Bitcoin: Protecting your wealth with bitcoin

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KoinPro.com

5 min readMar 27, 2021

KOINPRO —Bitcoin: Protecting your wealth with bitcoin

Bitcoin, a necessity or option. That’s an important hot topic familiar to almost many people around the globe. Before reaching any conclusion, an independent analysis drawn here might help clear the reader’s doubts arose regarding this. The most projecting doubt is that if it is equally healthy to protect our wealth like other currency instruments widely accepted.

While in 2021, it’s true to say that what’s no more a secret is something called Bitcoin, the first-ever digital cryptocurrency that originated in October 2008 owned by an anonymous group of people known as Satoshi Nakamoto. For us, it is the first-ever digital wallet offered to the world because of its unique currency attributes. It is not comparable to other known digital currency models such as shares, gold, bonds, etc. It is because all of them are authorized mainly by the government of any country. We invest our paper currency in these to protect our money or gain monetary benefits from it. You can find many articles, blogs, and videos on the internet talking about the bitcoin currency, and it is not only the single digital currency, but it is being adopted by many others who have introduced their own digital currency on the same model and patterns, but it is accepted throughout the world like none other yet. But, it is all being centralized & controlled by the government mainly. All transactions are recorded and controlled ultimately by the government or banks. In order to understand the need for bitcoin to protect our wealth, we need to understand few important points to jump to any conclusion or better understanding of the whole phenomenon:

When and Why Bitcoin need arise

The most accepted idea is that it occurred as a result of currency devaluation in Venezuela. As a result, world economic order occurred in 2007. People of Venezuela and other such countries not only faced currency devaluation, but people become almost penniless. They were unable to survive due to these crises. Their governments printed the currency in bulk and got drowned because of this stupidity.

Meanwhile, in 2009, a group of anonymous people comes up with the idea of having a digital currency without any central control to make people survive in this turbulent time. It was decentralized, and people opted for it since then, but after 12 years since then, it is still under constant conspiracy theories. It is not a hidden fact that governments are not in favor of this digital currency type, but at the same time, they are unable to stop it or ban it. It has become a worldwide accepted phenomenon and alternative exchange of Fiat money/paper currency, having millions of people doing transactions with it for their daily use. Though it’s not yet commonly used digital currency, it is getting fame, gain, momentum, strength, and acceptance beyond boundaries. Keeping in mind its pattern, it is imperative to say that bitcoin is safe if anyone used it as a currency alternative.

Is it banned by countries if not accepted by them as yet?

Another supporting evidence is that despite all the criticism and apprehensions by countries and banks around the globe, it’s not being banned or can’t be banned. It has already gained its momentum worldwide hence making it powered by decentralized power beyond all boundaries.

Bitcoin: Protecting wealth of Fraudulent or Thieves

Some critics believe and doubt that this is meant to protect the wealth of fraudulent people, thieves, or unfair means of earning by people. However, it is not correct because the people who made money with honesty faced governmental constraints too. They have to abide by currency depreciation/fall due to banks printing money whenever they want, resulting in inflation. So, bitcoin is not comparable to any currency rules imposed and accepted by governments only. It is a decentralized factor its unique selling point.

BlockChain Model more reliable than Banking Servers

It is based on a blockchain model far better than the bank servers where banks can control data and be hacked. But so far there has been no hacking technique found which can break chain block servers of bitcoin because it is the safest model on earth to protect the transactions, data, money, and everything you owned on bitcoin. So, in case of investment, it is comparatively safe than the banks governed by only one main server. It is seen in many cases, bank’s data is not safe from hackers around the world anytime, anywhere. The blockchain model is controlled amongst peers, so it can’t be hacked. A hacker can easily go to one computer, but it is impossible to reach all other connected peers for hacking data in the blockchain model.

Conclusion: To Opt or not

It is justifiable to say here that opting is not a necessity or option, but it’s the need of the hour. It would become extremely important with the passage of time in terms of protecting fiat money into digital money. No one can deny it now because when everything is going towards digital technology, the world shrinks in many ways, not being accepted or known to humans before. People may opt for it or not, but one thing is obvious. It is going to be the most accepted reliable digital currency in recent times regardless of its speculative theories circulated in the world. So, it is best to reach out to the audience on this significant talk of the town. No one or nobody is having a 100% guarantee to everything. It is not hackable now, but it does not mean it is not hackable or breakable security in the future. Logically, people suggest that digital currency is not out of this world thing anymore now. There are possibilities that it might become regulated by some power someday. Who knows? It is obviously not an exception. It is not yet a major currency, but it might become in the future. This is being predicted by many digital world masterminds that is is unstoppable and unfathomable now.

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