Altcoins Talks - Cryptocurrency Forum
Further Discussions => Economics , Sociology & Politics => Topic started by: EluguHcman on March 20, 2024, 11:01:49 AM
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The stress and conditions in saving monies in the banks has also erupted situations of how some persons misplaces their funds or allocating them to thefts.
My aunty who died last week left no trace to her funds. Just few days ago after she was layed to rest it was discovered that she had been burying her funds undergrounds, just luckily so kids who were digging the ground during their childish playing around dug out $500 in a spot and calling on the attention of the elderly one then they began excavating the grounds within and were able to discover over $4,000 dollars from different spots. Who knows if there are others yet to be under the ground?
Yes we know she was trying to stay off from the banking stressing with the inconvenience of their terms and conditions of regulating and denying you the access to your funds.
There in my country the bank can frustrates the citizens especially the average citizens with their banking structures, sometimes you will go to the bank to make some withdrawal and you will be told that there is no money to give you but when you goes to deposit them will make it snappy for you.
At some points you will have to stay in the queue for over 2-4 hours before attending to you sometimes you will be demanded to bring some personal documents that is not so easy to get and only until you provides it is when they would let you have your money and they don't care how emergency or urgent you are in need of It.
Sometimes people goes to borrow money elsewhere just because they banks refuses to let them have access to their money saved there in the bank.
The caused of this banking issues which has aspired many to have their money saved at home or elsewhere aside the banks has also attracted thefts invading peoples privacies and points at where the monies are hidden.
Lost of people have also lost their lives on the process of trying to let the thefts succeeds in making away with their funds.
If the banking system was so friendly with the people there would surely be limitations of funds misplacements the funds thefts.
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First of all, my condolences...
In this case, the “fault” of the banks is only a small part... In addition, the government of the country is obliged at the legislative level to implement mechanisms for protecting the deposits of the population. For example, in Ukraine, the concept of a “fund for guaranteeing public deposits” has long existed, a state mechanism that forces banks to create insurance funds that, even in the event of bank bankruptcy, allow the funds of private depositors to be paid out.
Well, the main thing - unfortunately, this story is that the population for the most part has outdated habits and does not look at alternative options. Imagine if this money was buried not in the yard, but for example somewhere in the forest, or to a depth of 2 meters! The money is either lost for many years, or another person will find it. Solution - tell your relatives about investments, about cryptocurrencies, influence the authorities - to reform the banking sector
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Personally, I haven't set foot in a bank branch in over 10 years. All those things that people queue up for I can do online, and it has long been the case in the developed world: making transfers and taking out products such as shares, funds, loans and pension plans can be done online. You can even do most of the mortgage processing online, although you have to go in person to sign.
I say this because I don't find the banking system frustrating, but because I do everything online. Those who still do the paperwork in person tend to feel frustrated.
And my condolences for your aunty as well.
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Solution - tell your relatives about investments, about cryptocurrencies, influence the authorities - to reform the banking sector
First @DrBeer thanks for sympathizing with me.
I can only take the step introducing cryptocurrencies to relatives and not the authorities of reforming their banking structures as said.
I do not think if I knows better than the banks and the authorities does because they are expected to be expertises in the economy and the financial regulatory and operative systems on a professional module.
It is unfortunate to say that Bitcoin is not a strange inventory to my government and some person's in the society. Practically most persons whom had heard about Bitcoin but have not Invested in it is due to the nature of the current economy which is being different for the average talk more of the vulnerables to cope with.
I will rather advice the immediate family of my laye aunt to have the money invested on Bitcoin while waiting for the late aunts little kids to grow up then the money would be used to sponsor their educations and yeah, I can also imagine those kids growing up to inherit the assets layed by their late mom and so, they could pick up from there and choose to diversify their assets or accumulate more to their inherited holdings.
