Post
Topic
Board Economics
Re: "Be your own Bank with Bitcoin" - A reminder why this is so important!
by
Ultegra134
on 17/09/2022, 23:56:55 UTC
Honestly, I enjoy having my money on my personal computer without them being able to be traced back to me. It works as a savings account, your own personal bank like you mentioned. It's such a shame that Lebanon is facing this, your money is simply being held hostage. We had something similar in Greece a few years ago, with capital controls. You were unable to withdraw large amounts of money and it was only possible to withdraw specific amounts every week, till the restrictions were lifted. They lasted over 1-2 years, I don't remember correctly. however, as the following user suggested, it doesn't protect you from being mugged.
Bitcoin doesn't remove the risks of you getting mugged. If anything, it's potentially worse with bitcoin/crypto. They just hit you with a wrench at your home until you give up access to your wallet. Hence why being private/secretive about your holdings is very important!

https://cryptosec.info/wrench-attack/
A general rule when it comes to money making is to be silent about it. Either with Bitcoin, Assets or fiat currencies, it's best that people do not know that you're wealthy. I've heard quite a few instances here that people were mugged right after withdrawing from their bank accounts. You can be forced to give your Bitcoin wallet too, provided that you're not careful enough. The same rule applies to everything, let me remind you that in the past, they used to hide money inside matresses.