The banking sector is one system that has enslaved people around the world for a long time, I see their scheme as one made to extort from people irrespective of their financial condition. I know you do be wondering what they have to do with enslaving people, I will make that clear as you read through to the end.
I give credit to the banking system because they have played lots of roles in our lives and we have appreciated their work so much because we didn't have an option aside from them and we were ignorant about how they were extorting us as we engage with them. At one point, we started seeing how they were cheating but we still didn't have a choice because there was still no other option.
Cryptocurrency came and we believed that in it will come freedom from the shackles of the banking sector, we started having the hope of gaining control over our money and yes we did but it didn't give us the hundred percent freedom we wanted. Something came up to our rescue but millions of people across the globe are turning blind eye to freedom.
Before we go deep into what true financial freedom means, let me open your eyes to the things you didn't pay attention to in the banking sector. It might not be the same all over the world but I will be using Nigeria's banking system as an example of how we have been cheated all this while.
My story
I started using the bank personally in 2008 and I have had the worse experience but I will share just one scenario.
During my final year in the Polytechnic, my bank account was frozen due to verification as claimed by the bank officials. The verification was a lie because I was ill and indoor throughout the week and nothing like any verification official came around.
It took me three weeks to get my money out and the school payment was due, it made me had an extra year for the first two papers. I had to pay an extra school fee as well because I had to pay for tuition and attend class as well.
The account wasn't unfrozen until after my first two papers, I went to different centers to lodge complain but nothing was done. They all referred me to where I opened the account which was not even in the state I was living in then, it made me wondered if the banks weren't working together because I expected every branch to be working hand in hand with each other.
Aside from big issues like the one explained above, there are everyday issues we encounter for dealing with the banks and they are :
Bank Charges.
This is one thing that makes me angry with the banking system, the charges are extreme and sometimes I wonder why it happening like that. You get charged for everything you do with your account:
Checking your account balance via Ussd code will make them debit your account.
Atm maintenance fee.
Transfer fee.
Receiving few.
These charges are ridiculous to me because the bank thinks they are doing us a favor but it is vice versa because we are the one doing them a favor by keeping our money with them while they use it for other things to make a huge profit.
The point is, what are we benefiting from making them rich with our own money? Nothing, instead we get extorted through their silly charges. The lowest of their charges would be at $0.10 for the smallest of transactions.
Restrictions and Limit
I have been to the bank countless times to resolve the issues of restrictions and it is annoying getting restrictions over my own money.
Sometimes ago, my uncle who wants to work as a building contractor had an issue with his account so he paid some money into my account not knowing he made a big mistake. While trying to send the money on the day he needed it, I was restricted to half a million naira which is less than $1100. We were thrown into confusion as we try to cover up the payment while the bank was holding on to his money.
Why would you have enough money in the account and still be disappointed or even treated like you came to beg for money from the bank?
Another restriction is the number of transactions that I can do daily with my card, I have limited and once I reach it, there is nothing that can be done to bypass it even if it involves an emergency.
Delay in a transaction.
It can be annoying waiting for a transaction to drop after doing it. Don't be surprised to know that some transactions take a whole day to be successful and it will shock you to know that some take more than a day, some won't deliver, and will never be resolved. If you doubt it, check the screenshot below.
Banking Hall Stress
The stress people undergo in the banking hall is not a joke and it sometimes results in serious disagreement between the customers and staff of the bank.
During the pandemic, I spent over 7 hours trying to withdraw my money for an urgent purpose. Even after the lockdown was eased, things haven't returned to normal and the most annoying thing is that they won't stop taking your money but getting it back becomes the problem.
As I said earlier, we had so much faith in cryptocurrency and many embraced it but it was hijacked and it became a project only for the rich. I didn't understand until I paid $26 for a transaction less than $50 and it began to look like the financial freedom we seek won't come after all despite the promises made by the digital currency.
But a turnaround happened, something extraordinary came to fulfill the purpose of cryptocurrency. It existed a long time but I got to know about it late last year and my experience with it made me understand that we are assured of perfect financial freedom in this one world we live in.
BCH (bitcoin cash)
You might be wondering what it, it is the future of the world currency, I use to believe that fiat can't be completely sidelined until I discovered BCH.
Bitcoin Cash is a perfect replacement for every form of currency the world has ever used, why? Bitcoin Cash is everything you need in a currency be it fiat or crypto to have the best transactions in the world.
Are you still doubting? Come along, let me tell you more.
Bitcoin Cash transactions are super fast.
When it comes to speed, BCH runs faster than Usain Bolt. No matter how big or small your transaction is, it drops before your blink your eye after sending.
There is no delay at your point of payment and you don't have an issue with your money getting stuck at either end of the person involved in the transaction. You have not just one option to transfer from one wallet to another and they are:
Shareable link
Normal transfer
QR code.
All these options are available on the Bitcoin wallet and they are super fast and cheap when used for transactions anywhere and anytime in the world.
Its transaction fees are extremely cheap.
Bch makes transactions affordable and that's one reason why its adoption will be very massive around the world. You can pay bills at stores, malls, and other places with a very cheap transaction fee you can't get from a bank or other crypto out there.
No hidden charges.
Unlike the banks, the Bitcoin wallet doesn't have any hidden charges for maintenance or whatsoever.
All that can be required from you is an update on your device if there is a new version of the app.
Aside from BCH, what else do you need to have control over your money?
In my case is nothing because I will rather get more BCH than keep Money in the bank for the benefit of the bank at my loss. The choice is in our hands, this is not a post to confuse you but something to make you understand what it means to have control over your financial assets.
BCH is freedom and this banking system will end soon