More reason why you need to diversify to crypto

[SatoPrincess]

Zenith Bank has written a two-page letter to one of its customers who watched over N4 million vanish from her account in 20minutes. The tier-one bank insisted that there was little they could do and offered to help her recover a small percentage if she obtained a court judgment. The missing money went viral on Tuesday, 13 January 2023 with the victim captured in a video crying at the banking hall.
The Nigerian banking sector is awash with stories of similar incidents with many unresolved. As at December 2021, Punch reports that only four top banks recorded a total of 477,405 unresolved customer complaints and most are related to fraud. The banks are Zenith, Guaranty Trust Bank, United Bank for Africa, and Access Bank. The reports also revealed that the number of unresolved complaints carried forward by the banks in 2021 grew by 172,399 from 305,791 recorded in December 2020. For Zenith bank, a total of 166,314 complaints remained unresolved as of December 2021. This figure is almost double the amount recorded in 2021 (83,899).
https://www.legit.ng/business-economy/money/1514076-court-zenith-replies-customer-cried-missing-n4m-account-pages-letter/

The banking sector is failing us, more than we know it. You go to any bank on a Monday, you will see a long queue of people with complaints at the customer care section. Everyone here has had one problem with bank transactions regardless of what bank you use. It’s sad to know that there is no reliable bank, crypto is the safest solution to this problem. You don’t have to buy bitcoin, you can use the money to buy stable coins and hodl them in a non custodial wallet. It’s like a fixed deposit account only better because you’re the only one that controls it. And you keep the rest of your money that will be used for daily expenses and business expenditures. Imo storing all your money in the bank is a bad idea. What happened to this lady could happen to you.

[1714704581]

1714704581

[Dzwaafu11]

Is a very important thing if person diversify his/her crypto e go reduce risk of loosing or if some other areas perfome poorly u go gain for another place.. And u go still know much on how to do your crypto business and you go know exact place wey you go they invest, so that e go reduce the chance of loosing your funds so is very good to do such thing that to diversify your crypto it will loose the chance of loosing so many funds.

[Davidvictorson]

I can imagine the pain that young lady is passing through currently. I fear Nigerian Banks. I dread going to the banks. Whenever, I want to withdraw at an ATM or a POS I was say a silent prayer never to have a debit alert after a transaction declined notification or any other issue. Nigerian Banks have given me PTSD. So many persons have lost money to them and truth is, this is not a matter of having your funds in crypto. Other countries where these sorts of issues are resolved without stress didn't fall from the sky. I know we will get it right. But before we do, have more than one plan financial plan so that you don't trend on Social Media.

[sokani]

The issue of disappearing funds in bank accounts are increasing everyday. We should be careful of the links we click, the sensitive information we give out, and the people that have access to our phones/cards because that's some of the ways these fraudsters get access to our accounts. And I totally agree with you that it's not good to have all of one's eggs in one basket, it would be wise to have some savings in crypto because of the security challenges of the financial sector.

[Agbe]

I am their regular customer to cut #5000 every month, I have complained tired but nothing come out from it. And the you can not do without the Fiat banks if not I would've left Fiat banks since I joined forum. That lady story is not a new thing in the Nigerian banking system. And most time the bank manager or others in the bank are involved in that particular act. The dramas displayed in the bank is getting out of hand. This internet scam issue is cased by Nigerian bank system because if someone scam another fellow, the scammed should complete to the scammed account and immediat action should be taken. And the month should be refund bank

[Asiska02]

This is sad news and I hope it doesn’t happen to anyone again. Person wey don work tire to get money and all of a sudden wuna sweep the money without any reason, this na criminal offence wallahi. Make she no gree for them sha, dey must bring her money back for her. Some people own no dey reach like this and them dey craze for bank wella. I just feel pity for her, only God knows what she was passing through to be crying in public. I hope they repay her money.

