Post
Topic
Board Bitcoin Discussion
Re: Another reason am chosing bitcoin.
by
tabas
on 01/08/2024, 09:44:36 UTC
Something happened today which makes my choice of bitcoin more stronger than the centralized fiat and traditional banking system.

I transferred some amount of cash to someone to get me a few items I would be needing for my project at hand, a day after I received a call from the him that his account has been freezed due to the amount received into the account that the bank told him it was above the account grade and he has to come with some required documents for the upgrade to a higher tier and this has to shift my schedule I have arranged for my project to a day further.

While I was with a feeling of  disappointed I recalled I have been stacking a few unit's of bitcoin in my wallet and have never experienced this crazy shit neither have I heard any bitcoiner make such a lousy complain about bitcoin whatever the amount of bitcoin transfered into their wallet. I don't think there's anyway the fiat system can be compared to bitcoin, the more experiences I encounter the more I see how advanced and greater purposes bitcoin serves.
It's normal for these banks to verify the deposits and transfers. But it will be odd if the amount isn't that much and that's only a payment for something that you've purchased online. Based on your story, it looks like you have transferred a huge amount that triggered the bank to make that call and have some follow-up for another KYC. And that is true that with Bitcoin, this won't happen if you're going to send a payment to another wallet but it can also happen on exchanges if you deposit amounts that are out of your limits.