Is Bitcoin Safe To Use? Shocking Bank Fraud Will Make You Say Yes
IS BITCOIN SAFE TO USE?
SHOCKING NEWS: Your banks are committing fraud, race discrimination, money laundering for drug cartels, rigging interest rates and bribery…!
Bitcoin is, (in my opinion) the safest monetary system available! Banks, governments and media are lying to you. I discuss these steps further below…
Is bitcoin safe to use? Before we answer that, let’s discuss the alternative…
Banks and financial institutions are mean to be trusted and respected places for us to place our money with.
We are mean to trust them with our hard earned cash…
But did you know that most of the major banks in the world are involved in bribery, fraud, discrimination and are being fined billions of dollars for their offenses…
The question has to be asked:
WHERE DOES THE MONEY COME FROM TO PAY THESE FINES?
IS BITCOIN SAFE TO USE?
The folks at Alternate.org share an interesting thought on this:
“The banks are very clever about things like fines, and in some cases, they actually have ways of making you pay for them. When HSBC got hit with a giant money-laundering fine, customers got letters soon after noting certain “changes.” HSBC, for no reason it cared to explain, would be taking longer to deposit monies into accounts. What the bank was really doing was increasing the “float,” or soaking up interest on the money in between the time you deposit a check into your account and the moment it shows up there. Was there any link between the money-laundering fine and what happened to your account? Makes you wonder.”
It makes it look like we pay for it in the end!
They further go on to show, that if you take legal action against a bank, even if you win, you may end up paying:
“There’s some very interesting fine print on fines buried way down in the terms-and-conditions agreements you have to sign when you open a bank account with big names like HSBC, TD Bank, and PNC Bank. Basically, if there’s any legal disputes over your account, and the bank has to fork over any fees, like attorney fees and so on, you get to pay them. In other words, if you sue your bank over a credit card dispute, you may have to pay for the bank’s losses, even if you win.
Here’s HSBC’s clause: “You agree to be liable to the bank for any losses, costs or expenses the bank incurs as a result of any dispute involving your account. You authorize the bank to deduct any such losses, costs or expenses from your account without prior notice to you.”
And what is scary about all of this, is that we sign the agreements and allow it.
Next time you get a document from the bank, you may want to ask your lawyer to explain it to you first…
So back to the fraud…
Here is just a tiny list of some of the frauds and cases that have recently been fought:
On 11th April 2016, Reuters announced that Goldman Sachs paid a fine of $5.06 billion. This settled claims that it misled mortgage bond investors during the financial crisis.
in addition, Goldman will pay $875 million for other claims with other agencies.
Settlements were also settled with JPMorgan chase ($13 billion), Bank of America ($16.6 Billion), Citibank ($7 billion) and Morgan Stanley ($3.s billion)
“We are pleased to put these legacy matters behind us,” a Goldman spokesman said in a statement.
Goldman Sachs failed to report a US fraud case. On 9th September 2010 they paid £17.5 in fines.
On 2nd April 2014, Goldman Sachs and 10 other companies paid £250 million in fines. The European Commission claimed that they were running a global illegal cartel.
The Economic Times reported that a former Goldman Sachs banker paid $4.5 million in fines for fraud. The banker was invoicing a client for fictitious accounts.
Goldman and Morgan Stanley paid $35.5 million in fines. This was for improper handling of post-crisis mortgage foreclosures.
Other financial institutions paid over $200 billion for ‘questionable behavior’ according to CNBC.
JPMorgan Chase paid in November 2013 $13 billion for lying to Fannie Mae and Freddie Mac.
Barclays were ordered to pay $2 billion fine for fraud during run up to the 2008 financial crisis
JPMorgan admit that every large bank in the US committed mortgage fraud.
In 2011 JPMorgan Chase admit to foreclosing on thousands of military families. They had no good reason to do so.
In 2012 Wells Fargo paid $175 million. They had put in place discriminatory and predatory subprime lending practices.
In March 2010 Wachovia was fined for laundering billions of dollars in illegal drug money.
In July 2016 HSBC was fined $1.9 billion for laundering Mexican drug trafficking money.
Recently reported on 29th November 2018 Deutsche Bank headquarters raided over money laundering.
JPMorgan has agreed to pay $264m to settle a US probe into its practice of hiring well-connected Chinese “princelings” to win business.
The settlement is the first to arise from a 2013 Securities and Exchange Commission inquiry over whether bank hiring practices breached the US Foreign Corrupt Practices Act. The 1977 law bans companies from paying bribes to overseas officials to win business.
Mortgage fraud…
Wrongful foreclosure…
Race discrimination…
Laundering money for drug cartels…
Rigging interest rates…
Bribing foreign officials…
NO major wall street executive one went to jail.
One of the reasons, that no one goes to jail and they can ask such questions as “what law was broken’, is that many of these cases get settled out of court.
This means they they do not have to admit any wrong doing and it saves them money on legal fees and long court cases.
Salon.com states: ‘Bank fines are simply baked into financial business. Until fines are much, much bigger and perpetrators at the top face the possibility of prosecution, the crime spree will go on.”
If you would like to read a horror story of bank fraud and fines, check this massive list out.
In fact what happened in these fraud cases was described by Business Insider as “The Biggest In History”
WHERE DOES THE MONEY GO?
It is the SEC and US Justice department give fines for:
Concealing risky products…
Kicking soldiers out of their homes…
Trying to scam bailout money…
And more…
The SEC has a list the banks whose activities ‘led to or arose from’ the financial crisis. You can see the list here. You might recognize some of the names listed.
