6 ms·
I'm usually a crypto sceptic but your story scares me, because it'll only get worse with time.
by fyzix 3y ago
I'm usually a crypto sceptic but your story scares me, because it'll only get worse with time.
- krupan 3y agoJust a tip, stick with Bitcoin, not crypto.
- zb3 3y agoHow can I pay my bills with bitcoin while being debanked?
- krupan 3y agoLots of discussion in the comments here about how ingrained banks are into our current system. I do honestly see Bitcoin as a way out of that, but at this early stage of it, you'd probably have to get help from someone who is not debanked in order to interact with our heavily banked system. If you are honestly interested in this, take a close look at Strike.
- 2-718-281-828 3y agoBTC or BCH?
- krupan 3y agoBTC. BCH was a failed attempt at improving Bitcoin
- BLKNSLVR 3y agoI mostly agree with krupan's answer below, but it depends on use-case. BTC for investment or long-term store of value. BCH, or various other alternatives (Litecoin, XRP, Stellar, cough Nano cough), for making payments. But if you can use the Lightning network, then BTC works for payments as well (arguably - in this space anything and everything is highly arguable). If you're seriously looking down the track at using cryptocurrency, spend some time playing with small amounts of it to see how it all works. Different coins have different use-cases, and it's very confusing to come from zero knowledge. Also transferring and converting between different coin types can kill you in fees, so keep an eye on that as well. And in doing your research don't believe what anyone says about anything, especially youtube folks. Find the most likely narratives amongst the jungle of snakes and traps, based on your own experience at detecting bullshit and applying logic.
- krupan 3y agoI'm sorry, but playing with anything other than BTC Bitcoin and lightning is just going to waste your time and resources. I'm sorry, but the last 15 years has taught us that again and again. Definitely do your own research, start with small amounts, but be very, very careful especially with anything not BTC.
- BLKNSLVR 3y agoComment feels like a great example of a bitcoin-maxi. An important data point, worth paying strong heed to, but also worth understanding the reasons behind bitcoin-maxi perspectives in order to see where you fit along the scale. Bitcoin itself has the longest, most proven history. It's the safest house in the least safe neighbourhood. It's also the best performing asset of it's lifetime so far (something like that anyway). It's use-case has changed since it was created, and there are additional use-cases to which other cryptocurrencies cater, smart contracts being the primary example (which then facilitate a whole other ecosystem of products, of arguable value and utility to humanity). I'm around 50% bitcoin-maxi, to expose my illogical stance :) I also have barely a little toe dipped into that particular asset pool, so my opinion isn't necessarily fully formed or well founded.
- hanniabu 3y ago[flagged]
- krupan 3y agoI was answering the question about how to interact with non-bitcoin users today. That requires trusting some third party. Strike is a good one for making Venmo like payments. The best exchange right now that I have found is Swan. If you know of better ones please chime in
- Quindecillion 3y agoYou obviously don't spend much time in, or interacting with, the Bitcoin community.
- Ridj48dhsnsh 3y ago> take a close look at Strike. Could you clarify what you find interesting about it? I skimmed their website and looks like just a lightning wallet. Am I missing some key feature that helps one interact with fiat systems?
- krupan 3y agoIt is a lightning wallet, a Bitcoin wallet, an exchange, and a venmo like payment app.
- x-complexity 3y ago> How can I pay my bills with bitcoin while being debanked? Acting as an alternative to krupan's Bitcoin-centric answer: - There are other crypto rails other than Bitcoin that could be used in its place. USDC & stablecoins in general is going to be the medium-term winners in this space, as more services are set up to help people pay their bills with stablecoins. Here are 2 services that I've found within a few minutes of searching "USDC pay bill": https://www.spritz.finance/blog/pay-bills-crypto https://www.spritz.finance/blog/pay-bills-crypto https://bitpay.com/bill-pay/ https://bitpay.com/bill-pay/ - As for transaction costs, L2s are already being deployed, and their fees will only be further reduced as improvements to the L2 networks are made. https://l2fees.info/ https://l2fees.info/
- Tao3300 3y ago[flagged]
- catlover76 3y agohuh?
- Tao3300 3y agoAs a rule of thumb, people calling crypto a "space" are trying to hustle you.
- TheCapeGreek 3y agohuh? I'm no crypto fanatic, but I call plenty of things a "space". It's basically a synonym for niche?
- Tao3300 3y agoGlad to hear that. Notice I said > rule of thumb Not to be confused with a universal law. See also that the other comments pointed out that the USDC recommendation didn't even make a whole lot of sense. Hmm...
