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    Author Topic: Is digital currency powerful?  (Read 1139 times)
    coinremitter (OP)
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    October 07, 2023, 06:33:49 AM
     #81

    Compared to fiat currency, Digital currencies are very powerful in-terms of control. You can control your own coin. There is no interference from the government, no one can rob it or counterfeit it. You can use it globally and expand your business internationally. I don't find anything more powerful than this! what is your thoughts on it !

    Under certain conditions of use you're right, but that's not necessarily a guarantee.

    The government can also interfere, and if you use some CEX and don't use P2P, you can find yourself blocked by regulations and laws (for example in a case of a national cryptocurrencies ban).

    Similarly, if you leave your BTC on a CEX hotwallet, you can have them frozen or seized by the CEX, or because some institution asked for.
    You can also have your seed phrase stolen (by burglary, for example), or be the victim of malware or well-targeted social engineering operation, it happened a lot.

    An informed user who is aware of the risks will benefit from using BTC for certain purposes, such as storing value. But a user who is not educated about the real risks involved in holding BTC may find himself in a bad position and regret his choices.
    Certainly, as Coinremitter, we recognize the importance of responsible cryptocurrency usage. While cryptocurrencies offer various advantages, there are indeed risks involved. Government regulations and laws can impact users, especially when relying solely on centralized exchanges (CEX) instead of peer-to-peer (P2P) transactions, potentially leading to account freezes or seizures.

    Furthermore, keeping your BTC on a CEX hot wallet exposes you to the risk of asset freeze or seizure due to institutional requests. Additionally, there's a risk of seed phrase theft through burglary, malware attacks, or targeted social engineering.

    We encourage users to be well-informed about these risks. While Bitcoin can be a valuable store of value, it's crucial to understand the potential pitfalls. An educated user can make informed decisions, benefiting from Bitcoin's strengths, while minimizing the chances of regrettable outcomes. Stay informed, secure your assets, and use BTC responsibly. Your financial safety matters to us.
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