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In the banking sector, people are losing their enthusiasm to invest, especially in my country, Bangladesh, inflation is constantly increasing, so people are withdrawing investment from the bank due to the lack of increase in the amount of interest in the bank. Due to the continuous increase in commodity prices and no change in the interest system in the banking system, there is a great distress in the banking sector of Bangladesh. The country's biggestInvestors are taking loans from banks and defaulting on the loans and bankrupting the banks, which is one of the main reasons for the general public's loss of interest in banks. As the profit in banking sector is low and risk is high, people are currently taking alternative measures of banking sector. Bitcoin is preferred by many as an alternative system to the banking sector and enough to invest in Bitcoin being enthusiastic
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Solution - tell your relatives about investments, about cryptocurrencies, influence the authorities - to reform the banking sector
First @DrBeer thanks for sympathizing with me.
I can only take the step introducing cryptocurrencies to relatives and not the authorities of reforming their banking structures as said.
I do not think if I knows better than the banks and the authorities does because they are expected to be expertises in the economy and the financial regulatory and operative systems on a professional module.
It is unfortunate to say that Bitcoin is not a strange inventory to my government and some person's in the society. Practically most persons whom had heard about Bitcoin but have not Invested in it is due to the nature of the current economy which is being different for the average talk more of the vulnerables to cope with.
I will rather advice the immediate family of my laye aunt to have the money invested on Bitcoin while waiting for the late aunts little kids to grow up then the money would be used to sponsor their educations and yeah, I can also imagine those kids growing up to inherit the assets layed by their late mom and so, they could pick up from there and choose to diversify their assets or accumulate more to their inherited holdings.
The only nuance is that you must solve the issue with storage of private keys from wallets, otherwise ... well, you yourself understand what can happen in case of inaccessibility of private keys from the wallet. Here no actions will not help to get access to wallets if private keys will not be available
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Actually,everything about the banking system is my country is frustrating, I just think that the banking system in my country Is deliberately frustrating people so that they cannot access their money.
Anytime you want to deposit money in the bank it will not take you up to 10 minutes you are done, depositing your money and they will not ask you for any document at all, but when you want to withdraw your money it will take you more than 2 hours to withdraw your money and sometime they will ask you for document just to get your own money you work for.
Something happened today in the bank, a man was shouting in the bank, and was saying if they did not give him his money he will scatter their system I mean they computers,if they don't give him his hard earn money,why was the shouting the banker was asking for a particular document and he don't have it and he needs the money to settle an urgent need. So to me I don't like the banking system in my country they there too frustrating. My condolence for your aunty.
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Well, the banking sector in my country is fair. I will not say it's perfect, but it's just fair. Sometimes the bank is usually crowded, and if you visit the bank, you can stay on the queue for a long time; sometimes you can stay for hours and not yet be attended to. Although this is not the same in every state in my country, there are some states or cities where you will visit their banks, and the service you will get there will be very swift. I can only imagine how bad the banking system could be in your country before your aunt decided to burry her money. Although old people don't usually like stress and pressure, if your aunt is really an old woman, she probably just kept her money underground to avoid the stress of going to the bank and facing any stress.
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I personally don't like banks, inflation is one of the reasons why and of course centralization. Though not of a big deal but they only have lowest interest rate compared to those that offers online or even crypto but if ever I am gonna be considering having an account it will just be intended for my emergency funds, I am not gonna save money from there but instead invest on inflation proof assets that banking system cannot offer. Inflation is high in my country and financial losses is inevitable.
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I personally don't like banks, inflation is one of the reasons why and of course centralization. Though not of a big deal but they only have lowest interest rate compared to those that offers online or even crypto but if ever I am gonna be considering having an account it will just be intended for my emergency funds, I am not gonna save money from there but instead invest on inflation proof assets that banking system cannot offer. Inflation is high in my country and financial losses is inevitable.
Yes. Centralization will only benefit the rich.
Wait...Aren't banks created for that? make rich people richer :)
Just like you, I don't like banks, but I still need a bank account
The bank is only a bridge I use to process transactions changing fiat currency into crypto assets or vice versa (on-ramp). No more than that
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My condolences, I can relate to this because I have been frustrated once because of these our local banking systems and their network issues. I went to a restaurant to eat food, and upon I asked them if they accept transfer, and they said yes, so I ordered and ate the food there and the total bill was about 3$, when I wanted to pay for the bill my bank transfer failed, and even when. I wanted to use my ATM card it was the same thing, I felt so embarrassed that day, luckily for me I saw a friend who was passing to get some stuff in a nearby supermarket and he helped me...