This list does not include cases by:
The US Commodity Futures trading Commission…
The Consumer Financial Protection Bureau…
The Department of Justice…
The Office of The Comptroller of the Currency…
Or other agencies.
But where does the money go?
According to Alternate.org it goes to the following:
The SEC
The Federal Reserve Board
The Office of The Comptroller Of The Currency
The British Regulator
Relief for the people who lost their homes (this is a trivial amount)
Billy Jacobson is ‘a former DOJ officer.
He has gone on record as saying that the fines don’t pay for coffee and donuts for investigators.
Instead, the money has to go the U.S. Treasury. Restitution for victims is rare, and constitutes a trivial amount of what the DOJ brings in. In 2011 the DOJ took in $2 billion in judgments and settlements, and only $116 million went to restitution.
Barry Ritholtz of the Big Picture, says: “Only a portion of the settlements collected go to the actual victims,” stated Ritholtz. “For the most part the money is used to fund more investigations.”
In other words the victims, almost never get any help!
SO WHY USE A BANK THEN?
Very good question…
Could it be we are familiar with banks and a habit from previous generations.
Until recently we had no option but to use a bank. The world is changing though.
Let me share with you some thoughts about why we need a bank account from Investopedia
They claim we need a bank account because:
1) Security
2) Convenience
3) Saving & Investing
1) Security
Based on the above content, I would say bank security in not so good for us.
There is a list of 555 banks that have closed on the FDIC website.
At Wikipedia there is a list of bank that have closed since 2008. The list is quite long.
Credit card theft and fraud is huge. At Creditcards.com it states: “The Federal Trade Commission’s online database of consumer complaints has compiled 13 million complaints from 2012 to 2016, with 3 million in 2016 alone. Of those, 42 percent were fraud related, and 13 percent were identity theft complaints.”
FT.com also states “Recently disclosed results showed Citigroup, JPMorgan Chase, Bank of America and Wells Fargo took a combined $12.5bn hit from soured card loans last year, about $2bn more than a year ago.”
Secure? You be the judge of that?
2) Convenience
Banks are often closed weekends. Most banks close about 5pm until 9am the next morning (closed more than 50% of the time)
According to Westpac in this day of high speed communication, it still takes 3 days to clear a check (cheque)
Smart Asset.com state that “If you’re sending money to another country, it may take as many as five days for the recipient to receive their funds.”
I am living in Thailand. I asked my bank in The Philippines to transfer money to my account in Thailand. They stated that they needed an original signature to do that. which meant I would have to do a document transfer from Thailand to Philippines.
According to Forbes.com 1.7 billion people do not have access to banking.
Is any of that convenient?
3) Saving & Investing
Typical bank saving rates, are according to Bankrate.com, 1.80% to 2.25% per annum (In some countries it is worse)
US inflation rate for 2017 was 2.1% according to The Balance.com. This means with most bank accounts, investors and savers are actually losing money…
So is there a benefit to having a bank account?
Or do we only use it because there is no other option?
Proof The Banks Are Cheating Us
BECOME YOUR OWN BANK
Recently prepaid debit cards allow online transactions. It is not yet possible to do all online transactions with these cards. They do allow people to transact without a bank.
Paypal and Venmo, also opened up the world of online banking to us. With these services, we can transact business, accept online payments and transfer money.
We can transfer money using services like Western Union around the world.
Each has their own charges and pros and cons, but what is exciting is that we can bypass the banks if we want to.
There are new services growing that are taking the world by storm.
Coins.ph and it’s sister company Coins.th is growing. I can transfer money to anyone with an account in seconds anywhere in the world.
Coins.ph allows users to pay:
Utility bills;
Credit cards;
School fees:
Broadband fees;
Cable providers
Government housing contributions;
SSS contributions;
Insurance;
Tollgate fees;
And a whole range of merchants all from an app on their smart phones.
Coins.ph also have an exchange. Users can by Bitcoin, Etherium, Bitcoin Can and Ripple all from the dashboard in seconds.
You can withdraw money through banks, and stores, even a door-to-door delivery service.
You can also make money by referring other people.
It’s like a bank on your cell.
Coins.ph are not alone.
There are hundreds of services popping up all the time from WeChat in China To Airpay. Square Point of Sale, Google Pay, Paygo Wallet, Android pay and many many more.
The world is changing and the banks are falling behind…
Inconvenient hours…
Old banking systems…
Slow payment processors…
Expensive transfer systems…
Worst of all corruption, fraud and losses on a scale that should be illegal.
For some reason it seems to be largely ignored by the governments.
Sure, they seem to take an interest, but if they wanted to could they not stop the practices?
And when they do fine the banks, most of the money goes to government organizations (and not the victims)
Is it possible that they are all working together?
IS BITCOIN THE SOLUTION?
Until recently, the banks, financial houses and governments controlled money. This caused us hardship.
Well if you have read any of the other articles on this website, you will know that I am Addicted To Bitcoin
I and millions of other people think bitcoin it is an incredible solution.
The cryptocurrency platform opens up the world of finance to the whole world.
Bitcoin was not designed to make us money, but rather to give us freedom over money.
The whole objective of bitcoin was as “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution”
Bitcoin gives us financial control over our own money.
Making money is actually a side benefit.
If you had more control over your money, that should be a good thing, shouldn’t it?
If you could send money using bitcoin, anywhere in the world in seconds, would that be good?
If sending it only cost a few cents instead of the high charges that banks charge, would that not be a bonus?
If you could send any time of the day…
Even if the bank is not open…
You needed no 3rd party permission…
You would think that everyone would love the concept.
