Need bitcoin!

[livingfree]

Everyone will now have the idea that the banks can closed and stop withdrawals of their own money. Whether they're currently holding bitcoin or not, that will tick their curiosity on what the banks can really do with our money.

depend on how you can handle explaining  to the banks your part when they are trying to withdraw your funds.

but when holding bitcoin? are you referring in  exchanges?

I mean about the people, whether they're holding bitcoin or not, they'll have the idea that banks can halt withdrawals if they need in doing so. And about the explanation in the banks, these people in China have been stopped for their withdrawals, without any explanation.

It is a forced decision and no one can interfere whether you've got the best explanation in the world.

This is the reason why we need bitcoin and what we can do with our own money and wealth. We can hold it on our own with confidence without having the worry that we won't be able to withdraw it someday unless you're holding it on custodial wallets.

but never forget about the risk , because there are hackers that will target your funds if you will not know the use of security and the power of knowledge .

Then, you just need to be that diligent and careful and avoid downloading all of those malicious software because that's where they're coming from and also avoiding filling up forms and putting your own keys there.

[1714960086]

1714960086

[1714960086]

1714960086

[Smack That Ace]

No one can freeze your account if it is bitcoin. If bitcoin is there, this situation can be avoided. Bitcoin fix it!

Not when they're stored on custodial wallets. Isn't trading and commercial use of bitcoin also banned in China? So it may be true that bitcoin can fix the freezing of assets in other countries but not in China. It becomes useless if they cannot use it to buy goods directly or convert it to fiat first. There may be some individuals willing to trade P2P but for how long?

Bankruptcy or freezing of people's bank accounts is not a new story and these incidents happen anywhere in the world.

You are right, bitcoin is only safe when we use non custodial wallet , then we have full control over our assets.

But I mean here, if our world had bitcoin and everyone could use bitcoin then stories like this wouldn't happen, bitcoin's existence is to solve problems like these.
Bitcoin's biggest hurdle is the government, but things like this keep happening like it or not, I'm sure people will find a way to use bitcoin to protect their wealth. The government won't be able to stop it forever, trust in the government has been shaken.

[2stout]

And these centralized control and failure concerns are something that bitcoin in and of itself solves, use case proven and validated.  Can you imagine going to a bank and not being able to withdraw any of your hard earned money?  It's no wonder why people are being drawn to bitcoin which in turn also draws people to other cryptos, depending on whether you are a maximalist or not.  Bitcoin offers a viable alternative, thus mitigating centralized concerns, esp banks, as long as you own and are in control of your keys. 

[gunhell16]

Four banks of a province in China have frozen people's deposits amounting to millions of dollars and now no one can withdraw their money.

There is some news that banks may go bankrupt and the possibility is that people will not be able to withdraw their money.

No one can freeze your account if it is bitcoin. If bitcoin is there, this situation can be avoided. Bitcoin fix it!

Having a “volatile” assets, it’s better than having no assets.

https://twitter.com/nvk/status/1546281750543966208



https://www.reuters.com/world/china/chinese-protesters-demanding-bank-deposits-tussle-with-security-men-2022-07-10/

The client of that bank is very unfortunate, it's not a joke that he/she has millions of dollars and the sad thing is that he/she can't withdraw it. The client probably has no idea that the bank where he/she put his/her money or savings will close. And when that happens, possible only 50% of his savings can be paid to him/her by the bank or unfortunately he will not be paid, and in that case he/she can't do nothing because the bank can declared bankruptcy.

I just hope there is still a way for him/her to withdraw his/her money. But the chances are still like 50/50,  and this is the only bad thing about the bank, which is that at any time or day they can freeze your account without your consent. Unlike compared to bitcoin this is not the scenario although there is risk if you put all your money in Bitcoin in one address, maybe it's okay if you spread it on different exchange platforms that you are sure it is safe and included in the top exchange in the Bitcoin industry.

[uneng]

In my opinion it's utopia to live without banks and I'm not referring to fiat traditional banks as the only option disponible, since we also have crypto banks operating. You don't need banks to store money, but you need to partner with banks to invest your funds or borrow money, for an example. What we can do is to decrease the importance and presence banks have in our daily life to minimize the risks of being scammed or having our money seized, although it's not interesting to live without them if you have plans of growing your patrimony.

[Eugene Buck]

This is the perfect reason why bitcoin is required at this moment of time. I also read that these protests even turned violent at one point.

[worle1bm]

That's where you need bitcoin because nobody can restrict you of your funds but the problem is you need fiat to make daily transactions and buy stuff and bitcoin is not acceptable everywhere so you have to go through banking system at this time but they make it their rule to make any changes and restrict you of your funds.

[Smack That Ace]

That's where you need bitcoin because nobody can restrict you of your funds but the problem is you need fiat to make daily transactions and buy stuff and bitcoin is not acceptable everywhere so you have to go through banking system at this time but they make it their rule to make any changes and restrict you of your funds.

In reality, banks and fiat money remain necessary for daily living, as @Muneng said, I completely agree with him. During difficult times, a bank can provide loans to serve your business, loans to invest in your business...but as long as we should not be too dependent on them, all our assets should not be left to their management. The reason we need bitcoin is that we need to be our own bank to reduce risk, as in the example I mentioned above.

[ChrisPop]

In reality, banks and fiat money remain necessary for daily living, as @Muneng said, I completely agree with him. During difficult times, a bank can provide loans to serve your business, loans to invest in your business...but as long as we should not be too dependent on them, all our assets should not be left to their management. The reason we need bitcoin is that we need to be our own bank to reduce risk, as in the example I mentioned above.

Banks definitely have a functional role in our society. Through credit we can accelerate our growth exponentially, but Bitcoin is necessary too. Most of the world value democracy so that's why a major part of the power needs to be in the hands of the inhabitants. When you concentrate too much power in the hands of a few you create major systemic risks that could produce chaos & havoc. I believe that Bitcoin is a catalyst that will recalibrate the society.

[Gyfts]

This happens more often than people think, not only in countries with communist/authoritarian governments. Canada a few months ago had began seizing people's bank accounts and freezing funds from people who merely received money from protesting truckers. The willingness of banking institutions to act on the government's whim is abhorrent and your funds are not safe even if you are a law abiding citizen. Your funds can disappear without any recourse.

[abel1337]

That's where you need bitcoin because nobody can restrict you of your funds but the problem is you need fiat to make daily transactions and buy stuff and bitcoin is not acceptable everywhere so you have to go through banking system at this time but they make it their rule to make any changes and restrict you of your funds.

In reality, banks and fiat money remain necessary for daily living, as @Muneng said, I completely agree with him. During difficult times, a bank can provide loans to serve your business, loans to invest in your business...but as long as we should not be too dependent on them, all our assets should not be left to their management. The reason we need bitcoin is that we need to be our own bank to reduce risk, as in the example I mentioned above.

This is why we need to be educated on how to use and take advantage of banks. Banks are helpful if we use it the right way, Banks provide benefits to their users such as loans, discounts, point system and other things that will let you benefit from them but this doesn't mean that we should put most of our money to them. We don't have full control of our money if it's on our banks, They can do anything like having our account froze, restrict our transactions or even worst just like what the china's banks are doing now. This is why we need bitcoin or cryptocurrency as a whole to set up our own bank and have fully control of our money.