Bitcoin Saves my relatives both of Life, Time and money

[coinerer]

One of my relatives goes to work in Singapore as a remittance fighter to earn some money. He had a habit of gambling before. One day he goes to the casino and gets free food and $10  to go there. She fell into the greed of eating free and some free dollars and started going there regularly. At some point he becomes interested in gambling. And he started gambling regularly and he started losing all the money he earned here. At one point he lost all his money. One day a lottery was arranged in that casino. And he bought a lottery there as his last attempt. And he won that lottery and got 2nd prize. Where there was 1 million usd. But this money brings danger to him at one stage. The other expatriates who were with him wanted to kill him and take his money. Then he realizes this and take the help of the police of Singapore but Carrying $1 Million was high risky and transferring money to his country by international money transfer it was matter of time. so he buy $1 million worth of bitcoin and back to his country Immediately. Bitcoin saves both his time and money. And he was able to back safely to his own country with his money.

[Doan9269]

Good enough reason to avoid bulkiness of fiat cash but i think there's a lot to understand beyond the steps he followed, first how did he got to exchange the money from fiat to bitcoin is a thing of concern, secondly what exchange did he make use of DEX or CEX?  Thirdly it would have been better if he also learn or understand how to go private with his bitcoin on the wallet been used in other to increase the security and privacy, if he had been using bitcoin prior the time then fine, but if not i think he need to understand the implication of using a centralized exchange.

[_act_]

How was she able to trade the money for bitcoin? Also bank would have been used legally to make the transfer. But buying bitcoin makes cross border transfer faster and cheaper, which is a good advantage over fiat.

I did not see anything like noncustodial wallet when you were narating the event, possibly she used a crypto exchange for the purchase? If so, she should know that she do not have complete control on her coins and it is better to move the coin to a noncustodial wallet. Getting a hardware wallet will be perfect for better safety.

If the story is true, I am glad about your relative.

[NeuroticFish]

so he buy $1 million worth of bitcoin and back to his country Immediately

Wonderful story, but I think that it's just a fantasy. Things don't go that easy.
I don't see any good reason why that prize was not sent to a bank account in the first place.
Then, in most cases, such big prizes are not given out as a whole and not so easy. It's usually like "you get this monthly amount for that number of months or you get 75% of the full prize if you want it all now".
Then nobody just sells you $1M worth of bitcoin for cash. Or well, maybe the Mafia does, but it's usually easier to lure you, then kill you and get that fiat.


So sorry, it sounds wonderful, but I don't think that's a real story.

[Pmalek]

It feels weird to tell someone their story is fake especially if it really happened to a family member. But there seems to be too many illogical things in this one.
I once won a few grands in a physical sportsbook and I was asked to submit my banking information where the money would be routed. They didn't want to give me the cash. I find it hard to believe he was given a suitcase or a bag full of money and shown the exit door. You also mentioned he talked to the police and they helped him apparently. How did they help him, and if he got the help he needed, why did he still need to buy the bitcoins? If attempt were made to kill him, those responsible should/would have been arrested. 

[Rruchi man]

So sorry, it sounds wonderful, but I don't think that's a real story

Seems like a fabricated or exaggerated story to me as well, something to interest the community, I get the gist that bitcoin saves life, time and money...but how did it all happen so fast. All casino's definitely understand the risk involved with giving cash to lottery winners especially immediately, and certainly they will not want to put a winners life in danger. Plus If you win a huge sum, it takes a while for any casino to process it, it is certainly not instant.

[ChrisPop]

Well... that's quite an interesting story --> maybe more suitable for the gambling section of the forum, yet I doubt that he got that lucky.
But yes, Bitcoin is very powerful and as you said it can literally save lives through the high portability and its digital properties.

I'm curious though... how he managed to buy $1M worth of Bitcoin with cash? Found some local p2p sellers?

[bittraffic]

Regardless of whether the story is true or not, BTC serves a situation like this. This is not a bizzaire story of sensing betrayal due to money but seeing they are both expat in the country can be daunting for a killer to execute a plan.

Moving to Singapore to work means he is not that rich. I wish he won't be gambling the all the $1M, a money that big don't normally come twice in a lifetime.

[jackg]

I wish he won't be gambling the all the $1M, a money that big don't normally come twice in a lifetime.

I thought this as well, if you're a gambling addict, bitcoin is probably a bad currency to own compared to lots of others (stocks might be one of the best on the other hand too as the market closes for a while).

[kryptqnick]

I must say that due to very low odds of winning the lottery, I find the story hard to believe. Unless, of course, he bought so many tickets that his odds of winning were very high, but if he earns money doing construction work, then it's unlikely he has hundreds of thousands to spend on gambling. Not to mention the part about friends wanting to kill him. But yeah, Bitcoin can be used to hide wealth if one does it right. My thought is also that if he likes physical gambling, storing the money in Bitcoin might be a way of avoiding gambling because physical casinos rarely accept BTC.

[coinerer]

Well... that's quite an interesting story --> maybe more suitable for the gambling section of the forum, yet I doubt that he got that lucky.
But yes, Bitcoin is very powerful and as you said it can literally save lives through the high portability and its digital properties.

I'm curious though... how he managed to buy $1M worth of Bitcoin with cash? Found some local p2p sellers?

first he deposited his money on his bank account on Singapore. then He used many different way like p2p trading , buy with debit card and more way as much as possible . It's keep him safe from attackers. he bought btc from a secret place Where attackers will not find him. Something like this happened

[taufik123]

so he buy $1 million worth of bitcoin and back to his country Immediately

Wonderful story, but I think that it's just a fantasy. Things don't go that easy.
-snip-
So sorry, it sounds wonderful, but I don't think that's a real story.

