@bmjc98
edited
more from that month
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. https://read.cash/@bmjc98/why-i-invest-more-in-bitcoin-cash-than-in-the-bank-f3c9f64b ***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. Long queue 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. The limited supply of cash 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. Online banking doesn't work 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.
*Closing thoughts* 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`
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Ahhh same sentiments sis. I feel your friend. It is really frustrating when you still have to travel hours until you get into the nearest bank but you are welcomed with the issues you mentioned above.
Ouch. Saklap. Tapos you waited for hours tas biglang wala ng funds. Hayst.
These are really a headache when ever we need money urgently we have to wait for a long time and if suppose we need to use ATM machine then also at the needy time it don't work or the link goes down
Exactly! The struggle is real. I used to experience any of these too. I know the feeling. I think most of us do.
Yup dear it's every day's problem
In my country,,, banks are just like every other organization... Useless in times of need...
True. They are only good at promoting themselves but aren't reliable when it comes to delivering their promises.
Considering all the experience that physical bank can put you through, its very frustrating. Talking about covid-19, we have to enter the bank hall one after the other. One customer must go in and come out first before another customer. It sucks
Ughhh. Glad I didn't experience this. Seriously, banks need to level up their game.
Yang pila at nauubusan ng funds ang nakakastress jan e. Naranasan namin yan nung naglockdown yung sobrang kailangan mo na kaso halos lahat wala pumila ka ng maaga kaso naubusan.
Yun nga e. Alam naman nilang in need ng mga tao ng pera pero hindi agad nag lalagay. Okay lang if normal days.
Those banks are always removing unnecessary charges from my money in the name of stamp duty which I have no idea what it even means.
Not sure what that is too but here, they will charge you if you don't meet their minimum maintaining balance.
The banking system isn't as reliable as we think. They singly rip us of our money by removing money from our accounts for no reason. They call it "maintainance fee" lol..
That's how they legally steal your money.
Bank mostly waste one's precious time with alots of issues most especially the E-banking and all this makes bank not reliable at any time. I hope the typhoon issues are getting solve by now!
In some areas, they are still struggling while others are getting on their feet again.
I pray God help to solve the typhoons problem .
You give to people a way out of their mess and they still expect their government to protect and tell what kind of money to use. Most are so confused and don't understand crypto, and the crypto initiatives don't explain well the situation. Although the volatility of prices and the nature of most cryptocurrencies as speculative instruments is a deterrent, there is still high inflation today that should have attracted more in cryptocurrencies.
Yeah, bank aren't so reliable, I remembered when I use bank mostly for all my transaction and when it was time to pay my school fee and the money wasn't enough, I decided to take a little loan from the bank and it lead to heart break, they didn't even lend me, and this is a bank I do a lot of savings and transaction at. Another thing you mention is if she had invested in BCH, what if she did and the value dropped like it has now, what would be the outcome, LOST??
That's heartbreaking. It's like doing your friends a favor every single time but getting ignored when it was your time to ask for a little favor. As for the BCH price, of course, you need to explain how volatile crypto is. Imagine if someone invested in BCH and every time, the price goes up, he/she could take profit and swap it to USDT while keeping the capital, then he/she can save more. This is why you also need to tell them the downside of in investing crypto so they are aware of what to do.
Well, that's truth too, well analysied
Naku nga naman. Kung kailan need yung miney, dun pa hindi accessible. I know the feeling po, kaya nga masaya ako na may BCH ako to get rid of that problem. Hindi pa ako nabigo ng BCH not even once.
Sinabi mo pa. If need ng pera, one click away lang talaga.
Heheheh for me we are just using as the capitalist of the bank. Ginagamit Nola pera natin pag nag invest Tayo sa kanila pero kakarampot lang ang tubil nanaibabalik sa Atin but if nagloan tayo graveh Naman yong interest nila sa Atin. Hai naku unfair talaga
At me interest silang binibigay sa atin as their token of appreciation for investing in their banks pero me kaltas din naman. Natry ko dati, mga 75k ipon ko pero yung interest ko ang liit. Grabe. Yung buong interest nun kaya ko lang kunin in one day pag tumaas yung value ni BCH.
Sad truth talaga
Big yes jud ni sis. Mao ng akong bank account for transactions purposes only Lang jud akong money sa ako bank ky maintaining balance ra jud. Akong kwarta run naa Nas mga crypto wallets.
