ONBRINK on Nostr: 🚨Disclaimer!🚨 Long post. TLDR: Buy and transact in Bitcoin I have a business in ...
🚨Disclaimer!🚨
Long post.
TLDR: Buy and transact in Bitcoin
I have a business in Costa Rica which accepts bitcoin. Our greatest challenge is getting people to pay with bitcoin in order to avoid nightmares like this.
A customer tried to buy $3600.00 USD worth of retail goods from us. He wired the funds from his bank 10 days ago. The funds went through JP Morgan Chase as intermediary because he uses HSBC in the UK. CR Central bank alerted the local branch of the state owned bank we bank with and prevented the funds from being deposited into our business account. I went into the bank 3 times over 2 days which involves being patted down, metal detected, and questioned about your business with the bank. Once inside and after waiting for an extended period, the teller told me that the transaction had not made it to CR and the sender needed to provide a form MT103 in order to locate the funds. This form is a SWIFT transaction identifier and exposes the sender and sending bank to fraud and risk it is widely accepted by modern banks that your shouldn't provide this document to anyone. I left and came back several hours later. The sending bank had provided a more modern and safe tracking form (UETR) which showed the funds being held up in CR, this form was rejected by the CR bank and they told me that it was common this time of year for transactions to be very slow at every bank globally. I've been banking for long time and never noticed that it takes longer during December so this was news to me (also completely made up) presumably to cover their mistake of not contacting me to alert me about this issue.
After I returned a third time to the bank, they stated that the funds were sent from a "tax haven" country, the UK, LOL, so they needed 3 months of statements showing the origin of the source of the funds and a letter of good standing from the sender's bank. In addition, they requested a copy of the invoice for the goods we were selling to the customer. I have no issue supplying the invoice, which we are legally required to do anyway, but the rest of this is ridiculous.
Bitcoin fixes every piece of this problem.
How long can this continue?
Long post.
TLDR: Buy and transact in Bitcoin
I have a business in Costa Rica which accepts bitcoin. Our greatest challenge is getting people to pay with bitcoin in order to avoid nightmares like this.
A customer tried to buy $3600.00 USD worth of retail goods from us. He wired the funds from his bank 10 days ago. The funds went through JP Morgan Chase as intermediary because he uses HSBC in the UK. CR Central bank alerted the local branch of the state owned bank we bank with and prevented the funds from being deposited into our business account. I went into the bank 3 times over 2 days which involves being patted down, metal detected, and questioned about your business with the bank. Once inside and after waiting for an extended period, the teller told me that the transaction had not made it to CR and the sender needed to provide a form MT103 in order to locate the funds. This form is a SWIFT transaction identifier and exposes the sender and sending bank to fraud and risk it is widely accepted by modern banks that your shouldn't provide this document to anyone. I left and came back several hours later. The sending bank had provided a more modern and safe tracking form (UETR) which showed the funds being held up in CR, this form was rejected by the CR bank and they told me that it was common this time of year for transactions to be very slow at every bank globally. I've been banking for long time and never noticed that it takes longer during December so this was news to me (also completely made up) presumably to cover their mistake of not contacting me to alert me about this issue.
After I returned a third time to the bank, they stated that the funds were sent from a "tax haven" country, the UK, LOL, so they needed 3 months of statements showing the origin of the source of the funds and a letter of good standing from the sender's bank. In addition, they requested a copy of the invoice for the goods we were selling to the customer. I have no issue supplying the invoice, which we are legally required to do anyway, but the rest of this is ridiculous.
Bitcoin fixes every piece of this problem.
How long can this continue?