Banks Are NOT So Reliable In Times Of Needs
I used to think that having a bank account makes you feel like you're in total control of your money. When you need money, you can just withdraw anytime you want with any amount you need. But as soon as I got my own account and got to save a decent amount for a year or two, I realized that banks suck!
I have already mentioned Why I Invest More In Bitcoin Cash Than In The Bank but today, I'm going to write another one based on my friends' experiences.
So the story goes like this...
A friend of mine has joined a so-called Sinking Fund, where people contribute a certain amount per payday and gain profit from the interest, which they can all enjoy by the second week of December. Similar to what I did with my neighbors.
Everyone was pretty excited, knowing that they have secured a decent amount they could use for Christmas and other stuff they want. Unfortunately, the typhoon had hit the country and caused a lot of damages, from wrecking the house to having power shortages and a low supply of clean water. It was such a disaster, which explains why my friend was so eager to claim her money from another friend who handled the so-called Sinking Fund.
Now here's the problem, due to the recent typhoon, many people require cash, which makes the banks always loaded while the ATMs are constantly running out of funds. Hence, it prevented her from withdrawing the entire savings in one transaction.
Since everyone needed cash, many had to go to banks and ATMs to withdraw their savings. Because of that, you can imagine how long the queue was for the past few days since the typhoon hit the country. I don't know about you, but for me, that's quite stressful to wait for hours just to withdraw your savings. According to my friend, she had to wait 7 hours long just to withdraw some cash through an ATM machine because the queue was too long.
Another problem was the limited supply of cash in the bank. Because of the long queue that would take them for long hours, the ATMs would usually run out of cash. If she chose to go to withdraw over the counter, she was also worried that it might take her forever to finally have her number called.
Unfortunately, at that time of talking to the handler, online banking wasn't working too. I guess it was due to an unstable connection that opening the app took forever and mostly, errors occurred. So even if her last option was to send the money via online banking, she still couldn't do it.
Now, many of my friends are so frustrated coz they can't still have the money they saved for one year. They were expecting to have everything on the second week of December, but until now, only a few were able to receive their savings.
Upon hearing this, I felt sad for them because they had to experience those, especially with their current status now. My friend, who has saved quite a lot has been dying to have her money back because she needs it so badly to pay for the rent, fix the damages caused by the typhoon, and a lot more. Since she works online and the electricity is still out, her job is pending, which means no work, no pay. Not to mention, she also needs money for their daily expenses at home.
Now, she and the others have no choice but to wait till everything is back to normal again. Imagine if they have invested in BCH, they won't be dealing with these problems here. They can just send as much amount as they want without having to wait for our hours for the transaction. All they need is a data connection and an available cash remittance center nearby to claim their money. In short, investing in Bitcoin Cash could save them from stress and hustle like this.
So far, most of my friends are not open to the idea of having BCH, though I have already introduced it to some of them. I guess it's time for me to push it through so they know how useful BCH is in our daily lives.
Entry #2: December 4, 2022