The simplest explanation why you should consider Bitcoin

[BIT-BENDER]

https://www.instagram.com/reel/Dd9MVAtu4M0/?stkn=MTd4d3RvaHVzbzVhbw==

That Instagram video depicts the advantage Bitcoin has over the traditional financial system, with that video you need not say much again to describe what you as an individual will gain from Bitcoin.

Also the video expatiate the financial slavery of the traditional financial system in such a short video, the burdens you need to bear to get your own property and shows that it is not truly yours in the traditional financial system.

[Karl_3000]

It is a coincidence that I watched the video just some minutes ago on YouTube: https://youtube.com/shorts/fuHaZIxS09s?si=WAqWnWjSFQ39v1Km

With bitcoin you will have control on your money (bitcoin) completely, unlike going to bank to deposit fiat easily but hard to withdraw the whole fiat. They told the man that it will take 24 hours before he can be able to withdraw his money in bank.

In my country there is withdrawal limit, if you want to withdraw above the limit, the bank will make it not possible until you request for a special account upgrade

[Sanitough]

It is a coincidence that I watched the video just some minutes ago on YouTube: https://youtube.com/shorts/fuHaZIxS09s?si=WAqWnWjSFQ39v1Km

Good comparison with Bitcoin, banks would be so easy for you to deposit but when you withdraw they will give you a headache with a lot of requirements. That system is the main reason why Bitcoin was born, so f* them.

[Royal Cap]

I was a little surprised to see this video, In a country like UK, you have to give a day's notice to withdraw $10,000. Although I am from a developing country. Still in our country if we go to withdraw $10,000 equivalent from a fiat bank, we just have to submit our NID card and if the bank has reserves on the same day, they give us cash. Anyway this is the difference between the traditional banking system and self custody. When you deposit money in a bank, you don't own that money. That money stays with the bank and the bank just shows you a number. And that's why  Bitcoin was born.

[Lucius]

~snip~
Anyway this is the difference between the traditional banking system and self custody. When you deposit money in a bank, you don't own that money. That money stays with the bank and the bank just shows you a number. And that's why  Bitcoin was born.

How many people actually own Bitcoin, and how many live under the delusion that this is the case? I would say a lot, considering that most of the big CEXs still make big profits, which means that a lot of people use them as a bank for cryptocurrencies. The conclusion is that fiat in a bank and Bitcoin on CEX are nothing more than a number, but fiat in a bank is much safer and more secure, while every client who keeps their coins on CEX is always exposed to hacking and great uncertainty about whether and when they will get their coins back.


Bitcoin has its advantages, but most people only see the whole thing through profit, so they will always choose what is more profitable. We can see that over the years the appetite of large investors has increased, while on the other hand, the interest of small investors has decreased.

[Catenaccio]

That Instagram video depicts the advantage Bitcoin has over the traditional financial system, with that video you need not say much again to describe what you as an individual will gain from Bitcoin.

Also the video expatiate the financial slavery of the traditional financial system in such a short video, the burdens you need to bear to get your own property and shows that it is not truly yours in the traditional financial system.

Watching videos is interesting but sometimes if you want to check something back, you will need to spend more time than what you need with a book, a document, an article or a website.

I would prefer to read and note important things while reading because it's helpful and time saving for me later. These following resources for reading are very information and provide almost most fundamentals but important for people who want to learn about Bitcoin and intend to become Bitcoiners.

Bitcoin illustrated explanation for beginners.
The bullish case for Bitcoin.

[BIT-BENDER]

That Instagram video depicts the advantage Bitcoin has over the traditional financial system, with that video you need not say much again to describe what you as an individual will gain from Bitcoin.

Also the video expatiate the financial slavery of the traditional financial system in such a short video, the burdens you need to bear to get your own property and shows that it is not truly yours in the traditional financial system.

Watching videos is interesting but sometimes if you want to check something back, you will need to spend more time than what you need with a book, a document, an article or a website.

I would prefer to read and note important things while reading because it's helpful and time saving for me later. These following resources for reading are very information and provide almost most fundamentals but important for people who want to learn about Bitcoin and intend to become Bitcoiners.

Bitcoin illustrated explanation for beginners.
The bullish case for Bitcoin.

What are you talking about mate, the video is a very simple illustration that even the dumbest with all due respect will still understand it, you don't need to get back to anything, the video is a simple illustration that the message will be gotten immediately.
And I never even compared video or reading, I don't know where you brought that in all of this, you can just drop your links without trying to create an imaginary comparism.

In my country there is withdrawal limit, if you want to withdraw above the limit, the bank will make it not possible until you request for a special account upgrade

And this is just the bank laws, in some countries there are official limit and individual can spend a day and if they exceed that limit they have to start accounting for it, also banks act like whistleblowers so if you like privacy that could be breached when a certain amount of money enters your account.

[Taskford]

~snip~
Anyway this is the difference between the traditional banking system and self custody. When you deposit money in a bank, you don't own that money. That money stays with the bank and the bank just shows you a number. And that's why  Bitcoin was born.

