I mean when you request the $20,000 withdrawal, the bank would need a special delivery of cash, using an armed guard. Which obviously costs a lot more than $3LOL
not when i did it ... took out the majority of the account and put it every where ( ankle wallets ) money belt in an army vest under the shirt/coat and a sad old laptop carry-bag ... ( looked like i didn't have a pot in which to p*** )
and THEN got onto the council bus to go to a bank THAT CARED ( about customers )
worth the bus fare .. absolutely ( just for the look on the face of the new bank manager )
Well, you asked what parts of the traditional banking are superior to crypto, and I showed told you.You are comparing apples to oranges. Visa and MasterCard are not a final settlement layer. They are a layer 2 solution. They just tally up all the transactions then later settle it with the banks. The equivalent in the Bitcoin world would be the lightning network which is very fast and can handle 1 million transactions per second.
That is the banks fault for no longer keeping meaningful cash on site. Back in the 1990s and early 2000s it was common for an average bank branch to have $100,000 to $200,000 in cash kept on site.I mean when you request the $20,000 withdrawal, the bank would need a special delivery of cash, using an armed guard. Which obviously costs a lot more than $3
Again I reiterate that no you didn't show what was superior about traditional banking instead you compared apples to oranges. A Bitcoin transaction takes anywhere from 10 minutes to a maximum of a few hours to settle. A bank transfer can take up to 3 business days.Well, you asked what parts of the traditional banking are superior to crypto, and I showed told you.
As you mention the parts of crypto the mimic the traditional banking sector might be ok, but the parts of crypto transactions that are actually crypto transactions are slow and clunky.
Also didn’t mention my point of being able to identify yourself and gain access, vs potentially losing access to your funds forever.
And common answer is no: you will not get your money.@TimeISmoney Commonsense answer to that is "none of your business"
Speak of the devil.
Commonwealth Bank customers expose cash access issue for all Australians: 'Shut account with $33,000'
The difficulties all Australians can face when trying to access their own money have been highlighted by disgruntled Commonwealth Bank customers. Australia's largest bank has been under fire for a controversial $3 fee to withdraw cash, but there's another reason accountholders were unhappy.
A 61-year-old man, who did not want to be identified, told Yahoo Finance he shut down his account and walked away with the $33,000 balance after being asked about what he planned to do with a $5,000 withdrawal. However, there is a reason most banks will query what a large withdrawal will be used for.
That’s when people wanted to use it, but very few people use cash these days , so keeping the large amounts of cash laying around for a smaller and smaller user base increases the cost of the cash system exponentially.That is the banks fault for no longer keeping meaningful cash on site. Back in the 1990s and early 2000s it was common for an average bank branch to have $100,000 to $200,000 in cash kept on site.
my mum used to have a small shop , located very close to a BIG 4 bank ( and 2 others a very short jog away ) and noticed 'the white bag habit ' way back in the late '70sI can still recall doing the banking for the business I worked at in the 90s, the local banks had multiple armed hold-ups in the area at the time.
It was a quick scope of the car park for any suspect looking people and then a quick walk to the bank with the white bag full of cash and checks from a week's takings.
Nervous times when you had over 20K in a white cloth bag that most knew what was in there.
Let someone rob you, you knew you weren't getting paid for a few weeks, so you guarded that bag with your life.
back in the day , at least one bank per suburb , would have a LARGE walk-in safe , and have agreements with other local banks to hold the cash and other documents ,I mean when you request the $20,000 withdrawal, the bank would need a special delivery of cash, using an armed guard. Which obviously costs a lot more than $3
If the majority of cash was held at one central point in each area, wouldn’t that still require you to give notice for a large withdrawal? And require an armed guard to transfer the cash, and bring in replacement cash to replenish the stock?back in the day , at least one bank per suburb , would have a LARGE walk-in safe , and have agreements with other local banks to hold the cash and other documents ,
but times change , one bank/vault got bought by a gunshop and the safe became a secure gun rack , practice shooting range
in a different suburb , cash converters bought the bank-site/vault
the banks made choices to get where they are now .. i have no sympathy for them
Again I reiterate that no you didn't show what was superior about traditional banking instead you compared apples to oranges.
That guy is going to be upset one day when he gets a valet to park his car, and the charge him a fee.Because you could summarise the lot with a pictureView attachment 188990
that would depend on the locationIf the majority of cash was held at one central point in each area, wouldn’t that still require you to give notice for a large withdrawal? And require an armed guard to transfer the cash, and bring in replacement cash to replenish the stock?
As long as I can remember, you have always had to give notice, in 2006 I had to withdraw $13,000 and was told to come back the next day.
There are already people using apps which have attached digital cards which effectively allow you to spend your crypto as you do when paying with a normal digital credit card.ok, can I swap my current system of making my daily purchases with a credit card based in Australian dollars with this bitcoin/crypto system you think is better?
But isn’t that just still relying on the traditional system, which kind of shows that the traditional system is better?There are already people using apps which have attached digital cards which effectively allow you to spend your crypto as you do when paying with a normal digital credit card.
Anyone using CBA options here?
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