If you think about it, the system for saving money in the bank is too complicated even though the money we save in the bank is guaranteed. But because the process when I want to make a withdrawal is too complicated, I dare to conclude that there is no freedom to save money in the bank. Our money but not ours. We must completely prove all the data when we want to retrieve it.
Bank are too bad when it comes to privacy - so if you care about financial privacy, then you shouldn't consider banks as the best place to store your money. It's a good idea to invest in gold or anything that you can cash out at any time with your own rules - so you won't completely rely on the bank providing you with money whenever you want.
Thank You. Useful message for me.
Financial privacy is a necessity for me to care about.
I wouldn't say banks are too bad in terms of privacy because there are still many out there who think that saving money in banks is safe and comfortable.
I also care about an uncomplicated system of financial freedom without having a lot of rules
For others, we leave it up to them to care about financial privacy, although secretly I want them to care about it too.
Choosing to invest in gold instead of making deposits is an alternative for free space that we can exchange without having to wait and complete many administrative requirements.
Bank will always be involved in most cases - even cryptocurrency users will still have to use bank services to withdraw their fiat from trading platforms. Banks have strict rules and even you have to tell them the reason why you are withdrawing large amounts of money and where you got it from. This is of course never good - I don't want it to be like that.
That's right. In my area, some users who are active in crypto trading have to attach proof of transactions for the last three months which is requested by the local trading platform to be able to make withdrawals to fiat even though the trading platform user has completed KYC.
In short, the trading platform implemented it because in my opinion they had to comply with government regulations although I can't confirm that's their reason.