I agree with you, it seems this is just a fictional story that only exists in his imagination.
It's not that easy to get $1 million USD in the last lottery, it's not a pre-set movie. and the distribution of prizes, of course there will be some rules so that not everything is given in one transaction, it should be gradual and there will be an option to transfer to the account. rather than carrying it in cash which is clearly a high risk.
And another oddity with buying bitcoin $1 million USD with cash, who will accept it? it's not that easy, there will be a lot of mafia chasing that person.

But I don't know, let the OP tell the story and we can only respond. But rationally it's just a fictional story, there's no evidence whatsoever to suggest that the story is real.

[Sanitough]

It feels weird to tell someone their story is fake especially if it really happened to a family member. But there seems to be too many illogical things in this one.
I once won a few grands in a physical sportsbook and I was asked to submit my banking information where the money would be routed. They didn't want to give me the cash. I find it hard to believe he was given a suitcase or a bag full of money and shown the exit door. You also mentioned he talked to the police and they helped him apparently. How did they help him, and if he got the help he needed, why did he still need to buy the bitcoins? If attempt were made to kill him, those responsible should/would have been arrested. 

The conviction of how bitcoin saves time and money is a fact, but the story behind i think is not happening in real life. Although its possible to win such a huge amount but handling it all to you in a form of cash, that sounds unrealistic. Here in our country, mostly it will be done through bank transactions. And you can't just withdraw it all at once, the bank provides withdrawals limit. I guess even if the story is cut short, the flow of events is still hard to believe. Converting all your fiat into bitcoin, that thing alone is very risky to make.

[P2PECS]

so he buy $1 million worth of bitcoin and back to his country Immediately

Wonderful story, but I think that it's just a fantasy. Things don't go that easy.

That's what I thought, the story already sounded incredible to me as I was reading it. It is one of the many stories that people make up in the forums.

In this case we are in a BTC forum, so a wonderful (and false) story about BTC.

[m2017]

One of my relatives goes to work in Singapore as a remittance fighter to earn some money. He had a habit of gambling before. One day he goes to the casino and gets free food and $10  to go there. She fell into the greed of eating free and some free dollars and started going there regularly. At some point he becomes interested in gambling. And he started gambling regularly and he started losing all the money he earned here. At one point he lost all his money. One day a lottery was arranged in that casino. And he bought a lottery there as his last attempt. And he won that lottery and got 2nd prize. Where there was 1 million usd. But this money brings danger to him at one stage. The other expatriates who were with him wanted to kill him and take his money. Then he realizes this and take the help of the police of Singapore but Carrying $1 Million was high risky and transferring money to his country by international money transfer it was matter of time. so he buy $1 million worth of bitcoin and back to his country Immediately. Bitcoin saves both his time and money. And he was able to back safely to his own country with his money.

This $1 million win story would be appreciated in the gambling section.

Well, what can I say, this is another case from life that bitcoin is absolutely not a useless financial instrument.
 
How did your relative transfer bitcoin between countries? In the form of seephrase, right? Because I didn't see any mention of a bitcoin transaction in your story.

[abel1337]

so he buy $1 million worth of bitcoin and back to his country Immediately

Wonderful story, but I think that it's just a fantasy. Things don't go that easy.
I don't see any good reason why that prize was not sent to a bank account in the first place.
Then, in most cases, such big prizes are not given out as a whole and not so easy. It's usually like "you get this monthly amount for that number of months or you get 75% of the full prize if you want it all now".
Then nobody just sells you $1M worth of bitcoin for cash. Or well, maybe the Mafia does, but it's usually easier to lure you, then kill you and get that fiat.


So sorry, it sounds wonderful, but I don't think that's a real story.

I agree with you, It's pretty illogical that the lottery organizer of the said raffle gives it on cash and in full payment, Bank transfer would be the easiest and safe option for both winner and the lottery organizer. Also, Buying $1M worth of bitcoin is not easy unless you have proper connections. Buying on that kind of amount would take weeks in my country since banks here aren't bitcoin friendly and so many steps unless you have a peer to peer transaction.

[ChiBitCTy]

I had a long conversation not too long ago with a taxi / Uber driver who said he was from Mexico. He told me that he was working here in the United States to help support his family back home in Mexico. We spoke about how much he had to pay in transaction fees being international payments. He had heard of bitcoin before but not much about it so I explained things to him. He was thrilled with the idea. This is one of bitcoins biggest advantages!

[Husires]

This is the strangest story I have ever heard of someone who bought Bitcoin. It is true that buying Bitcoin will provide you with the possibility of moving millions of dollars across the border, but when you win the lottery prize, you will not carry that money in a bag, but will deposit it in the bank.

One way or another, you will have to return to the banking system, unless you decide to keep Bitcoin for decades, then, and with the increase in adoption, you may not need to convert to your local currency.

[darkangel11]

I had a long conversation not too long ago with a taxi / Uber driver who said he was from Mexico. He told me that he was working here in the United States to help support his family back home in Mexico. We spoke about how much he had to pay in transaction fees being international payments. He had heard of bitcoin before but not much about it so I explained things to him. He was thrilled with the idea. This is one of bitcoins biggest advantages!

When people tell you that bitcoin has no real use and is only for speculation, stories like that can change their perspective.

I doubt that OP's story is true, that a non-bitcoiner suddenly put all his money in bitcoin to move it around, not being afraid of all those hacks and scams the mainstream media pump people's heads full of.
Bitcoin works great as your private stash for hiding money and moving it around. Once people realize it, the world is going to change.  

[2stout]

Valid and realistic use cases and entertaining story even if not true, but shows and proves how bitcoin can safe someone's life, time, and money.  Hope the relative learned their lesson and doesn't fall back into old habits.