I Think it is Time to Ditch the Banks!

in #crypto6 years ago (edited)

aeryus-chainpayments-banks-overdraft-fees.jpg

"Last year banks collected over $30 Billion in overdraft fee! So basically banks took over $30B from PEOPLE who had NO money and that's why digital currency is important."

Yea, you read that right: $30,000,000,000 in overdraft fees. Plus monthly service fees, ridiculous interest rates, overdraft fees, putting your deposits on a 3 day hold so they can make money on your money —And for business owners it’s even worse — chargebacks on fraudulent purchases, impossible merchant fees of 3% or more on EVERY transaction, arbitrary delays for transactions rendered…it just never ends.

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Thats the basic principle of the american credit card system. Instead of you paying your bills, the bank is paying your bills - and you have to give them that money back, plus the interest. So once you are owing them money, you never get out of that cycle again.
But cryptos dont change anything in that - if you are broke, you are broke. Or what do you suggest? Buying cryptos with your credit card? The first step out of the mess must be to actually have some money after your debt is payed. Any kind of money.

When the banks are gone. Who will hold the keys to the cryptocurrency exchanges? Hopefully, not a single person like the recent news story.

Posted using Partiko Android

The best option is hold your own keys.

Exactly why I'm buying tangible silver and gold every chance I get.

Posted using Partiko Android

It’s sad, but that’s just how banks make money... and for now it still is impossible not to have a bank account...

Posted using Partiko iOS

What i hate about these fees is that the banks set up their order of processing to make these fees as big as possible.

Checks get sorted from biggest to smallest. So, one you run out of money, you get dinged many more times. (if ordered smallest to biggest, you would be dinged one time)

Deposits get sorted last, so that all the overcharges happen first.

And this is just the known stuff. I wouldn't doubt that banks sort things, and shuffle them over several days.


I very much like cryptocurrencies because you know exactly how much you have, and exactly when each piece is spent. Further, the fee is shown to you before, and agreed to before the transaction.

Now that is Bankster!

Sad story.
For that reason alone Blockchain will survive.
There will be no wealth spread among humanity.
Keep on postin

Posted using Partiko iOS

That's why crypto is the only way for the freedom from these banks

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