I will advice that we introduce cryptocurrency to our local community and society, for easy and reliable transactions.
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I personally don't like banks, inflation is one of the reasons why and of course centralization. Though not of a big deal but they only have lowest interest rate compared to those that offers online or even crypto but if ever I am gonna be considering having an account it will just be intended for my emergency funds, I am not gonna save money from there but instead invest on inflation proof assets that banking system cannot offer. Inflation is high in my country and financial losses is inevitable.
Yes. Centralization will only benefit the rich.
Wait...Aren't banks created for that? make rich people richer :)
Just like you, I don't like banks, but I still need a bank account
The bank is only a bridge I use to process transactions changing fiat currency into crypto assets or vice versa (on-ramp). No more than that
Well yeah I like the term about banks being the .bridge for us to be able to buy crypto and this what I actually did before but right now e-wallets existed with cheaper fees and very convenient than banks so I shifted into it and grab the opportunity to utilize these features that is why I don't care about banks that much.
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Sounds like a horrible place to live if theft regularly comes to your house and banks make it difficult to withdraw your money. Is what your aunt did common in your country, or is there an alternative other than using banks? Maybe moving to gold is also a good option, but it depends on whether you can safely store it or not. I guess using crypto is safer since you don't have to physically store it, but if there is a lack of liquidity it will be another problem you need to handle. I also believe you need to tell your government to fix their system. There's no other way around it if you still need to use fiat, unless you move away to another country, use other fiats, etc. CMIIW.
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Well, the banking sector in my country is fair. I will not say it's perfect, but it's just fair. Sometimes the bank is usually crowded, and if you visit the bank, you can stay on the queue for a long time; sometimes you can stay for hours and not yet be attended to. Although this is not the same in every state in my country, there are some states or cities where you will visit their banks, and the service you will get there will be very swift. I can only imagine how bad the banking system could be in your country before your aunt decided to burry her money. Although old people don't usually like stress and pressure, if your aunt is really an old woman, she probably just kept her money underground to avoid the stress of going to the bank and facing any stress.
It all depends in the country and the community where you reside. Some place the bank system is a mess with problems of withdrawal of funds easily. While in some places, it is fast and easy. I don't go to bank if it not something that needs my to be there in person, I use the POS outlets in my area to run fast and easy transactions online. No need for the bank queue. In my country some politicians that stole public funds and don't want the bank to suspect them. They do hide money in their houses and in strange places, and if any disaster happens, they lose it all.
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Sounds like a horrible place to live if theft regularly comes to your house and banks make it difficult to withdraw your money. Is what your aunt did common in your country, or is there an alternative other than using banks? Maybe moving to gold is also a good option, but it depends on whether you can safely store it or not. I guess using crypto is safer since you don't have to physically store it, but if there is a lack of liquidity it will be another problem you need to handle. I also believe you need to tell your government to fix their system. There's no other way around it if you still need to use fiat, unless you move away to another country, use other fiats, etc. CMIIW.
Crypto is safe if we are alive and is aware of our transactions and activity but it is not safe in time of death as it might be lost forever. Physical assets are recoverable to whom it may concern but if it fell in the hands of lawless elements since it is prone to theft and robbery then it's the other side of the story.
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I personally don't like banks, inflation is one of the reasons why and of course centralization. Though not of a big deal but they only have lowest interest rate compared to those that offers online or even crypto but if ever I am gonna be considering having an account it will just be intended for my emergency funds, I am not gonna save money from there but instead invest on inflation proof assets that banking system cannot offer. Inflation is high in my country and financial losses is inevitable.
I apologize, I may have misunderstood your answer, but banks as such do not create inflation. Banks sell money for money :)
Inflation is a higher level process. And Banks can only use this situation to enrich themselves.