But it was not to be…
The Star said, Jamie Dimon said “he will fire any employee trading bitcoin for being “stupid””
He went on to say “I’d fire them in a second. For two reasons: It’s against our rules, and they’re stupid. And both are dangerous.”
He said it was against the rules, yet on 11th April 2018 JPMorgan again sued for bitcoin fraud.
JPMorgan has many suits for fraud with banking and fiat currencies. Now they are being sued in cryptocurrency. Now they are being sued in cryptocurrency.
Do you see a pattern happening?
DW.com state “Central banks in the US and Europe are warning about the cryptocurrency bitcoin.”
Business Today reported that “governments warns against cryptocurrency, says don’t get trapped.” They went on to say “There is a real and heightened risk of investment bubble of the type seen in Ponzi schemes which can result in sudden and prolonged crash exposing investors”
Express.co.uk reveal “Bitcoin price WARNING: ‘It’s a HUGE risk!’ Governments could BAN cryptocurrencies, Bitcoin and other cryptocurrencies like Ripple and Ethereum are under threat from governments who could ban the digital currencies, an expert has warned. “
If this was a detective show, would you not be thinking now that there might be a conspiracy theory going on?
Let’s recap…
The fraudulent banks are warning us that bitcoin might be a fraud and that we could lose all our money…
Governments that do nothing caution us about the dangers of bitcoin…
Did I read that right?
Something is wrong…!
The governments should warn us for doing business with banks involved in fraud.
Bitcoin is one of the most powerful financial tools the world has ever seen.
So why is Inc-Asean.com reporting “Why Bitcoin Is the Most Dangerous Global Scam in 20 Years When bitcoin inevitably crashes, inexperienced investors who believed the hype could lose everything.“
So why is all this negative press happening, when bitcoin seems to be a positive product?
Bitcointalk asks the same question. The answer is interesting.
It reports “the media earn money with news that provokes panic, in short the media make money publishing news that has a big impact.”
After Jamie Dimon called bitcoin a fraud, the price dropped.
A week later Jamie Dimon is being accused of market abuse in Sweden for bad mouthing bitcoin.
Is it possible that this negative press is market manipulation?
What do you think?
If you want a real insight, then watch this video:
So what should you do?
Is bitcoin safe to use?
You need to decide if bitcoin and cryptocurrency will be a long term trusted store of value.
Let’s look at the blockchain first. Blockchain is nothing more than a digital ledger of processed activity. Bitcoin sits on Blockchain.
It is permanent. You cannot change it
It is transparent and has not ever been hacked.
It’s decentralised so no one person or group controls it.
It is a secure system.
It is a permission less system.
Doesn’t that sound like the opposite of banks and governments?
Blockchain is here to stay. Thousands of companies and projects are now running on blockchain.
It is integrating into our society.
We cannot stop it.
Bitcoin cash “CEO” Bitcoin will be the greatest wealth transfer in history and could go to $1,000,000 per coin. Watch the video…
Is that worth investing in?
Those who understand bitcoin and cryptocurrency early on can make millions.
He goes on to say “If cryptocurrency fulfills it’s promise, and there is no indication it wouldn’t, then the equivalent of 1 bitcoin needs to be in the 2 to 5 million dollar range”
Today, bitcoin is $6700 a coin…
Now is that worth investing in?
I will let you answer that as I am not allowed to give you advice.
IS BITCOIN SAFE TO USE
Blockchain is the platform bitcoin runs on.
It is safe.
Never been hacked…
It’s permanent and cannot be altered…
So if the platform is safe, we need to look at bitcoin. Is bitcoin safe?
IT’S DECENTRALIZED
The PACE Project explain what decentralized is:
“A decentralized system is one which requires multiple parties to make their own independent decisions.
In such a decentralized system, there is no single centralized authority that makes decisions on behalf of all the parties. Instead each party, also called a peer, makes local autonomous decisions towards its individual goals which may possibly conflict with those of other peers. Peers directly interact with each other and share information or provide service to other peers.”
As a comparison, traditional money is centralized as explained in this post on Medium:
“System of traditional money is centralized, and the clear proof of it is that only government controls money and has the right to issue it. Try to invent your own money — you will be punished by the law. But nobody can prohibit you from inventing your own digital currency — it will cost as much as people are ready to pay for it, and now we can see the birth of new cryptocurrencies almost every day.”
The downside of a centralized system is that one group, one agency, one person controls it. In the case of the $US, the Federal Reserve controls it completely. We cannot do anything about it.
With a decentralized system. No one group or person controls it. It cannot be manipulated as the rest of the group prevent it.
This makes it safer for us!
IT’S TRANSPARENT
You can see all the blockchain transactions taking place live here at this link.
It’s actually amazing to watch. Some of the transactions are massive.
This is a live ledger taking place.
You cannot do this with a bank.
In this article by Coin Sutra, they explain that transaction are not linked to people:
“Bitcoin transactions, by design, are not linked to a person or identity. Public addresses are used for transactions- alphanumeric strings publicly recorded on the blockchain.
A person’s name, physical address, or email is found nowhere in the transaction. But a person’s identity can still be tracked down using public address info and IPs.
That’s why Bitcoin transactions are called pseudo-anonymous.”
It is possible to track Bitcoin transactions. The media and governments inform the public that criminals can hide in the world of bitcoin.
That is NOT true.
Bitcoinist.com explain:
“When creating a wallet, users are given an address that allows them to receive coins. This address is just a long string of numbers and letters, but each one is unique to the wallet.
This property of Bitcoin allows people to link wallets with real-world identities. For example, you send coins from your personal wallet to your exchange wallet. The wallet on the exchange could be linked to your identity.”
