Saturday 3 September 2022

I just cashed out my (small) 401k to buy the dip, and got immediate validation that I made the right choice

I requested the 401k closure on Monday. I waited 4 days to get the check, receiving it yesterday. Today, I went to deposit it. I checked the bank hours, left my house, drove to the bank in the rain, went in and asked the nice lady at the counter to deposit a check.

After verifying ID, confirming everything, and handing over the check, they told me that since it is over $5k, they will be holding the check, and the full amount will not be available until the 13th, in 10 days. I asked them if there's any way they can speed this up by calling the 401k company to verify it... they said they could, but the bank policy is still to hold it for that amount of time.

2 weeks to perform one transaction with my own money. If this was with Bitcoin, it would have been instant, and I wouldn't have had to leave my house.

Regardless of the price action of Bitcoin, it's just better money. Traditional banking belongs in the past. It's slow, it's subject to the whims of the bank, and they have the control. On the 13th, that value will leave the bank and will be put on the Bitcoin network, where I own it, control it, and am free to do what I want with it. 👍



Submitted September 04, 2022 at 12:52AM by plumberoncrack https://bit.ly/3Qfp5El

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