Topic: Bitcoin gives financial security. (Read 334 times)

Bitcoin is unique and the best cryptocurrency, but what does "many projects are associated with the BTC"?

Bitcoin is not associated with those projects, and oppositely those projects try to use all tools they can to make their projects look to be associated with Bitcoin. In fact those projects have no actual association with Bitcoin, and only their names, lies have Bitcoin in it.

Bitcoin forks, for example, are they associated with Bitcoin?
No.

https://101blockchains.com/bitcoin-forks-list
https://forkdrop.io/how-many-bitcoin-forks-are-there
https://forkdrop.io/list-of-bitcoin-forks

Those forks are shitcoins and most of forks are dead projects now.

Bitcoin is unique investment in the market. No project is like BTC because many projects are associated with the BTC and BTC is decentralized and no body can control your investment because BTC is decentralized and famous all over the World due to huge success. There will be many people who will adopt BTC in future because many people don't know the benefits of BTC and there are many many scammers and people are afraid to investment money on online platform but in future more investors will come in BTC market which will make price of BTC double or triple.No third party can interfere in the buy and sell of BTC and no one can know the identity of person who has BTC in Wallet .

Bitcoin is an excellent means of storage, unlike banks, it belongs to the owner and only the owner. At the same time, the whole world has already recognized Bitcoin, and it has really become strange to store money in banks that do not provide good deposits for dollars, but only in places of currencies that are subject to such strong inflation that storage loses all meaning at all, and then it turns out that it is more profitable to simply store dollars at home because in this case your money is at least in your hands and not in a bank that can burn out. And in this case, cryptocurrencies, and Bitcoin in particular, become the most definitely the best means of storing money.
And I am glad that everyone on this forum understands this.

It is important to be aware that hodling your funds on Bitcoin is also not a free scannable because their in the internet where we stores our Bitcoins, scammers tends to roaming about with their different strategies of stealing and scamming people with their hold of bitcoin.

If recalled the case of the binance chief compliance officer of Samuel Lim in 2023, he countered legal crime charges by the US government for using a deceptive measures circumvent the security system of the exchange with the binance users in invading the network for money laundry.

This is just to let know that when you decide to hold on to Bitcoin, storing it in decentralized wallets is just best and safer so it is not just about holding your funds on Bitcoin without knowing the perspectives or knowledge to different between the operation of decentralized and centralized networks.

You are right, Bitcoin provides a lot of security and that is why a lot of people are involve in Bitcoin investment, any investment that you are into and your government policy can easily destroy that investment that means your investment is very and highly risky one security I see Bitcoin gives is security from interference especially from our government, I know of someone who was doing a particular business and he was doing very well in it but because of a government policy that ordered them to stop the business he stopped and it really affected his finance and this is what bitcoin investment prevent because no government policy can affect it not even war can affect your investment, Bitcoin is a global asset so even if there's war in your country it won't stop Bitcoin from growing but if you are into real estate in your country you are in trouble because a lot of properties you bought will be destroyed and there by making you poor, for me this is the only kind of security I see bitcoin offers the rest can be also compromised just like Banks, Bitcoin is a growing asset and it will keep growing so investing in it is not a bad idea.

Yeah I agree, there are nations like that, my nation is like that too. If a bank bankrupts and closes shop because they have no money left, that means they literally lost your money, so government does guarantee your money to a point, and also the government takes over the bank itself as well, paying people up to a certain number, and then they sell every single thing the bank owns as well.

This includes anything like 20 story skyscrapers to a single chair in an office, they sell literally everything, mostly done in auctions, some done in ecommerce that government has for this purpose, you can get cheap stuff for your office there mostly. So in the end, people do get some of their money back, but not all of it, I mean if you have very little, like if you have 10k in it, then yeah you get it all, but if you had like 50 million in there, you can waive that goodbye.

You are right and that is why storing bitcoins is better not done on an exchange because if something like what we are talking about will cause the bitcoins we have to be lost and even contacting the exchange service for any reason will not help much. If someone cares about the level of asset security then of course people will look for a safe place to store the bitcoins they have because after all, protecting valuable assets like bitcoins must really be a priority so that the investment steps we take are much safer and do not harm ourselves if something unexpected happens.

Your money also won't be dropping to below its half value in a few years time if it was in a bank. At the end of the day, it's a matter of preference. Yes investing and using Bitcoin as your storage is a good choice, but that doesn't mean that everyone who stores their money on banks are idiots. They just prefer safety more than anything I suppose.

And granted putting your money on a bank that'd close down in your generation sounds like a bad choice originally in the first place ngl. Granted it is possible, but it's highly unlikely no? I mean at least comparing it to Bitcoin dumping every few years, that's more probable to happen than a well known bank closing down. And Bitcoin being, well, Bitcoin, would only ever work if people knew how to make it so. Most of the time, they don't.

It can happen and even be the worst experience than this, if you make use of an exchange and the centralized exchange got hacked or went bankrupt, the bitcoin is gone, because you have no private keys to unlock your access to them on the blockchain, not your keys not your coins, except if we are using a non custodial means to hold our asset, it's sucks when you see that some bitcoiners are not well informed on how to make use of a non-custodial wallet from a custodial type and yet they will have their bitcoin on CEX not minding on the possible consequences.

That's true! The decentralized nature of Bitcoin provides a lot of security and control over your finances.
It's amazing how it eliminates the many risks associated with physical banking and investments. The kind of privacy and autonomy you get with Bitcoin is definitely appealing as well, especially in uncertain times.
It feels great to see more people recognizing these benefits of decentralized systems like Bitcoin, it sings that future will be good for it.

