Banks services like vs. the real deal.

I have a few satoshis in my bank account Wallet of Satoshi, and it is a bank because I don't control my private keys, and I am not using the real Bitcoin either when I am using those services. I use those services because I like to collect rewards from other apps that require assistance like that, and once I am done, I get to move my funds to where I control my keys, and it becomes my real money well.

While the funds sit on the Wallet of Satoshi account, they are not even Bitcoin. It is a token that is equal to 1:1 to Bitcoin BTC. And I have no way of knowing if those satoshis represent that because the Wallet of Satoshi is the whole ledger history of the transactions made. I have to trust that they are actually using Bitcoin's second layer and not just crediting satoshis to my account, which I will be equal to printing Bitcoin.

Until I moved my funds from the wallet to another destination, I finally knew my satoshis were real. As long as balances only sit within the app, there is no way of knowing that, and that is why I never put more than $10 into the Wallet of Satoshi because I know I am forced to trust them, and I can't verify because I can't see their private ledger. If you move funds from a WoS account into another, you cannot know if you are getting the actual second layer token or just a number on your account. And that is what you have to deal with when using a custodial account.

I use WoS because I like to convert my Google Rewards into Bitcoin Cash. To do that, I need first complete the Google Rewards survey and get a payment of a few cents. Collect at least $1 in Google credits, and exchange those credits for Bitcoin Rewards. Once I withdraw those funds, I trade those LN satoshis into Bitcoin Cash or any other asset using LN exchanges like FixedFloat exchange.

I would love to collect Bitcoin, but I can't afford the on-chain transaction costs for such small amounts of money, and I am forced into using custodian services to exchange low amounts of fiat value. I wouldn't trust leaving my satoshis on a service like that for too much time because I don't know if WoS will still be around or if they will go out of business in the future.

But When I move my funds to Bitcoin Cash, I know that my few cents are now secure and that as long as I have a backup of my private keys somewhere, my funds will be okay regardless of location or time. Once my funds are exchanged into the real Bitcoin, I don't have to worry about using bank-like services. After all, Bitcoin Cash works as my private bank with a shallow risk of losing my money to third parties, and I also have the freedom to use my money as I see fit because I don't have to ask for permission to use my money.

By having control of my private keys, I can become my private bank without having to use any third-party bank and with zero worries because my funds will be usable even if I am not a rich person. I can hold amounts in pennies with Bitcoin Cash, and I still can use my money decentralized. I have to use a tiny amount of money because that money comes from rewards, which would also mean that a person earning less than $2 a day can bank with the real Bitcoin.

The monetary freedom that Bitcoin BCH can offer is that every human being on planet Earth can have independent economic freedom by using the actual Bitcoin blockchain. That can bank the unbank without breaking your wallet and without discrimination because you happen to earn less than the transaction fee.

At the time of writing this article, the medium transaction fee for Bitcoin Core is $1.18, which means that my money sitting on WoS will not be able to be sent into an on-chain wallet. I wouldn't be able to verify my balance as the real Bitcoin either. With Bitcoin Cash, I have enough money to have my bank account and make a few transactions without paying more than $0.005 in transaction fees.

I bank using my private account with the best and first peer-to-peer currency created by Satoshi Nakamoto. Bitcoin Cash can bank 7 billion people today without high on-chain fees either.