One solid reason that I came across for the need of BitCoins. <Be Your own Bank>

[ChrisPop]

It is normal to charge for services provided to you. I have made the conversion and 100 INR is just around 1 buck. People there are spending time and getting paid by the bank to do that work ( even if works just means responsability over what they sign). Even when Bitcoin will be adopted you will still need some kind of documentation from your wallet(list of transactions) or from the bank ( as well) - who says banks won't work with Bitcoin in the future? You will still need that kind of documents when trying to get a VISA.

[joinfree]

I know it will surprise most of you that at this age of mine way over 20s and i don't find any reason to open a bank account. I just hate these dudes and their monopoly when it comes to managing our own funds. I hold all my funds in cryptocurrencies especially usdt and btc. Whenever i need it i just cash it out and spend it.

Going forward, we really need to push for the adoption of cryptocurrencies and this would happen if people really get to know how to use cryptocurrencies. i have started teaching my nuclear family and a couple of friends too.

[yazher]

Pain in the ass huh? Well, I know the feeling when I applied to open a Bank Account, in some banks in our country, they asked me to provide some money for the account balance for it to not disable. Imagine You have 100$ in your account but you cannot withdraw it because it should be there to make that account active and If you try to withdraw that, the next thing you know is your bank account is no longer active.

That's why Satoshi's original plan is to free us from such nonsense. If we use Bitcoin and store it on some hard wallet, there are no other people who can control our funds except us. even though we used the last amount on that wallet it is still accessible. Unlike the bank policy which is doesn't make sense for me.

[Ayiranorea]

People can come up with various reasons to state the need of bitcoin. By the same time we can't function independent without the banking system. For now we can term bitcoin to give the convenience of serving as one's own bank. To experience the reality of one's own bank it takes more time as we're in the very early stages of bitcoin and cryptocurrency adoption around the globe.

[Juggy777]

Now first I took out print out of 6 months statement, then went to bank physically, then the real pain started, they told me to put a seal and sign on my Bank Account Statement, they will charge 100 INR for one month's statement, and I felt cheated, I felt these guys are in a business of monopoly, for my money, my account, they are charging money from me just to authenticate that my balance amount is right.

@Rose_btc why didn’t you read the terms and conditions before opening an account with them, also you’re leaving them for $2 fees hopefully you won’t leave bitcoins whenever there’s a fee surge. I would advise you to keep an active bank account, and continue to hodl bitcoins as both are important in today’s world.

Read this: https://bankinnovation.net/allposts/innovation/blockchain/what-does-the-surge-in-transaction-fees-mean-for-bitcoin/

[CryptoBry]

I felt these guys are in a business of monopoly, for my money, my account, they are charging money from me just to authenticate that my balance amount is right. We surely need crypto currencies, and do not need anyone else's validation to proof that we have our own money.

Banks are rendering services and as such they have the power to be imposing the charge or fees of those services depending on how much they think the rate can be more profitable according to their won interest not taking into account the interest of their own customers who are the ones  putting the money which the bank is using for business. Banks are in the business of making profits, that is what we should always understand and though we have to recognize the fact that banks are important pillars of the economy there are times when they are going beyond what can be reasonable. We are all hoping that your experience which I am sure many also went into can be one of the many reasons why people should be sticking with Bitcoin and cryptocurrency because here the power is on our hands.

[bounceback]

Now first I took out print out of 6 months statement, then went to bank physically, then the real pain started, they told me to put a seal and sign on my Bank Account Statement, they will charge 100 INR for one month's statement, and I felt cheated, I felt these guys are in a business of monopoly, for my money, my account, they are charging money from me just to authenticate that my balance amount is right.

I personally might also be disappointed with the bank system if something happens the way you feel and when you say "be your own bank" I'm certainly a little interested in words like that because now we certainly have a little difficulty if our finances are still related to banking is not the same as bitcoin which can provide freedom everywhere for our needs when we need them.

[Shenzou]

The whole financial and economical system that we are living today is just forced on us by the governments, and if you think about it and how the fiat has come to have value makes you feel weak and have no control over nothing, first we used to do transactions using gold and than it was changed to coins and than the governments said we are gonna create the currency that is backed up by gold, and after that they said we are gonna print currency and it is gonna have value just because we are in control, and that is where the bitcoin came in, it puts the power back to the hand of the people and lets you do whatever you want with your money and whenever you want to without having to go through all the unnecessary process that are set by the system that has no other reason other than to suck us dry through the taxes.

