Before starting with my narrative I must confess that I feel in a bad mood. I am very indignant and disappointed in myself.
Yes, disappointed in myself, for having believed for so long in centralized platforms.
On the other hand, this is one more proof for me and I hope that for you too, the blockchain superiority over the archaic centralized platforms with its mutant policies that change at the convenience of the interests of the owners of these systems.
Can you imagine being in a baseball game and in the seventh inning the stadium owner says that from that moment only left-handed players can play?
PAYPAL
It is true, they provide a great service. They also have large commissions per transaction. These commissions have been increasing over time (currently 5.7%).
Opening a Paypal account, besides being free, practically does not require a KYC process. But then, when you already have your account you must meet certain requirements such as affiliate bank account or credit card.
They also have an annual process related to the tax return. There are other services that are very practical for users such as paypal.me.
All right, everything sounds great, they thought of everything. So why am I so upset?
POLICIES
This is the part of the contract that most of us almost never read unless we have to resolve a conflict. So we do read the small letters.
But what is the problem with the policies?
"The problem is that these policies can change without notice and Paypal is not really interested in the comfort of its customers."
Everything is justified by placing a bullet at the end of each email:
Copyright © 1999-2019 PayPal. All rights reserved.
User Note: PayPal Pte. Ltd., holder of PayPal's stored value instrument, does not require the approval of the monetary authorities of Singapore. We recommend that users read the terms and conditions carefully.
... and ready!
MY CASE
I have a Paypal account since 2016. In April this year I received a notification asking me to answer some questions about certain transfers that I had made.
Once I answered those questions, they asked me for some documentation: government ID or passport and a statement of account.
I must clarify that since I use that PP account I never linked any bank account or credit card.
After attaching my ID, I proceeded to explain to them that I did not have any statement of account that would interest them or to show them.
The response I received was a unilateral decision where they proceeded to "permanently limit" my account, blocking my funds, without giving me the opportunity to use them or dispose of them in any way.
But very kindly (sarcasm) they gave me the opportunity to withdraw my funds after waiting 180 days. Fuck! 180 days is 6 months!
On top of that the only way to get my money would be to transfer to a bank account in the US in my name. Holy shit! How the hell am I going to open a damn bank account in the US?
The 180 days of punishment have already been completed. On October 19 I received their kind email (sarcasm again) notifying me that I can withdraw my funds.
It was useless to explain that I am a Venezuelan citizen, that I live in Venezuela and I cannot open a bank account in the US because for that I must be in that country, blah, blah, blah ...
CONCLUSION
I think that with decentralized platforms such situations would not occur.
Blockchain allows P2P transactions without intermediaries, without mutant policies.
Especially with blockchain, I have control over my assets. No one can hold them and demand to me a bank account.
That is, these centralized platforms such as Paypal, are still tied to traditional banking systems and pretend that their users do too.
Definitely, the financial freedom we obtained, for having adopted cryptography, is our greatest wealth. Unfortunately, many of us will have to experience situations like this to realize the true empowerment that Blockchain gives people.
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You can see this post at my Steemit blog:
https://steemit.com/paypal/@juanmolina/paypal-sucks-decentralized-platforms-rule
