Another reason am chosing bitcoin.

[Familian]

Something happened today which makes my choice of bitcoin more stronger than the centralized fiat and traditional banking system.

I transferred some amount of cash to someone to get me a few items I would be needing for my project at hand, a day after I received a call from the him that his account has been freezed due to the amount received into the account that the bank told him it was above the account grade and he has to come with some required documents for the upgrade to a higher tier and this has to shift my schedule I have arranged for my project to a day further.

While I was with a feeling of  disappointed I recalled I have been stacking a few unit's of bitcoin in my wallet and have never experienced this crazy shit neither have I heard any bitcoiner make such a lousy complain about bitcoin whatever the amount of bitcoin transfered into their wallet. I don't think there's anyway the fiat system can be compared to bitcoin, the more experiences I encounter the more I see how advanced and greater purposes bitcoin serves.

[uneng]

It's indeed a good reason to encourage Bitcoin adoption. I have already faced similar situations too, where the bank forbid me transacting the amount of money I needed to send, even though I had the amount on my banking account. They forced me to wait few days until being able to make the transaction I had to do at once, and as quick as possible.

They also create a lot of bureaucracy when you want to start investments through their services. What annoys me the most is when you need to wait several days until they give your account permission to have access to determined features.

These are big issues of centralized financial platforms. It's a shame that at the current technological level we have reached, simple permissions still take a long time until being given, and that such limits on transactions are imposed to free and autonomous individuals. But what can we do about that? We can't live transacting only with Bitcoin...

[Odusko]

Sorry to say but this story sound very unbelievable because from the events you explained there is nothing connecting bitcoin to solving you immidate problem, and have nothing to do with your money getting fozen in your friends account, bitcoin is here to play a very important role in the financial system, which is that bitcoin is alternative to fiat financial system, so for sure bitcoin can't be controlled unless you have your bitcoin stored on centralised excahges which is nothing different from the traditional banks, but in all categories bitcoin offers us the freedom for control and restriction from the third party payment system like the banks, and also bitcoin double as an asset so with such unique features of bitcoin, definitely bitcoin will be more preferably to fiat paper money at anytime.
Much more also, before you do any transaction in fiat, you should ask about the limit trencehold on the recipients account, most especially when you are sending an amount that is larger than you country daily deposit limits on individual accounts for example in my country 5 million in my local currency is the daily one time deposits on savings account, and any amount above that will be subject to further verification or delay for clarifications from law officer to avoid or prevent money laundering, but with bitcoin there is no such limits unless on custodial excahge wallets whome I already mentioned their limits just like banks.

[Mirror World]

The simple fact Bitcoin cannot be frozen the way fiat money often is makes BTC/Crypto a great choice in many situations. Bitcoin is one of the few truly great things to happen this century!

[Cryptohygenic]

That is one of the outputs shedded around the fiats as centralized currencies. The governments issues orders on the banks to keep users on track via their incoming and outgoing transactions.
They lies using the language "upgrade of account to account such a huge amount of money". Why the restrictions of accounts to accommodate as much amount of money? They only wanted you to come in person, enrolls on some data captures so that they could get some new updates about you since you have also increased in the amount of money in your account in other for them to get you whenever they wanted.
So, the minimum amount per bank account to accumulate without an upgrade is nonsense.
So cares about that in bitcoin? Of course non. So let us keep to appreciate the invention of the decentralization of bitcoin where users are self custody and self moderated of their funds.

[Catenaccio]

I transferred some amount of cash to someone to get me a few items I would be needing for my project at hand, a day after I received a call from the him

If it takes the bank one day to handle it, detect issue with his account, and inform him about that, it's something wrong with the bank. Your friend can withdraw money easily within one day before the bank does that action.

Is it a good bank, think about it, honestly?

that his account has been freezed due to the amount received into the account that the bank told him it was above the account grade and he has to come with some required documents for the upgrade to a higher tier and this has to shift my schedule I have arranged for my project to a day further.

Honestly I never know any bank that require you to upgrade your account, to receive money. Thresholds for different tiers of bank account usually are related to withdrawal, sending money, not with receiving money.

Generally with banks, they don't provide you full control of your money.

It's not your keys, it's not your money.

[retreat]

That's why Bitcoin is better than the banking system, because when you use Bitcoin in your transactions it means you have full control over your assets and when you make a transaction there is no party that can intervene in your assets or the transactions you make. Unlike the banking system where when the bank suspects your transaction, they are able to intervene in your account and freeze your account unilaterally until you can prove the transaction is safe or not. This is the weakness of a centralized system where one party can easily manipulate or intervene in anyone on their system - and for that Bitcoin is really the best.