You will hear how you can buy guns, drugs and other illegal substances with bitcoin.
You can also pay for them in cash.
I have never bought a gun. I am pretty sure the dealer wants cash and not a traceable bitcoin transaction!
When the internet started, we were warned about how criminal activity would take over the world.
Of course there is criminal activity on the internet. We still can’t live without it.
There is criminal activity (by the banks) in the world of cash. We still want more of it.
Yes there is criminal activity in bitcoin and cryptocurrency. It’s all traceable!
So is bitcoin safe?
It no less safe than the other systems!
BITCOIN EXCHANGES HACKED
HOW I INVEST IN BITCOIN
I have been investing in bitcoin since Feb 2017. To see my full story you can read my book here.
It was an amazing journey.
I did make a lot of bitcoin and it changed my life. I went from almost broke to living an incredible lifestyle in Thailand in less than 1 year.
I cannot guarantee that this will happen for you.
But I am still investing in bitcoin.
And I use online programs to not only buy my bitcoin, but to also grow my bitcoin.
One of my mentors Dan Lok, says there are 3 big problems when it comes to making money:
1) People don’t know how to make money…
2) They don’t know how to keep money…
3) They don’t know how to multiply money…
Well I have the solution to that problem.
We are using bitcoin multipliers that compound our bitcoin and cryptocurrencies.
Albert Einstein once said “Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.”
Warren Buffet, understood compounding and said: “I always knew I was going to be rich, so I was never in a hurry to”.
So here is are my questions to you…
- Can you see past all the noise created by media, banks and governments?
- Would you like to get your hands on some bitcoin?
- If you see what I see, would you like to compound your bitcoin?
Last week, I was in Bangkok, with about 35 millionaires. We were discussing bitcoin strategies.
We are working with some of the top companies in the world and changing lives.
Every month, we have access to information that can transform your life.
Some of these guys earned between 15 and 40 million dollars last year alone.
I promise you my life has changed.
I went from $75 in my bank to living by the beach in Thailand in one year.
WOULD YOU LIKE TO JOIN US?
I work with a handful of new bitcoin investors each month.
This is what you will get:
Access to all the programs to grow your bitcoin
Access to specialized techniques we use.
Access to Facebook, Telegram, WhatsApp support groups
Regular online training meetings.
I share the techniques we use.
I do NOT charge you anything for working with me.
We are looking for people who are serious.
You have $1000 or more and want to get into bitcoin.
If you have less and are serious, we all consider you, but you need to tell us why we should work with you?
We work with a range of products, so after a quick discussion with you, you will know which is the right one for you.
Start today.
Show you are serious about creating a stream of income for yourself.
We only work with the committed. You have to be a pleasure for us to work with.
But if we do, your life could transform…
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Price Risk
We discuss bitcoin and cryptocurrencies on this website. They are highly speculative and volatile. Prices can and do change incredibly fast and it is common to see massive high and low swings. Massive losses can be incurred. You use this website accepting all losses as your responsibility. NEVER invest any more than you can afford to lose. Minimize your losses. DO NOT invest all your money in bitcoin or cryptocurrencies. Do not borrow money to invest. Do not sell valuable items to invest. Do not use pension funds, school funds or any other fund to invest. Only invest money which you can afford to lose.
It is possible, that bitcoin and cryptocurrency is not for you. Consult a fully qualified professional financial advisor before investing.
Tim Bennett wrote this post ‘Is Bitcoin Safe To Use? Shocking Bank Fraud Will Make You Say Yes”. it is exclusive for Bitcoin Training Camp ©2018
Bibian
Nice post dear
The only people that gained tremendously from bitcoin were those that started early enough when the value has not risen the way it is now. I don’t think I can be able to invest in bitcoin now because of the cost, but is there any other crypto currency that you think is nice and the price is a bit lower that I can invest in
Tim Bennett
Hi Bibian,
Thank you for visiting my site and leaving a comment.
Welcome to the team. I really appreciate it.
The great thing about bitcoin, is that you can buy a ‘bit’ and you do not need to buy a whole coin.
We have people investing as little as $50 to get started. If the price only went up by 10% (which is quite easy)you would still be doing better than having savings in a bank.
You know my opinion of banks!
There are many coins that are still very cheap, but bitcoin is The Lord of The Coins…
Ripple is also one to watch. If you need help, let me know here your level of interest and I can get you started:
Click here to get started
Look forward to help you out.
Tim Bennett
dreamgirl93
Hello,
I don’t think that bitcoin is safe to use and I wouldn’t get involved with bitcoin. Maybe you can gain from investments in bitcoin, but it requires a lot of thinking and calculation in my opinion. And I think it has a higher risk. And as for your statements “bitcoin is the safest investment. Banks and governments are lying to you” this does not result in my experience. I think banks are safe.
Tim Bennett
Thank you for visiting the site and also leaving your comment. I really appreciate that you did.
I appreciate your opinion…
My opinion, comes from my own experience with bitcoin. Bitcoin, from my experience, has no higher risk than any other currency such as the dollar, euro, franc, etc. all fluctuate, all have volatility.
Is there a risk,? Yes of course…
There is a risk in buying a house. How many people have lost their houses due to changes in market prices. Bitcoin is the same. If the price value goes down and you sell, then yes you can lose. If you do not sell and you wait for the price value to go back up. In the same way a home investor would wait for the house prices to go up.
Your experience may be that banks are safe. You might not have personally had any negative issues with them, but clearly you can see from the article that:
1) Banks are massively involved in bank fraud;
2) According to the articles they are also involved in money laundering, drug cartels and the such;
3) I attached a massive list of banks that have closed down.
