As a reader of FutureMoneyTrends.com, you are likely aware of the risks of keeping a significant portion of your assets with the “big banks”. You are familiar with bank holidays, withdrawal restrictions, and empty ATMs. As a result you have moved to mitigate your risk by diversifying throughout several large banks, credit unions, and into off grid storage of precious metals. Because, if the financial system melts down, you’ll be ready and have access to your capital.
Bitcoin is a growing solution for people who see the writing on the wall in today’s extraordinary times. It’s disconnected from the fiat money system and operates much like gold does, but in a digital sense. It’s speed, ease of use, and anti-inflationary properties make it an attractive destination for wealth storage despite what the pundits in the media may say.
However, much like fiat currency cash, bitcoin comes with similar risks if it were to all come “tumbling down”. Think about it – if you purchase your bitcoins through a large exchange like Coinbase, and keep them there, is that money safe? Research Mt. Gox and you’ll quickly realize it’s not. Oh, and what about hackers?
Despite the aforementioned risks there are solutions in the marketplace for this problem. If and when the bank holidays start and the contagion spreads to “bitcoin bank holidays” there are ways you can avoid this through hardware and desktop wallets that are “off the grid”. A simple google search or “Trezor” or “Armory” will get you on the right track. Protecting yourself is important given the tumultuous political, economic, and cyber security landscape in today’s world.
After all, you don’t keep your gold and silver in a safety deposit box, do you? Same logic applies to bitcoin. Do some research and transfer your core holdings offline – if nothing else you’ll go to sleep every night with added peace of mind…that which in itself is a priceless commodity in this day in age.