Negligence from Traditional banks more reason why bitcoin is here to stay

[EL MOHA]

So this thread actually comes out as a result of negligence from Access bank for Nigeria. The bank app; Access More has been down for close to four days now and there is still no solution for it, for people who actually uses this bank app for transfer they are left stranded except they have the physical card which some do not have.

Yes someone would say move to fintech as they digitally the best option now but still people get stuck with traditional banks because some employees accept only that for salary payments

Now my Concern is can a banking system not been able the address a problem for almost four days, will they simply just leave their customers stranded even those with emergency?

If it was bitcoin network or decentralized networks there is never such a thing, if one node goes down there are millions of nodes to propagate your transactions and there is nothing like a system upgrade which will take days to complete. For me decentralized networks are seriously here to stay

[Moreno233]

Well I don't see the connection between negligence of the commercial banks and Bitcoin adoption in Nigeria because even if the banks were performing optimally and their services seamless, Nigerians will still be actively involved in Bitcoin because we have seen what Bitcoin can do and how it can make life better and sweeter. I'm holding my Bitcoin in my wallet, even if the banks are paying interest on deposits and savings, I will still keep my money in Bitcoin and the only amount I will keep in fiat are those I'm using to run my basic needs. Instead of siting negligence, some of the things I consider that are pushing Nigerians towards Bitcoin include but not limited to:

• Inflation: I don't need to say much on this because you already know how inflation has fucked our Naira so hard that it is struggling to breath.
• Investment opportunity: In naija today, there is no investment as profitable and relaxing as Bitcoin, simply buy and hold and see profits full everywhere. Nigerians sees this as opportunity and the reason many are buying large portions of Bitcoin and stashing in their private wallets.
• Unemployement: You and I know say to get job for Naija na serious headache, when I say job I mean decent jobs like working in oil firm, federal government agencies and decent jobs wey fit chest the bills. So Bitcoin offer us that elite lifestyle and opportunity to get there so why won't people embrace it with their full chest?

[Charles-Tim]

Opay and Palmpay have more interest rate. You can send money without deducting money. No charges like maintenance. They give you more control.

Those commercial banks are old in standard. I use fintechs most now.

we still need a means to spend naira.

But to save, hell no to naira.

[B-BossMan]

I was also facing the same issues for a long time; sincerely speaking, our so-called commercial banks are not performing very well as usual. My card has also been expired since last year, and I didn't bother myself to go for a new ATM card for Access and GTB in one day because I usually make use of mobile applications to ease my transaction process. Moreover, the USSD cord networks are not functioning well either. Thank God for fintech for giving us full confidence; if not, someone would've been looking so pitiful. In fintech, there's nothing like charges for card maintenance or some unnecessary changes; however, in terms of saving, I don't think the traditional banks or the naira at large are advisable. My thoughts

[Callido]

No correlation between Bitcoin and use of traditional banks. Traditional banks has its function while Bitcoin does its own separately.

I understand the frustration with our traditional banks and the way they handle certain issues, very slow and likely outdated but what we have is what we use, it's left for us to use something different like fintech banks you mentioned. The right way is to portion your funds into separate accounts, when one goes down rely on the other.

Are you forgetting that Bitcoin also has it's own side, during congestion when fees are high, do you think it will be suitable for small purchases?

[Joy_learns_crypto]

No correlation between Bitcoin and use of traditional banks. Traditional banks has its function while Bitcoin does its own separately.

Although I also don’t like to compare bitcoin with the traditional banking system, and I don’t think it is because of the negligence of the traditional banking systems that will make bitcoin stay.
Let’s be honest we are still using both of them, we actually convert to fiat to purchase things we need because bitcoin hasn’t gotten so adopted that we can use it to buy things in Nigeria.
The negligence of Nigerian banking system is something we experience once in a while and we still need the financial wing of the Nigerian government to do better and make our banking system if not for us for those who still makes use of them.

[Fiatless]

Opay and Palmpay have more interest rate. You can send money without deducting money. No charges like maintenance. They give you more control.

Those commercial banks are old in standard. I use fintechs most now.

we still need a means to spend naira.

But to save, hell no to naira.

The services of commercial banks in Nigeria are poor. They cannot be relied on in cases of emergency. Fintech banks offer better services.

The good part about these Fintech banks is that they are insured by the Nigeria Deposit Insurance Corporation (NDIC) like other traditional commercial banks. Which means customers can get their deposit (five million naira and below) back if these Fintech banks goes bankrupt. But it will be adviceabe to consider traditional commercial banks if you want to keep above N5million in a single bank account.