Run out of cash tungod sa kadaghan magkuha pero makastress jud na hunahuna palang.
I prefer to have my money at home in my cupboard of online wallet than to safe it in the bank, they can disappoint everytime, they are fond of it
Yan nga po ang problema sa bangko napakahirap magwithdraw, eh kung tutuusin pera nman natin un
I remembered this scenario during the time ng lockdown ng covid. Sobra hirap magtransact sa bank lalo na kung over the counter. Ang haba haba lagi ng pila. Sana maka withdraw na ang friend mo MJ,
Kya nga po
Narasanan ko na nga lng magpadala ng atm para lng maka withdraw ng cash😂
Sadly, the thought of crypto, BCH specifically is scam for many... They're not yet open minded in stuffs like this. Kaya push mo yan mam, to educate them more
I can relate with that one.. limited cash. We stood in a long queue, we were assured that there were enough cash. But when we about to get the chance, they put the notice on & went to have lunch.
I can say that this is true! Since our place is one of the affected areas of typhoon of course, atm machine is one of the sources of where the saving funds and then unfortunately, when I was at the machine its already an available. It was very disappointing.
Mahirap talaga pag ganyan yung sitwasyon sis, minsan nagkakaubosan din ng pera ang mga ATM machines. Kaya minsan di mo din maaasahan sa oras ng pangagailangan, kaya ako sa crypto nalang ako nag iipon, tumutubo din nman.
Well ate kapag ganto na situation no? Nakita ko ung mga mahahabang pila sa malls kung saan pwede ka mag withdraw via ATM machines. Ang haba grabe kahit saang mall ako nagpunta noon time na naghahanap akong cp ko. Mula Cb mall, SM central, pati doon sa may magic mall sa Urdaneta. Diko alam paano nila natitiis ung ang haba ng pila ang sakit sa paa kaya andaming tao. Kaya naisip ko, if siguro ako bago palang mag pasko, uunahan ko na sila mag Cash out. Siguro mas maganda nadin na mag tabi ng konte sa wallet para in case na may needs ang family mo ganon, emergency. siguro mas maganda if huhugot nalang doon. Kaya di lang po dapat tayo nagiipon sa bangko no, pwede din po tayo mag ipon ng barya barya araw araw sa may mga bote or mga kung saan pa pwedeng lagyan para may extra padin in case na may mga ganyang problema.
True. Yan ginagawa ko dati, nag iipon sa 4liter na water bottle. Kasi at least, if need talaga pang emergency, madali lang makakuha. And yes, especially during holiday season, withdraw na agad para di na mahirapan. Yun nga lang pag emergency gaya ng me mga bagyo bagyo, di mo talaga ma predict.
Putting money in banks has its pros and cons. The money gets to have an increase through time and it's like a secured piggy bank. However, as you've mentioned, in times of need, a bank is not the most reliable when it comes to financial problems. I also do hate long ques it takes too much of my time and what I do is that I withdraw when it's not rush hour. But it's different from your friend's situation, I hope that their place will recover asap.
The interest you earn from saving money through their bank is like cents when you're holding crypto. But yes, I agree, it has pros and cons.
*True yan sis kaya mas better talaga yung sa BCH nalang. Ilang beses na kami nawalan ng cash, in 10 minutes pagkatapos mag withdraw sa online wallet, makukuha na namin yung pera. Unlike sa bank, ang tagal. Na-try ko yan noon ang dami pang tanong pag kunin yung pera sa bank.*
Sinabi mo pa. Pag kunting pagkakaiba ng perma, daming tanong e nag present ka naman ng ID etc.
Agree... But we have no option.. hayz
Ganun talaga. Kung sana ma adopt na yung crypto, especially BCH, sa PH. Ganda siguro.
Me and bank have problem since I've started holding crypto, and here online banking is working fine. I think last year I go to bank but not to withdraw money. Bank are very frustrating
How I wish there's BCH ATMs everywhere. So we have more options to go to. :)
But from what I have read from 1 user, remittance centers also had a long queue (though not as long as it is with the ATMs I think) because some of the victims remitted money from their family/relatives. For me I think it is better to have cash on hand, cash in the bank and cash in ewallets.
True. Cash everywhere is a lot better.
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