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0 pointsalexmingoia5y ago0 comments

I had my life savings (all funds in my bank account) frozen, without notice, without explanation, and without recourse for 3 weeks. They literally couldn’t tell me why my account was frozen besides “social security has flagged the account.” This was at one of the largest banks in US. I never committed any crime or suspected of one, or had any weird transactions. When I protested at the branch asking how I’m supposed to pay rent they said “sorry”. After almost 3 weeks they unfroze it without explanation and offered to pay the bounced check fee for my rent.

Yeah I’d rather have bitcoin. Bitcoin removes the need for banks altogether. I don’t want the banks and government in control of my money.

0 comments

sukilot5y ago

I'd start with two separate accounts, less likely to be frozen simultaneously. After that, I'd try holding some cash in a safe somewhere. Or prepay rent for a free months. Or keep some money in a friend or family account. Bitcoin would be lower on my list.

enumjorge5y ago

I’d argue that with Bitcoin being volatile enough to have double percentage point swings in a single day, that you’re not in full control of your money with Bitcoin either.

Sargos5y ago

Most people will use stablecoins such as Dai or USDC. Bitcoin is just an example here.

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