Well! Bitcoin doesn't have this problem

[yazher]

As I looking at some news today, I saw this one that has the same problem with the other banks all around the world where they sometimes restrict you to get your own money and they ask you for some valid reason which not all people needed to do because first of all, it is his/her money. Some people are forced to do this stuff when if only she had bitcoins, she wouldn't have put her life in danger or anyone else. she could just withdraw wherever she wants.

For how long should people understand the importance to have bitcoins for emergencies such as this one?

https://www.facebook.com/watch/?v=607786560854535

Depositor stands on a desk holding a gun inside one of Lebanon’s local banks as she demands the release of her money to pay for her sister’s cancer treatment.
Video from: marwanmatni
-Arab News

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[Yogee]

... For how long should people understand the importance to have bitcoins for emergencies such as this one?

Okay let's assume the lady has bitcoins on her non-custodial wallet but she still needed to sell it for fiat because the hospital doesn't accept BTC. What if she tried to trade it on a centralized exchange and the platform suddenly froze her account for some reason? That's still going to be a problem. How about P2P platforms? A lot of them requires bank accounts for trades so the same issue.

It's not really bitcoin's problem but the point here is that there is always a risk as long as people continue to use centralized platforms.

[cryptoaddictchie]

Probably theres a deep reason for restricting her vank account. Its not as if the bank will technically reatricy out of thin air which we dont know the whole story.

We cant also be sure that even she has bitcoin the hospital will accept her payment via crypto. But of course there are others way on how to cash out aside from bank. Atleast there are some remittances or any third party in their country for that (I assume).

Im not sure whether it should be blame on her too or to bitcoin but maybe her situation is really tight thats wjy she resort to that. She doesnt thinking straight cause she knows that there is no turning back from that and she is just worried on her sister bu its not right to use force like that.

[Pierre 2]

It is obvious Bitcoin establishes us all huge economic freedom. I am sure why Lebanon didn't let that woman to use her money. They are in deep financial crisis. Bitcoin is always unaffected if you have cold wallet around your fingertips and smartphone (or PC). That's main reason I love Bitcoin. It gives us, people from mediocre countries, opportunity to secure our wealth in very secure and accessible digital place out there.

[Ryker1]

Well it always has a problem with centralized platforms ^{[agencies, banks, companies or etc.]} as long as it is a centralized organization it is expected that everything there will be under a legal process if you don't have legal papers, the centralized platform is not good as always. Be your own bank as crypto enthusiasts say and there is a way how to cash out your bitcoin to fiat without centralized platforms but in a tricky way. Bitcoin does not have a problem, it is on a government centralization.
However, we dont know the whole story of why that woman pulls out her gun inside the bank, she will perhaps restricted due to a legalities reasons.

[_act_]

... For how long should people understand the importance to have bitcoins for emergencies such as this one?

Okay let's assume the lady has bitcoins on her non-custodial wallet but she still needed to sell it for fiat because the hospital doesn't accept BTC. What if she tried to trade it on a centralized exchange and the platform suddenly froze her account for some reason? That's still going to be a problem. How about P2P platforms? A lot of them requires bank accounts for trades so the same issue.

It's not really bitcoin's problem but the point here is that there is always a risk as long as people continue to use centralized platforms.

That is how anything in life that is centralized can do, to freeze your funds or block your account. But using a noncustodial wallet and a decentralized exchange make it not to be possible because you will have the full control of your money. No central authority is involved. I always hate to see people that did not commit crime and have their funds frozen.

[piebeyb]

when a bank goes bankrupt and people can't withdraw their money it makes people very frustrated and angry that's why i better keep my money almost 80% in crypto and never put money in the bank worry if something like this happens

[OcTradism]

As I looking at some news today, I saw this one that has the same problem with the other banks all around the world where they sometimes restrict you to get your own money and they ask you for some valid reason which not all people needed to do because first of all, it is his/her money. Some people are forced to do this stuff when if only she had bitcoins, she wouldn't have put her life in danger or anyone else. she could just withdraw wherever she wants.

