What just happened to me is further proof traditional banks are living in the past

I’ve been writing professionally for six years and that comes with its pros and cons. Pros, I can work from just about anywhere as long as I’ve got WiFi and my laptop, and it’s hard to even call it ‘work’. And the cons? First and foremost, it is very difficult to monetise your creativity, which means that every dime matters.


This I’m why royally pis*ed and infinitely frustrated at what happened last week, when my bank blocked a wire transfer that’s now lost in the ether. No pun intended.


Every element of this story further explains why people are growing increasingly fed up with banks. They rely on procedures that are either obsolete – if that’s the best they can do, or downright dishonest – if they could be better but choose not to.


In short, the company I am now writing for wired me my pay in USD but my bank only accepts EUROs and automatically rejects every transaction that’s not in EUROs. First of all, this is risible in 2022, and secondly, they say it’s “clearly stated” in their terms but it isn’t. I was indeed able to find the paragraph where they talk about this – after some digging – and they keep it very vague and, crucially, they don’t explain what happens to the money.


I tried to get in touch with the bank using every possible channel and after two days, all I got was an email from customer support, written by somebody who clearly didn’t even bother to read what I wrote because their answer was completely unrelated, and a copy-paste message from their FB messenger. I tried calling, which was expensive and useless, because automated customer support has never helped anyone.


They say the money will eventually be returned to the sender but they can’t say when, because “there are intermediary banks involved”.


None of what just happened is acceptable. It’s bad enough that a bank in the EU can arbitrarily choose not to accept this or that currency, including the USD, but it’s crazy that the money isn’t returned immediately if they don’t. And not only do I have to rely on a middleman – the bank itself – but said middleman relies on more middlemen.


Part of the reason why I love crypto is trust is (almost entirely) removed from the equation, and nearly everything you can or can’t do is by design and straightforward. Transactions take seconds, minutes or hours depending on whichever crypto you’re using but again that’s by design, the middleman factor is only present if you’re using exchanges and even then things are usually more straightforward than they are with banks.


I’ve been doing everything I can to avoid banks as much as possible, because in my experience every other option, including other centralised options like Revolut are much better. Or at least not as bad. The only consolation is this is a losing battle for them.


Crypto is a game that plays by its own rules and will eventually bend regulators and traditional financial players around it. They just haven’t realised it yet.


I’ve crossposted this article on readcash, LeoFinance and Publish0x, a social media platform that pays you small amounts to create and/or read content. You need to sign up but it’s 100% free.

Bitcoinea is unsponsored and independent. If you like the content please subscribe to the WordPress website, follow on Instagram it helps a bunch. Also, if you want to support the website with Crypto, any donation in Eth (or any other Ethereum-based token), Btc, Nano, Xmr, is highly appreciated (see address below) Thank you.

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Btc: bc1q40wwu2qshpwkpurtyyrhs5t3kq0szrfjlyzmku

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If you’re here, you’re on the right side of history

Three things this morning: Russia officially confirmed it wants to adopt crypto as legal tender, BTC reclaims $45,000 and Fitch, the American credit rating agency, has decided to lower El Salvador’s score due to bitcoin adoption.


Please take a moment to consider and remember this: back in 2007 and 2008, right before the financial crisis, credit rating agencies kept concealing the risks of CDOs by assigning high-value rankings to mortgage-backed securities, even though the underlying mortgages were collapsing. I’m gonna give them the benefit of the doubt here but even the most bank-loving, rose-tinted glass wearing person in the world will have to admit that they were either seriously wrong or they were lying. So do you trust them with bitcoin now?


I don’t want to sound like a crazy conspiracy theorist so I’ll just stick to what I know and that’s crypto. Little by little, day by day, the lies – or let’s call them ‘mistruths’ – and myths about bitcoin have been debunked. Everyone knows bitcoin is immune to inflation but it is also immune to censorship and, more importantly, it is immune to opinion. And that, in this modern day and age where people think their feelings and opinions are truths and facts, is hugely important.


Speaking of inflation, some have even tried to argue that bitcoin is actually not that great as a hedge against of inflation, but their argument is weak. First of all, bitcoin shouldn’t be described as a ‘hedge against’ inflation, it should be described as ‘immune to inflation in the long run’, because that’s what it is. Because it means that bitcoin’s value can be impacted by global events, yes, but it can’t – and it won’t – be altered by the arbitrary inflation of its supply. Which is exactly what we’ve seen with the U.S. Dollar.


Banks and governments don’t like bitcoin because they’re quickly realising they can’t really control it. At least not the same with efficacy and power they control FIAT money. So they try to fight it or, that’s the case with El Salvador and Russia, they join in.



I’ve crossposted this article on readcash, LeoFinance and Publish0x, a social media platform that pays you small amounts to create and/or read content. You need to sign up but it’s 100% free.

Bitcoinea is unsponsored and independent. If you like the content please subscribe to the WordPress website, follow on Instagram it helps a bunch. Also, if you want to support the website with Crypto, any donation in Eth (or any other Ethereum-based token), Btc, Nano, Xmr, is highly appreciated (see address below) Thank you.

Eth: 0xF8D5df20ed7B80624B02F21661DD0Fd57bf27F0D

Xmr: 8BZ1CtEoQsu1AekeSRmum5Y9o15RGjnbGbY34EertEYxYtXLsTwsH4bHQQrDf1Azz2du9h6NucR5aTxtMHpKRH38QhCkDu6

Btc: bc1q40wwu2qshpwkpurtyyrhs5t3kq0szrfjlyzmku

Nano: nano_3931o9kgduoqpt6wi6148dbooj8458wzi6djqkiocyqkkfyus71agxbtzg13

Doge: DD7use8x8Zw37XumJcwQxfkiqYR4eo5pjF


Use this link to get a discount on Undone Watches

Use this link to get a discount on your first Glovo order

Use this link to get up to $250 in crypto on your first deposit on BlockFi

Use these links to get free crypto on your deposit CoinbaseCrypto.com or Binance

Use this link to get free diamonds use my CoinmarketCap code