We've been seeing more stories on X lately about how people have been unable to withdraw cash from their own bank accounts.
After refusing to provide an "acceptable" reason for withdrawal, these customers are being denied access to their own money by the banks.
Why would a bank do this to their own clients, and what can you do personally to avoid it?
"It's For Your Safety"
The bank will probably claim that they're withholding funds for the "safety" of their customers. This has both advantages and disadvantages, depending on what type of customer you are.
There will always be a percentage of customers who prefer that their bank keep them safe from things like fraud, theft, scams, etc. That way, transactions can be reversed when a customer loses their bank card or online banking password, for example.
The downside to this safety is your loss of financial freedom, especially as the world tip toes towards totalitarianism.
As governments freeze bank accounts, and we hear more about the potential for a "great taking," there are an increasing number of people who are noticing the slippery slope we're on, and want to take back control of their money.
Keep The Music Going
There is also the issue of the Everything Bubble.
Since 2008, the money supply has been expanding exponentially, while economic growth has been lagging far behind. That means there's a lot more money (currency) than there is actual stuff to buy with it.
If the masses were to come to the realization that they're playing a game of musical chairs with their deposits in the traditional banking system, a panic might ensue, and result in a banking crisis.
By conditioning their customers to strict withdrawal rules, financial institutions can prevent potential runs on the bank, as they continue with their plans for a Great Reset and the implementation of CBDCs.
Self-Custody Crypto
Aside from owning physical gold and silver, the only way to avoid the counter-party risk of depositing your money at the bank is to purchase cryptocurrency, and hold onto it with your own private keys.
With self-custody crypto, you are the true owner of your money, as you can send it to anyone, anywhere, at any time, with no restrictions.
As long as you are able to withstand the volatility of crypto's price relative to fiat, you can enjoy the benefits of having total control of your money, and not have to ask permission from your bank to spend it.
Don't Wait
Despite the increasing censorship and restrictions in traditional banking, self-custody crypto is not for everyone quite yet. A lot of people still enjoy having the protection of a bank account.
That said, as trust in traditional institutions continues to breakdown, we will see a growing trend of people wanting to take back control of their money, which can be done via the self-custody of cryptocurrencies.
But don't wait too long. Making the transition into crypto is becoming more difficult with each year that passes. As governments and banks recognize the threat crypto poses to their future plans, they will implement stricter regulations to prevent people from getting into it.
Until next time...
If you learned something new from this article, be sure to check out my other posts on crypto and finance here on the Hive blockchain. You can also follow me on InLeo for more frequent updates.
Posted Using INLEO