Paying for stuff, I don't think I've really had a problem at the time. I don't know what the maximum you can withdrawal from an ATM is, but I doubt you can get $20k+. I also can't access my safe deposit box 24/7. My dad got all his banking stuff f***ed up because he bought a boat on a credit card, paid it off a few days later, then the bank said that was "suspicious behavior" because most people don't pay off their CC in full.Originally Posted by Salty_Aus
I have never had a problem paying for something. Sometimes I've had trouble having enough money to buy what I want, but never have I had issues deciding on the many choices I already have. If I forget to grab enough cash I can always hit a free ATM machine, or pay with my Visa debit card and incur zero fees, I can also do an EFTPOS (electronic funds transfer at point of sale) or swipe my phone even, and if I'm really stuck for choices I can write a cheque. Or the dreaded CC and absorb some fees, which I never do being a cheapskate.
I'd be MUCH more concerned with someone hacking my crypto coins then the bank having to eat any fraudulent charges. And if I have to lock them away in cold storage it kinda defeats your argument that the funds are always accessible.
Yeah that blockchain technology very well could be incorporated into our lives, but not in the current manner it's being used.
Banks are never closed, I turn on my phone and I can transfer up to $100,000 per day 24/7... furthermore many of these transactions are instantaneous if it's to the same institution, and usually free. To another bank it might take 24hrs, but usually free. Then of course we have ATM's if you really need cash.
I've never had a bank account closed or shutdown. The closest I've come to having a bank account closed is from receiving money from Coinjar when I sold some BTC recently.
Well I sincerely hope you are wrong, an uprising and mass migration to cryptos will suck. Too many coins in the hands of just a few, and this wealth was not really earned or deserved.
But on the other hand, I wouldn't mind if people stood up to the governments and the 1% that rule us.
Good luck with your six figures, greed is good.
My grandpa uses cash for pretty much everything and he'd deposit or withdrawal cash when necessary. One day his account got flagged or suspended for "suspicious withdrawals/deposits" (or something like that) and had to go through a whole rigmarole to get it fixed. In the mean time, his social security or whatever it is old people get, stopped going through because of his account being suspended. Now, he doesn't particularly need that SS money, but it definitely helps and is something he's paid into and deserves.
The banks shouldn't be allowed to lock up your account because you're using your money the way you want to, especially when it's being used legally, small amounts, and no evidence or ties to any illegal activity. Your money is literally in their hands and at their mercy.
I had a credit card turned off a while back. It was always paid in full (automatic payment from my checking account). They wouldn't tell me what happened or why it was turned off. It really f***ed me up because I was in the middle of a trip and that was the card I used when travelling, as well as monthly bills like electricity, gas, cable, Pandora, iTunes, etc. and it was also set up through a bunch of websites so I wouldn't have to re-enter my CC information again (like through Caesars hotel reservation website, Amazon, and others). Now the problem was, other than fixing all over those and changing it to a new CC to be automatically billed, I didn't remember all the things that were being billed on that CC, so a few weeks/months later, I'd get services shut off (like Sirius XM and Pandora, IIRC) because the card couldn't get charged. Thankfully, it was nothing important and I didn't get charged interest for not paying.
Yeah, right now there's a bit of a problem of having to secure the coins in cold storage, but I can imagine this would only be a short term "problem". I'd imagine a secure device, like a smart phone (but secure, and specific to cryptocoins) would be made where you can scan a QR code and send the amount you owe.
Yes, if/when there's a mass migration and adaptation to cryptos, it would totally suck (for most people), but that's mostly because the economy would be absolutely dogshit and everything would be all chaotic. Eventually, I think it will happen, once people realize how much they're getting screwed.
EDIT: Also, many of the problems aren't necessarily for us in the USA, but for people in other countries. Our economy is pretty stable compared to some other countries's economies.
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