How to safeguard your money: Bitcoin, Ethereum, Lite Coin and other crypto currency
The first level is what I call “you’re not the bank’ so again, you’re not the bank. Many of us heard, Mr. Obama the president on the news that when you buy Bitcoin, you have the bank on your phone but at level one, you’re not the bank yet. So what that means is you lined up on an exchange with your fiat money, and if you don’t know what exchange is, it’s the place where you take your fiat money and you turn it to digital access like Bitcoins or Lite coins, Ethereum, etc.; and if you don’t know what fiat is, fiat is something that’s printed by the government that’s not backed by gold etc. it’s just a made up idea, some guy at the printing shop printing it up. It’s not like they’re digging gold and it’s backed by gold. So the level one is you’re not the bank. Many people think that when you buy Bitcoins, we easily become our own bank and that’s actually not true because what happens is people are lining up to the exchanges and they’re parking their money there, their fiat money; they bring their fiat money in and they get Bitcoin so they parked there. They get exchange for example coin banks; now there’s a lot of different ones out there and what have you, so we leave our money in there but again, in this level one is the most riskiest level where you’re not the bank because coin base can get hacked, all the hackers know there’s a lot of money out there, it’s going to be like missed managed, employees, they can seize your money, they can seize your account if you deal with PayPal or something like that. So simply put it’s your money and you don’t have complete control of it. It’s the same thing as putting your money at the Bank of America or change or whatever, not that there’s something wrong with that but you don’t have control of your money, if the economy crashes you have to line up in front of the banks “can I please get my money” and sometimes they don’t have the money to give you, you just look into history and you can see that recently it happened in Greece, just in recent times in other parts of the world and people couldn’t get their money out of the bank, if you don’t believe me just get in YouTube. So it you come back to Bitcoin in cyber currency if you leave your money at an exchange, you’re not the bank they’re holding your keys or in this case to simplify, they own your money in a sense. No one is holding your money because your money is in the block chain and your private key is what allows you to have access to that vault or access for bank ship. To simply put it, they are the one “holding your money” if you want to say that. You are not in control, so the worst place to put your money is here because you’re kind of trying to get the freedom of cyber currencies bring you but you’re not really capitalizing in everything.
P.S. If you decided to buy Bitcoins, go here you will get $10 free bitcoins when you invest $100. (And I will also receive $10 buck…win-win)
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