Post
Topic
Board Bitcoin Discussion
Re: Bitcoin is not needed but only for investment purposes
by
royalfestus
on 30/10/2020, 20:53:04 UTC
Bitcoin is a form of sovereignty.  It places you in direct control of your wealth.  Some people do use it to gamble, but such people could be considered to be missing the point.

I've never set up online banking, as I feel it carries too much risk.  Traditional payment methods are not very secure.  I had a conversation with my bank the other day about setting up a separate account with a limited sum of money in it that I could access online, while leaving the rest of my funds securely inaccessible.  They told me that if I set up online banking, all of my accounts would be on there.  They don't have a way for me to keep only a portion of my savings accessible online.  How useless is that?

But with Bitcoin, I can move funds from hotwallets to cold storage as and when I please.  The level of security I maintain is entirely my decision.
Sometime when you visit a bank and the cashier check your account he could look at you again with surprise for such huge account balance, for a crooked cashier with your personal details you could be kidnapped and they demand ransom. Have read of similar cases in some part of the world but at the moment the use of bitcoin does cover all transaction or exchange and anonymity still hold many advantages.