On the one hand I don't like centralized banks in some part either.
But on the other hand (this is my personal opinion, and exclusively from my point of view and from the point of view of my needs) - banking services, at least in my country, are very convenient for me.
From ordinary life - there are a huge number of convenient and EXTREMELY convenient services provided by banks, for example:
- online payment of utilities. I pay in 5 minutes, utility bills for myself, my father and mother-in-law. From my cell phone, without any fees.
- convenient installment programs for buying goods. 0% commission, and the payment can be divided from 6 to 24 monthly installments, in equal installments.
- "Short" interest-free loans. up to 55 days, amount up to UAH 200,000 or approximately $5,000. You can pay for any purchase within this amount, and then within 55 days return the money to your card account without paying a penny of commissions.
- When you pay with the card - from all purchases (for their own funds) accrued cashback. from 0.5% to 10%, this does not take into account bonus and discount programs in retail chains.
If we talk about business conditions - I have business with partners in the EU. Every month I get a monthly profit. I opened accounts in hryvnia, dollar, euro for free. Transactions are free. Withdrawal from a business card to my "physical person" card - no interest. Foreign exchange earnings - I can also, online, even from my cell phone, sell on the interbank exchange, and within 1-3 minutes receive crediting.
Tax accounting - in the banking system there is a realization of basic accounting and tax accounting. In the reporting period - I receive notifications, the system itself calculates tax amounts based on the receipts of funds for the month, will form tax payments, which I just have to sign and send for payment. This is also done online, and can also be done from a cell phone.
As the owner of Visa Platinum, I am provided with many more useful and convenient services. Also free of charge.
So, from the consumer's point of view - the banking sector provides me with many useful and convenient services, requiring only one thing in return - to spend my money through the bank :)
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The stress and conditions in saving monies in the banks has also erupted situations of how some persons misplaces their funds or allocating them to thefts.
My aunty who died last week left no trace to her funds. Just few days ago after she was layed to rest it was discovered that she had been burying her funds undergrounds, just luckily so kids who were digging the ground during their childish playing around dug out $500 in a spot and calling on the attention of the elderly one then they began excavating the grounds within and were able to discover over $4,000 dollars from different spots. Who knows if there are others yet to be under the ground?
Yes we know she was trying to stay off from the banking stressing with the inconvenience of their terms and conditions of regulating and denying you the access to your funds.
There in my country the bank can frustrates the citizens especially the average citizens with their banking structures, sometimes you will go to the bank to make some withdrawal and you will be told that there is no money to give you but when you goes to deposit them will make it snappy for you.
At some points you will have to stay in the queue for over 2-4 hours before attending to you sometimes you will be demanded to bring some personal documents that is not so easy to get and only until you provides it is when they would let you have your money and they don't care how emergency or urgent you are in need of It.
Sometimes people goes to borrow money elsewhere just because they banks refuses to let them have access to their money saved there in the bank.
The caused of this banking issues which has aspired many to have their money saved at home or elsewhere aside the banks has also attracted thefts invading peoples privacies and points at where the monies are hidden.
Lost of people have also lost their lives on the process of trying to let the thefts succeeds in making away with their funds.
If the banking system was so friendly to the people there would surely be limitations of funds misplacements the funds thefts.
Accept my heartfelt condolences.
Truly, the banking system can be so frustrating at times that sometimes we just hope for a better way of saving money. My experience with the banking service was such that I was embarrassed lately because of the bank network. I went to a restaurant to eat with the hope of making a transfer to the vendor after eating. After eating I tried to make the transfer yet it wasn't going through. I tried and tried and so, I told the vendor to give me her account details so that I could try again later. I said this because she knows me too well but to my greatest surprise, she declined and instead told me to keep my phone and that whenever I have the money I should come to take my phone. I left my phone with her. Before then, I was expecting a call from a business partner. When I went back to collect the phone an hour later, my business partner had called severally and when he couldn't hear from me he gave the business out to another person. I just lost some bucks.
