Cryptocurrency and security

Cryptocurrency; No need for the third party

Before the introduction of cryptocurrency. I wonder how the world economy will look in those days when there was nothing like cryptocurrency. I don't believe it could have been so wonderful like the economy of when cryptocurrency was introduced. There would have been issues of ambiguous physical wallets and unnecessary fright about security in those days. Well, I was not in those days, so there is no other way I can know unless you tell me here on read.cash or I read about it.

Currency in the ages

Digital currencies have brought a lot of development to our world today. There are many physical currencies in the world before as they belong to different nations, there are Euro, Pounds, Dollar, Naira among others. This is good though as the economy of every relies on these currencies.

The growth in population and demand has brought the necessity for traders who have commodities and merchandise to offer an exchange for money, these traders a place to save their money for security reasons and to avoid big wallets.

Many International traders of those ages are robbed on the journey, many even lose their properties and wealth to war which is why many trades became poor after the war. That was the reason why banks arose, we all know how those ancient times banks looks like.

All thanks to the founders of commercial banks in those days that brought improvements and set to meet the requirements of those traders of those days. They have two phases approach in attending to those needs by conscious saving of investment owned by investing parties and technological approach focused on improvement.

However, the technological approach of 1924 could be not befitting for this present generation. There has to be a new approach to respond to the call of time. The bankruptcy of banks, emigration caused by natural disasters, diseases and tumours has made a need for moveable banks. This leads to branches in banks today.

I believe that all these development and improvements that those banks brought in those days were the best of their own time. Furthermore, there is much more increase in the population nowadays which calls for more financial attention. If physical notes are to be spent daily, that currency will not be good for this new era. More population, I believe that only coins will be able to survive, the handling. All the paper currency will not have the aim of serving us all.

Creation of new currency and the type of ownership

To circumvent excessive building and the creation of too many banks, cryptocurrency was brought to life to answer the needs of any traders. This started with the invention of Bitcoin traced to the year 2008. That year marked a remarkable turnaround in the world to date.

Although at the time of creation, the future of this technological approach to finance has been in doubt, as many do not believe in it but as good as we have it today, there are more than fifty digital coins today which do not depend on banks.

In this effort, to own one or more crypto coins, you need to have a digital wallet. This is a means for saving your coin or cryptocurrency.

There are two ownership styles of saving your cryptocurrency which depends on your solely choice. Out of these two ways of saving your cryptocurrency, the one knew is the third party type of wallets creation. This involves series of gradual verification and Identification. You will have to submit a few of your credentials to the network where you are creating your wallets. This is not a risk-free trial, because if the owner of the network are fraudulent, your wallet can be hacked before you know. I mean use a reliable wallet to avoid any form of lost. You can use the wallet recommended by read.cash. I think it is a reliable third-party wallet.

Personalised third party wallet. I know that you haven't try this before, but I have done it and I was able to secure a wallet without any problem. Those wallets called third party wallet you know, if you circumvent the identification stage of any wallet, you have securely created your own personalized wallet. I did this on Bitcoin.com and it worked. Just be careful of the wallet you use. This is the best I could recommend for you as your database is not saved on the network. The security of the wallet depend on you. Trustwallet is a typical example. When you lose the seed word, that's all.

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