Thai banks confirmed us why Bitcoin issues

[ad_1] If you happen to ask a crypto bro why they're in crypto, they may say one thing about monetary freedom.

However 99% of the time, their actual reply is quantity go up.

Which is not dangerous. Get yo' bag.

However from time to time, we're reminded what crypto was actually made for. And right now's story is a kind of occasions.

Over the weekend, Thai banks froze 3 million accounts suspected of being "mules" for scammers - and imposed day by day switch limits on everybody.

Digital Financial system and Society Ministry secretary Wisit Wisitsora-at mentioned the suspensions are solely momentary and shall be lifted as soon as checks affirm no wrongdoing.

Now, this entire factor occurred in response to a rise in on-line scams which have drained an estimated 6B baht (~$189M) from victims over the previous 12 months.

👉 On one hand, yay, combating scams!

👉 On the opposite... bear in mind, these weren't confirmed rip-off accounts - simply suspected ones. Which means, harmless folks and companies misplaced entry to their very own cash, too.

Which is not truthful.

Hmmm... if solely there have been a system that fastened this...

🤔🤔

Lemme introduce you to one thing referred to as Bitcoin.

Now, to be truthful, Bitcoin does not cease scams - these positively exist in crypto too.

Nevertheless it does cease harmless folks from dropping entry to their cash due to "suspicion."

If you happen to maintain your Bitcoin in self-custody, nobody can freeze it. There isn't any central authority with a kill swap. Transactions are peer-to-peer - no financial institution approval required.