understanding you have to convert Bitcoin to fiat, you are still depending on Fiat.

It is a crisis situation out there, do not make a mockery of it. They need Fiat to survive, hospitals and food store there do not accept Bitcoin but Fiat.

You are correct to say that bitcoin also needs fiat in conversion but from OP's ideology is say that, you are not even limited to how much of bitcoin you want to use Ir throw into circulation unlike the restrictions with fiat.
Although, I think bitcoin withdrawal is also limited in some exchange.

[Artemis3]

This is really sad news for the Zimbabwean citizens because they cannot withdraw their own money, and it’s ironic that they need to pay a premium to use some extra money. @Kakmakr sooner or later people will understand that their banks have been looting them for years, and switching to bitcoins is the only solution for them.

Fiat "Government/State" issued money, is always "controlled" money. And nothing destroys confidence more efficiently in a coin than limits aka. "controls". The politicians simply don't get it and commit the same mistakes all over again.

Thing with bitcoin is that no politician can destroy it, that is why is so valuable. But fiat currencies, can be destroyed overnight, or even before its born.

Yes, actual printing costs money, and its quite sad when the banknotes end costing more than what they are supposed to represent. They could become a "debit card" society like we did here, due to banknote scarcity, but within the banks zeroes keep increasing, zeroes for the State bank accounts that is...

Which in turn induces inflation. One would think Zimbabwe learned its lesson...

No country is safe, as long as some human has the power to make your money lose value over some stupid decision, such as "print more", or "restrict bank withdrawals". Who can restrict you how many bitcoins you may transfer? Nobody, that's its beauty.

[Kakmakr]

This is really sad news for the Zimbabwean citizens because they cannot withdraw their own money, and it’s ironic that they need to pay a premium to use some extra money. @Kakmakr sooner or later people will understand that their banks have been looting them for years, and switching to bitcoins is the only solution for them.

Fiat "Government/State" issued money, is always "controlled" money. And nothing destroys confidence more efficiently in a coin than limits aka. "controls". The politicians simply don't get it and commit the same mistakes all over again.

Thing with bitcoin is that no politician can destroy it, that is why is so valuable. But fiat currencies, can be destroyed overnight, or even before its born.

Yes, actual printing costs money, and its quite sad when the banknotes end costing more than what they are supposed to represent. They could become a "debit card" society like we did here, due to banknote scarcity, but within the banks zeroes keep increasing, zeroes for the State bank accounts that is...

Which in turn induces inflation. One would think Zimbabwe learned its lesson...

No country is safe, as long as some human has the power to make your money lose value over some stupid decision, such as "print more", or "restrict bank withdrawals". Who can restrict you how many bitcoins you may transfer? Nobody, that's its beauty.

Yes, the Zimbabwean government are not learning a lesson from their previous mistakes, because they are doing this deliberately. They are getting a lot of pressure from the international community to change their political decisions and to have a clean government, but they are just ignoring that and going on as if the rest of the world does not exist.

The former president <Mugabe> even taunted the West by doing the opposite of what was suggested by the international community. That old fart destroyed his country and the economy and the people he left behind, still have the same mindset that he had.

It just shows you that you can change the currency, but if the currency are still in the hands of a corrupt/incompetent government, then it will continue failing.   

[Google+]

The bank should not be able to control bitcoin because it is very clear satoshi nakamoto provided information in the bitcoin whitepaper which shows that bitcoin was created to make money that can not be held by anyone so that bitcoin will only have movement and have value depending on demand and depending on supply availability .

[Eugenar]

The bank should not be able to control bitcoin because it is very clear satoshi nakamoto provided information in the bitcoin whitepaper which shows that bitcoin was created to make money that can not be held by anyone so that bitcoin will only have movement and have value depending on demand and depending on supply availability .

On the structure of bitcoin, it was created solely for that purpose, but we all know how Government moves, it is for the people and for the development of the country that they impart control and regulation to the financial aspect of our everyday living. Though, in terms of software infrastructure, Bitcoin is so secured, but what about if the government starts to create wallet specifically utilizes bitcoin? We're not sure if we can still be decentralized if they make us blindly believing that they support us in the future.

[Boov]

The bank should not be able to control bitcoin because it is very clear satoshi nakamoto provided information in the bitcoin whitepaper which shows that bitcoin was created to make money that can not be held by anyone so that bitcoin will only have movement and have value depending on demand and depending on supply availability .

Yes the main feature of bitcoin is its anonymity, people should have their own transaction that are not visible and government cannot take place or they could not be trace. Banks and government are not allowed to control our bitcoin and altcoins , we have our freedom using this. But I think sooner or later bitcoin will be regulize by them and they will put taxes.

[pjcaruci]

Zimbabwe has many problems in addition to this, I hope they will be able to solve them after the cryptocurrency revolution.

[Artemis3]

Fiat "Government/State" issued money, is always "controlled" money. And nothing destroys confidence more efficiently in a coin than limits aka. "controls". The politicians simply don't get it and commit the same mistakes all over again.