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Condolences to your aunty, I'm so sorry to hear that.
It is a hassle when your bank is like that. I think I would also be lessening the journey to the bank if that's the case. I think if you were to bank right now, mostly it's probably online banking right? So less hassle. I hope you recognize that if you were to use banks.
You should secure it in a great way if you ever do that as well. Thefts are bound to happen if you are known to have money and live in a dangerous neighborhood.
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Yes. Centralization will only benefit the rich.
Wait...Aren't banks created for that? make rich people richer :)
Just like you, I don't like banks, but I still need a bank account
The bank is only a bridge I use to process transactions changing fiat currency into crypto assets or vice versa (on-ramp). No more than that
Even though many people know that banks are one of the causes of the widening gap between the rich and the poor, the level of human dependence on the banking system is very high. Along with competition in this sector, each bank has a marketing strategy, especially with the onslaught of crypto, banks are more aggressive in carrying out promotions and innovations to attract new customers and maintain their dominance in the world monetary and financial system.
Maybe for some older generations, the banking system is complicated and complex. but for generations X, Y, Z the current banking system is relatively safe and simple.
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Yes. Centralization will only benefit the rich.
Wait...Aren't banks created for that? make rich people richer :)
Just like you, I don't like banks, but I still need a bank account
The bank is only a bridge I use to process transactions changing fiat currency into crypto assets or vice versa (on-ramp). No more than that
Even though many people know that banks are one of the causes of the widening gap between the rich and the poor, the level of human dependence on the banking system is very high. Along with competition in this sector, each bank has a marketing strategy, especially with the onslaught of crypto, banks are more aggressive in carrying out promotions and innovations to attract new customers and maintain their dominance in the world monetary and financial system.
Maybe for some older generations, the banking system is complicated and complex. but for generations X, Y, Z the current banking system is relatively safe and simple.
Yeah I know, It’s not all bad and I also won't be switching back to a landline or not carrying a cell phone :)
But I don't want to go back to something that many say is fully trusted, completely controlled, and gives power back to the banks who have our best interests in mind
My money is my money and is completely controlled by me.
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Banks doesn't really inconvenient these days or atleast where I am living, I can do everything online even you can use ATMs to deposits and withdrawals if you are in need of physical cash at any bank's ATM. So the country where you reside didn't cope up with the evolution of the system.
I knew old people doesn't give their money to anyone but they are smart enough to store them in the form of gold than burying under sand, who knows how much money turned into fertilizers.
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Banks doesn't really inconvenient these days or atleast where I am living, I can do everything online even you can use ATMs to deposits and withdrawals if you are in need of physical cash at any bank's ATM. So the country where you reside didn't cope up with the evolution of the system.
I knew old people doesn't give their money to anyone but they are smart enough to store them in the form of gold than burying under sand, who knows how much money turned into fertilizers.
As it turns out, which was also a bit of an "eye-opener" for me, it is true that in some countries the banking system is extremely "anti-human". At first I could not understand why people have so many claims and even hatred towards banks, when in my country it is a very convenient and comfortable service for people. I almost do not use cash - because card payments are more convenient and EFFICIENT. Payment by card implies a large set of additional services - from discounts to refunds, very comfortable installment payments, and much more. But it turned out that this is not the case in all countries.... It is very unfortunate that not all over the world convenient and comfortable banking services are available
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I personally don't like banks, inflation is one of the reasons why and of course centralization. Though not of a big deal but they only have lowest interest rate compared to those that offers online or even crypto but if ever I am gonna be considering having an account it will just be intended for my emergency funds, I am not gonna save money from there but instead invest on inflation proof assets that banking system cannot offer. Inflation is high in my country and financial losses is inevitable.
And I'm sorry, but that's a very controversial assumption. Can you give arguments and explanations how banks create INFLATION, in the public financial system ?
It is the description of the inflationary process itself that is of interest, please describe it - if not difficult !
PS Very often we take the "most popular" theories and explain everything with them. But very often the reality is different. And often it is very unpleasant, so it is "more convenient" to use "commonly accepted answers" :).