Dec 21•4 min read
Bitcoin Is More Secure Than Your Bank
You Can Trust Bitcoin. You CAN’T Trust The Banks
How many of you have bank accounts right now? How much confidence do you have in your bank to keep your funds safe? Banks spend millions, if not billions, of dollars on security, insurance, and cyberinfrastructure to prevent cybercriminals from hacking into their computer systems and draining customer accounts.
Bank of America CEO Brian Moynihan recently said they spend $1 billion on cybersecurity yearly! $1 billion! Imagine what they would be able to do if they didn’t have to spend that much money on protecting their business from criminals.
This money could have been used to offer new products and better customer service. Instead, we get poor customer service and financial products that nobody wants or are too complicated for the layman to understand.
Traditional financial services are failing to keep up with innovation and are becoming old and stagnant. Have you tried using a banking app lately? They are not fun to use, in my opinion. Even apps like Cash App, Venmo, and Paypal are like putting lipstick on a pig. At the end of the day, it is still a pig. These neo-bank apps may have improved the user experience marginally, but they are also vulnerable to hacking.
https://www.charlotteobserver.com/news/business/article269085462.html
https://www.vice.com/en/article/dy7yyy/my-cash-app-hacked-hackers-stealing-money
According to a Pew Research Center survey, 10 percent of Americans said their accounts had been hacked. The loss of funds has impacted lower-income Americans the most, with 21 percent of this cohort saying they were victims of a hack.
As long as we keep using traditional banking, this will keep happening, and we will all suffer. We can use better money right now, which is safer than the current banking system.
Bitcoin Is A Better Banking System
How would you like to protect your wealth without needing a third party like a bank? Bitcoin makes this possible. It starts by downloading a wallet to your phone, writing down your 12 or 24-word seed phrase, and you are good to go.
Think of your seed phrase as your key to your private safe where no one can access your funds except you. The traditional banking system can’t promise you this level of security.
When you use Bitcoin, you can take your security to another level by using a multi-signature wallet. In a nutshell, a multi-sig wallet needs two or more “signers” to allow a transaction to be made.
A common multi-sig setup is a 2 of 3. This is exactly what the name implies. For the Bitcoin transaction to be approved, 2 private keys have to sign off on the transaction; otherwise, the Bitcoin can’t be spent.
For example, a husband, wife, and mother-in-law share a multi-sig wallet. For the Bitcoin to be spent, the husband and wife have to agree to spend the Bitcoin. If they don’t agree, the Bitcoin can’t be spent unless they get the mother-in-law to sign the transaction with her private key.
A multi-sig wallet makes your funds super secure and impervious to theft as long as you take care of your private keys. This may sound like a lot of responsibility, but you are more than capable of protecting your wealth and are more incentivized to take care of your money than a bank.
Banks don’t really care about their customers, in my opinion. At the end of the day, they are looking out for their bottom line and will do the bare minimum needed to keep you as a customer.
With Bitcoin, you can say goodbye to the traditional banking system and embrace a financial system that is fairer to the common man and gives you the ability to protect your wealth from scammers, thieves, and central banks that steal your wealth with inflation. If this sounds like the financial system you want to live in, Bitcoin is ready and waiting to help you achieve financial sovereignty! Here are a few multi-signature wallets I would recommend for beginners.
Help Support My Blog!
Bitcoin Address: 3JrXFrThpEXjzZsE2XRe6kz9dBNxomhGqC
