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Author Topic: My Colleague at work now have bitcoin holdings  (Read 305 times)
Wiwo
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October 21, 2022, 08:55:50 PM
 #21

The best service Bitcoin offers its holders is that l, with Bitcoin you have the best alternative to fiat centralized banking, what your friend experience is no different from the experiences of many forum members who may have suffered transaction delays from the bank on one or two occasions. But since your friend now has a Bitcoin holding I will join others here to congratulate him for taking the bold step towards financial freedom next to you to teach him about wallet and wallet securities and how best it is to store his Bitcoin holdings on a cold wallet with the private key saved in a secured place.e
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Issa56
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October 21, 2022, 09:21:11 PM
 #22

I really understand your story and it's really nice introducing your friend to bitcoin, atleast bitcon is also spreading gradually in Nigeria. It better I use my money to purchase bitcoin and leave it in my wallet than me saving money in bank account, our banking sector is very poor, but even if you are buying bitcoin with your money, you can't still run away from bank's, so your friend buying bitcoin with his money those not mean the problem he had recently with bank won't still happen in future.
In Nigeria bitcoin is only accepted in few places, very few places, In my state currently, I haven't seen anywhere bitcoin is being accepted, most people are scared because of Central Bank of Nigeria ban on accounts that have cryptocurrency transaction history, most companies or people running small businesses are scared of accepting bitcoin so that their account won't be compromised, before you can make transaction you will have to convert your bitcoin into fiat first then you can purchase anything you want, you can't easily make purchase with bitcoin, you will have to convert your bitcoin to fiat first, after converting to fiat currency, if you still want to make transaction the bank can still misbehave, so I don't know if their is anyway we can spread bitcoin awareness to business owners so that they can start accepting bitcoin, I think that's the section we should focus on now in Nigeria, let's focus on how to enlighten business people on how to accept bitcoin as payment method, so that we won't have to be converting bitcoin into fiat before we can make transaction.
What your friends experience in their banking transactions is quite strange and has never experienced this, when making transactions at an ATM if the receipt is out then the funds will definitely be received directly by the destination account as well as when using mobile banking,
maybe you are in a third country so banking transactions are still that difficult.
The experience is not strange, in my country when you make use of the ATM mechine, the receipt will be printed and you won't receive money, banks are annoying in my country, when you are using a pos or ATM you have to always pray their is not server problem. Sometimes when making transaction, you will be debited twice and their online customer support is always poor, mostly before your problem can be solved, you have to go to the bank first.

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worle1bm
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October 22, 2022, 05:40:19 AM
 #23

Usually the longest you get for a failed transaction is 10 business max if it wasn't auto-reverse back to your account. Banks are known for their sloppiness, things that can be done instantly or few days will take much longer time with bank.
Your friend timing is right to invest in btc, he should consider it as a blessing in disguise, if not for the bank disappointment, maybe he would not have invested in btc this soon.
You have to also inform the banks in some cases that money have been deducted from your account but you haven't received it all so they process back the refund into your account which will take few business days and in case of emergency your funds are blocked so this is another reason for people's frustration from the banking system.But as you know we can't avoid banks and legal cash at the fullest and need to be compatible with them also but bitcoin is helping the people in these cases which is best use of how funds in your custody helps you.

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October 22, 2022, 06:38:28 AM
 #24

I had a similar experience with my Bank.... I bought a motorbike and the seller was adamant that I do an immediate payment for him to get the money, because he needed that money to buy another vehicle. I went into my Mobile Banking Application and I transferred the money, but even after I chose the option for immediate Banking... the transfer of the money took 4 hours.

The Seller thought I was trying to scam him with a reverse transaction scam and he cancelled the deal and he sold the bike to someone else. After 4 hours the money was deposited in his Bank account... and he paid it back into my account, but he forgot to do the immediate payment and it took 24 hours to show in my Bank account.  Angry Angry Angry

This would have never happened with Bitcoin, because I can show the Seller the transaction on the Blockchain and he or she can monitor the confirmation status.  Wink

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