Blockchain Security Risks | Should We Trust The Blockchain?
Once you do your research and learn what each coin represents to the people around the world who use it, you can decide for yourself, Should you trust crypto?
We are living in the digital era. Our lives, work, and play are all online in some form or another. Likewise, our money is also online. Every bank, credit card and fiat payment platform is out there, connected to the internet, allowing us to buy and sell goods and services at any time of the day or night. The problem is; where there are an internet connection, and hackers are waiting to steal your money, identity and life. Then came the greatest gift the world has received since the invention of the internet itself; BITCOIN.
Before BITCOIN was created, we were limited to putting money into banks and platforms (like PayPal). A simple Google search of "bank (or PayPal) fraud" will show you THOUSANDS cases where those traditional fiat institutions took the money you placed in their care. A "fee" here, a wrongfully closed account there; well, you get the point.
Then came BITCOIN, the MONEY for the future. With BTC, we have the BLOCKCHAIN; which gives us the first truly transparent banking platform. The invention of BITCOIN and its BLOCKCHAIN have sprung hundreds, if not thousands, of other crypto options. All have their pros and cons. But, all share the same bit of security we never had before - our money is truly OUR money. There is no bank, no "middle man" holding your money and promising to keep it safe. The cryptos allow you to be your own bank; with no one else in control; and, most importantly, with no one else having access to your money. No banks can charge a "fee", PayPal cannot close your crypto wallet for some alleged "violation"; and, best yet, no hacker can gain control as it would take hundreds of years for the very best hacking software to "guess" your private key. So, as long as you keep your wallet securely offline when not in use (a dedicated hardware wallet, software wallet stored on a removable hard drive /thumb drive /zip drive; or, a paper wallet are best for security) there is no worry of being hacked or losing funds.
Where do the cryptos get their value? The same place fiat gets its value; simple supply and demand. $ 1 = $ 1; and (like the saying goes in the DOGE community) 1 DOGE = 1 DOGE; and it always will. BITCOIN and the other cryptos are computer programs; unlike anything we have ever seen; that allow us to secure our money from anyone and everyone with constantly evolving BLOCKCHAIN technology.
Should you trust Blockchain technology?
We do. The BLOCKCHAIN is completely transparent; meaning, every transaction since the first is clearly outlined for public review. Something that PayPal, Visa and Wells Fargo could never honestly say. The trust is in the encryption, the value comes from our own use, and the faith in cryptos comes from the community who have formed around these miraculous pieces of computer code to take back our financial freedom from the governments and banks who have held humanity in financial slavery since the first person lent their neighbour a handful of Salt (one of the first forms of money) thousands of years ago.
Once you do your research, your due diligence, and learn what each coin represents to the people around the world who use it; you can decide for yourself. Until then, We will continue using cryptos; as will a growing number of governments, banks and corporations around the planet who have already seen the beauty, simplicity, and security of the BLOCKCHAIN. Happy HODLing!!!