BCH - UNSTOPPABLE DIGITAL money: 3 things TO put in MIND from the FTX scandal

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10 months ago

With the FTX scandal, the world has rediscovered one of the essential foundations of the crypto ecosystem- SELF CUSTODY (1).

Self custody is not only a feature of Bitcoin Cash or other cryptocurrencies, but it is one of the most important of them. The ability of an individual to uniquely hold money under his domain through the use of a cryptographic recovery key.

The recovery key should only be known to the owner otherwise anyone can access the account and thus have the ability to withdraw all funds it contains.

Bitcoin Cash and all cryptocurrencies have the property of being unstoppable money as one of their greatest virtues, no one can stop Bitcoin Cash, self custody plays an important role. Although Bitcoin Cash is unstoppable money if misused or stored, for example, leaving it on Exchanges can cause irreparable and irreversible damage.

One of the examples is the case of the recent FTX scandal, where thousands of investors lost their money simply because they chose a platform to control their money. Of course, at the time no one thought this could happen, after all FTX was one of the biggest crypto asset trading platforms but, once again, self-custody has been proven to be fundamental to safeguarding capital.

It is, therefore, here where we come across another attitude that must accompany those who are in the cryptocurrency ecosystem - stop trusting third parties with your crypto (2) !

The cryptocurrency ecosystem has as one of the foundations the ability to trade in a FREE, peer-to-peer way, where no one should depend on third parties to be able to trade with another, but it seems that actors in the crypto space constantly forget about this.

...The biggest goal of centralized exchanges and centralized crypto wallets, the government regime, financial institutions and scammers is to separate you from your cryptocurrencies.

Once again the issue of Self-Custody comes up and reminds us how important it is to have mastery of money, and calls for reason to protect wealth.

It's not slang but a reality : #NOT YOUR KEYS NOT YOUR COINS(3)🔑.

The simple fact that we continue to ignore this fact is a sign of concern. If no one holds the wallet recovery key containing the cryptocurrencies, it is more than clear that they do not belong to them, but belong to the person who has access to them.

It is imperative that people start protecting the assets that belong to them by withdrawing funds and storing them in wallets that control access keys.

It's also important to always write the access keys in an offline location and never forget where they left them, because it doesn't matter to write down if they forget where they are, right?

BITCOIN CASH as unstoppable money

The ability to be decentralized digital money allows Bitcoin Cash to be a Cash that does not need a third party for the transaction to take place. The competition of the financial transaction only obeys cryptography, going from one wallet to another and can be verified on the blockchain to see it being confirmed on the network.

It is money without borders, fast and can be used immediately after sending as it does not need confirmation (0-confirm) to be used immediately. It is a viable money for business and e-commerce allowing merchants and the general public to use the currency.

Nobody can censor Bitcoin Cash because it is money that lives on the Internet and doesn't need either the government or bank for transfers to be carried out on the blockchain.

Another aspect that makes Bitcoin Cash a game-changer is its ability to reduce government interference in the global economy by creating a decentralized economy where is based on cryptography from person-to-person.

It also allows the existing restrictions in the traditional financial system when it comes to sending money in remittance to be circumvented because using Bitcoin Cash people can send money from one territory to another, whether domestic or international, avoiding blocks or restrictions that previously prevented this movement to not occur.

Nobody can stop Bitcoin Cash and soon it will be the first digital money (pure digital decentralized money) that will be used as a LEGAL TENDER in St Kitts and Nevis opening a new page in the history of decentralized digital money effectively participating in a globalized local economy.




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10 months ago