On a personal note, I had an experience in 2016/2017 when my credit cards were hacked 9 times and the bank tried to make me pay for the losses. They were responsible for their breach in security.
It took me almost 1 year to get the bank to remove the charges from my account. By which time I had incurred massive loss.
If you have not had issues with a bank, you are very lucky. Hundreds of thousands of people have and they will tell you a very different story.
It’s pretty safe to say that you do not understand bitcoin and that is ok. It is new to many people, however if you look around you, you will see the world is embracing it.
I wish you success with your banks and thank you again for your comment.
Not everyone likes everything, so I truly appreciate your look on the topic!
Have a great one!
Tim Bennett
Ruya
I think I would be too scared to get involved with bitcoin as it has many risks. A friend of mine told me that her friend has made around $10,000 in a month with bitcoin, which is actually great but also a matter of luck or chance. For me personally, affiliate marketing is much safer, which is why I will stick to it. Great article though!
Tim Bennett
Hello Ruya,
Firstly thank you for your comment and visiting the article. I really appreciate you.
I agree with you. there is a risk. There is a risk to everything though.
There is a risk to doing something and also to doing nothing! we must all decide if we are prepared to take the level of risk.
Affiliate marketing is an awesome way to make money. It also has risks, but I would agree with you that they are lower probably than investing.
However, depending on your level of success, if you are making very little, that is also a risk.
Maybe for your friend, they did make money with bitcoin by chance. However there are many people who are making money with bitcoin and it most certainly is not by chance.
I am one of those people. I am making money with bitcoin and it is planned. I am a serious business man and gambling is not in my portfolio. And making money by chance is gambling.
I have been an entrepreneur all my life and I have seen many people go into business with no real skills in business and they fail. This is also not recommended and how many people treat business.
Bitcoin is probably not for you. It is OK to be a safe investor, it is very sensible if you don’t like taking risks.
Thanks again for dropping by and I hope you will visit again!
Tim Bennett
Daniel
Very good article with so many information. I must say that you are right when it comes to banks. We think that they are trusted but who knows what are they doing with our cash. I heard a lot about bitcoin but I have never give it much attention because it is a virtual money, I even tried to earn it in the past but without success.
Tim Bennett
Hello Daniel,
Thank you for your awesome comment. I appreciate you visiting the site so much.
Also appreciated are the kind words.
Banks were good once. They are becoming old fashioned and redundant as new technology passes them by.
Not to mention the massive fraud they are part of.
It is becoming increasingly difficult to use banks. They have so much data requests and prohibitive regulations.
I truly believe they need a big shake up.
I do not use banks much now.
Having bitcoin has allowed me to become my own bank. When I need case I transfer bitcoin and withdraw cash via ATM.
I withdrew almost all of my cash from my bank and converted it into bitcoin last year and it was one of the best things I ever did.
Now I control my money and not the bank.
If you ever need help with regards to bitcoin, feel free to contact me here at timbennettlive@gmail.com
Look forward to connecting with you again.
Tim
Vivi
I don’t trust banks at all. Somehow I am paying so much for having my affairs in order, even if I don’t make a lot of money. I agree with the fact that we keep out money in the bank because we don’t have any other choice.
I really like paypal, although I would like to pay less transactions fees, but it seems fair.
Last year I met a guy who was into Blockchain and bitcoin, actually the one he was working with was one called Ethereum. He tried to explain to me how i works but I think it’s just out of my league, your post is very clear and I think I should give bitcoin a chance!
Tim Bennett
Hello Vivi,
Thank for you for your awesome comments
The more I work with banks the less I like them.
They are demanding and uncaring in my opinion.
Paypal is wonderful except as you say expensive.
Bitcoin is relatively cheap to process, but has less acceptance right now.
I would be happy to help you take your 1st steps into bitcoin if you would like help.
Contact me any time at timbennettlive@gmail.com
Thanks for your time here today
Tim
Mary
I see more and more websites and articles about bitcoin. People are definitely creating a constant buzz around it. I live in the US and feel quite safe with my bank, with fast and easy electronic service for checks and everything I need. Bitcoin is not as broadly accepted as old good dollar. My kids school, supermarkets around, my utility company and others won’t accept any payment in bitcoin. Do you think it’s going to change any soon?
Two other concerns are the volatility and the amount of frauds related to bitcoin.
I know, any FX pair can be volatile, but looks like bitcoin is one of the currencies with really high standard deviation. What’s your take on it?
Bitcoin itself might not be a fraud, but there are too many shady businesses that use its name to scam uneducated people, that it’s hard to distinguish a legit bitcoin business from such a fraud. How do you deal with it?
Tim Bennett
Hi Mary,
First thank you for your visit to the site. I appreciate it so much.
Your comments and questions are awesome.
It is true, paying with bitcoin is a challenge right now. It is not a fully functional payment system. YET!
I think with time this will change.
Especially as the $ is in so much trouble right now. Are you aware that the US government pays half a trillion dollars a year in interest alone on it’s debt. And the debt is growing faster than repayments.
Eventually this will cause a collapse (Source: https://www.trustnodes.com/201…)
So there will be a time when the dollar might not be so healthy.
Bitcoin could be the savior!
The volatility of bitcoin can be an issue if you are short term investing, however over time, bitcoin has steadily grown year over year. It is on an upward trend, so long term investment seems to be profitable.
For day trading, the volatility is awesome!
It really depends where you are in the investment platform.
With time it will begin to settle down, especially as mass adoption begins. It will still have it’s swings for a few more years.
Research is the only way to deal with the shady companies in anything.