[I_Anime]

Opay and Palmpay have more interest rate. You can send money without deducting money. No charges like maintenance. They give you more control.

Those commercial banks are old in standard. I use fintechs most now.

we still need a means to spend naira.

But to save, hell no to naira.

Exactly that’s why I prefer online bank like Opay , kuda and the others they are way faster compare to normal bank and stuff .

My friend also made some related complaint about access bank a day back , that he bought something and he could not pay for it he had to contact some of his friend to help him pay for this stuff he bought . Shows how sometimes bank are not reliable.

[Donk1]

   Traditional banks are so frustrating if not because of fintech banks and POS, we would have still be seeing people standing on a straight line waiting to withdraw their own funds because of slow network and other bank issues. Traditional banks are not reliable, yes But still we can't replace it with bitcoin Instead it will be great if traditional banks explore the potential of blockchain technology to create a more reliable and efficient bank system. Bitcoin has great potential, and one of them is its potential to serve as a reliable store of value not a replacement of the traditional banks. That is why our economy is all about making use of what you have got .Because even if it was possible the government will never allow.

[DubemIfedigbo001]

Yes someone would say move to fintech as they digitally the best option now but still people get stuck with traditional banks because some employees accept only that for salary payments

Exactly, this is the constraint, I've experienced such preference from my employer earlier. I feel that if employers would accept fintech banks for salary payments, most people would go for that option. ASAP OPAY gets licensed as a microfinance Bank in Nigeria, it's over for most traditional banks.

Now my Concern is can a banking system not been able the address a problem for almost four days, will they simply just leave their customers stranded even those with emergency?

Most times it's intentional, when a bank wishes to without funds for some particular transactions within a time frame, they can pull such stunts to discourage clients from pulling out funds within such timeframe.

If it was bitcoin network or decentralized networks there is never such a thing, if one node goes down there are millions of nodes to propagate your transactions and there is nothing like a system upgrade which will take days to complete. For me decentralized networks are seriously here to stay

Bitcoin is preferable to traditional banks anytime any day, centralization is always prone to being controlled and users are victimized but in Bitcoin which is decentralized, you're your own bank and as such have access to your funds whenever you need to put them to work.

[CryptSafe]

Opay and Palmpay have more interest rate. You can send money without deducting money. No charges like maintenance. They give you more control.

Those commercial banks are old in standard. I use fintechs most now.

we still need a means to spend naira.

But to save, hell no to naira.

Saving with naira is like pouring water into a basket. I would not advise anyone at this moment to save in naira because the naira is very weak and prone to devaluation. You can imagine converting  $10 into Naira at a specific rate, for example #15,000, and the next minute you convert that same #15,000, and what you are getting at the exchange rate is $8, is it a plus or a minus? So what is the point of saving or converting then?

As for the commercial banks, they are just very boring and frustrating, no digitally inclined person would reason to do anything with them anymore. The fintechs are more reliable than the commercial banks, as their services are more swift and commendable.

[Slimzeee]

I would say adopting Bitcoin isn’t directly proportional to the behavior of our banks. People with real knowledge of Bitcoin will still use it anyway.
I think the biggest winners in the laxity of our commercial banks have to be Fintechs. Fintech has invested so much in Tech that Opay will even warn you of banks having network issues before making transfers and they make these things look so easy.

Speaking sometime ago with a banker friend, I understood that these banks initially didn't appreciate their tech guys. They used them to the brim and tried to pay them peanuts as per the normal Nigerian settings and now massive resignations hit them every month.

Those that aren't moving to Fintechs are on the japa route or are landing comfortable jobs with overseas companies that still pay them better while they work from home, as tech is in full demand across almost every field now.
They’re beginning to make adjustments now.

[Y3shot]

Opay and Palmpay have more interest rate. You can send money without deducting money. No charges like maintenance. They give you more control.

Those commercial banks are old in standard. I use fintechs most now.

we still need a means to spend naira.

But to save, hell no to naira.

Naira still has a role to play, no matter how bad the banking system may be. In our country, not everyone accepts bitcoin in business; this is where naira comes in to play an important role. Everything about the banking system is rubbish: very slow transactions, high charges, and depreciation of value.

Bitcoin is simply the best in everything, and with bitcoin, one doesn't need to worry about the banking system in keeping money because it brings no value to money; rather, it keeps the value of money.