[kryptqnick]

I recently went for USA Visa interview , i.e I applied for a business visa.

For the purpose of VISA, I needed the documents to show my bank balance, therefore I went for getting the bank statement sealed and signed from bank authorities. I am from India the bank in which I have account are one of the best banks in my country.

Now first I took out print out of 6 months statement, then went to bank physically, then the real pain started, they told me to put a seal and sign on my Bank Account Statement, they will charge 100 INR for one month's statement, and I felt cheated, I felt these guys are in a business of monopoly, for my money, my account, they are charging money from me just to authenticate that my balance amount is right.

We surely need crypto currencies, and do not need anyone else's validation to proof that we have our own money. More and More Power to BitCoin.

What steps I am taking to make people aware of the power of bitcoin, and cryptos?

• Helping them buy their first Bitcoins
• Making the understand the power of bitcoin hash power.

Well, see, you're making it a point about the advantage of Bitcoin, whereas when I think of the visa-related stuff and Bitcoin, the latter (or, rather, the lack of its adoption) seems to be very disadvantageous. I had to apply for a long-term visa more than a year ago, and so I also needed proof of having sufficient funds. I had money in BTC that could help me solve the financial questions just like that. But here's a bummer: they don't accept crypto money as proof of funds. So even though I had money, I had to lend fiat from a friend of mine (I had no wish of selling my BTC in large quanitities) to get my visa. Until Bitcoin is adopted for such purposes, it does not really help the situation.

[diazepam666]

The word which you said be your bank is the the perfect word to say about e wallet. that is the reason even the banks or trying to explore more online platform 2 make the payment using fiat cash.
People neto no that this fear platform will put huge amount of fees for using the the internet banking wallets very soon but 802 currency valid is always decentralised and very much useful for you.

[kro55]

Banks and other financial institutes have created there monopolies for centuries and we all are helpless in front of them. It is because of these monopolies around 2 billion people are out of banking system worldwide. Bitcoin is there to break these monopolies that's why banks are not liking the decentralized and distributed cryptocurrencies.

[Pearls Before Swine]

Op, I can sympathize with your situation trying to get a visa and all the bullshit that goes along with it, including your own bank charging you for documents.  The same thing happens in the U.S. and the fees might even be higher.

This is one of the things I love about bitcoin, the fact that no banks or gov'ts need to be involved when sending money.  The biggest drawback of course is that you can't spend it everywhere, and most people still feel the need for a bank's services.  I know I do. 

Maybe eventually this will all change and you'll be able to pay for everything with bitcoin, but if that were to happen then banks wouldn't be needed at all.  I seriously doubt they're going to let that happen. 

[Duzter]

Banks and other financial institutes have created there monopolies for centuries and we all are helpless in front of them. It is because of these monopolies around 2 billion people are out of banking system worldwide. Bitcoin is there to break these monopolies that's why banks are not liking the decentralized and distributed cryptocurrencies.

These monopolies doesn't fear for anyone, because they're the one decides what needs to be done and how things has to be carried out. Through decentralization each and everything happening on the network gets broadcasted to the entire participants on the network. This breaks the monopoly making bitcoin to be their own bank.

[Kprawn]

Sad but we can't do anything about it. That's the reality. Because if they're not going to charge us, banks will have no profits. When they secure our money, they'll charge us for it. Anything the bank will do for their customers have an equal amount of charges. I know it's our money but they need income as well. Though sometimes I really think that they're taking too much advantage from their customers. That's why if we don't like banks to be involved with our money, bitcoin is here to help us with what we want.

I do not know what country you are from, how does it work in India is, Banks give you interest rates of 4% annually, but if someone wants to take loans from them, they charge 10 - 12% annual interest. So they are easily making, 6-8% and even if there operational cost exists, banks are easily making a lot of money that too by saying they are securing money.

Also there is one more thing that I want to mention you, banks are highly in- secure and in the recent past in India there has been three big scams, one of Yes Bank, another of PMC Bank, and another of a bank, who got scammed by a fraudster called neeraj modi, a diamond merchant who took away 800 Cr, and flew to EU.