Thing with bitcoin is that no politician can destroy it, that is why is so valuable. But fiat currencies, can be destroyed overnight, or even before its born.

Yes, actual printing costs money, and its quite sad when the banknotes end costing more than what they are supposed to represent. They could become a "debit card" society like we did here, due to banknote scarcity, but within the banks zeroes keep increasing, zeroes for the State bank accounts that is...

Which in turn induces inflation. One would think Zimbabwe learned its lesson...

No country is safe, as long as some human has the power to make your money lose value over some stupid decision, such as "print more", or "restrict bank withdrawals". Who can restrict you how many bitcoins you may transfer? Nobody, that's its beauty.

Yes, the Zimbabwean government are not learning a lesson from their previous mistakes, because they are doing this deliberately. They are getting a lot of pressure from the international community to change their political decisions and to have a clean government, but they are just ignoring that and going on as if the rest of the world does not exist.

The former president <Mugabe> even taunted the West by doing the opposite of what was suggested by the international community. That old fart destroyed his country and the economy and the people he left behind, still have the same mindset that he had.

It just shows you that you can change the currency, but if the currency are still in the hands of a corrupt/incompetent government, then it will continue failing.   

Exactly what Maduro did with us. All those self-proclaimed "leaders" always ruin people's lives while they and those closest to them live in obscene luxury from corruption and direct stealing. But because they have the weapons and the military in their pocket, nothing can be done.

[hello_good_sir]

That is a true reminder man, and it is a call back for those who has been lost and seeing cryptocurrency as just asset alone for them to see more of it from the angle of freedom to control our finances. It is really sad that people don’t have full access to their money and I think this type of thing happens in Germany also, you have a limit to which you can withdraw in a day and I feel that one of the countries that bitcoin policy will work against is Germany.

It's a pretty big shock for their people, only being allowed to withdraw 5 USD worth of notes a day, although those 5$ can definelty do a lot more in Zimbabwe then the US, to be fair. Germany isn't as much, and their economy is fine to be fair.

For Zimbabwe, I don’t really know where they fall because it seems like they are quite confused on what to do to actually control their economy because there was a time they were creating their own cryptocurrency, except maybe this policy is to discourage the use of fiat and encourage their own cryptocurrency usage.

They keep trying to relaunch their currrency instantly, and it's been so inflated due to the policies that the government has implemented, and I'm not sure how they can start-over now, it seems like a lost cause.

[dimastegar]

So imagine this, you rock up at the ATM and you want to draw $500, but all the ATMs tells you that you can only withdraw a maximum of $100 per day. 

Luckily for us Bitcoiners, nobody can tell us how much we can use, because we control our own currency.  This is just another reminder of what true Financial freedom are supposed to be. 

In fact, we can exchange Bitcoin to Fiat by selling it through the local crypto exchanger website in our country. However, we do not deny that every local exchanger limits the withdrawal of money from the exchanger to the bank. Surely they (local crypto exchangers) limit because of the rules of the bank and the government. For example Indodax limits withdrawals of 200 million IDR to each user.

[Kakmakr]

So imagine this, you rock up at the ATM and you want to draw $500, but all the ATMs tells you that you can only withdraw a maximum of $100 per day. 

Luckily for us Bitcoiners, nobody can tell us how much we can use, because we control our own currency.  This is just another reminder of what true Financial freedom are supposed to be. 

In fact, we can exchange Bitcoin to Fiat by selling it through the local crypto exchanger website in our country. However, we do not deny that every local exchanger limits the withdrawal of money from the exchanger to the bank. Surely they (local crypto exchangers) limit because of the rules of the bank and the government. For example Indodax limits withdrawals of 200 million IDR to each user.

No, the local exchanges limit the withdrawals to minimize the damage when there are some kind of security breach or when they get hacked. So even if you manage to hack the site, then you cannot draw all the money from all the accounts.

Some of these exchanges also put limits on different features, based on the level of KYC verification that were done by the users. So when a user only provide the basic identification documents, they will have a lower limit for example on withdrawals. When you provide them with all the required documentation, then they give you full access to their service. 

[coinfinger]

This post doesn't make any sense. I just don't see how what you have said has anything to do with cryptocurrency. You don't even live in that country, and guess what , if you're living in that country whether you choose to make use of Bitcoin or fiat, you're still going to face that same problem they are facing there, making use of cryptocurrency doesn't change anything.

At a point you will like to sell and withdraw your money from Bitcoin and that's when you will face the same issue. Nobody is accepting bitcoin for payment except online, when you need some cash in your pocket to purchase some regular stuff you need like food, that's when you will also see the same problem.

[gabbie2010]

The earlier government controlled authorities knows the benefits of bitcoin the better, Zimbabwe as a case study had shown the lapses and shortcomings in using fiat and its over dependence and reliance having been controlled by a centralized system this had resulted to more inconveniency and hardship to their people who had excess fiat in their accounts but have been regulated to use a fixed amount for their daily transactions despite having many stuffs, goods and services to spend money on.