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Totally, I don't see it either as being as game changing as it's often mentioned. The main reason I'm interested in cryptocurrencies is because I tend to view

Totally, I don't see it either as being as game changing as it's often mentioned. The main reason I'm interested in cryptocurrencies is because I tend to view current banking system for individuals as a problem more than a solution. Last year alone, I've had to borrow cash from a friend because my visa was not replaced in time and I've been stuck at a grocery with all my goods because I had hit the maximum amount I could use with my card for the week, without any warning and having way enough money on my account. Not to mention how it's annoying that wire transfers always take two business days and are not proceeded during week-end (... why?). I can see the reasons behind that to reduce fraud, but I would totally dig having day to day money in cryptocurrency and being able to send them in a record time, always having visibility on what amount I can really use.

fixermark 11y ago
> Not to mention how it's annoying that wire transfers always take two business days and are not proceeded during week-end (... why?). Even though institution-to-institution exchange is done by computer now, the laws are still in effect as if it were done by humans who---working in the banking industry---get weekends off. http://www.npr.org/sections/money/2013/10/04/229224964/episode-489-the-invisible-plumbing-of-our-economy http://www.npr.org/sections/money/2013/10/04/229224964/episo...
- oelmekki 11y ago
  Oh, I see. We've been wondering about that with a friend for a while, without finding the answer anywhere. We assumed it was to allow people to react in case of fraud, being less active on week-end. Thanks for sharing!
SyneRyder 11y ago
Interesting you mention the Visa card issue, because that echoes the most compelling story I've heard in favour of Bitcoin, someone stuck overseas with all their cards cancelled and the only thing they could access is Bitcoin. [If you're Australian, check out their Coinjar Swipe card for using BTC in Australian stores & ATMs.] https://coinjar.com/stories/apostrophe https://coinjar.com/stories/apostrophe That said: it's a good idea to diversify your access to money. Have accounts at different banks - if your card gets frozen (eg online fraudster), banks will often freeze all your cards, so it's good to have cards with a different bank so you can still access some of your money. Prepaid / travel cards preloaded with some emergency funds are helpful too.
- oelmekki 11y ago
  Didn't think about the "global freezing" of cards in the same bank - indeed, one more problem. The diversity could indeed be a great point for cryptocurrencies. I don't know if it's the same everywhere, but here in France we had previously three main payment methods: credit card, paycheck and cash. Paychecks are now refused in most shops (there was too many frauds around them). And banks decided you can't withdraw cash anymore by visiting them (they don't want to hold any money anymore to avoid bank robbing), so you have to use your credit card at atm to have cash. Basically meaning that credit card is now the only way to use money.

fixermark 11y ago

> Not to mention how it's annoying that wire transfers always take two business days and are not proceeded during week-end (... why?). Even though institution-to-institution exchange is done by computer now, the laws are still in effect as if it were done by humans who---working in the banking industry---get weekends off. http://www.npr.org/sections/money/2013/10/04/229224964/episode-489-the-invisible-plumbing-of-our-economy http://www.npr.org/sections/money/2013/10/04/229224964/episo...

oelmekki 11y ago
Oh, I see. We've been wondering about that with a friend for a while, without finding the answer anywhere. We assumed it was to allow people to react in case of fraud, being less active on week-end. Thanks for sharing!

SyneRyder 11y ago

Interesting you mention the Visa card issue, because that echoes the most compelling story I've heard in favour of Bitcoin, someone stuck overseas with all their cards cancelled and the only thing they could access is Bitcoin. [If you're Australian, check out their Coinjar Swipe card for using BTC in Australian stores & ATMs.] https://coinjar.com/stories/apostrophe https://coinjar.com/stories/apostrophe That said: it's a good idea to diversify your access to money. Have accounts at different banks - if your card gets frozen (eg online fraudster), banks will often freeze all your cards, so it's good to have cards with a different bank so you can still access some of your money. Prepaid / travel cards preloaded with some emergency funds are helpful too.

oelmekki 11y ago
Didn't think about the "global freezing" of cards in the same bank - indeed, one more problem. The diversity could indeed be a great point for cryptocurrencies. I don't know if it's the same everywhere, but here in France we had previously three main payment methods: credit card, paycheck and cash. Paychecks are now refused in most shops (there was too many frauds around them). And banks decided you can't withdraw cash anymore by visiting them (they don't want to hold any money anymore to avoid bank robbing), so you have to use your credit card at atm to have cash. Basically meaning that credit card is now the only way to use money.