Topic: A reminder that with your bitcoin in a cold storage, you can be your own bank - page 2. (Read 190 times)
March 17, 2023, 02:50:29 AM
All these things happening are sign to prove that banks are not competent enough to be in total custody of people's funds. Teaching us a lesson that we should only keep funds that is made for daily spending/weekly spending in banks,and keep more of our major funds in different assets by investing in bitcoin and gold to safeguard our future. To be in total control of your funds, you need to be your own bank and don't think that anyone can be a good bank better than your noncustodial wallet. Some persons with these whole saga happening will still keep their bitcoin in exchanges believing it is for easy accessibility. Bitcoin is the only way to financial freedom when you keep your coins in your cold storage wallet. Centralized system are bound to fail some day because they are vulnerable to attacks.
March 16, 2023, 05:22:22 PM
Having a Bitcoin wallet definitely gives you a lot more control over your funds. You can send and receive money without having to wait for a bank to approve it, and you don't have to worry about fees eating away at your hard-earned cash. Yeah, it's like being your own personal bank, but without all the hassle and paperwork. And let's be real, who wouldn't want that? And who knows, maybe one day we'll all be using it to buy our morning coffee and bagels like it's no big deal.
But like you said, with great power comes great responsibility. You gotta make sure your wallet is safe and secure, or else you risk losing all your coins. So don't forget to keep your private keys under lock and key, and maybe even consider using a hardware wallet for extra security.
But like you said, with great power comes great responsibility. You gotta make sure your wallet is safe and secure, or else you risk losing all your coins. So don't forget to keep your private keys under lock and key, and maybe even consider using a hardware wallet for extra security.
March 16, 2023, 02:59:34 PM
The way I see it, having your money in the bank and having an institution or someone else hold it for you is just the same thing as they face the same risks.
I don't see it that because your number is always safe just the store of value if that currency remains the same but giving your money to someone with proper documentation or record keeping just in case of demise of either parties of the agreement then the money is at the risk of total loss
Most times people should make it seems that the legalization of Bitcoin is dependent on the failure of banks or Fiat but rather these two can actually coexist without having to compete each other and I think most of this mentally are fueled by people who just want to take advantage of every every situation in the market rather than preaching the gospel of cryptocurrency which is a tually very wrong.
March 16, 2023, 02:42:03 PM
This sounds cool, storing and holding makes you gain more freedom, one can actually gets to relax and watch your money grows. You own the system as your digital private bank without anyone monitoring your financial strength and all that craps. At risk or no risk you own the private key to your bank, you buy, sell, trade and invest your traditional digital banking system. I really buy the ideas your drop
March 16, 2023, 02:27:19 PM
Totally agree with you, mate! That is one of the coolest things about Bitcoin, the fact that you do not have to rely on any intermediaries or banks to manage your money. It is all up to you and your private keys, which is pretty rad if you ask me.
However, as much as we would love to ditch the traditional banking system altogether, the reality is that it is not exactly practical for most of us. Sure, using Bitcoin for some transactions and investments is awesome, but we still need banks for things like getting our regular paychecks, mortgages, loans, and other financial services. Plus, there is the fact that not everyone is comfortable managing their own money. Some people prefer to leave that to the experts, and that is totally fine too, imo.
But, for those of us who want to take control of our finances, Bitcoin and cold storage is definitely a great option. Just gotta make sure we do it right and keep our private keys safe and secure.
However, as much as we would love to ditch the traditional banking system altogether, the reality is that it is not exactly practical for most of us. Sure, using Bitcoin for some transactions and investments is awesome, but we still need banks for things like getting our regular paychecks, mortgages, loans, and other financial services. Plus, there is the fact that not everyone is comfortable managing their own money. Some people prefer to leave that to the experts, and that is totally fine too, imo.
But, for those of us who want to take control of our finances, Bitcoin and cold storage is definitely a great option. Just gotta make sure we do it right and keep our private keys safe and secure.
March 16, 2023, 01:55:04 PM
This is one of many cases which has occurred and yet people still trust others to properly safeguard their assets. Hopefully as the trust in centralized establishments drop we have more people moving towards full custody and act as their own banks and put more emphasis on their privacy, which would reduce the segregation of privacy websites like bitcoin mixers, if Chipmixer could be taken down, then any of such platform could come under similar attack.
Be your own bank!
- Jay -
Be your own bank!
- Jay -
March 16, 2023, 01:24:16 PM
SVB and Credit Suisse has fallen and more woes in banking sector are yet to follow believe it or not. Banks will ultimately fail and customers whose money will be lost or account frozen are the ones who will suffer not the shareholders. Imagine if the people who are victims of the banks had held their Bitcoin in a cold storage, I bet they wouldn't be in a bad place at the moment or have any iota of worry. The level of trust people have for banks is at an all time low at the money. The way I see it, having your money in the bank and having an institution or someone else hold it for you is just the same thing as they face the same risks. A reminder that with your bitcoin in a cold storage, you can be your own bank.
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