Re: "Be your own Bank with Bitcoin" - A reminder why this is so important!
⭐ Merited by The Pharmacist (4)
https://www.reuters.com/world/middle-east/woman-holds-up-lebanese-bank-13000-her-own-money-advocacy-group-says-2022-09-14/
" One woman with a gun and some associates briefly held hostages at a branch of BLOM Bank (BLOM.BY) in the capital Beirut, before leaving with more than $13,000 in cash from her account.... "
" Lebanon's banks have locked most depositors out of their savings since an economic crisis took hold three years ago, leaving much of the population unable to pay for basics. "
Let's just imagine this scenario where you have to "rob" a Bank to get access to your own money that you deposited with them. We think these things are impossible, but it is happening and this is a reminder that it does still happen.
Bitcoin allows you to be your OWN Bank .....and it allows you to have access to your own money, without any intermediary having the power to block it. Just make sure that you have sole access to your Private keys.
" One woman with a gun and some associates briefly held hostages at a branch of BLOM Bank (BLOM.BY) in the capital Beirut, before leaving with more than $13,000 in cash from her account.... "
" Lebanon's banks have locked most depositors out of their savings since an economic crisis took hold three years ago, leaving much of the population unable to pay for basics. "
Let's just imagine this scenario where you have to "rob" a Bank to get access to your own money that you deposited with them. We think these things are impossible, but it is happening and this is a reminder that it does still happen.
Bitcoin allows you to be your OWN Bank .....and it allows you to have access to your own money, without any intermediary having the power to block it. Just make sure that you have sole access to your Private keys.
Okay but this is bad and this is might not be the best analogy to spread adoption. I mean holding a living as a hostage because you weren't allowed to have access to money with a gun on bank premises is a big offence. Banks can be so frustrating and I can talk from experience but you don't want to get locked up just to get your $13k by threatening the lives of others, you may end up spending all of that in court or probably end up in prisons if there terms and conditions don't qualify you to have access to that money.
However, this can be avoided in the first place if you don't keep money in the bank, you can switch to bitcoin as an alternative to protect your assets but it comes with its own merit and demerit, volatility has been the reason why it discourages some people to keep their emergency money or savings in bitcoin. Let's say, for example, the woman bought $13k worth of bitcoin when the price was at $40k, that will be a loss to her with half of the value right now and now that the sister is sick and in need of money for treatments, she will have to sell because they can't hold while another life is at stake. Each of its own with its advantages and disadvantages.