- rossrubacon 3y agohttps://bylls.com/ https://bylls.com/ if your in canada
- orangepurple 3y agoAnything with KYC puts you at risk of being de-banked. And every payment processor requires KYC.
- orangepurple 3y agoYou can't. Every US Dollar touch point is heavily regulated. Back in the day Local Bitcoins was the way to convert crypto to cash but now its highly regulated and they implemented enhanced anti money laundering controls.
- CapricornNoble 3y agoHmmmmm, I wonder if there is some way we could setup a website like Local Bitcoins but decentralized? Like with ipfs or i2p or something...
- webninja 3y agoThe sellers who run it as a business might risk getting an unlicensed money transfer penalty depending on the country they are operating from. Law: 18 U.S. Code § 1960
- hanniabu 3y agoEthereum trumps bitcoin in pretty much every metric except for market cap, which is lagging because bitcoin has the name brand, simpler for people to understand, and misinformation spread by bitcoin maxis and competing chains
- vvpan 3y agoYeah, to say that "Bitcoin" is the epitome of blockchain technology, an ever-innovating field, is either ignorant or disingenuous.
- krupan 3y agoBitcoin is ever innovating in ways that are safe and transparent, see Taproot that was added fairly recently. Other crypto has proven to be at best run by incompetent folks, at worst straight up scams. Either way you lose with them. Sorry, but that's what the years have taught us.
- vvpan 3y agoWell, I would totally disagree. I love safe and transparent but it is just not what gets the job done. I've had to transfer money to people around the world and people have asked to send them dollar-pegged tokens on networks like Tron and Polygon. These are not ideologically sexy networks at all but they have clearly found product-market fit. Metamask (convenience) + low fees + fiat peg (less volatility and easier to understand) and people are all about it. And, whether we like it or not, it works. Meanwhile I've had the majority of my net worth on Ethereum for over 5 years now and am not really worried about it. And I get user experience that I can never get with bitcoin, like social recovery smart contract wallets. And taproot is two years old.
- lightedman 3y agoSafe? Tacking on higher energy-costs through more complexity and increasing pollution across the planet as a result of the increased energy expenditure is safe innovation? Distributed permissionless databases of any sort are a bust and a scam, period. This was tested and found true in the 70s.
- SrslyJosh 3y agoBitcoin is a cryptocurrency, Chuckles.
- amjnsx 3y agoIt's important to point out that the words "cryptocurrency" and "blockchain" aren't mentioned once in the Bitcoin whitepaper.
- pjc50 3y agoThe phrases "chain of blocks" and "electronic payment system based on cryptographic proof" do appear, though. The shorter coinages came later. (Hilariously the first google hit did not work, so I went to the second https://www.ussc.gov/sites/default/files/pdf/training/annual-national-training-seminar/2018/Emerging_Tech_Bitcoin_Crypto.pdf https://www.ussc.gov/sites/default/files/pdf/training/annual... - look who's hosting that)
- klauserc 3y agoWhy reach for crypto? My strategy would be to have a small emergency fund with a different bank. The risk of being debanked by two independent banks _at the same time_ seems lower than crypto.
- atemerev 3y agoAbsolutely possible if you are, say, an immigrant. And will be possible in many other cases in the future.
- cortic 3y ago> The risk of being debanked by two independent banks _at the same time_ seems lower than crypto. I use 3 separate banks for this reason. But honestly, the 'reason' for dropping me might be a 3rd party risk assessment that flags something and services all three banks... Or some sort of story or hysteria that could trigger three similar systems. Using a decent crypto currency with good practice, the biggest threat is me messing something up. And i can put systems in place to minimize this. The only issue is that most things i spend moneys on don't accept crypto and so still need banking services to use crypto. I hope this changes.
- anonzzzies 3y agoI use 5 different banks and have cash. The problem is that with the lame (primarily US driven) overreaching AML nonsense, banks will not take any risks and close whatever they don't make a lot of money on at the first sign of issues. Why would they not. What do you do if multiple/all banks closed your accounts for no reason at all outside that you are too small a fish to put an actual human on to verify the validity of the closure? Is there anything outside crypto and stuffing money and gold in your mattress?
- uconnectlol 3y ago...until they implement a system to automatically corroborate your accounts and close them all at once, which will happen, "because crime". security theater only gets worse over time. but right now you "hackers" can stop this since 99% of transactions can still be done in cash. but you won't because you're all fake.
- shapefrog 3y agoUsing Crypto is probably the #1 reason for being debanked ... Unverifiable, untraceable money arriving into your account does not work well with AML regualations.