How many people actually own Bitcoin, and how many live under the delusion that this is the case? I would say a lot, considering that most of the big CEXs still make big profits, which means that a lot of people use them as a bank for cryptocurrencies. The conclusion is that fiat in a bank and Bitcoin on CEX are nothing more than a number, but fiat in a bank is much safer and more secure, while every client who keeps their coins on CEX is always exposed to hacking and great uncertainty about whether and when they will get their coins back.

CEX maybe convenient to use by people, but the problem is they choose to entrust their Bitcoins to a company. Which is not really good decision to do. That's why Not your keys, Not your coins always reminder is good to look at. Because users doing this always face the consequences because they are exposed on lots of risk in crypto space.

The great advantage of bank is this is heavily regulated and have insurance, while if we talk about exchange the only thing we have is huge trust of their reputation.

So if they really want to store more Bitcoins, better do it on non custodial wallets on which they have full control of their funds.

[HajiBagi]

I was a little surprised to see this video, In a country like UK, you have to give a day's notice to withdraw $10,000. Although I am from a developing country. Still in our country if we go to withdraw $10,000 equivalent from a fiat bank, we just have to submit our NID card and if the bank has reserves on the same day, they give us cash. Anyway this is the difference between the traditional banking system and self custody. When you deposit money in a bank, you don't own that money. That money stays with the bank and the bank just shows you a number. And that's why  Bitcoin was born.

The video showed why I don’t like banks and why as an individual, you should prefer bitcoin than banks when you want to save your money for a long, that video just shows that banks have many process when you want to withdraw your money from them, although not every banks will use this process before withdrawing money but most banks take time before it will be approved, i am not saying this to say that no one should deposit in the bank, we can save in the bank because that is where most of keep our emergency funds and other funds we use to pay our bills.

Bitcoin will always be better than banks at any time, because people benefit from it, no one benefits from banks, they will be happy when you deposit with them and they will stress you when you want to withdraw, and they also charges for maintenance fees and other unnecessary fees.

[osasshem]

It becomes funny annoying when you realise how the bank system works when you are using Bitcoin or the crypto community services. The money in a commercial financial system is yours until you give/deposit it into the bank, then it is no more yours. Using Bitcoin is way more safer and easily accessible than any banking system around the world.

[Zigabel]

https://www.instagram.com/reel/Dd9MVAtu4M0/?stkn=MTd4d3RvaHVzbzVhbw==

That Instagram video depicts the advantage Bitcoin has over the traditional financial system, with that video you need not say much again to describe what you as an individual will gain from Bitcoin.

Also the video expatiate the financial slavery of the traditional financial system in such a short video, the burdens you need to bear to get your own property and shows that it is not truly yours in the traditional financial system.

This is why the Bitcoin decentralized system can be trusted at all time and also why the traditional banking system will always want to fight Bitcoin at almost all cost, they benefit form this form of financial slavery they subject their customers to at times and for the reason of the benefit, they will not want Bitcoin to prevail as it gives all the financial freedom, control and power back to the customer, that does makes the bank loose every form of control they had financially over their customer and the benefits that does comes with it will no longer be there for them.

I have always told some persons who care to know that since i got introduced to Bitcoin and i understood its system very well, i have always prefer to Hold the bulk of funds there in than in the traditional bank, this is due to the benefits i get from Holding my funds in Bitcoin. The decentralized nature of Bitcoin has also given Bitcoiners the independence and full control of their funds at any time.

[Zaguru12]

It is a coincidence that I watched the video just some minutes ago on YouTube: https://youtube.com/shorts/fuHaZIxS09s?si=WAqWnWjSFQ39v1Km

With bitcoin you will have control on your money (bitcoin) completely, unlike going to bank to deposit fiat easily but hard to withdraw the whole fiat. They told the man that it will take 24 hours before he can be able to withdraw his money in bank.

In my country there is withdrawal limit, if you want to withdraw above the limit, the bank will make it not possible until you request for a special account upgrade

I think while we are emphasizing on bitcoin be a better option from the video we should actually be specific about where you keep your bitcoin. If you look at how you have described banks now you would notice that there is absolutely no difference between them and centralized exchanges, in fact fiat in banks are much better than bitcoin In centralized exchanges in terms of ownership rights because exchanges are have this daily limits and you need to go for extra tiers to have higher withdrawal limits and which just like banks requires your KYC.

In fact exchanges are much risky having your funds on it than banks because of the high rates of security breaches affecting exchanges.

So the real deal is bitcoin with self custody

[Mrbluntzy]

When some Bitcoin OGs tells us that adopting Bitcoin gives us the freedom to control our money without need permission from anyone to access that money, this was what they meant. Centralized financial system operate not on their own but have higher authorities that they take instructions from but you are the authority of your self when you hold your money in Bitcoin, no body questions you when you need your money and no body ask you to sign a paper. In the case of this man in the video, I was wondering if he was in a situation where he really needed that cash before that 24 hours that the bank asked him to wait, what would have been his faith?