There is as much dishonesty in bitcoin as there is in banking, as in multi-level-marketing and business in general.
Before doing business with any company in anything (including bitcoin) background checks are needed.
All investing has risks and we must reduce the risks by a lot of homework and research.
Checking on Google is not a good place to do your research.
We work with a number of really great groups if you are interested in investigating more.
Contact me any tme at timbennettlive@gmail.com
Thanks again for your great input!
Tim
Babsie Wagner
Wow, it just goes to show that nobody reads the fine print when opening a bank account. They put all those papers in front of you, gloss over them, have you sign here, here, here and here, get all your personal information, and you don’t even realize you just signed your rights away. I cannot believe a bank can come after you for expenses because you sued and they lost. Wow, that’s crazy.
Tim Bennett
Hi Babsie,
Thank you so much for your observation…
It sounds incredible doesn’t it, that a bank which we trust with our money can treat it’s customers so badly.
I travel a lot around Asia. My main bank is in The Philippines and I have incredible problems with them. They want me to provide original signatures for everything, which sounds awesome until you travel.
I have online banking, but they also have massive restrictions on what you can and cannot do.
Crypto gets rid of all of these problems for me.
I have become my own bank!
If you would like to investigate further how bitcoin can help you in the financial world, feel free to connect with me at timbennettlive@gmail.com
Thanks again and happy banking!
Tim
Holly
Very interesting article. I know banks aren’t perfect, but they are the mainstream option for money management.
I am wondering what you think about Bitcoin possibly being used to fund illegal activities? I did a quick google search and saw a study from Feb. of this year that approximately 44% of bitcoin funds illegal activities. I’m particularly concerned about human trafficking. Where does bitcoin stand in all of this?
Tim Bennett
Hi Holly,
Thank you for stopping at my website and leaving your awesome question.
Right now banks are indeed the main option for money management. I think we will see this start to change over the coming years.
I am personally using banks much less since I started to use cryptocurrency. I believe as crypto becomes more understood people will shift to want personal control over their money.
Time will tell…
Is it possible that bitcoin can be used to fund illegal activities? Yes it is.
However KYC (Know Your Customer) is now required by virtually every crypto exchange so it will become harder to use bitcoin for illegal purposes with time.
Also every single transaction is recorded on the blockchain and law enforcement can actually trace back to where the coin is being shipped from. Total transparency is difficult.
There is an interesting article on Forbes that discusses this point here at https://www.forbes.com/sites/j…
When the internet was launched people said pretty much the same. There were warnings that the criminal world would use the internet to hid.
Did they? Yes…
Is the internet perfect? No…
Is bitcoin perfect? No, but it’s getting better.
The whole concept of bitcoin was un-regulated community, but I personally think that is a bit naive and some regulation is needed.
I am not sure though that we want the same people who destroyed our present financial world to regulate bitcoin.
What do you think?
Tim
Rob S.
I will admit that I don’t know all that much about bitcoin. But I do know I’m not an investor or a risk taker either.
Banks are about as safe a risk as I’ll take.
For me, I’d have to know a lot more about bitcoin and it would take some real convincing for me to invest. I am putting what money I do have into investing for my affiliate marketing business. It’s the safest bet for me.Bitcoin may make money for some, but until I had enough money, I couldn’t invest even if I wanted to.
Tim Bennett
Hi Rob,
Thank you for visiting my site and your comment
I really appreciate you !
Bitcoin is not for everyone. Well not yet anyway.
I still think that bitcoin will go through many changes, trials and battles before it becomes mainstream.
It is certainly not a good platform for people like yourself who like to keep things safer.
And that is awesome.
Some people like the freedom of entrepreneurship, while other like the security of a job. There is no wrong. Personal preference is always king.
I hope you fund the post informative and if you would ever have any questions about bitcoin, I would be happy to help you.
Reard
Tim
Andrew
Hi Tim,
I really enjoyed reading your article on is bitcoin safe.
I must admit that before reading your article, I was very unsure about bitcoin as there does seem to be a lot of negative publicity surrounding it. Now I’m thinking of maybe dipping my toe with a small investment. What would you suggest as an amount to get started? Thanks in advance, Andrew
Tim Bennett
Hello Andrew and thanks for being part of this topic.
Bitcoin is a strange commodity because very few people understand it and the media tend to mislead us with the wrong information…
They scare the public into sell (when they should buy) and they drive the public into buying (when they should be selling) as the price goes up and up.
Bitcoin is simply a currency, on online currency, that allows us the public to transfer it without 3rd party permission (such as government and bas).
This allows us to control our finances, which is why I believe there is so much negativity surrounding bitcoin.
Governments do not want us to have financial control. Banks do not want us to look for alternatives.
The reason we use the banking system is because there has been no alternative…
Now there is…
Bitcoin is not a negative product…
In the same way that dynamite is not bad…
Can they both be used for bad purposes? Yes, but that doesn’t make them bad…
To answer your second part…
I cannot give you financial advise, however, the price of bitcoin has risen steadily since it was created 11 years ago…
It looks like it will continue to rise even more as the availability goes down and the demand goes up…
If you did want to explore, I would be happy to help…
Should you invest (in anything) start with small amounts until you understand…
I actually started with $100 in 2017…
Look forward to helping you get going!
Tim
Danijel
Hello Tim, I must say that this article is very helpful and informative. Honestly, I find not so many people invest in Bitcoin today primarily because its value goes so much high. Folks who have invested in the past can do something now but today it is very risky. I thought 1 year ago to deal with Bitcoin but many say it is not worth it.
