All images are mine, me holding a $100 bill and a screenshot of my binance home page edited with canva
When I saw the question for this edition as asked in the community group
Ever since cryptocurrency became a thing and got the attention of the world, many governments have been against it while others embraced it. What about you as a person? Do you prefer the digital form of money? Or you would rather use physical? Give reasons as well, we would love to know.
I Gave it a hard thought for a while and as much I know I have the proper knowledge about cryptocurrency, its benefits, and the demerit of receiving physical money and all its troubles I am still very “INDIFFERENT” I.e I do not value one over the other
Let me break down my concerns and fears maybe you can debunk them or agree with me.
I would Start with cryptocurrency since most people are tilting toward it for obvious reasons. I know we are aware of the countless benefit of holding a cryptocurrency or any form of a digital asset but that doesn't mean it doesn't have its disadvantage.
One is that as far as I know, transactions made using cryptocurrency are untraceable.
I remember early last year when my partner's old company abroad decided to send his pay for the contract he did with them and for the first time they decided he should get an account with one of the crypto exchange providers because he would be paid in BTC. he opened the account and sent his wallet address as requested and we waited.
A few days after he had to contact them because he never received any form of payment and he was told that he was sent the payment that same day, they check the address and realized they sent it to the wrong address and that means the money was gone and it was a huge sum. I was so pissed but over time the company compensated him but still someone somewhere got our money.
If the situation was reversed and this happened in our local bank, the account would be traced and money retrieved one way or another.
That isn't my only fear when it comes to cryptocurrencies and digital assets. I worry too at the rate of cybercrime and hacking especially in the crypto space.
I remember @nonsowrite advice on the #hivenaija telegram group about not saving your hive keys on your email this is exactly what he wrote to the group
Please do not save your hive keys (especially your owner key) online, either in your mail or notepad. If you must have your keys online use a password manager. They are inexpensive and secure. -@nonsowrites
When I saw it I was so shocked because I know my keys are both on my notepad and mail and even my goggle drive but it was not enough. I try to be as careful as possible with the link I see online but now I still worry if the assets I have built are safe enough.
It is the same worry I have when I have a lot of cash with me at hand, hoping someone doesn't attack me and take my cash or pocket pickers do what they do best.
Then next is the fear of losing investment because of how unpredictable the market can be. First hand I have experienced a loss in the crypto market from having $100 to $20 in less than 24/hrs, if I keep some money in the bank I am sure the daily charges will still reduce its value. So each of them comes with its own risk.
Let me not bore you with my other worries but I am sure you get my point.
I would appreciate a constructive argument to debunk any of my worries as stated above or a solution or some form of relief from these worries.
Thank you.
Team both as long as it’s money you are sending me
Lol
Yes o
I respect your opinion and agree with the fact that there are risks attached to both forms of money and we have the right to choose either of the two or even the both.
Do you stay abroad? If yes I would to ask which form of money is easier to send across the world?
Crypto wasn't responsible for the mistake that occurred, they sent it to the wrong address. A friend of mine was duped 240k early last year and the money was untraceable by the bank till now. They only blamed her for trying to do Ponzi, everything thing has its good and bad. Fiat can't be wiped out and crypto doesn't look like it will die so easily.
I don’t stay abroad yet, I haven’t sent money outside my zone before so I wouldn’t know yet but crypto looks promising for that kind of transaction
The rewards earned on this comment will go directly to the person sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
As you mentioned your hubby was compensated, it sounded funny because it wasn't his faulty, the company made a mistake sending to the wrong account and even initiated transacting in crypto.
Errors like this happens, I just even read @galenkp's dumbass mistake but he recovered his loss.
Money is money anyhow it comes, let it just be at hand...
Posted using LeoFinance Mobile
Exactly
Quite accurate. Both have their own demerits. But I prefer bank to crypto losses. Because crypto's loss happens voom. Just blink your eyes and it is gone. But bank will be collecting small small.😂
Congratulations @estherscott! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s):
Your next target is to reach 200 posts.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPTo support your work, I also upvoted your post!
Support the HiveBuzz project. Vote for our proposal!
Yeah... both forms of money come with their own risks, you just have to decide the one you are willing to shoulder. Because whether you like it or not, you will still take them.
Thank you for sharing this with us.
Yes you are right, physical or crypto all is acceptable as long they can be used for all transactions 👍
Thanks for sharing dear friend 🤝
Hi estherscott,
Join the Curie Discord community to learn more.
let me address your concerns briefly.
The issues you mentioned are still relevant in the traditional banking/financial sector. People lose their money to fraud; people send money to the wrong accounts; people lose their investments. The only difference here between crypto and the global financial system is that we have grown accustomed to one.
I have been in this space for the past 4years and I have not experienced most of the issues most people complain about. It doesn't mean that they are not valid, however, with due diligence, one can avoid most of them.
Posted Using LeoFinance Beta
Yes I believe it can all be avoided... and i am taking all the security measures seriously to avoid them.. thanks
I just thought about the Money is Money part, it is actually true😂
The fear of hacking Account would mean everything you have is gone for good
Hmm, one food for thought here. I have seen/witness hive accounts been hacked even when the owners did not disclose their keys.
We just have to weigh the ones with less risk, be diligent enough and hope that every other thing stays fine.
How about a Google drive? What I did was encrypted my keys with Rar application, then I used a strong passcode.. then upload the Rar file to my Google drive... I don't no if it's secured enough?
@nonsowrites please we need answers
All these centralized data bases can be compromised. My initially advise is to keep your owner key offline. Have it saved in your physical file at home. If your account ever gets compromised you can easily access it.
Posted Using LeoFinance Beta
My middle name is Money so I accept any one too. I prefer crypto though or dollar in the case of fiat. Not Naira 😑
Nobody wants naira but you will sha need it for day to day las las😂