Well! Bitcoin doesn't have this problem

[Nrcewker]

... 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.

Completely agree, centralised platforms has too many verifications and rules to be followed for which it’s not a good idea always to use these in case of emergencies.
Instead in these type of situations, the person should do P2P deal and that too preferably for cash. That is the best way to get money if you don’t want the bank or any legalised body to get involved.
Moreover hospitals should definitely need to accept Bitcoins, as not many people hold their assets in form of cash.

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[erep]

For that quote, we don't know the whole story. Maybe the Lebanese bank is holding it for some reasons. On the other hand, the depositor will not go there with a gun if the bank just releases the money immediately knowing that this is an important and urgent matter. I guess she is desperate already to get her money thus, she went there with a gun. Still, holding withdrawals is not a good move by the bank.

You will be surprised to know that the Lebanese bank limits withdrawals even if the depositor only withdraws his own money, in the news article that the woman confirmed using a toy gun to get her money in the bank for her sister cancer treatment, but yes the woman is in a desperate state because she only has saving money in the bank for his last option, he even thought of selling a kidney to treat his sister.
^{https://www.reuters.com/world/middle-east/woman-holds-up-lebanese-bank-13000-her-own-money-advocacy-group-says-2022-09-14/}

I guess we should consider doing research regarding banks first before depositing your money there.

If you live in Lebanon then there is no other way but to have cash in your wallet, if you are tied to banking then you have to be willing to comply with withdrawal restriction regulations during the crisis, it is time for the government to make a new policy regarding crypto for alternative currencies, I think it's the best solution to recover the economy.

[so98nn]

The link provided does not work. Considering the scenario from what you described it seems the account holder was really pissed over withdrawal situation and could be victim of repeated attempts of withdrawing money from bank under pressure. Is it possible that they have been forced to withdraw large sums of money by a criminal who might have sent large chunks of bitcoin over their address and now trying to get the cash for the same?

I mean this could happen. Someone might just send it intentionally or accidentally and then study you, where you live, breath, work and what not and then commit such horrible crimes.

[LittleBitFunny]

If you live in Lebanon then there is no other way but to have cash in your wallet, if you are tied to banking then you have to be willing to comply with withdrawal restriction regulations during the crisis,

I'm not from Lebanon but this woman's problem has happened in many other banks around the world, I've had this problem myself. The fact that many banks restrict withdrawals or make it difficult for people to withdraw money is a lot, while it is their own money, not someone else's.
Banks are like different companies, not all banks have the same policies or services, so choosing a bank to deposit money should also be carefully considered.
And bitcoin in this situation is also unlikely to solve the problem for the woman, if the country where she lives bitcoin is not accepted or not yet legal.

it is time for the government to make a new policy regarding crypto for alternative currencies, I think it's the best solution to recover the economy.

I do not think that the adoption of cryptocurrencies will be a solution to economic recovery, the country's economy depends on a lot of factors such as people's income, import and export, foreign currency reserves, political domestic and foreign policy...To fix it, the government needs to find out the exact cause so that it can be fixed.

[8rch7]

It's very clear that bitcoin gives us freedom, because bitcoin and ethereum can be used and traded internationally, South America and Venezuela are excellent examples of how crypto provides financial inclusion for the unbanked, since bitcoin was launched. more than ten years ago many cryptocurrencies have appreciated in value very quickly, while vitality remains a concern in the short term,

[danherbias07]

It's not just the bank. In cryptocurrencies, we also have to be wary about the local exchange/wallet. Sure, it's faster to exchange our Bitcoin for our country's currency, (i.e. USD, PHP, EUR) but, there's one time that I felt like they are not far from what the banks are doing.
I was unable to exchange my BTC for PHP just when I badly needed the money and I got furious about it. To my surprise, they are asking for IDs, where the money came from, transactions, jobs, how much I make, and more stuff that I believe should be private so that they can enable my transactions again.
Be careful with them. They can lock you whenever they want.
Not your keys, not your Bitcoin.

[Zanab247]

It's very clear that bitcoin gives us freedom, because bitcoin and ethereum can be used and traded internationally, South America and Venezuela are excellent examples of how crypto provides financial inclusion for the unbanked, since bitcoin was launched. more than ten years ago many cryptocurrencies have appreciated in value very quickly, while vitality remains a concern in the short term,

Yes, people don't worry much about their money they put in Bitcoin like the way they worry about the money they put in the bank, because their wallets made their Bitcoins or Ethereums secured and safe from any crisis that will happen in the country. But bank is not too safe for any crisis that will happen in the country because the government can decide to close all the banks in the country until the crisis is be solve from the country, which will make a lot of bank users not to be comfortable with their feeding at the moment.

[pieppiep]

it is time for the government to make a new policy regarding crypto for alternative currencies, I think it's the best solution to recover the economy.

