How easily banks can steal your money and why you should use crypto holding your keys.

I’m using bitcoin since 2017 and I rarely understood people telling the importance of being the real owner of your money with crypto.

So I want to report you my experience with PayPal so that you can see how easily a bank can get your money.

I signed up with them a business account to integrate it as a payment processor in my website. They requested me documents and info on my business. I haven’t lied and they approved my account.

I used it for 20 days and I received payments for about 800€. After that they suspended my account stating that I violated their Tos. I asked what exactly I violated and they told me they can’t disclose such info. At that moment the balance remaining to withdraw in the account was exactly 474€.

After 6 months of account frozen (their limit for freezing balances) I had a really unexpected surprise. I signed in and I saw an unauthorized transaction in my account of 474€ (the whole balance) to “PayPal” as “compensate for damages”.

They were my money honestly earned.

So let’s see how much easy for a bank is to get your money: 1) close customer account 2) don’t disclose reasons 3) take the whole balance for damages

Why I’m writing it here? Because I’m a strong supporter of decentralization and crypto and now even more and I want to show you the importance of owning the money. Now I do understand all the people not trusting banks and exchanges.