Lebanon Bank Situation : Crypto Gives You Freedom Over Your Money

Few days ago there was a case of a bank and an angry customer who went to the bank with a riffle gun threatening the bankers that if they don’t let him withdraw his money, he is going to hold these bankers hostage. Apparently it seems that this man is not a robber, he is just a regular customer who is frustrated by the banking system. He has over two hundred thousand dollars ($200,000) in the bank but he needs fifty thousand dollars ($50,000) for his sick father’s medication. But the bank refused to give this to him, because according to the bank, due to financial situation of the country, they can’t release such amount to him.

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Every human being will get pissed to such reason, this is their own hard earned money, needed for a health emergency, but if the wealthy influential political people needed such amount, it’s not going to be a problem. This made the man to take a riffle to threaten the bankers because, it’s obvious that they are being extremely unfair and inhuman. Although it’s the order from the above authorities given to these people (the bankers), so in order to keep their job they have to obey orders.

But this is not fair to this customer that needs his money, now this is not possible in crypto, only if you are using a DEX hot wallet or a Cold wallet. If you think that leaving your money in crypto and leaving it in a CEX wallet, trust me there is no difference between having your money in the bank and having your coins in a CEX wallet. All it takes is one mistake from that CEX before they make your coins inaccessible. You can see from the Celsius and co experience.

Crypto offers financial freedom but do you know what comes after freedom? Responsibilities, if you are trying to gain that financial freedom with crypto you have to be financially responsible as well to be careful with where you keep your money. If the man had his coins in a StableCoin like HBD, BUSD or USDC stored in a DEX wallet, he won’t be threatening the bank with a riffle gun. With P2P transaction, he could get his money in cash if wants to, by going to a physical bitcoin or cryptocurrency vendors. There are bitcoin ATM machines where he can convert his bitcoin to cash instantly.

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