Imagine receiving a POS withdrawal alert from my bank account without my consent. The experience was so devastating. It happened on a weekend, so I couldn't visit my bank. I placed a call to my bank's customer service line, and all I got was unending music over the phone. I was pissed off. Losing #20,000 just like that? That's about $25. I traced the transaction but couldn't remember which POS it was from. First thing on Monday Morning, I headed straight to my bank to file the complaints. They asked that I write down the details of the fraud alert, which I did. But to my greatest chagrin, these people never looked into my matter. I wasted more money on transport and going to the bank for the issue, but all to no avail till date. I expected an alert of a reversal for days and months, but it never happened. I have had other terrible experiences saving my money in our traditional bank here in Nigeria, and the summary of it all is that it has been a frustrating situation ranging from network congestion during bank transfers to hidden charges even when I receive money from people. Can you imagine that?
Well, Both centralized and decentralized saving methods have their advantages and disadvantages. However, our traditional banking system has caused me a lot of unnecessary stress when accessing my hard-earned money just because they have control of it. I wouldn't dispute the fact that they have been trying as well. Our ability to receive money from other countries and also through the use of ATM machines has been a great development from their end, but coming to hive, I now have broader knowledge about cryptocurrencies and how the transactions work. I also understand that the decentralized savings system has some risks to battle with, but with extra carefulness while transacting and a proper guide towards your keys, you are good to go!
For the benefit of those who do not understand what decentralization and centralization mean, I will explain them in layman's terms very quickly. Centralized systems are the traditional banking systems that save our money for us, and when we initiate a transaction, they will help us carry it out with their almighty charges, while decentralized systems are the crypto savings, just like hive, in which you and I have total control of our money at any time. You do not need the approval of any bank before carrying out your transaction; it is just you and you alone at your convenience.
Now, unto my preference with reasons
I will choose a crypto wallet over a bank account for savings over and over again. Comparing crypto to our Nigerian banks isn't even an option for me, knowing how the crypto world works. With my savings, for example, in HBD, which is a stable coin, I will have nothing to worry about my money getting devalued just like it used to happen with our naira in banks due to inflation, but rather enjoy the 20% APR interest rate. Also, by saving my money in a liquid hive, I will stand a chance of getting a cool profit, sometimes 3 times my capital, when the market goes green. So should I save my money again in our bank with their hidden charges? Even with their fixed deposit interest rate in the bank, it is still so low compared to what crypto has to offer. However, because crypto is not legalized in my country, I still need to convert my crypto to naira and have it withdrawn from the bank. This is what I do now instead of saving it for the long term.
Ways in which traditional banks can improve for me to consider them for savings.
If our bank can curtail the way they charge people secretly,then I can consider them. They can improve with their interest rate other than the low interest they give out. Their online customer service isn't good enough, especially when there is an emergency. They need to work on that and make online activities for the users so easy and fast that they avoid visiting banks physically except on their will and remain in the one thousand and one queue of humans in the bank.
In conclusion, both centralized and decentralized systems of savings are good in their own ways, despite their shortcomings. However, staying alert, being more careful, and guiding your account jealously can reduce unnecessary fraud issues that are encountered sometimes.
This is my entry to the #hivelearners community contest on the topic "centralized or decentralized."
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https://leofinance.io/threads/nkemakonam89/re-leothreads-2t6tnbqm8
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BEER.My dear, you just spoke my mind gbama. Can you imagine account manager then linked with someone to withdraw my money, because I had no mouth I kept mute but resolved not to bank with them. When I went for serve the same bank was given to me. I just called but after service I didn't hear them.
These people can be very annoying had it been it's a top offer, I tell you don't need to go there to be attended to.
I hope they get better but before then, we enjoy the crypto world.
That matter don solve abi?
Enjoy your mid week
Hahaha 😂😂🤣
Hot babe..lol
It's really frustrating but glad we have crypto wallet to run to
Imagine the loss due to slow banking operating system, if it was decentralized, tracking would have been much easier to know where your funds went and that secret charges is the most annoying of all, Imagine getting a huge reduction you had planed out for something. I doubt they will ever stop the secret charges, and most population are yet to be aware of the decentralized form of banking.
I expected that refund all to no avail. I do not even know hive then, glad I know better now. The highest money you can see in my bank account is just my immediate needs cash... their secret charges are nothing to write home about
Traditional banks and their thefts ways. Haha.
The first paragraph got me laughing. Though I shouldn’t. I can’t imagine myself in such conditions though I underwent something similar. I withdrew and was debited twice. Both bank and pos man denied me. So I also to forget about the money.
Everything has its pro and cons. But the decentralized is way preferable.
Thanks for sharing
Can you imagine your experience too. Our traditional bank really have a lot to improve on.
Thanks for visiting
Yeah. It’s a pleasure to be here in body and spirit
Definitely both have their own ways and are beneficial in different circumstances. If there was a crypto ATM or we could use crypto to shop for everyday groceries. Then we can say decentralization has totally taken over.
It would have been perfect is crypto is legalized already. I won't even answer those banks again 😂
The traditional banking system has a lot of things to update and hope that it will be updated someday because nothing is going to change overnight. I also choose a crypto wallet like you because I think it's more beneficial than a traditional bank.
!PIZZA
Yes...I know the change won't happen overnight and I wish they start improving already 😍
Glad we have same view as well
$PIZZA slices delivered:
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Thanks so much buzzy
Awesome work @nkemakonam89! Your dedication and hard work are making a big impact on Hive. Keep buzzing!
I love the way you balanced everything, stating the pros and cons of each of the banking systems. Though decentralized system has its own problems but of a truth Its far safer and better than the traditional banking system. Imagine loosing 20,000 naira with additional money on transportation to table your situation but nothing was done about it. I don't really know much about decentralized systems but I think except someone has your keys otherwise no one can have access to your wallet, talk more of making transactions without your consent.
My dear, I didn't think other banks outside Nigeria are non challant like this to their clients. Crypto too has its own risk. I heard of someone whose coins worth millions was wiped out..we just need to be careful with our keys not to expose it and we are good to go
Crypto has a lot to offer than our traditional banking system. Imagine getting ×3 of your capital when the market goes green with crypto but you cannot get this with these banks. With crypto, you own it and no one can question you on how you got your money without any unnecessary charges but it is important we safeguard our keys and passwords.
You are right oo...there is no comparison with crypto savings and our Nigerian banks provided that we guide our keys rightly
Princess see the blunder I designed here oo😂
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Thanks for the update buzzy 👍
Wow, congratulations @nkemakonam89! You're on fire with your Hive achievements! Keep up the great work.
I enjoyed this phase you use banks and ther almighty charges... I can clearly see that banking services in your country sucks big time. In India, my country banking servies are good, I don't think my money will get withdrawn suddenly like it did for you.
Since, my country, crypto is not exactly easy to be with, I can't even think of crypto vs fiat in banks kind... maximum can have crypto held for long term as a investment class, and wait till it appreciates a lot, then sell. There 31% tax...
Sucks man... this finance control of Gvovernment, I agree there is no freedom of ownership and they control your investment decisions. I would love to use swear words but leave it decent.
Really financial freedom, is also we control and own our wealth and with fiat money in banks its not possible, they own and control our money. Anyway
Other countries are really doing well with their banking system, Nigeria really need an upgrade indeed
Because I own and control my money in crypto wallet, I prefer it more but it would have been better if crypto is legalized in my country
. you mean there tax to pay in your country for using crypto?
Glad to be ear that