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I am just a regular Joe that is tired of paying high fees, and that understand the game th...
1 month ago
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 either. The reason why I use those services is that I like to collect some rewards from other apps that require a service like that and that once I am done I get to move my funds to where I actually control my keys and it becomes my real money as 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 actually represent that because Wallet of Satoshi actually whole the ledger history of the transactions made so I have to trust that they are actually using Bitcoin second layer and not just crediting satoshis to my account which will be equal to printing Bitcoin.
It is only until I move my funds from the wallet to another destination when I finally know that my satoshis were actually 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 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 there is no way to 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.
The reason I use WoS is that I like to convert my Google Rewards into Bitcoin Cash so in order to do just that I need to first complete the Google Rewards survey get a payment of a few cents and collect at least $1 in Google credits, exchange those credits for Bitcoin Rewards and once I get to withdraw those funds I exchanged those LN satoshis into Bitcoin Cash or any other asset using LN exchanges like fixed float exchange.
I would love to collect Bitcoin but for such small amounts of money I just can't afford the on-chain transaction costs 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 in the future WoS will still be around or if they would go out of business.
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 because Bitcoin Cash works as my own private bank with a very low risk of losing my money to third parties and also I have the freedom to use my money as I see fit because I don't have to ask for permission to use my money either.
By having control of my own private keys I can become my own private bank without having to use any third-party bank and zero worries because my funds will be usable even if I am not a rich person, with Bitcoin Cash I can hold amounts that are in pennies and I still get to use my money in a decentralized way. I have to use a very small amount of money because that money comes from rewards that 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 single human being on planet Earth can have independent economic freedom by using the real Bitcoin blockchain that can actually bank the unbank without having to break your wallet and without discrimination just 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 that will mean that my money sitting on WoS will not be able to be sent into an on-chain wallet, and as such, I wouldn't be able to verify my balance as the real Bitcoin either. With Bitcoin Cash, I have enough money to have my very own bank account and make a few transactions without having to pay more than $0.005 on transaction fees.
I bank using my own private account with the best and first peer-to-peer currency created by Satoshi Nakamoto. Bitcoin Cash can bank 7 billion people today and without high on-chain fees either.