Bitcoin can help but only if people knows the underlying meaning of the saying "Not your keys, not your coins".

If they buy Bitcoin, store it on centralized exchanges, they don't actually own Bitcoin. They don't own key so they don't actually own coins. Exchanges own it if if exchanges reject to approve user withdrawal requests, they can steal your Bitcoin. It's similar to banks.

If people use non custodial wallet, they can make any transaction when they want to do that. Miners on the network will confirm their transactions with priority for highest fee rate at top of mempool. Fortunately, nobody can steal Bitcoin in your non custodial wallet or prevent you to make your transaction.

[isaac_clarke22]

~

To be honest it is even worse for those who use custodial wallet, since they either get ghosted or do not get any replies from the support team at all once they freeze your account until further notice. Might not be related to Bitcoin, but back then I got my Paypal frozen and was given the usual 180 days before I can do anything. Good thing it was just few quarters and I did not bother to contact them anymore since resending my ID and identity did not budge it.

This time I have separate wallet for Bitcoin that will be used for purchase and other ones that is entirely for holding.

[jrrsparkles]

As I looking at some news today, I saw this one that has the same problem with the other banks all around the world where they sometimes restrict you to get your own money and they ask you for some valid reason which not all people needed to do because first of all, it is his/her money. Some people are forced to do this stuff when if only she had bitcoins, she wouldn't have put her life in danger or anyone else. she could just withdraw wherever she wants.

For how long should people understand the importance to have bitcoins for emergencies such as this one?

https://www.facebook.com/watch/?v=607786560854535

Depositor stands on a desk holding a gun inside one of Lebanon’s local banks as she demands the release of her money to pay for her sister’s cancer treatment.
Video from: marwanmatni
-Arab News

First of all, the Fiat money is the property of central banks of their respective governments so its not your money. And banks has to follow such regulations because if everyone wants to withdraw their money from bank there will be actually no money for everyone to withdraw and the question raised is what actually make sense. Why we need to trust the paper issued by banks to have value and we have to follow lot of procedures to handle our money?

But as of sudden bitcoin can't change everything, first of all the payment infrastructure is needed then only we can pay by bitcoins or any other cryptos.

[Zanab247]

when a bank goes bankrupt and people can't withdraw their money it makes people very frustrated and angry that's why i better keep my money almost 80% in crypto and never put money in the bank worry if something like this happens

That is why many people prefer to invest their 70% or 60% of their money on Bitcoin, because it will be difficult for network to hold them not to have access to their wallet through out a day like the way bank network used to affect their users not to have access to their money at the moment or through out the day base on network issues. Since I came to discovered potential Bitcoin, I prefer to put my money on Bitcoin than putting all money to bank because anything can happen to the bank that will make the bank not to work through out the week, which such thing cannot happen to Bitcoin.

[Z-tight]

when a bank goes bankrupt and people can't withdraw their money it makes people very frustrated and angry that's why i better keep my money almost 80% in crypto and never put money in the bank worry if something like this happens

Hardly can a bank ever go bankrupt in this modern day, if a bank is having financial problems, what they do is to merge with other banks or handover to another bank, and even if i agree with you that a situation that a bank can go bankrupt is possible today, then customers can't just lose all their money, there are banks' governing agencies that would ensure customers are compensated.

80% of your money in crypto, not even bitcoin specifically is not a smart thing to do, banks are necessary evils, and there is hardly anyway not to ever use them. I hope you have the keys to the 80% of your money in crypto, otherwise it is better you use the bank.

[Flexystar]

Definitely it seems way fishy! May be she earned or saved some bitcoins but she did not know how to convert them or convert them without any further taxation and stuff like that. What if the transaction was associated with some spurious trade and bank got to know information about it and thats why they were trying to block the further trade and cease the money. The news is really short and there are number of possible reasons for her extrovert behavior like this.

We have seen banks not giving away money at the time of emergencies, currency alterations, discontinuation of the press notes and much more valid and documented reasons but this one is really new.

[sunsilk]

That has happened in China and too many depositors have been affected but they can't do anything against the bank and its government because they're all powerful there. And the citizens can't do nothing there even if how hard and badly they need the money.

