Bitcoin Cash: The Solution To The Failures Of Legacy Finance
Crypto.com was hacked, and almost nobody in the Bitcoin Cash user base noticed, since we all use non-custodial wallets and not centralized platforms.
It seems the hack on crypto.com was a minor one, I'm reading about losses up to $15 million worth of Ethereum, but the damage to another centralized entity operating as a "crypto bank" was already done:
There is no centralized platform that is completely secure. All operate with centralized servers, admins with access to accounts, and in control of the private keys.
The majority of the Bitcoin Cash userbase is using BCH in a non-custodial approach, utilizing the cryptocurrency features to their full extend.
The Solution
Part of the Bitcoin Cash community still holds crypto in exchanges and other types of crypto platforms, perhaps to take advantage of staking or trading options. Or perhaps some feel it is more secure, ignoring the long history of hacks in cryptocurrency exchanges.
However, the examples are just so many that nobody can ignore. Maybe crypto.com just lost $15 million worth of ETH today, or perhaps it was none as the platform now officially states.
It doesn't matter. The use case of crypto is about empowering the individual. This is the purpose the private key holds. We are masters of our wealth with cryptocurrency.
Not the same with banks or any financial institution that demands trust from the individual. For those that haven't lived the 2008 financial meltdown, this is exactly what happened:
Money saved at a bank comes with multiple dangers and various levels of trust. But it is no different with the "crypto banks".
Can we trust the financial establishment won't just meltdown again and our money in one of those "too big to fail" banks will be safe forever?
The example of 2008 was just one side of the story, but the issues with the legacy financial establishment don't just end there.
The western economies are facing today high inflation levels.
Inflation in the US has reached 7%, the EU follows, and the outlook is even worse. Not to count the fact that official inflation is always lagging since statistics are not based on real-time price change, but on big-data observations that take a while to process.
But wait, there is more! A tax rally is underway.
Every Central Bank in the world printed money at excessive levels, thinking this approach will save the economy causing these high inflation levels. And soon governments will start asking for new and higher taxes to bridge the debt gap.
Expect bills and taxes to double soon, as the government's expansion needs more funding.
And a final note into all this turmoil is the internet income that the government would love to grab part of it.
Bitcoin Cash has mechanisms offering a remedy to the ailing financial establishment.
It will be a lot worse, get ready for prices you didn't even imagine anywhere you live in the world. Also, get ready for a cash-grabbing race by the banks and governments.
Bitcoin Cash will help everyone with enough guts to realize this.
If you planned to keep selling the BCH you were making online, perhaps it is time to start doing the opposite and start sending your national fiat into Bitcoin Cash, ASAP.
The use of Bitcoin Cash sidechain smartBCH and the financial services it includes offers vast potential unlike anywhere in the traditional finance sector.
In Conclusion
Funds are not SAFU unless we hold the keys to our crypto. The private keys grant us access to the Bitcoin Cash on the blockchain, and with Binance or any other centralized exchange, we just relinquish control. Do we trust the admins and all personnel of centralized exchanges and trading apps?
The traditional financial system and the crypto-related centralized exchanges are no different. Both banks and crypto exchanges are in the same bracket. Using Binance and Coinbase, Robinhood, Revolut, and CashApp, to buy crypto and never withdraw, is actually supporting the banking establishment.
The dangers of holding our wealth in fiat come in plenty of forms, yet in this decade, two more are added. Inflation and increased taxation will keep looting our income and wealth forever.
The hack of Crypto.com is just another example of the need to hold our private keys. We are not secure, and we don't hold our crypto if we trust financial institutions like crypto.com, Binance, coinbase, or the rest of online platforms.
Decentralized solutions in the form of P2P transactions through decentralized networks and Web3 applications will dominate in the future.
Cover Photo by, Ridderhof on Pixabay (modified)
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Goodnight! Brother congratulations for the very interesting article. You have to see that on the street or on the net we are safe. I think prevention is the best thing to do. Hackers will always be on the lookout so we have to look for more radical solutions to protect our funds.