[LogitechMouse]

I'm not an expert, but I'll try to say what I understand about this scenario (whether it's true or not).

I transferred some amount of cash to someone to get me a few items I would be needing for my project at hand, a day after I received a call from the him that his account has been freezed due to the amount received into the account that the bank told him it was above the account grade and he has to come with some required documents for the upgrade to a higher tier and this has to shift my schedule I have arranged for my project to a day further.

How much is the amount that you put into your friend's account? I mean you know that you are transferring a huge amount of money. Why didn't you ask the limits of his bank including the amount of money that he can receive on a daily/monthly/yearly basis? That's being irresponsible on your part. Take note that you're transferring a huge amount of money (huge enough to make an account freeze), so at least put the limits into consideration.

While I was with a feeling of  disappointed I recalled I have been stacking a few unit's of bitcoin in my wallet and have never experienced this crazy shit neither have I heard any bitcoiner make such a lousy complain about bitcoin whatever the amount of bitcoin transfered into their wallet. I don't think there's anyway the fiat system can be compared to bitcoin, the more experiences I encounter the more I see how advanced and greater purposes bitcoin serves.

Well, that's the power of decentralization. Nobody can freeze your account (in this case, wallet) even you transfer billions of Bitcoins. The thing about these banks is, they can just freeze your account anytime they wanted to as long as they have seen suspicious transactions on your account. They might saw your transaction as somewhat "suspicious" because of the fact that it's a huge one hence, they froze your friend's account.

At the end of the day, there are still things that only Bitcoin can do but at the same time, there are also things that only the current fiat system can do.

[Pandu Geddon]

I transferred some amount of cash to someone to get me a few items I would be needing for my project at hand, a day after I received a call from the him that his account has been freezed due to the amount received into the account that the bank told him it was above the account grade and he has to come with some required documents for the upgrade to a higher tier and this has to shift my schedule I have arranged for my project to a day further.

yes, it can happen, but if the bank freezes the account, I think it's quite excessive. even with very large transactions, the bank management should not freeze their customers' accounts. they should know the origin of the funds from personal accounts or other reasons. That is really an unpleasant experience.
what is more often experienced by fiat users today is when making large cash withdrawals, the bank asks for the reason for using the funds. does that happen to banks in your country?

people who are increasingly aware of the more efficient use of Bitcoin can certainly compare. Bitcoin's problem may only be the costs that can be very expensive. Bitcoin can be used as a substitute for fiat for better payment for services and goods.

[Samlucky O]

While I was with a feeling of  disappointed I recalled I have been stacking a few unit's of bitcoin in my wallet and have never experienced this crazy shit neither have I heard any bitcoiner make such a lousy complain about bitcoin whatever the amount of bitcoin transfered into their wallet. I don't think there's anyway the fiat system can be compared to bitcoin, the more experiences I encounter the more I see how advanced and greater purposes bitcoin serves.

Actually fiat system or centralised traditional banking system can never be compeard to decentralized blockchain technology. That is one of the important of bitcoin or blockchain technology. It's unlimited in Bitcoin transaction except in centralised exchange that you didn't complete the whole kyc process.but apart from that Dex is unlimited. Blockchain technology does not only solve the problem of limited transaction but also solve the problem of sending fund across the globe within few minutes. And it is totally effortless compared to traditional banking system which takes a lot of process to help you send fund across the globe. I will say bitcoin is really the best as @retreat may say.

[Fiatless]

That's why Bitcoin is better than the banking system, because when you use Bitcoin in your transactions it means you have full control over your assets and when you make a transaction there is no party that can intervene in your assets or the transactions you make. Unlike the banking system where when the bank suspects your transaction, they are able to intervene in your account and freeze your account unilaterally until you can prove the transaction is safe or not. This is the weakness of a centralized system where one party can easily manipulate or intervene in anyone on their system - and for that Bitcoin is really the best.

Banks are fully controlled by the government, and any financial policy must be implemented by these banks to avoid sanctions. They can freeze accounts, place restrictions, or even seize funds without any form of restrictions. In some countries, you cannot withdraw or deposit more than a certain amount. Some deposits from outside the country are tracked to check if they are from illicit activities. Sometimes, a bank's KYC procedures can be very complicated and worrisome.

