Bitcoin Saves my relatives both of Life, Time and money

[fuguebtc]

I'm surprised, he didn't gamble the money he won? That's how things usually go. I highly doubt someone who was quite addicted to gambling would suddenly stop and realize that they need to save money, they'd probably straight up go to gambling again after the money has settled in. Additionally, I think the only problem here would've been if his money was manually transferred physically? I haven't tried it but I'm pretty sure there should be a possible process for you to transfer money from banks even if they're from different countries.

Not really, although he is addicted to gambling, the sum of 1 million dollars is huge and he probably thinks that is enough for him to have a comfortable life for the rest of his life, so he does not need to gamble to get rich anymore. If he still can't give up gambling, he can still play after returning home, keeping money is the most important thing at that time.
The OP's story has many unclear parts, he doesn't detail how his friend was able to convert 1 million USD into bitcoin.

[GeorgeJohn]

That is why I regard Bitcoin and the cryptocurrency generally as a fastest means off making a money transfer or money transaction within a space of time. From your analysis it is very obvious that if the money was with the guy in question it would have ended up for another group to have the funds. So with the help of BTC and the cryptocurrency in Wyoming the transaction moved smoothly and the life a person who have the money he still also self because of existence of Bitcoin.

[Rigon]

I read your story though the story of one's life is very interesting and I like it.Yes, if the country had no use for bitcoins, if the bitcoins were not yours, then that person would not be able to return home with his money or he would not be able to enjoy the money.But he has managed to enjoy a lot of money today due to the fact that this Bitcoin is active all over the world.Within a short time he took his money into the account and converted it to Bitcoin.His drunken state would have been fatal if he had brought money. So we can say that in this bitcoin dhaka people can enjoy all the benefits.

[Ucy]

Just hope he doesn't gamble away the money considering you said he's a gambler. I have read numerous articles about people who never used money they won from lottery well. I tend to believe the huge prize should be split to multiple winners to increase the chances of having responsible people as winners or you could develop a method that only allows/encourage responsible bettors to win the whole prize.

In regards to Bitcoin saving his life, I think the proper terms should be his Life, Money and Time was saved with/via Bitcoin. This sounds more reasonable so Bitcoin is not seen as GOD & start to be worshipped by people. Nevertheless, I like the fact he was able to freely use Bitcoin to secure his fund for International transfer which is part of the purpose of Bitcoin

[hZti]

Sounds like a great story but I don't see the point in trading the money into bitcoin and then trading it back afterwards. In any case your friend had the money in his bank account already so he could just simply transferred it. If the lottery was not legal the bank would have locked the money, no matter if he transferred it or not. The only option I would see is to directly buy bitcoin from people, but I think thats nearly impossible with that high volume.

[lionheart78]

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

Same here, there are a lot of inconsistencies in the story.

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.

It was a he first then become a she and later become a he.
The prize looks like given in cash since

The other expatriates who were with him wanted to kill him and take his money

But I doubt that will happen, probably a cheque.
But then if it is in cheque then he needs to cash it out thru his bank or in cold cash.
Then if it was in cash then how did he buy BTC, face2face?
And this is what makes it more like a make-up story

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.

The crucial sentence is when did he buy BTC and how did he buy it.  It should be stated in the story to remove silly ideas like mine in the scenario  .
Anyway regardless of whether the story is true or made up, Bitcoin had been proven as one of the best methods to stash and hide our money from authority and other people.

[Oilacris]

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.

Nice initiative i would say on which you could really save up yourself on different hassle and the risk specially you are dealing with a million dollars which lots would really be having that bad intent towards you because money is really just too hot and could easily trigger out those criminal minds once they are really that aware on someone who had been holding those huge funds.
A good thing that he knows bitcoin which he had able to think up directly for some solution on the current problem that he's facing considering that security is indeed at risk on bringing those funds.
but still not that enough for you to get confident because anytime they could abduct you but to know that getting private keys wont be simple but if you are on a situation where
life and death involves then you might really ending up on giving.

[Mpamaegbu]

BTW, he doesn't even need to carry such amount of cash in the first place. The world is trying hard to achieve a cashless society, so why would anyone take such an ignoble decision of moving such heavy cash around physically? All the casino needed do was to transfer his winnings to his account. Just like that. The winnings are transferred to the winner, the winner then finds a way to transfer it back home to his dependents.

[qwertyup23]

...... 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.

How was the process done? How was your friend able to purchase $1 million worth of BTC without providing any KYC functions? Generally, exchanges have been very stringent with KYC requirements and personal records. From my experience alone, if a transaction involved high amounts of BTC, my exchange would most likely freeze my account to question the genuineness and veracity about the origin of my funds.

Though that may be the case, your friend indeed saved his fortune by converting them into BTCs. The difficult part is converting them back to cash in the exchange that he purchased them, unless he sells them via p2p transactions or via escrowing your funds.

[famososMuertos]

I think the stories of how bitcoin can be used for personal benefit are endless, I don't think they have to be so dramatized to give more value to the advantages that bitcoin offers.

[Minecache]

...... 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.

How was the process done? How was your friend able to purchase $1 million worth of BTC without providing any KYC functions? Generally, exchanges have been very stringent with KYC requirements and personal records. From my experience alone, if a transaction involved high amounts of BTC, my exchange would most likely freeze my account to question the genuineness and veracity about the origin of my funds.