[Fivestar4everMVP]

So this thread actually comes out as a result of negligence from Access bank for Nigeria. The bank app; Access More has been down for close to four days now and there is still no solution for it, for people who actually uses this bank app for transfer they are left stranded except they have the physical card which some do not have.

Yes someone would say move to fintech as they digitally the best option now but still people get stuck with traditional banks because some employees accept only that for salary payments

Now my Concern is can a banking system not been able the address a problem for almost four days, will they simply just leave their customers stranded even those with emergency?

If it was bitcoin network or decentralized networks there is never such a thing, if one node goes down there are millions of nodes to propagate your transactions and there is nothing like a system upgrade which will take days to complete. For me decentralized networks are seriously here to stay

As much as I agree with you, please also understand that even bitcoin and cryptocurrencies in general are not perfect either, I simply put it to you that you've never sent bitcoin to someone or to an address and it stayed for hours, days and even weeks without confirmation from the blockchain network due to network congestion issues.

And i also put it to you again that you have never spent up to $100 on a single transaction on bitcoin as fees due to high network load/congestion which lead to extreme high transaction fees if you want your transaction to get confirmation in the shortest possible time.

Please note that I am nod siding the banks, as a matter of fact, most Nigerian banks are very useless and I always prefer bitcoin and cryptocurrencies, but what I am trying to say is that, even as bad as this banks are, they are still serving some really important purposes to us.

[EL MOHA]

Naira still has a role to play, no matter how bad the banking system may be. In our country, not everyone accepts bitcoin in business; this is where naira comes in to play an important role. Everything about the banking system is rubbish: very slow transactions, high charges, and depreciation of value.

Bitcoin is simply the best in everything, and with bitcoin, one doesn't need to worry about the banking system in keeping money because it brings no value to money; rather, it keeps the value of money.

I think you’re still saying same thing as Charles, he didn’t say Naira was useless but rather gave Naira its Role in this bad economy which is to be spend and not save, so yes even if not everyone is actually accepting bitcoin then spend naira, in fact it is even best to spend naira more than bitcoin. So nobody renders Naira because at best you use it for medium for transactions.

As much as I agree with you, please also understand that even bitcoin and cryptocurrencies in general are not perfect either, I simply put it to you that you've never sent bitcoin to someone or to an address and it stayed for hours, days and even weeks without confirmation from the blockchain network due to network congestion issues.

And i also put it to you again that you have never spent up to $100 on a single transaction on bitcoin as fees due to high network load/congestion which lead to extreme high transaction fees if you want your transaction to get confirmation in the shortest possible time.

Seriously bitcoin is not perfect and nobody Will argue that, because bitcoin itself is just an alternative not the ultimate solution. But for this thread I don’t see anything wrong with it, I never actually said anything about its network congestion which is a big problem for bitcoin because even with the high congestion I am still capable of moving my transaction fast either by actually paying the high fees if my emergency doesn’t requires me to wait or by using lightening to pay if it is supported, in other words even at bitcoin worse days I still have the ability to move it so I am not totally stranded.

In banks if there network is gone, that totally means it is gone and no matter how serious my emergency is I can’t not do any to actually help myself but wait for them to bring the network. This network outage is the frustrating thing because how can a network be off for four days and nothing is done to it, what if there is a life threatening emergency and I need to clear bills to get out of it, I will just be left hanging there and might even be pushed to looking or begging for resources while I have my own money leaving me at the mercy of others

[Tonimez]

The Nigerian banks have always had one problem or the other from time to time and the masses somehow got used to this frequent disappointment without course. Every Nigerian has a way of easily adapting to stress especially when it comes from these institutions and government. Well, na you know wetin carry you go Access bank.

About

If it was bitcoin network or decentralized networks there is never such a thing, if one node goes down there are millions of nodes to propagate your transactions and there is nothing like a system upgrade which will take days to complete. For me decentralized networks are seriously here to stay

Bitcoin network like many other cryptocurrencies is decentralised and it's the benefits of saving up your funds as bitcoin. Going by the way it is going, if you don't store your wealth in bitcoin you also stand to face continuous inflation and devaluation weekly.

Exchanges can not allow such network problems due to competition among them and not willing to loose a customer unlike the Nigerian banks that believe in "one man go, another man enter" which is why they have such poor customers service providers.