[Merit.s]

Nigeria banks are incapable to hold or save your funds anymore,gone are the days when huge some of money will be kept in the bank,instead of this invest and save your current in bitcoin to avoid story that touches. These days I see those bank attendants incompetent of their jobs, when complain is laid,they can't resolve it immediately, they will make you get paranoid and even deprive you access to your funds in their custody. Banking system in Nigeria is becoming worst and nothing is done about it. Digital currency na e sure pass fiat o with the way bank dey go,I see them as failures in the next twenty years from now. Make we dey careful no save big money for bank o,Satoshi don teach us how to control our funds by ourselves through a decentralized system.

[Dr.Bitcoin_Strange]

The banking sector is failing us, more than we know it. You go to any bank on a Monday, you will see a long queue of people with complaints at the customer care section.

More of this type of incident will occur frequently in the future unless banks improve their security. The day I thought of this incident that is happening in the bank, I came up with a suggestion: banks should set up a facial recognition, SMS, and email verification system that customers must pass before spending a certain amount. a security measure to further verify the identity of the account holder before spending large amounts. Let's not be surprised that one day the press will release a report telling us that most of these bank fraudulent activities are being pioneered by some bank staff; that's just the risk of trusting our money with third parties. And the worst part of this is that after losing money in your bank account, if you visit the bank, they tell you to start some legal proceedings that will even require you to pay some money, while your money has just been stolen under their custody.

if you give out your sensitive information to scammers, the banks cannot help much, but if it is due to bank-related system errors, you will always get your money back;

From what Igebotz said here, he's correct, but you can imagine how long it will take to get that money back with the long delays in the banking system these days. What if it's not that individual's money? What if the money was for a contract job? The thing is, all this is no longer funny; let the bank look for a proper solution. 

They can as well enable a security that allows people to freeze their money so that only the individual will be able to unfreeze it through some security means when ever they wish to spend some cash.

snip

Mahn, it's not only Nigerian banks; NAB also have some reports concerning fraudulent issues. Banks will not fail in 20 years like you said because you will still need them to spend your local currency, and digital money is not yet accepted by the mass..
There is also no 100% security in holding your money in Bitcoin because you could also get hacked or lose your password or mistakenly release your phrase to a wrong hand.

[Cryptomultiplier]

More than just diversifying is the need to get updated about security concerns for keeping our crypto coins  and access keys safe from scammers and hackers and even our very own friends, families or spouses.
With the banking issues lately, I think this is one reason government has been trying to enact the CBDC use, but we no gree use am! 
Well, crypto saves one the stress of queues, charges, most also debits without funds reversal.

[Obari]

You're right mate and I couldn't agree less with you but the truth be told that the importance of a local bank can't be over emphasized and no matter how much we preach against the use of local banks, it more it also seems inevitable as I think we also get it wrong with the main concept for creating Bitcoin (an electronic money or asset who doesn't need a third-party for it's transactions) which is to have an alternative and not to scrap out fiat.
No matter how much stable coin you have, you should also know that local banks and fiat is still very much needed as we all know that not all business accepts crypto and not all local stores accept bank transfer bit physical cash.

All businesses have their own risk and just as it is with bank, so it is with Bitcoin and we also heard  of the news with FTX and how much money people lost then you'll agree with me that every business has its own risk and one could loss their coins with the keys are lost.

[Igebotz]

You don’t have to buy bitcoin, you can use the money to buy stable coins and hodl them in a non custodial wallet. It’s like a fixed deposit account only better because you’re the only one that controls it. And you keep the rest of your money that will be used for daily expenses and business expenditures. Imo storing all your money in the bank is a bad idea. What happened to this lady could happen to you.

Security is paramount whether purchasing cryptocurrency or paying with cash. If a person cannot safeguard his 4-digit bank pin from fraudsters, how can he safeguard his 12-digit seed phrase? An individual who is negligent with their sensitive information runs a significant danger of losing assets. And by the way, if you want to hold something for a very long time, you should go with bitcoin, it has high volatility but is the best option for long-term hodl. If you must hold a stablecoin, make sure it's a decentralized one that's pegged to the real value of the dollar. Even though USDT is excellent, I won't suggest it.

[uchegod-21]

Is a very important thing if person diversify his/her crypto e go reduce risk of loosing or if some other areas perfome poorly u go gain for another place.. And u go still know much on how to do your crypto business and you go know exact place wey you go they invest, so that e go reduce the chance of loosing your funds so is very good to do such thing that to diversify your crypto it will loose the chance of loosing so many funds.

