Bitcoin Saves my relatives both of Life, Time and money

[wxa7115]

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.

What happens is that there is a lot of inertia built into the system already, and as such changes cannot occur as fast as we want, so there are only two options, the first one is that bitcoin slowly erodes the influence of fiat and bitcoin takes several decades in order to become as dominant as we believe it could be.

The second option is that the current system eventually collapses and this gives bitcoin the opportunity to fill the space left behind by the failed fiat currencies and become dominant way faster than with the first option.

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[xSkylarx]

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.

I'm wondering how or where he was able to buy $1 million worth of bitcoin. No one could just easily convert that amount of cash to crypto unless you know someone that can do peer-to-peer trading. It's risky to do that via a country's local bitcoin exchanger because like in my country, you need to go through AMLC before buying that huge amount of bitcoin.

[Nrcewker]

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.

Did he bought the Bitcoins from any exchange?
I mean buying bitcoins worth 1 million is really risky. So I am wondering did he bought from exchanges by giving out his KYC details? Or did he bought through P2P trade.
Nevertheless glad to know that Bitcoins have saved someone’s life, and now he also got his money in his own hands.
Now he doesn’t have to give taxes and can easily cash out little amounts frequently when required. And btw congratulations for winning the lottery.

[Hamphser]

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.

Did he bought the Bitcoins from any exchange?
I mean buying bitcoins worth 1 million is really risky. So I am wondering did he bought from exchanges by giving out his KYC details? Or did he bought through P2P trade.
Nevertheless glad to know that Bitcoins have saved someone’s life, and now he also got his money in his own hands.
Now he doesn’t have to give taxes and can easily cash out little amounts frequently when required. And btw congratulations for winning the lottery.

Maybe he had bought on an exchange which simply means that he had passed up some kyc and verification but i dont really see this to be a problem on someone who are minding about his security which is mainly talking

about on possible physical abduction or something like that.Passing up some KYC wont be an issue for sure even myself wouldnt bother out as long you are dealing with right and reputable exchange then it wont be a
problem.
Rather than making yourself getting or bringing along with those lot of cash.It could be also done with P2P but this is something risky yet you wont know
if you are dealing with the right people or not.

[Oasisman]

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.

Did he bought the Bitcoins from any exchange?
I mean buying bitcoins worth 1 million is really risky. So I am wondering did he bought from exchanges by giving out his KYC details? Or did he bought through P2P trade.
Nevertheless glad to know that Bitcoins have saved someone’s life, and now he also got his money in his own hands.
Now he doesn’t have to give taxes and can easily cash out little amounts frequently when required. And btw congratulations for winning the lottery.

$1m is such a huge amount of money that even exchange would have him comply KYC and ask for additional documentation to boost his deposit and withdrawal limit. That alone could sound quite a complex procedure and the way he's telling his story sounds like it's easy to put that kind of amount into Bitcoin.
As much as I want to believe the story, but OP did not include and specify the process of transferring that fiat to Bitcoin. Coz again, that doesn't seem an easy transaction for that kind of amount.

[cheezcarls]

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.

I appreciate on what you have shared here so far, but the moment you've mentioned about buying BTC $1 million, you didn't specify on how he just simply transferring it so easy? Did he do P2P? Or through a bank and passing KYC?

For me though, if your relative is doing the P2P transaction, that would be the case because there's no KYC needed as well as the limits. But if through bank, wire transfer, etc., it would be really hard for him to do that transaction as there would be lots of barriers that's going to consume both time and money for approval.

[Xxmodded]

I'm wondering how or where he was able to buy $1 million worth of bitcoin. No one could just easily convert that amount of cash to crypto unless you know someone that can do peer-to-peer trading. It's risky to do that via a country's local bitcoin exchanger because like in my country, you need to go through AMLC before buying that huge amount of bitcoin.

Buy $1 million worth of bitcoin looks not easy actually with local exchange market, need time few days later when you make deposit trough to your local exchange market before purchasing with bitcoin. But first after winning from gambling casino will use cash money to pay and need convert early to be fiat before deposit to local exchange market. Although not easy have way how to make convert $1 million to be bitcoin and hold in local exchange market or use hard ware wallet.

you need to go through AMLC before buying that huge amount of bitcoin.

my country just preparing for KYC and ability deposit without any limit amount but not include when you try for withdrawing because take limit about $200,000 on daily day but you can upgrade more $200,000 by submitting few document later.

[Lambent]

Nice story. This really shows how bitcoin can impact the world. One of the main challenges faced today are security issues which can be resolved easily through bitcoin.

[Quippery]

Very well, OP! Good luck to you if this story turns out to be true! I find it rather an interesting read, but I am sorry to say that the real-world scenarios are not that easy.