Also Banks have employees working for it and employees can be bribed, corrupted and/or forced to work with criminals to steal your money. I once

heard a story where 1 Bank employee managed to take 1 cent from 100 000's of Bank accounts on a daily basis and stole millions of dollars over a

 period of a decade, before he was caught. <He got caught, when 1 customer queried the 1 cent that was deducted from her Bank account>

When you are your own Bank, nobody can withdraw bitcoins from your Bitcoin address without your private keys. 

[Kambal2000]

I feel you OP, what makes me hate bank is that I have to spend almost a day just to make deposit/withdrawal, because I need to make withdrawal over the counter, if I am withdrawing beyond the maximum limit to withdraw in their machine. Whenever I am paying tax as well, I need to render 4-6 hours waiting for my number to be called, it's really alarming to see as it wasted your time there.

Anyway, with that I am also asking my friends to check out the advantage of having crypto, how they can transfer their money easily without falling in line in bank.

[Artemis3]

I recently went for USA Visa interview , i.e I applied for a business visa.

For the purpose of VISA, I needed the documents to show my bank balance, therefore I went for getting the bank statement sealed and signed from bank authorities. I am from India the bank in which I have account are one of the best banks in my country.

Now first I took out print out of 6 months statement, then went to bank physically, then the real pain started, they told me to put a seal and sign on my Bank Account Statement, they will charge 100 INR for one month's statement, and I felt cheated, I felt these guys are in a business of monopoly, for my money, my account, they are charging money from me just to authenticate that my balance amount is right.

We surely need crypto currencies, and do not need anyone else's validation to proof that we have our own money. More and More Power to BitCoin.

The funnier part is, that if you didn't had a bank account, or moved everything into bitcoin you wouldn't be able to produce this bank statement the Americans require.

You seem to complain about your bank fee, but forget to mention the outrageous 150+ USD visa application fee (which is not necessarily granted, and every single time you try you have to pay it again).

In a bitcoin world, the embassy should also accept your wallet address and signed message from it as proof of ownership. All they want to know is that you are not a poor immigrant, Americans only want wealthy people...

[ice18]

I thought 100 INR is such a huge amount since Im not familiar with your currency in your country its  equivalent to $1.4 according to google conversion this fees from banks are normal for as long as you are using their services they will not serve you for free its business and since you are using their services if you think they cheat you and you dont need bank services anymore pulling out all your money and buying bitcoin mate is a better move, most people here said I hate bank bla bla but Im sure they are currently and actively using banks for their money transactions. 

[bitvalak]

I recently went for USA Visa interview , i.e I applied for a business visa.

For the purpose of VISA, I needed the documents to show my bank balance, therefore I went for getting the bank statement sealed and signed from bank authorities. I am from India the bank in which I have account are one of the best banks in my country.

Now first I took out print out of 6 months statement, then went to bank physically, then the real pain started, they told me to put a seal and sign on my Bank Account Statement, they will charge 100 INR for one month's statement, and I felt cheated, I felt these guys are in a business of monopoly, for my money, my account, they are charging money from me just to authenticate that my balance amount is right.

We surely need crypto currencies, and do not need anyone else's validation to proof that we have our own money. More and More Power to BitCoin.

No matter how much money you have entered into banking, you must be ready to be fully controlled by the Bank.
You cannot avoid that because their rights are protected by legal basis made by the government. The only way is to save in the form of cryptocurrency like BTC.

What steps I am taking to make people aware of the power of bitcoin, and cryptos?

• Helping them buy their first Bitcoins
• Making the understand the power of bitcoin hash power.

Giving a basic introduction to BTC to the people closest to you is very important, so that it will spread to other people closest to you, then continue to help them how to buy bitcoin.

[maxreish]

It's because Banks are centralized and bitcoin is not. If they are requiring you difficult and complicated things like charging you for a proof of your own money, then I can also say it is better if we have crypto wallets where we can store our own digital money. No control by some organizations and can be your own bank.

On the other hand, introducing cyptocurrencies with others isn't easy. There's nothing wrong if we help them to buy bitcoin as long as they really understand about bitcoin.

[tbterryboy]

The thing is that we still need the support of the government to be a bank of our own, and the only way that all those embassies too can recognize any cryptocurrency wallet statement is when they are fully well informed and assured that government is in support of it.
 
Imagine now that you have your money in your wallet and you are able to have full control of it, and then there is this thing that you need to go for in the embassy that requires your statement of account, this means that it is only your wallet account that you can provide, now tell me how the embassies will accept this? What I am just trying to say is that we cannot completely throw the traditional banks out like that except the government is done with them completely.