Weda na for Bank o and weda na for crypto, we must learn how to secure our private propers. I see that girl wey been dey cry for video. She talk say she be former bank staff. She suppose find her money if truly na former staff wey she be.
When e come for financial security things I no dey trust girls. She fit don leak her pin or ATM back numbers with her boy friend or even her bvn and phone number dey enough to comot the money.
People wey dey for the bank sef dey follow run this shits dem.

[CryptopreneurBrainboss]

You don’t have to buy bitcoin, you can use the money to buy stable coins and hodl them in a non custodial wallet. It’s like a fixed deposit account only better because you’re the only one that controls it. And you keep the rest of your money that will be used for daily expenses and business expenditures. Imo storing all your money in the bank is a bad idea. What happened to this lady could happen to you.

As you dey invest for stablecoin do understand say like many dun crash to zero already. Some go unreported as dem no be get better name for themselves so dem no go sell news. If you invest in the centralized ones like UST dey fit crash because of the founder carelessness while decentralized one fit crash (depegged) due to low liquidity like people no wan buy or sell am. E dey risky all through so instead Bitcoin is the most advisable form or you just find wey to hold the real dollars and forget all this stablecoin that's if you dey fear to invest and hold Bitcoin but na him for sure pass.

Bitcoin for crash on price today but you get every guarantee say e go rise back one day and since dat money wey you dey out their na savings then e no supposed affect you. Bitcoin no for get low liquidity as steadily people ready to buy for every major exchange both centralized and decent, same can't be said about some stablecoin. Dem dey die and new ones dey come out steadily so dey careful with them entirely.

[Smartvirus]

You don’t have to buy bitcoin, you can use the money to buy stable coins and hodl them in a non custodial wallet. It’s like a fixed deposit account only better because you’re the only one that controls it.

As you dey invest for stablecoin do understand say like many dun crash to zero already. Some go unreported as dem no be get better name for themselves so dem no go sell news. If you invest in the centralized ones like UST dey fit crash because of the founder carelessness while decentralized one fit crash (depegged) due to low liquidity like people no wan buy or sell am. E dey risky all through so instead Bitcoin is the most advisable form or you just find wey to hold the real dollars and forget all this stablecoin that's if you dey fear to invest and hold Bitcoin but na him for sure pass.

Na the truth be that. Some coins no really dey distinct in the sense of fiat. You know, the truth be say, out fiat na central bank issued or mint and backed by them. When it comes to some coins, those once way dey centralised and depend largely on the investors dey operate 9n the same base being that, this person get some kind influence on the coin and even at that, most of this stablecoines paged with dollar no get actual dollar for bank on each of there coins. You directly face almost the same risk!

I dey like tell myself say, money no fit actually lose for online so, if the banks wish to check or track this frauds, them fit but them  no go like do am. Na there e cast reach. Where chances dey limited na when person use am buy crypto shah.

[DaNNy001]

This is why most people are really tired of this fiat bank and their palava for the country. This trend of money missing in the account of these banks customer is something we now hear everytime and most of this fraudulent acts aslo involves most of the workers in the bank. Most times these so called banker work with this fraudsters to manipulate the funds of their customers and when you tirelessly complain nothing soughtful is done about the issue.
  As for the issue of investing in stable coins, I don't feel i will be confident and comfortable with such investments knowing truly well how you can loose your investment when these shitcoins actually depreciate.

[Belarge]

This banks are no longer trust worthy,those staffs working there have a clear idea of what is happening, they are all involve, I know most times have been debited of little little change from my account, most times I will recharge I will be debited but won't be credited with the airtime I needed, there are times I would want to purchase something from a supermarket, I will make transfers, I would be debited but the recepient account (supermarket) won't be credited and my money won't be reversed..
I feel pity for that woman because I really understand the pain she will be going through now, but I pray she gets her money back.

I'm a new bie here though, but if there's a way somebody can save money in his/ her Bitcoin wallet outside buying a coin, then I think I will be pleased to save my money in a Bitcoin wallet, because this banks are no longer trust worthy..