The bank froze all my money
Because I bought some crypto
I thought the money was mine
But the bank thinks it’s theirs
And since I can’t get it back
It looks like it’s theirs
You don’t own your money
Or your house
Or your super
They control it all
Discussion
Sad but true.
I think technically, legally you do own your money in the bank, you just are not in a possession of it.
And indeed, it means they can take it away from you with one click.
You need their permission to withdraw it.
Bitcoin, on the other hand, if it is in your wallet, you really own and fully control it.
A breakthrough technology.
Well, technically from a legal perspective your money in the bank is called a "chose in action".
Which is a fancy way of saying that it's a debt owed to you by the bank.
Which I'm sure you knew though.
And yes.
BTC SOLVES!
Yes, that's a more precise way of describing it.
Debt. That's right.
Thank you. Yes. Bank owes me "my" money...
Bitcoin solves it.
I recently did a landscaping job for some good clients of mine. I asked if they wanted to do a cash job.
The banks needed a few days notice to get the cash ready, and asked them a bunch of questions as to why they were withdrawing the cash.
When transferring money into the bank account, you are giving your bank credit.