News: China bank customers to get deposits back after protests
          In pics - Mass protest by bank depositors in China crushed by local authorities

IIRC, I've also seen some news about it in the Middle East but I can't find that specific news.

[darkangel11]

https://www.facebook.com/watch/?v=607786560854535

I've read about this today. She said later she didn't want to hurt anyone, just wanted her money back from the bank.
You can see she's a noob at this whole armed robbery thingy. Pushing your gun into your pants is a quick and easy way to put an unwanted hole in your private parts.

Another country with the same problem. Last month it was China.

[Jawhead999]

Even when we use a DEX, are your Bitcoin sales not going to be paid into your Bank account? As far as I know, for now, the DEX I have used also pays directly to your Bank account and we are back to the same problem except you know someone that is willing to pay you by hand directly.

Yep P2P is the option, don't forget they can convert into gift card too.

The point is don't fund most of your money on banks, just send some portion you really want to use, if the banks froze your money then you can try other banks.

Honestly Bitcoin created isn't to kill Banks and overtake fiat, but the aim is just to become alternative payment. As long as the government didn't ban Bitcoin usage, it's fine to pay something with Bitcoin if the sellers accept it.

[kryptqnick]

While I generally agree with the op, there are certain nuances to it. Firstly, how and where a person is storing BTC matters. If it's a non-custodial wallet, that's fantastic, and there's indeed no authority or company that can demand anything from you when you want to access your funds. But if it's a centralized service, your funds can also be frozen, access can be restricted, demands can be put forth. Secondly, as long as you're storing your own BTC, it's all good and you're enjoying access to your coins. But there aren't many places in the world where you'd be able to use these coins directly. This woman wanted the money for her sister's cancer treatment, and I bet the clinic doesn't accept Bitcoin. In that case, a person still needs to get fiat, and that's likely to involve banks, centralized crypto exchanges, and/or ATM which might also ask for documents and get a hefty fee.
So, unfortunately, keeping the money in Bitcoin for emergencies also have its downsides. Not to mention that the price can just fall by a lot, and suddenly you have way less money for the emergency than you used to have.

[ethereumhunter]

That may be because the bank does not have cash in its office so if someone wants to withdraw a large amount of money, the bank cannot immediately provide it. Maybe the bank will transfer several times for all the too large amount of money.

But if the money is not too big, the bank should be able to give it directly because it is the customer's right. In this case, the bank can be subject to demands from customers because they cannot provide what is already the customer's right. But as we know, the bank is supported by the government and the government may not do too much to defend its customers.

[Piesel]

With the situation of things around the financial sector, a lot needs to be done and Bitcoin is far from doing those things that need to be done, take for example if you have Bitcoin in your wallet you still need to bank for your exchange to go through and making payment for small goods are done using traditional money and not through Bitcoin.

Even in countries like El Salvador which already make Bitcoin a legal tender, citizens still have it hard to depend on Bitcoin solely and that is why the president announced Bitcoin usage alongside United States dollars.

[xzy887]

As I looking at some news today, I saw this one that has the same problem with the other banks all around the world where they sometimes restrict you to get your own money and they ask you for some valid reason which not all people needed to do because first of all, it is his/her money. Some people are forced to do this stuff when if only she had bitcoins, she wouldn't have put her life in danger or anyone else. she could just withdraw wherever she wants.

For how long should people understand the importance to have bitcoins for emergencies such as this one?

Your words have happened to my life.Let me share an incident that happened in my life.

I deposite some of my money in my bank account. But suddenly I faced a danger and at that time my bank money was very much needed. But when I go to the bank to withdraw money, they take a lot of steps to verify me, which annoys me and wastes my time. And the money was needed at the time of danger which was making me even more angry.Then I thought to myself now if I had this money in crypto then I would not have been put in this situation and I could withdraw the money very easily. And since then I've done just that, now putting most of my money in crypto. And if I want, I can withdraw money from here very quickly during any emergency. Also, withdrawing money from here does not have any problem like my bank.