But Bitcoin breaks all these barriers because there are no restrictions or regulations that limit the transactions that one can carry out. You are your bank and can operate it the way you want. Bitcoin can be sent and received from any part of the world without any form of surveillance or restrictions. In Bitcoin, you don't need any form of registration or submission of any personal documents. When it comes to freedom to use your funds, Bitcoin is far better than banks.

[lizarder]

While I was with a feeling of  disappointed I recalled I have been stacking a few unit's of bitcoin in my wallet and have never experienced this crazy shit neither have I heard any bitcoiner make such a lousy complain about bitcoin whatever the amount of bitcoin transfered into their wallet. I don't think there's anyway the fiat system can be compared to bitcoin, the more experiences I encounter the more I see how advanced and greater purposes bitcoin serves.

I have never heard of such a case in the Bank because of the reason that the amount of money does not match the account. As far as I know, the Bank has never made such a rule and there is no withdrawal limit when you withdraw money from their teller. Unless you use an ATM card, it is true that the withdrawal limit is adjusted to the model of the card we hold. So I don't have the problem like you said and even I have withdrawn money from their teller in large amounts for one process it went well.

We always try to compare, but like it or not, banks are still quite necessary and I see bitcoin as another step where it is only for investment matters. When faced with business, I still need a bank to transfer the amount of money needed and that still helps me quite a bit.

[Marvell1]

that his account has been freezed due to the amount received into the account that the bank told him it was above the account grade and he has to come with some required documents for the upgrade to a higher tier and this has to shift my schedule I have arranged for my project to a day further.

Honestly I never know any bank that require you to upgrade your account, to receive money. Thresholds for different tiers of bank account usually are related to withdrawal, sending money, not with receiving money.

Generally with banks, they don't provide you full control of your money.

It's not your keys, it's not your money.

This is not a case where the bank requires you to upgrade your account, but it is related to legality and this is not a new thing in using banks. For example, your bank account has never had any large transactions before, but suddenly you have one or more transactions that are unusually large compared to normal. The bank may temporarily freeze your account and they will ask you for an explanation because they fear the money is related to illegal activity. This also happens with centralized exchanges, which is really an inconvenience but it is a regulation that the government puts in place to prevent cases of money laundering, terrorist financing, etc.

[Jating]

Something happened today which makes my choice of bitcoin more stronger than the centralized fiat and traditional banking system.

I transferred some amount of cash to someone to get me a few items I would be needing for my project at hand, a day after I received a call from the him that his account has been freezed due to the amount received into the account that the bank told him it was above the account grade and he has to come with some required documents for the upgrade to a higher tier and this has to shift my schedule I have arranged for my project to a day further.

While I was with a feeling of  disappointed I recalled I have been stacking a few unit's of bitcoin in my wallet and have never experienced this crazy shit neither have I heard any bitcoiner make such a lousy complain about bitcoin whatever the amount of bitcoin transfered into their wallet. I don't think there's anyway the fiat system can be compared to bitcoin, the more experiences I encounter the more I see how advanced and greater purposes bitcoin serves.

Crypto or Bitcoin is about control, we have the mnemonic phrase and private key, and so we have the complete control. And how many times we say that we are own bank, or BYOB (Be your Own Bank). Unlike banks wherein they can freeze our account or we don't have control as there could be limits on our withdrawal and even if we have a lot of money from them, for sure they are running on fractional reserves. And worst, like this story, Lebanon man hailed hero for holding Beirut bank hostage over savings.

An armed man who held a bank hostage for more than six hours in Beirut because he could not withdraw savings has been hailed a hero by the public.

Banks in Lebanon have put tight rules on how much money people can access, amid a deep economic crisis.

You don't want to go that length just to be able to withdraw your money, do you?

[Tmoonz]

Something happened today which makes my choice of bitcoin more stronger than the centralized fiat and traditional banking system.

I transferred some amount of cash to someone to get me a few items I would be needing for my project at hand, a day after I received a call from the him that his account has been freezed due to the amount received into the account that the bank told him it was above the account grade and he has to come with some required documents for the upgrade to a higher tier and this has to shift my schedule I have arranged for my project to a day further.

While I was with a feeling of  disappointed I recalled I have been stacking a few unit's of bitcoin in my wallet and have never experienced this crazy shit neither have I heard any bitcoiner make such a lousy complain about bitcoin whatever the amount of bitcoin transfered into their wallet. I don't think there's anyway the fiat system can be compared to bitcoin, the more experiences I encounter the more I see how advanced and greater purposes bitcoin serves.

