Cryptocurrencies address a problem with money better than anything that humans have developed thus far. That is the security of your wealth. For the first time in history, we can now store our entire life savings in our brain, a vault for which there is no way for third parties to access. This makes cryptocurrencies superior than the strongest vaults in the world for the safe keeping of your funds. You can memorize 12 words and walk across borders with your life savings.
Applications of Crypto Keys
The world is in a state of unrest. People are moving around the planet, and refugees are being created from political and environmental circumstances every day. In the past, people needed to sell their goods for a reliable store of value such as gold in order to transport their wealth. The obvious problem with this is that gold is physical, and subject to search and seizure by border authorities. Next time you're at the airport, take a look at the things that the border guards want you to claim. You'll notice that gold, and cash amounts larger than $10k are on the list. Claiming these items may result in the partial or total loss of funds either through tax, or theft.
For families that are immigrating to a new country, the saying "every penny counts" rings particularly true. All of this fits into the political paradigm of capital controls. Capital Controls can be defined as the regulation of the flow of monetary instruments (money, assets) by regional authorities. What governments may or may not be aware of, is that cryptocurrencies make capital control nearly impossible to accomplish.
Own Your Money Directly
Through the memorization of 12 words (which is your backup phrase), you can essentially turn your money into raw information. That backup phrase, and the resulting keys that may be derived from it, IS YOUR MONEY. They are one and the same thing, and it is the mechanism through which you directly own your money. For some, this may be a difficult concept to wrap your head around as this has not been the cultural norm for at least a century. For reference, FIAT money, or paper bills backed by the government is not owned directly by you, rather it is an IOU from the government. We have been conditioned to accept the form of money we have been handed to us by the authorities. But now we have an alternative. We have a form of money that we can own directly for the first time since gold was the international monetary standard for measuring wealth.
This Week's Episode: Keep Your Cryptocurrency Keys Safe
The inspiration for this week's episode came from an experience I had with my brother. In 2017, I got him to purchase some Bitcoin and Ethereum. I eventually had him back up his wallet by copying down his private key. After 3 years of not touching or looking at his funds, he wanted to know where they were. For this, we had to talk about private keys, public keys, and the backup phrase. We were able to recover his funds because Go Full Crypto experts (Mrugakshee and I) were there to help him through it. Not everyone looking for their keys after years of storage are as fortunate as to have two experts help recover the funds. This is why Go Full Crypto has a mission of installing best practices in each and everyone we help get started on their crypto journey. If you start on the right foot, and learn how to keep your cryptocurrency keys safe, then you've built a good foundation for your crypto journey.
The Go Full Crypto Vision
We want to help people opt-into the world of cryptocurrency, one dollar at a time. In order to do this, people must need a reason. They need their own "why" behind discarding their government currency for the world currency of the future. Go Full Crypto is putting out content to help people discover the reason why they want to get involved in cryptocurrency.
Download Episode 29 - Keep Your Crypto Keys Safe
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BTC - 1H3mLLktD8hhaZCKfVKrgF2fRSYYbnsptC
ETH/ERC20 - 0x7E51bd8BBb9B85A477F3244a29290E2F579A2bAa
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