I do not think that the adoption of cryptocurrencies will be a solution to economic recovery, the country's economy depends on a lot of factors such as people's income, import and export, foreign currency reserves, political domestic and foreign policy...To fix it, the government needs to find out the exact cause so that it can be fixed.

Yes, that's true. But it takes time to fix and is not as easy as we think. The government needs to work hard to find and fix the problems that occur one by one.

But regarding the news, I think it's because banks require a lot of requirements that their customers must meet and it also takes time before their customers can get their money back. This is a dilemma because if the customer wants to save his money in the bank, the bank will immediately open an account. Then the customer can start saving or transacting as usual. But when they want to withdraw their money at the bank, the bank will ask various questions and it will not be easy to get the money.

[TheGreatPython]

... 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.

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.

I would guess that you could send your money to coinbase or binance or whatever pays in your fiat and then you could cash hat out, in this case we are still talking about having bitcoin as your emergency money but I would highly suggest you do not do that.

My understanding is that the money you put into bitcoin should be money that you do not plan on spending at all, it should be there for a decade if it could, even longer if it could stay that way. If you have money that you plan on spending in case of emergency, then life is filled with those type of emergency stuff and that doesn't change the fact that you would end up with something terrible in the long run, like price dropping and then you cashing out because you have to.

[DoublerHunter]

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

They found it once they change their mind and stop from thinking it was a scam and useless stuff. Because as long as they are in that negative mindset, nothing will be able to see but all of the negative views of Bitcoin. However, I'd see no reason why we have to urge people from adopting this new form of the payment system as it was the first for them to learn it and give value to this new creation. I have no clue what is really in their mind but for sure, the doubts and worries make them afraid to try.

^They are afraid of the value of the dollar will fly away when they are holding BTC but the fact, but they only look at the disadvantage, they never look up the advantage of BTC and the wonderful technology behind it. It is obviously BTC considering financial freedom, there is no need for a third party to hold your asset but in fact, the most common problem, if we cash out fiat to centralized companies, is usually we encounter delays in the process the same on the bank. But at least we have options on how to protect our privacy while using BTC not like using banks to put our money there.

[kamvreto]

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

They found it once they change their mind and stop from thinking it was a scam and useless stuff. Because as long as they are in that negative mindset, nothing will be able to see but all of the negative views of Bitcoin. However, I'd see no reason why we have to urge people from adopting this new form of the payment system as it was the first for them to learn it and give value to this new creation. I have no clue what is really in their mind but for sure, the doubts and worries make them afraid to try.

^They are afraid of the value of the dollar will fly away when they are holding BTC but the fact, but they only look at the disadvantage, they never look up the advantage of BTC and the wonderful technology behind it. It is obviously BTC considering financial freedom, there is no need for a third party to hold your asset but in fact, the most common problem, if we cash out fiat to centralized companies, is usually we encounter delays in the process the same on the bank. But at least we have options on how to protect our privacy while using BTC not like using banks to put our money there.

The financial freedom provided by BTC is an advantage that the banking system will not have, because banks are regulated by the government and all the money in the bank they can manipulate in any way. using BTC or holding BTC provides privacy and only the holder can control it. Currently BTC is the most valuable and most sought after digital asset due to its diminishing supply, in contrast to Fiat money, which has a supply that can continue to be added. Long-term investment in bitcoin will provide a fair return and there is no deduction for holding bitcoins.

[buwaytress]

No need to look at banks, look at so-called crypto exchanges that impose all kinds of nonsense now. Calling themselves financial freedom protagonists and sovereign money liberators, and yet blocking certain people and countries at the beck and call of the very regulators they swore to break free from.

Oh and in case anyone needs a reminder of how Bitcoin really is different from the rest of crypto, ask MetaMask would-be users from Venezuela or Iran how they're getting along.

[Kakmakr]

Banks do this, when they want to stop a Bank run in countries where the economy are struggling. They do not want loads of people running to the Bank and emptying their Bank accounts. Is this ethical ..... NOPE... it is not. Is this understandable? ....YES... because if everyone withdraw their money... Banks will go bankrupt. (So they looking out for their own interest and not that of their customers)

In Bitcoin we believe that everyone should be their OWN Bank..... and that you should be in FULL control over your own wealth. You can only do that, if you have FULL control over your Private Keys.

[Tony116]

I see a danger like this in Bitcoin. Who will be your interlocutor if there is a problem in the stock market you are trading? especially if it happens on an exchange that does not have an official office in your country. Yes banks are slow and less helpful but at least they have a formal responsibility.