Then again, Bitcoin is not for everyone, no body should be forced to adopt Bitcoin, if someone really seen the advantage of Bitcoin, they won't wait to be advised before they hoop on adoption Bitcoin.

[Doan9269]

Also the video expatiate the financial slavery of the traditional financial system in such a short video, the burdens you need to bear to get your own property and shows that it is not truly yours in the traditional financial system.

Until we were told about Bitcoin, you may not have known what we are missing out on. It is such a great privilege for us to have the opportunity to be in this adoption race together. I still keep wondering what others are feeling about not recognizing the importance of Bitcoin to this day. Anyone who knows what he is doing will definitely understand the relevance of Bitcoin and running a decentralized economy. Bitcoin is a complete game changer, moving us from the traditional system into an advanced technological era of privacy and freedom in our finances.

[Nightwatchmare]

This video reminds me of when i opened a bank account in Guaranty Trust Bank in 2015, with the happiness of owning a bank account i deposited 3,000 naira into my account. When i was in need of money to sort out my school problems i went to the bank i have an account with to withdraw the 3,000 naira i deposited, i was told i need to create a BVN and link it to my account before i could have access to my 3,000 naira. I just say to myself, my own money the bank is asking me to perform a task before i could access it. I picked a form and fill in my details and enrolled for BVN. It took days before i was issued a BVN by my bank. What we pass through traditional financial system is what Bitcoin want to fix. I will always choose Bitcoin over bank because i can access my Bitcoin at any time i want.

[Curious T]

Watching videos is interesting but sometimes if you want to check something back, you will need to spend more time than what you need with a book, a document, an article or a website.

I would prefer to read and note important things while reading because it's helpful and time saving for me later. These following resources for reading are very information and provide almost most fundamentals but important for people who want to learn about Bitcoin and intend to become Bitcoiners.

Do you even understand the post and why the OP posted the video? How did you come up with this? They never said videos are better or that reading was less important. It is just a short video of a man who went to the bank to deposit 10,000, and the next day he went to withdraw it, but the bank didn't let him. Talking about how he should have given them 24 hours notice, and how it is a business account and all. OP was only using the illustration to show the difference between banks and Bitcoin. You could have at least watched the video before posting. 

[Sim_card]

In my country there is withdrawal limit, if you want to withdraw above the limit, the bank will make it not possible until you request for a special account upgrade

The bank controls how much you can withdraw in a day but they don't have a particular amount of money that you can deposit in a day which shouldn't be so. I had an occasion and needed a good amount of cash but my bank told me they cannot give me such amount of money. I got frustrated and took the amount they gave me. I had to sell my crypto and make transfer to a different bank to get more money. Since that day, I don't keep reasonable amount of money in one bank. I split it.

[Ummeettaa]

In my country there is withdrawal limit, if you want to withdraw above the limit, the bank will make it not possible until you request for a special account upgrade

The bank controls how much you can withdraw in a day but they don't have a particular amount of money that you can deposit in a day which shouldn't be so. I had an occasion and needed a good amount of cash but my bank told me they cannot give me such amount of money. I got frustrated and took the amount they gave me. I had to sell my crypto and make transfer to a different bank to get more money. Since that day, I don't keep reasonable amount of money in one bank. I split it.

Bitcoin gives one opportunity of securing their funds themselves, and can make withdrawal at any moment in time, not like bank that usually works on week days only and some transactions and solutions can only be solved and done in the bank only.

Bitcoin withdrawal can be done at anytime without too much delay and network issues, unlike the banks that do sometimes have problems with their network and some even takes days before being fixed.

Banks also sometimes do extort from their customers all in the name charges, and some unnecessary maintenance fees, but such thing's aren't happening in term of Bitcoin.

[Zoomic]

You'll need to be someone who makes large transactions daily to fully understand the withdrawal example and why Bitcoin provided the solution to that issue. Imagine being restricted from making a huge transaction that'll aid you close a lucrative deal because you've reached your daily limit.

That said, I wouldn't say that every banking transaction is as problem because I know it's still convenient for many people just that Bitcoin came with an alternative option where the network wouldn't demand you explain why you want to move "your" own coins before you can be granted access 

[Coyster]

Bitcoin withdrawal can be done at anytime without too much delay and network issues, unlike the banks that do sometimes have problems with their network and some even takes days before being fixed.

Bank transactions are near instant, yes i know this is a bitcoin forum, but i'm not sure how many people get to wait for days to send fiat from one bank account to another. Cross-border payments maybe, and in that aspect i think bitcoin is the better option, as long as the recipient is open to receiving bitcoin, they would have their funds as soon as the transactions is confimed on the blockchain.

Banks also sometimes do extort from their customers all in the name charges, and some unnecessary maintenance fees, but such thing's aren't happening in term of Bitcoin.

That's normal in a centralized service. In the bitcoin network, users also have to pay bitcoin transaction fees to the miners for the job they do in the network, and that fee can rise based on different factors.