Crypto Safety

BITCOIN AND ALL COIN SAFE STORAGE IS IMPERATIVE

A few terms that are used to describe storage of the crypto assets are cold and hot wallets. A link is provided at the bottom of this page with a video to explain the best cold storage wallets. Cold storage wallets are the safest form of storage for any crypto. A cold storage wallet is not tied to the internet.

WHAT IS CRYPTO ANYWAYS?

What is crypto currency? Why do I want to use crypto if I have to be concerned with and put effort into safety? What does one refer to when they speak or write about crypto safety? Afterall, if someone is writing about crypto safety, is that to infer that crypto currency (from here on out referred to as crypto) is not safe at all? Why do we have to move into a “digital anything”?

This article will primarily focus on crypto safety at a basic level. The above questions have volumes written and spoken about them. Many very knowledgeable folks can be found to help teach and provide valuable information about the above questions. In my writings and web page I will try to point you to some of these knowledgeable folks I follow and whom I read and listen to. Their findings, hard work, and genuine concern for a less centrally controlled financial system is helpful to all mankind in all countries.

To keep a very complex and multi-faceted topic simple, money, or currency, the way we transact and store most anything of value moving forward will be digitized or tokenized. This is happening and it is happening fast. I first noticed the world drastically changed in March to May 2020. The world was sent to their homes and their businesses closed due to a global event. I lost one half of my sideline business and I was laid off by a 100-year-old company. I did get to return to work in 60 days. In those 60 days, I started to deep dive and get myself very educated very quickly about the macroeconomic changes and forces taking place around me. It was as if time stopped for just a moment. I turned this into an opportunity for financial freedom for myself.

WHEN?: A FINANCIAL REVOLUTION IS UPON US NOW

Where does the word “crypto” come from? “The internet and indeed most modern computer systems, are built on cryptography, a method of obscuring information so that only the recipient of the information can decode it.” (Inventing Bitcoin, Yan Pritzker, pg 6, 2019, Nicholas Evans). According to Michael Saylor CEO of MicroStrategy, “a digital property has been created for the world to use. Bitcoin is the only proven digital property created in the world…. The definition of property is a common commodity that is beyond the control of any one individual or corporation. (YouTube, Savvy Finance channel, “What Michael Saylor Just Said about Ethereum and Bitcoin”).

Anything worth something, is worth keeping safe. People want safety for their families. Safety is sought after for freedom and individual God given rights. Freedom to pass on the results from your hard work efforts, your dreams, and your accomplishments.

This is “the why” it is in your own best interest to learn about crypto safety.

WHY IS THE CURRENT SYSTEM BROKEN?

Why can’t we just keep having “paper money” like the current form for the US dollar, the Euro dollar, the renminbe, the deutsche mark, peso, or the rupee?

The dollar is a “fiat” (meaning “by decree”, or, because I said so) currency that has been abused. By this I am referring to the unlimited spending and printing of the US Dollar and many other currencies in the world. As a matter of fact, all governments have done this.

The United States is in debt. Europe and Asia are in debt. I could go on and on. Go ahead. Google debt to GDP ratios by country. Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period by countries. (Wikipedia).

I really liked the visualization of a big circle with all the countries in it and the percent of debt to their gross domestic product (referred to as GDP). (Visualizing the Snowball of Government Debt, May 2021, Marcus Lu www.visualcapitalist.com) At the time of this writing, the US has 133% debt to GDP, Italy 157% debt to GDP, Japan 257% debt to GDP. Germany, Iraq, and China all 3 at 70%. The governments have “printed” and “printed” and “printed” their currencies to death. Then “printed” some more.

SO WHAT MAKES MONEY – HONEY?

Did you know that there are attributes that make money a good store of value? There are. To be a good store of value the medium of exchange should be durable, portable, divisible, fungible, verifiable, scarce, censorship resistant, and have an established history. This information is taken from https://learn.saylor.org. In 1.1 How Money Arises and Governmental Intervention in Money. .

The chart above grades these various attributes relative to gold, bitcoin, and fiat currency. There are other articles and individuals who have looked at these traits in addition to the above.

NOT ALL CRYPTO IS CREATED EQUAL?

Let’s face it, whether we look at the way a few companies can control your health, a few compromised souls try to control your rights, a few lawyers can control a family legacy; I think we could argue a few having control of much, does not bode well for freedom, free markets, and therefore freedom of monies. “Bitcoin is a peer-to-peer electronic cash, a new form of digital money that can be transferred between people or computers without any trusted middleman …, and whose issuance is not under the control of any single party.”  (Inventing Bitcoin, Yan Pritzker page 1) Safety for your family legacy and your sovereign rights are at stake.  Let’s go! Please continue to check out my page and I will try my best to point you to the work and thoughts of many other amazing, smart, informed, and sovereign, good-hearted people!

Whatever wallet you use, a cold storage wallet must be in your game plan to secure and store your assets. There are several options for this. I have provided a link to the one cold wallet I prefer. There are others. Do your due diligence and pick a cold storage wallet today!

Please see the below link to purchase a Trezor.

Amazon Store

How I Store My Bitcoin, Matthew Kratter, Trader University https://youtu.be/dt7mryC8kLQ

Book: Bitcoin Standard, Saifedean Ammous, 2018, Wiley & Sons, Inc.

Lyn Alden Article: Misconceptions about Bitcoin

https://www.lynalden.com/misconceptions-about-bitcoin/

Website: Bitcoin is Hope

Inventing Bitcoin, Yan Pritzker, 2019 Nicholas Evans