Why Cryptocurrencies Offer the Best Way to Protect Your Funds
Do you have some money in your bank account or credit card? Let’s ask another question. How secure is it? We are tempted, in many cases, to think that cash stored in bank accounts is safe and completely out of reach of unwanted hands, but that is wrong. With a stroke of a judge’s pen, your cash can be frozen. Well, that bank can also go bankrupt because of poor management, making it impossible for people to access their cash. This is why you should consider tucking a significant portion of it into a good cryptocurrency.
How Do Cryptocurrencies Work?
Before demonstrating how crypto coins can help to protect your funds, it is prudent to start by understanding how they work. Crypto coins are the native currencies in their respective blockchain networks. For example, Bitcoin (BTC) is the native coin in the Bitcoin blockchain and ETH in the Ethereum network.
When you buy cryptocurrencies, what you receive is a string of codes and numbers that signify ownership. To send cryptocurrencies on the blockchain network, you and the recipient must be on the respective network. Take the case of Bitcoin. In this case, you can only send BTC to another person in the Bitcoin blockchain network. If you want to send cryptos to a different blockchain, you will need to start by converting them to the targeted coin in an appropriate exchange. The easiest way to convert the coins to the targeted coins or fiat is through hi.com.
In today’s volatile financial landscape, cryptocurrencies offer the best way to protect your funds. They provide security, transparency, and the flexibility to engage in large block crypto transactions that can optimize the protection of your assets and ensure the safety of your digital investments.
How Cryptocurrencies can Protect Your Funds
When you buy some crypto coins, here are the main reasons why the funds will be more secure compared to banks.
● Transactions are Private
The first thing that makes it possible for blockchain to easily protect your funds is that no one other than you can know you have stored money there. When you send funds through a blockchain network, there is no central management to know about the details. Even the nodes that confirm transactions only check balance and will never be able to pull out your personal details.
● Blockchain Networks Do not Belong to any Individual
Banks are run like companies, with specific owners and management boards. Apart from being able to access your balance, the management implements policies passed by respective governments. If that includes high license fees, additional charges on deposits might be slapped on your deposits. However, blockchains are decentralized, meaning that there are no regulations that can be directed towards the stored coins. Indeed, even decisions about key changes are made by users on the network.
● A Court of Law Cannot Order a Freeze on Crypto Networks
As we indicated earlier, money stored in a bank can easily be frozen by a court order. Remember that you do not necessarily have to be involved in criminal activities to be dragged into court. A case can easily snowball from the place of work, social media, or even an accident on the road. In such situations, all that is required is for the lawyer to request the judge to freeze your bank account.
When you buy some crypto coins, no one can authorize the blockchain to freeze the funds. Indeed, the network has no owner, users are only known with codes, and governance is through consensus. Even in countries where cryptos are banned, people still run their transactions because there is no one to be served with court orders or implement them.
As you can see, cryptocurrencies offer an excellent way to hide funds from the “threats” that surround you all the time. So, are you ready to buy some crypto coins? Visit hi.com to see the long list of coins that you can buy. Remember to store the coins carefully and never reveal your private keys to anyone.