The right thing is to patronise fintech because even after saving up in bitcoin and wallets, when you finally sell, you will still need a financial institution to receive your fiat. Opay and  Palmpay is always there to support your seamless transactions.

[Odusko]

So this thread actually comes out as a result of negligence from Access bank for Nigeria. The bank app; Access More has been down for close to four days now and there is still no solution for it, for people who actually uses this bank app for transfer they are left stranded except they have the physical card which some do not have.

Yes someone would say move to fintech as they digitally the best option now but still people get stuck with traditional banks because some employees accept only that for salary payments

Now my Concern is can a banking system not been able the address a problem for almost four days, will they simply just leave their customers stranded even those with emergency?

If it was bitcoin network or decentralized networks there is never such a thing, if one node goes down there are millions of nodes to propagate your transactions and there is nothing like a system upgrade which will take days to complete. For me decentralized networks are seriously here to stay

As much as I agree with you, please also understand that even bitcoin and cryptocurrencies in general are not perfect either, I simply put it to you that you've never sent bitcoin to someone or to an address and it stayed for hours, days and even weeks without confirmation from the blockchain network due to network congestion issues.

And i also put it to you again that you have never spent up to $100 on a single transaction on bitcoin as fees due to high network load/congestion which lead to extreme high transaction fees if you want your transaction to get confirmation in the shortest possible time.

Please note that I am nod siding the banks, as a matter of fact, most Nigerian banks are very useless and I always prefer bitcoin and cryptocurrencies, but what I am trying to say is that, even as bad as this banks are, they are still serving some really important purposes to us.

Every system get its own weak points and i have to absolutely go with the fact that even bitcoin network faces that issues of delayed transactions also just like we experience with traditional financial systems like the banks, although bitcoin is far more better than the traditional banks in terms of savings, because bitcoin gives its holders both freedomgo and alignment with current benefits of it market value increase without inflation unlike what we have with traditional banks.

[CryptopreneurBrainboss]

If it was bitcoin network or decentralized networks there is never such a thing, if one node goes down there are millions of nodes to propagate your transactions and there is nothing like a system upgrade which will take days to complete. For me decentralized networks are seriously here to stay

There are issues in everything, lets not act as if there aren't times when the Bitcoin network gets congested that's takes days at times for transaction to go through or you having to pay outrageous fees to get your transaction process. No doubt the Blockchain is better than our traditional banks but again that's why we have fintech and even though your company or employer doesn't accept fintech banks, you can receive your money in the traditional banks and move it to fintech for faster transactions. The traditional banks can't cope with the high volume of transactions and they have inferior technology than the fintech do so moving on to things better should always be the best option.

[Pi-network314159]

If it was bitcoin network or decentralized networks there is never such a thing, if one node goes down there are millions of nodes to propagate your transactions and there is nothing like a system upgrade which will take days to complete. For me decentralized networks are seriously here to stay

The most trilling and exciting part of the whole write-up is this last paragraph, decentralization has come to stay because it's important is far beyond human comprehension, it is very important that even in a world of no bank it can still function. It is fast, effective, accurate and require no customer service to lay compliant to, but everything works smoothly in the Blockchain network with the help of the nodes and they are 247 active to always propergte your transaction with accurate speed. From this whole important explained above is the more reason Blockchain technology has come to stay and it's even more preferable than bank even though bank can never go completely.

[Sticky Bomb]

If it was bitcoin network or decentralized networks there is never such a thing, if one node goes down there are millions of nodes to propagate your transactions and there is nothing like a system upgrade which will take days to complete. For me decentralized networks are seriously here to stay

There are issues in everything, lets not act as if there aren't times when the Bitcoin network gets congested that's takes days at times for transaction to go through or you having to pay outrageous fees to get your transaction process. No doubt the Blockchain is better than our traditional banks but again that's why we have fintech and even though your company or employer doesn't accept fintech banks, you can receive your money in the traditional banks and move it to fintech for faster transactions. The traditional banks can't cope with the high volume of transactions and they have inferior technology than the fintech do so moving on to things better should always be the best option.

Yes, I agree that no entity is perfect but at the same time it is very good to know the reason for the discomfort you are facing. Like in bitcoin, when the congestion is faced, people actually know the network is congested and they know how to go about getting their funds faster like bumping the fees to get their tx confirmed faster, but in the case of Access bank and their recent madness, there was no prior information and not even any on their media handles which states the fact that it was an internal stunt and a very intentional one for that matter. Bitcoin is always better, nothing beats decentralization.