Tim Bennett
Hello Danjiel…
Thank you for being part of the conversation…
Investing is always risky… In any product…
However, bitcoin has year over year increased in value and it does not loo like it will stop.
Based on pure mathematics the price should rise as the demand goes up and the availability goes down.
There is a part of bitcoin that most people do not think about and that is what bitcoin is actually designed for…
It was not so much about speculative price value, but rather to provide us a tool that allowed us to transfer bitcoin (money) without 3rd party permission and recorded on a ledger that cannot be altered.
This actually provides us with financial control.
The price is irrelevant to it’s use case.
This is where the real value is…
Most people who lost money with bitcoin did so because they did not fully understand bitcoin and because they did not understand the fundamentals of investing…
They mainly bought driven by greed and fuelled by the media’s messaging of “Buy Buy Buy”
Bitcoin has the ability to help us create financial independence…
If you would like to know more feel free to reach out to me.
Tim
cpascal
It’s ironic that the same large banks that are warning against Bitcoin have invested in it themselves. Banks don’t tend to invest in things that they think they’re going to lose money on. It looks like they realize that their debt-based currencies are facing serious competition, but they don’t want to miss out on any profit that could be made from cryptocurrencies.
Tim Bennett
Awesome…
You get the point exactly…
They working from the “Don’t do as we do… Do as we say” principle…
Banks are creating their own coins…
Countries such as China is creating it’s own coin…
Even Facebook is creating it’s own coin…
But they don’t want us too…
If a centralised bank creates a centralised coin, its just the came as our present broken, debt ridden system.
In fact, if all the debt was paid, the system would collapse…
Should you wish to explore your no-permission needed banking system, I would be happy to help you…
Up until now, we had no choice but to use banks…
Now we do and I am moving away from banks to alternative options, where I control my own wealth…
Interesting Yes?
Tim
Abagatan
I do agree that banks now are cheating the people. The BPI now is charging a fee of 100 pesos for money transfer from BPI to BPI, this is any amount. Money transfer companies are much bearable in their charge fees.
I have been hearing this Bitcoin but what I know is that it’s a gambling company. I really don’t know what is Bitcoin all about. Will it not be another ploy to scam people around the world?
Tim Bennett
Hello Abagatan…
Thank you for joining the conversation…
Having lived in the Philippines for over 20 years, I am amazed that the banks are allowed to charge for transfers to their own branches…
Especially as the money does not actually move, it’s just data entries…
Bitcoin is not owned by any company…
It is controlled by the people…
This is what makes bitcoin such an amazing tool, is that it is decentralised and no one person, company, organisation or country controls it.
We control it…
I have bitcoin on my phone…
You can buy it through 7-11, Cebuana and move it around on apps such as Coins.ph in the Philippines. It is also legal in The Philippines as it is in many parts of the world.
If you would like to understand it more and to see how you can make more money with bitcoin, let me know..
I would be happy to show you
Tim
Stratos K
When i hear about Bitcoin and about crypto currency in general I feel a little uncomfortable not because I believe it’s fake or anything but in general when you don’t know about something you always feel defensive about it. I think it’s this lack of knowledge that make people skeptical about bitcoin in general and only when they start to learn more about it and how it works trust will improve.
Tim Bennett
100% agree with you Stratos…
There is a fear in the unknown…
My role with this website and these articles is to spread the message as to what is possible with bitcoin.
I am not giving financial advice, but more an overview and a small education about how I see the role of bitcoin in our lives.
I hope it helps, reveal the true identity of bitcoin and help the reader make better decisions.
I believe that bitcoin is the greatest transfer of wealth we will ever see and I want to be part of it…
Do you?
Nuttanee
The monetary system has been corrupted for a long time. One of my friends call the banks as a bankster. They are technically a wiseman that just come and take everything you own when you miss your payment. There are so many fine prints in the contract that we sign, most of them we have no idea what it means. Most of us do not even know that we allow the bank to use our money so they can make a profit from our hard earned money. However, when we want to withdraw cash at a certain amount we have to let them know first, what is that?
I have been investing in cryptocurrency for 3 years now. Not sure where it is leading because the price has dropped after the bubble but at least I have a back up plan.
Do you only invest in bitcoin? Do you invest in any other cryptocurrency?
Tim Bennett
Hello Nuttanee…
You make some great points indeed…
The banking system is indeed broken. And in my opinion, corrupt…
It is this very broken system that sparked the creation of blockchain and bitcoin…
I think it is ironic that the banks warn us about using the system that was created because they were broken!
The price drop in bitcoin last year, was nothing much more than market cycles…
I believe we are in the early stages on the next cycle that will bring new high prices the lke we have never seen before…
On a personal side, I invest heavily in bitcoin, but I do have some interest in a few other coins…
If you would ever like to see what I do, I would be happy to show you
Tim
Paul
Dear Coach,
True, some create a bad impression on Bitcoin. However, it’s a safe way and personally I did some transactions using Bitcoin before it was banned in my country. And didn’t faced any problem.
May I ask…
Tracking is not easy sometimes and the time period is also not in control or fixed. Many times it’s slow and there is a delay in confirming the transactions. They say it depends on the traffic & queue. How to go about it? Please advise.
Tim Bennett
Hi Paul…
Great to hear from you again…
Each bitcoin transaction is given a unique code. This can be tracked on blockchain.com If you need help doing that, I will be more than happy to show you how.
Transaction times do indeed vary…
Each transaction has to be verified and this does indeed take time.
However, it is much faster than traditional money transfers such as a bank…
I think you will see speeds increasing in time as new technologies come into play.
Tim
St Paul Severe
Okay Coach I got it and thanks a lot!