Surely Bitcoin offers a lot only that some people has refused to see the true potentials that Bitcoin holds, offering a borederles transactions without any form of intervention or control by the government or bank is a huge convenient and high level of preserving privacy is a good reason for any one to adopt Bitcoin let alone other benefits Bitcoin can offer. However, while Bitcoin are decentralized the banking system is centralized hence we shouldn't be expecting an equivalent mode of operation, there are several reasons why anyone will ever consider Bitcoin.

[NotATether]

I transferred some amount of cash to someone to get me a few items I would be needing for my project at hand, a day after I received a call from the him that his account has been freezed due to the amount received into the account that the bank told him it was above the account grade and he has to come with some required documents for the upgrade to a higher tier and this has to shift my schedule I have arranged for my project to a day further.

What? Account grades for what?

I have never heard of such a thing where I'm living.

Sure, I hear that your account can get frozen if the bank thinks you are receiving way more money than they think you can afford or something along that lines - to prevent money laundering - and all that can go away by giving them a certified source of funds document. But what you are describing sounds crazy to me.

We should all be thankful that Bitcoin doesn't come with this kind of BS.

[tabas]

Something happened today which makes my choice of bitcoin more stronger than the centralized fiat and traditional banking system.

I transferred some amount of cash to someone to get me a few items I would be needing for my project at hand, a day after I received a call from the him that his account has been freezed due to the amount received into the account that the bank told him it was above the account grade and he has to come with some required documents for the upgrade to a higher tier and this has to shift my schedule I have arranged for my project to a day further.

While I was with a feeling of  disappointed I recalled I have been stacking a few unit's of bitcoin in my wallet and have never experienced this crazy shit neither have I heard any bitcoiner make such a lousy complain about bitcoin whatever the amount of bitcoin transfered into their wallet. I don't think there's anyway the fiat system can be compared to bitcoin, the more experiences I encounter the more I see how advanced and greater purposes bitcoin serves.

It's normal for these banks to verify the deposits and transfers. But it will be odd if the amount isn't that much and that's only a payment for something that you've purchased online. Based on your story, it looks like you have transferred a huge amount that triggered the bank to make that call and have some follow-up for another KYC. And that is true that with Bitcoin, this won't happen if you're going to send a payment to another wallet but it can also happen on exchanges if you deposit amounts that are out of your limits.

[NotATether]

It's normal for these banks to verify the deposits and transfers. But it will be odd if the amount isn't that much and that's only a payment for something that you've purchased online. Based on your story, it looks like you have transferred a huge amount that triggered the bank to make that call and have some follow-up for another KYC. And that is true that with Bitcoin, this won't happen if you're going to send a payment to another wallet but it can also happen on exchanges if you deposit amounts that are out of your limits.

I didn't write this in my reply above but I know that is goes without saying that P2P trades are just seen by the banks as random transfers from one person's account to another, and comes with extra risk especially if they are transfers between international banks.

Domestic transfers and wires from reputable companies usually don't trigger this sort of investigation because in this case the banks can find all the info that they need.

[knowngunman]

How much is the amount that you put into your friend's account? I mean you know that you are transferring a huge amount of money. Why didn't you ask the limits of his bank including the amount of money that he can receive on a daily/monthly/yearly basis? That's being irresponsible on your part. Take note that you're transferring a huge amount of money (huge enough to make an account freeze), so at least put the limits into consideration.

I don't think it's irresponsible thou because it has happened to me several times and it wasn't always my fault. I see them (traditional banking system) as incompetent with their limit policy in the first place restricting people from accessing their funds. My first experience was very frustrating because I wasn't informed about the incoming transfer from the sender but the money was freezed until I had to go and update the account to increase the account limit. Even after the upgrade,  it took almost a month before I received that money.



Bitcoin can never stress someone or giving you limit to transaction you could perform in a day. I had to go through my inbox after reading this, it doesn't matter whether it's huge amount or not. I searched my inbox and I discovered a lot of cases like that which usually takes them time to resolve. Unfortunately, one might lose the money if you failed to meet up with the requirements to upgrade the account.

[Nwada001]

The simple fact Bitcoin cannot be frozen the way fiat money often is makes BTC/Crypto a great choice in many situations. Bitcoin is one of the few truly great things to happen this century!

This is true, but it's only effective if the holder is making use of a self-custodial wallet and isn't leaving their bitcoin holdings in a custodial service, as there will be no difference between that and those who hold fiat on their regular bank account. 
 
If you want total control, using a personal private wallet is the real deal. That way, you won't have to worry about waking up to see restrictions messages from whatever service you make use of; rather, you can decide when to spend and when not to spend your holdings at your own comfort.