He didn't mention how his friend converted 1 million dollars into bitcoin.
He just said his friend converted from cash to bitcoin so maybe his friend used centralized exchange to buy bitcoin. This is a large amount of money so making a p2p transaction is very difficult and can be dangerous, if yes, he has to do it many times.
He just wanted to think of a way to convert his assets into bitcoin and be able to return home safely so choosing a centralized exchange is not so bad.

[kaseygriffin]

(...)

It's thrilling and exciting through your story. I find that person lucky to have won the grand prize and also lucky to remain safe from the greedy envy of the bad guys. I believe that BTC brings more benefits than just the case from this story, even as I live in a life where people around me always consider what they know and give. It is the goal of life and success to have things like having a lot of money, real estate, gold, silver, ... and others must see them. Sometimes I feel very uncomfortable with that thought, and I hold BTC and do not want anyone to know and understand what I have. Even though they thought I had nothing, I had everything they were looking for.

[Isoprofit]

We must all take a lesson from the story. Gambling can destroy your capital account. It’s not just about a certain currency or asset, you have to be careful about your decisions in all the spheres where your money is involved.

[Jemzx00]

We must all take a lesson from the story. Gambling can destroy your capital account. It’s not just about a certain currency or asset, you have to be careful about your decisions in all the spheres where your money is involved.

What do you mean? The OP's relative won 2nd prize on the casino which is a million dollars, how does that destroy your "capital account". I guess the best lesson here is privacy and safety especially when you have a huge lump sum of money.

Anyway, I'm not really convinced that the story OP provided is true as there are various ways for you to safely transfer your funds but they choose to do so on crypto or bitcoin. Also, being able to buy that kind of amount of bitcoin isn't as easy as you will need find exchanges that will allow you to do so. Another thing to consider is the value, The amount his relative won may have significantly reduced if they've exchange it to bitcoin.

[CryptoHeadlineNews]

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.

Your friend must be very lucky to have won such huge sum of money, and I have no doubt about the story if it's true or not because people do actually win such amount of money from casinos, and $1 million is not up to what people have won on physical and online gambling casinos since the existence of gambling. But however, Bitcoin has actually ease easy, cheap and fast transactions across borders, and that's what makes it unique from fiat

[poldanmig]

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.

Very lucky your brother can win the lottery up to 1 million usd, indeed carrying that much money will be very risky even the fear of robbery and murder can happen, the steps taken by your relatives are very appropriate because after all transferring money that many people from countries will arouse suspicion from the country authorities, exchanging them in bitcoin is clearly easier for us because one of the goals of satoshi Nakamoto to create bitcoin is to make it easier for us to make financial transactions in large or small amounts and bitcoin was originally intended to be alternative currency replacement with many conveniences.

[AakZaki]

BTW, he doesn't even need to carry such amount of cash in the first place. The world is trying hard to achieve a cashless society, so why would anyone take such an ignoble decision of moving such heavy cash around physically? All the casino needed do was to transfer his winnings to his account. Just like that. The winnings are transferred to the winner, the winner then finds a way to transfer it back home to his dependents.

the story does seem far-fetched, as you said that that much money was taken easily from the casino, with no other options such as transferring to a bank account. I'm sure the casino won't spend that much cash either because it's very risky.
Regarding this story, whether it's made up or real, there is a lesson we can take, namely Bitcoin is able to become a digital asset that protects everyone from crime in the real world, assets will remain safe as long as you hold the key.

[pawel80]

Are you visited
https://crypto-staking.com?ref=iVh8i

 

[amishmanish]

Fiat is dead, and now belong to numismatic collections, but we are not ready to change, especially the big bulky banks. They just cant accept that their money manipulative power has been taken away in an instant. I think now we need a bitcoin based loan system, Soon banks will loose their interests and we will loose our interest in banks. Can we imagine a fully online banking system with no branches and ATMs for cash, as there will be no cash in future.

[milewilda]

BTW, he doesn't even need to carry such amount of cash in the first place. The world is trying hard to achieve a cashless society, so why would anyone take such an ignoble decision of moving such heavy cash around physically? All the casino needed do was to transfer his winnings to his account. Just like that. The winnings are transferred to the winner, the winner then finds a way to transfer it back home to his dependents.

the story does seem far-fetched, as you said that that much money was taken easily from the casino, with no other options such as transferring to a bank account. I'm sure the casino won't spend that much cash either because it's very risky.
Regarding this story, whether it's made up or real, there is a lesson we can take, namely Bitcoin is able to become a digital asset that protects everyone from crime in the real world, assets will remain safe as long as you hold the key.

This is actually true whether this story is real or not but in general sense on keeping your riches on bitcoin form which could really indeed save you up or generally speaking with security.
Basing up on the situation then how he do able to manage on converting those millions to crypto? Does he deal up with their local exchange platform or going for global?
It might be complicated on such scenarios but since it was successfuly converted and that person goes home safe without the need on bringing those cash then it was a great call.
As long you do make yourself private and cant be that too obvious because even those money stored up on crypto but with a $5 wrench would be enough for you to
say your private key. LOL...