Tim Bennett
Awesome Paul…
Hope it helps you with your bitcoin planning
Tim
Jessie
Hey, I have heard of Bitcoin, but have never really used it. I knew a lot of what you had said but bitcoin does scare me a little bit. The primary reason being, isn’t bitcoin used in the Dark Web a lot? And don’t hackers use that information to track where you are? They may not steal it, but they know where you are. I am probably wrong here, and watched too many moviews so if I am, please correct me.
Tim Bennett
Hi Jessie…
You ask some great questions here…
In the early days of bitcoin, it was associated with the ‘dark web and illegal activities…
However these days with the creation of such things as KYC (Know Your Customer) being implemented by exchanges, it is hard for bad use of bitcoin.
Also contrary to popular belief, you can actually track bitcoin transactions…
Every transaction has a unique code attached to it, which can be traced back to a sender…
Personally I am more worried about the tracking Facebook and Google do. There is almost zero privacy online now because of these two giants…
Bitcoin on the other-hand cannot be hacked…
Exchanges can be hacked, but then so can a bank or a credit card company…
The exchange, bank or credit card company is a centralised system, therefore a security risk…
Bitcoin and blockchain is decentralised and cannot be hacked
Hope this helps
Tim
Nate Stone
Hi Tim,
I was looking at a different one of your articles earlier, I realised that this article may help further answer some of my questions. To be honest I started reading and it took me quite a while to digest this clause from HSBC:
“You agree to be liable to the bank for any losses, costs or expenses the bank incurs as a result of any dispute involving your account. You authorize the bank to deduct any such losses, costs or expenses from your account without prior notice to you.”
The fact that financial institutions are bad mouthing bitcoin and then potential profiting from this, is the definition of market manipulation in my mind.
So would I need to $6,700 in order to begin purchasing/ investing in bitcoin?
Am I right in thinking I need to use a system like Coins.ph to transfer payments?
Tim Bennett
Hi Nate…
Isn’t it amazing that the banks are allowed to have this kind of clause in their agreements…
And we sign them without reading…
The price of 1 bitcoin is fluctuating…
Right now the price of 1 coin is about $9200…
Buy you can buy bits of a coin )bitcoin)…
I started in 2017 with $100…
Jane started with $50…
Buy you can start with as little as $1…
If you live in the Philippines, then cons.ph is one of the best tools and it allows you to buy bitcoin from 7-11…
If you are outside of The Philippines, contact me so I can help you get the right tool…
Tim
vza Original
Hey Bitcoin Addicts and Newbies! This is definitely the main place to go to if you want to get the whole truth and nothing but the truth on BTC investment and opportunity! This website is full of valuable and genuine Information on how the System is designed to make you lose your hard earned Money. Invest in Bitcoin and become financially free!
Tim Bennett
Thank you vza for your great thoughts…
My goal is to share easy to understand information and to share the bitcoin / bank fight as I see it.
Non of it is intended as financial advice, but rather sharing thoughts to make the reader think and make better choices
Glad you enjoyed!
Tim
Wilson
I have been interested in bitcoin for a few years now. It is just so scary to get involved with. I don’t know anything about how to buy it or how to spend it. I’m not very tech savy but I would love to get involved I’m going to check out your bitcoin training camp!
Tim Bennett
Hi Wilson…
The great thing with bitcoin is you can start small and grow as your confidence grows.
If you would like me to show you how to get started feel free to reach out to me at timbennettlive@gmail.com
Regards
Tim
Tohin
Hi,
I guess I would agree and disagree with your points in this article.
Like when you said the banks are NOT safe and that bitcoin is a better alternative. Well, I believe it might be a good alternative, but that does not guarantee its safety either.
The same way you detailed the frauds in the banking system, I believe there are frauds in the bitcoin world as well. Especially when the system is as confusing as heck!
In fact, when it comes to their mode of operations, bitcoin I think is a lot vaguer and confusing to understand than how banks operate.
Come to think about it, when you trade bitcoin, like buying it, for example, you definitely need money for that, right. But, where do you get the money, of course, it’s from a bank account.
Which means, still, we can’t deal with bitcoin independently without having to deal with bank transactions, and yet you said those could be boycotted. You can now see how confusing it is.
Also, about it not been controlled by anyone, then who created it? who made it known to the world? And who is ensuring its high-level security as you mentioned?
And, is there any man-made thing that is actually permanent without any alterations whatsoever? Which I believe bitcoin isn’t an exemption either!
Like the more I read the claims about this cryptocurrencies, the more I get confused, and the more I have more questions I need answers to.
How I wish it could be simplified without any complexities whatsoever!
Anyways, I would appreciate your input on this. I might be wrong as someone who is not deeply involved with it as you.
Tim Bennett
Hi Tohin…
You make some very good points…
Bitcoin can be confusing…
Everything new can be and it takes a little while for it to become less confusing…
When I 1st started, I had no idea what to do…
Now I move around in the bitcoin world without a thought…
As you become more involved you will understand it more…
There are indeed frauds in bitcoin…
However, it is not so much fraud in transactions, but more about the exchanges.
I have never had an issue as I only send bitcoin to people I know. In this case there are no issues to send from wallet to wallet. Bitcoin cannot be hacked…
But exchanges are human operated (centralised) and are subject to fraud. Where man is fraud is.
I actually do not need a bank to buy bitcoin.
If I have cash, it is sufficient. I can go down to my local 7-11 and buy bitcoin…
In the same way I can go to a money changer and swap dollars for euro…
Once I have bitcoin, I never need a bank again…
Even to convert it to cash!
I can do it all online with apps!
i hope this helps
Tim