Bitcoin indeed provide financial security since its network is immutable, the network can be said to be highly secured, once the transaction is confirmed, it is almost impossible to revert or in normal cases it is impossible to be reversed.  Aside from the security, Bitcoin gives us access to the global market through financial inclusion.  And once we hold our BTC no one can control it aside from the one who has the seed phrase or private key, in short we can be considered as our own bank with Bitcoin.  It is also given that Bitcoin is also our hedge against inflation.


Let us not forget that even with the network security and other positive attributes of Bitcoin in financial security, there is also risk involved in it.  since Bitcoin is in a free market, the Bitcoin price is known to be highly volatile. If one is not careful, lack understanding of the market and lack patience, they may end up with a loss.  So despite with the overwhelming positive attribute of Bitcoin, we must always be vigilant of the Bitcoin economy especially if we engage with Bitcoin as an investors.


This kind of event will not happen in Bitcoin but instead, malware and hackers may go after our device security to steal our Bitcoin, so it is best to know the proper way of securing our device and creating backup for our wallets.

If we are talking about financial security, that will only be possible if you have a predictable cash flow, but bitcoin isn’t. You can be rich and be financially stable with bitcoin, but that will only happen if you are also buying and selling a vast amount of bitcoin at its peak price. But if you are just buying and hodling a minimal amount, financial security will never be guaranteed. Plus the fact that bitcoin market is highly unpredictable, you may even end up at loss if you cannot make a perfect timing to sell your coins.

I don't know where you are from but every country has different banking laws, it is impossible for customers in my country to experience this even though there are quite a lot of banking scandals such as hacking that make customers lose money.

From the cases you mentioned, it is indeed very unfortunate but it is not a guarantee that if you save Bitcoin you will not experience loss.
You read and hear how someone lost their bitcoin on an exchange because the exchange was hacked, or their wallet was hacked because they did not save it properly or because they just clicked on a link that contained a virus and other dangerous things, so saving in Bitcoin is very good but it does not mean that Bitcoin solves all the problems that occur in the cases you mentioned.

We should be honest with those who want to learn how to invest in Bitcoin, because it's not just about profit, sometimes you also lose, and that is the reality. For someone who thinks Bitcoin will save their finances or make them rich, that is a wrong belief, and a wrong belief will always lead to disaster; for sure, most of those who succeed in Bitcoin are the real risk-takers who understand the risks involved.

It's just sad that some people think of Bitcoin like a HYIP, as if they're guaranteed a certain percentage per month, and that is why scammers keep on increasing because of these uneducated potential investors.

Good to know that. I was like that before, but then I changed my mind because of gambling. I mean, I'm not really making a lot with the siggy campaign, so I just enjoy my earnings by gambling.. at least I'm not spending my hard-earned money on my vices.

There are many bad stories about bitcoin holders as well. Many people either got hacked or forgot their wallet passwords. People lost thousands if bitcoins to the hackers in the past. Does that mean we should be using banks and never touch bitcoin? Because that’s what you are telling us. People won’t stop using banks just because some guy experienced some bad luck with some bank. Lots of people had bad experiences with btc too.

Banks and bitcoin can and will co-exist. We don’t have to choose one over another. Use whatever that fits your needs best.

Yeah, no doubt Bitcoin brings financial security, but still, that doesn’t mean you will not be scammed. If you follow the wrong path to accumulate Bitcoin, you have to know that scammers are everywhere, and even in Bitcoin, you are advised to invest the money you can afford to lose, not all your money, or use it as a source of saving money. That is why in this life, you will always find it hard to comprehend things without adequate knowledge.

So in anything in this life, you are expected to have knowledge before you go into it because the concept of life is filled with risk because even in your life you don’t know when it will end, so studying about risk before going into the investment of business is very crucial and needs to be considered in any aspect. That is why even when gaining knowledge about bitcoin, you will be told,  How do you understand risk management and know how to use it, so that you will not be a victim of regret.

I agree, lot's of people promote it like Bitcoin is a panacea that will solve all your issues, but that couldn't be any further from the truth. Bitcoin is not a form of passive income, thus, it's not generating wealth as we speak; its value constantly fluctuates so the average person cannot rely on it financially. However, this is only the one side of the coin.

Depending on how you manage your money, Bitcoin may provide you with some sort of stability, or assurance, you name it. Personally, I've been saving up my signature campaign earnings in a wallet, which serves similarly to a bank's savings account. In that case, Bitcoin does provide security, I'm able to save money without it being tracked, and without involving any bank institutions. However, this is only a personal example, it doesn't apply to everyone, and suddenly starting to invest in Bitcoin won't provide you the security you're describing.

Firstly, you have mentioned someone lost their money, then paid a half to recover his fund. I think this is unfair when it comes to the comparison with bitcoin. I know btc is totally decentralized, but that case ain't different when your pc infected by ransomware, then your money gone.

That's why i can't really consider bitcoin as financial security.

Secondly, there's no insurance in bitcoin, and when you lost your money, you lost it forever. That's why i'd like to see bitcoin to be treated the same as other financial instrument.

Lastly, there is always be a pros and cons in the decentralized network. It was really secure when you can keep your money well, but a small mistake like accessing random website can result in a permanent lost without any attempt to recover.

Although technically you're correct, but most people don't think Bitcoin is the safest asset and they not have enough knowledge to hold their coins to be secure than hand to centralized entities.

It depends on what the reason the banks to go bankrupt, but when there's something bad happen, I'm sure the banks will halt all withdrawals, leaving no one able to withdraw their money.

You're correct the banks are insured, but not all banks are insured, in this case you need to check the banks in your local.

Bitcoin always security. Its good opportunity for the future saving and helpful for the future saving. So don't loose the Bitcoin.  Bitcoin is financially secure. It's easy to use and handling the Bitcoin everyone. But you will be learning the Bitcoin. Now Bitcoin is a help to the everyone financially support.