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Bitcoin Vs Banks - The Ultimate Showdown! Who Wins And Where?

Discussion in 'Bitcoin Nigeria Community' started by Prezzy, Jan 9, 2017.

  1. Prezzy

    Prezzy T=Trusted Admin

    As I will always start most of my threads here in Jackobian,... If you don't know about Bitcoins, please click here = Btc School: Online Seminar On Bitcoin Investment And Growth!

    Read up the Bitcoin introduction article with the link above then progress to learn more about how the banks and Bitcoin wallets compare below.

    You might wanna check this out too = Nigerian Banks Will Surfer A Great Deal In 2017. Why? Bitcoins!
    It's a good read too for those that loves to read predictions!

    I predicted that bitcoin will hit 1000 dollars in 2017 and it has done that already. Though it hardly lasted. So the prediction above will still come through the way I see it!

    Bitcoin, Bitcoin wallets vs your Normal Banks

    I had always wanted to review these guys or rather compare them side by side and tonight am finally doing so! Happy me...

    Before, I start, let me make the truth clear, Bitcoin beats Banks in all aspects except tracing and getting back your money should anything happen to it!
    That's just it.

    With that in mind, let's develop something here.

    1. Availability
    Yeah, if they aren't available, then the use of their services will be largely limited so that's why am starting with availability.
    Our banks especially here in Nigeria are largely known to falter from time to time and it's normal to meet people in banks who wants to verify transactions they made with their movie apps!

    The availability of Bank services is not 247 as all claim. I think it should be something like 217 on the average.

    Blockchain, Xapo, etc however have much better performance in this regards. Hardly will one experience difficulties with transferring Bitcoins from his/her account to that of anyone.
    I think I Have experienced some issues with blockchain before once or twice when their website was down but you can be sure it didn't take long for them to come right back up!

    Hence when it comes to availability, Bitcoin and Bitcoin wallets have better uptime than bank apps!
     
  2. Prezzy

    Prezzy T=Trusted Admin

    User agreement and Requirements

    Aha, Have ever gone to bank to open a dollar account before?
    Well, you'll be able to understand this if you have ever tried that. If you haven't, then I assume you have gone to the bank and had seen some people begging others to sign some documents for them so they could open some accounts.

    Yap, that's it. That's a Dom account or maybe just an ordinary current account or sorts.

    The banks are fond of requesting heaven and earth during registration and account opening. I don't need to start mentioning the requirements but you can hear weird things like *the color of your house*

    Your ID card is involved
    NEPA bill or any utility bill
    Endless questions and enquiries.
    Endless papers, some involving repetitions and all.


    I once opened an account with a bank only to return few weeks later for a dollar account only to meet another set of documents to fill out and the line up of requirements were still there... In the end, I could spend only $300 daily on that card!!!
    We are getting there.

    So, basically, these banks will want to know even your favorite food before they can help you store your money... It's heart rendering to say the least that in the end, you'll most likely be disappointed by their service which in these days have gone from bad to worse with little hope for revival.

    Not to say they are completely out of point anyway but the requirements and terms of agreement is simply too much!

    One more exercise...
    Go to First Bank and request for your account limit to be lifted above 1 million naira to about 5 million or 10 million and see what happens.
    They will present a dangerous document called... Document of indemnity.

    It's nothing to write home about but then, that's what makes them safe per say considering they have the ability to trace some to a large extent using the documents they have!

    In the end, the requirements is simply out of place.

    On the other hand, Bitcoin requires your email address and maybe your phone number to set up a wallet for you and you are in!
     
  3. schoolhelp

    schoolhelp Upcoming

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