Do you know that more investors in the Mt. Gox hacked exchange did not live in Tokyo, Japan where the exchange was based, and as we have heard recently that there will be a repayment distribution of funds to former customers of the crypto exchange, and if this eventually happens which I believe will, translates to, you don't have to be physically in that location of the exchange for you to get a repayment and I can also tell you that some Banks in my country have bankrupted with all the customers in that same location couldn't collect their money even with the Bank was in their location.

Did you know that Mt.gox has been bankrupt since 2014 and until 2022, that is 8 years have passed and until now we still have no certainty that they will return bitcoins to victims? It's all just rumours and rumours have been around since 2021. Centralized exchanges are no different from banks, if you hold your assets on it, you also run the risk of losing all your assets. If Mt.Gox doesn't pay the victims bitcoin, then I think they won't be able to do anything, no one will come forward to solve it.

Both banking and bitcoin have their own problems, no one is perfect. If the case of the other girl is holding bitcoins and paying for her sister's medical bills, and bitcoin in her country are not legal and the hospital doesn't accept bitcoin payments, then bitcoin also has a problem.

[Hyphen(-)]

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.

That's how most banks operate; they may not restrict you from withdrawing your funds, but you must follow the proper procedures, which will take time.
Such large sums of money should be invested in Bitcoin rather than simply keeping them in your bank account, because the government may have a close relationship with banks and may investigate and compromise your privacy in the name of investigation. Bitcoin and cryptocurrency have made it possible for us to be financially secure, as we can invest large sums of money and be in control, rather than any bank or third party.

[Ziskinberg]

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.

That's how most banks operate; they may not restrict you from withdrawing your funds, but you must follow the proper procedures, which will take time.
Such large sums of money should be invested in Bitcoin rather than simply keeping them in your bank account, because the government may have a close relationship with banks and may investigate and compromise your privacy in the name of investigation. Bitcoin and cryptocurrency have made it possible for us to be financially secure, as we can invest large sums of money and be in control, rather than any bank or third party.

No, I found it stricter than I thought. Banks should have to consider the situation or someone will die. It is time that banks will stop doing this and change the system, and make more efficient and faster transactions. Because for me, it was a complete disaster. Banks encourage has to do business with them, make a deposit, and create savings accounts but in times of difficulties when we are in need of money, so many questions before they release our money.
This is why people become interested in Bitcoin as they are free to deposit and withdraw cash anytime, anywhere.

[tygeade]

It wasn't really about the Bank but the Lebanese Economy that has more or less collapsed by mismanagement as a sectarian elite borrowed with few restraints, so, no matter the amount you have in your Bank account, Withdrawals of hard currency have been limited for most people since 2019 when the value of the Lebanese pound plummeted and inflation soared.
Source
Even if the bank had the money, they wouldn't have been able to give that amount to her and even with her action, she still couldn't get the total amount she wanted.
So until Bitcoin is widely accepted for payments across different sectors of the economy, we might still be dealing with this type of Bank issue.

And that isn't just a singular event neither. We have seen banks and economies of nations collapse all the time, and governments or banks seizing the money of the people until it gets back to okay, basically stealing your money until they can pay it back, has happened in other nations before as well.

Cyprus comes to mind, happened about 10-15 years ago and they were getting everyone's money if they had more than certain sum. So long story short, this happens, it happened before, and it is happening right now, it is just different nations but the fact is that crypto would allow you to have 100% control over your money whereas others do not give that option.

[The Cryptovator]

This isn't new, all centralized banks ask questions once you withdraw a big amount from fiat banks. Yes, of course, Bitcoin doesn't have this issue till you are holding. But you have to convert it in fiat anyway. Very rarely we can use Bitcoin directly for our daily needs. So here sadly we have to use the bank again to cash out our Bitcoin.

[barbara44]

I don't think that they will release your money in an instant right after you explain your situation that you badly need your money because why did it lead to this incident when the reason of one of their costumer is way too serious but after this scandal, I think this bank are now removing this kind of rule in their system and their costumers will probably pull out their money and transferred it to a different bank which has no bad records like this or maybe they will now consider putting that money in bitcoin because many people are also recommending it to them and they themselves also see the benefits of it by the time this horrible experience came.

[|MINER|]

This isn't new, all centralized banks ask questions once you withdraw a big amount from fiat banks. Yes, of course, Bitcoin doesn't have this issue till you are holding. But you have to convert it in fiat anyway. Very rarely we can use Bitcoin directly for our daily needs. So here sadly we have to use the bank again to cash out our Bitcoin.

I have also faced many problem at those types of bank Where I had to stand in line for hours to withdraw cash and sometimes there was a delay in check issue.  So now I hold most of my money in cryptocurrencies, when I need fiat currency, I withdraw by doing p2p trade directly at the bank with ATM, in this case, I keep some bitcoins in holding for long term trading and for its volatilities I have to hold in stable coins, and  I also think it is much better than our conventional banking system.