In the digital economy, everything is connected. As a result, banks are hogging digital currency to protect their wealth and secure deposits. As a result, banks are worrying about their future. Banks are not growing faster than the money created by the government. Cryptocurrency, on the other hand, is growing faster than ever.
What’s up with all the digital currency being stored on bank servers?
Depending on your perspective, digital currency is either a good thing or a bad thing. You could actually see the difference in your financial statements if you spend a lot of time on the stock market or on investment instruments such as ETFs or savings accounts.
The general consensus is that digital currency is a positive as it makes investing easier and more attractive. But it’s not just investors who find digital currency attractive because it gives them more flexibility and security than paper money. Financial institutions also use digital currency for payments and as a store of value.
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Why is banks hoarding crypto?
There are many reasons banks are hoarding digital currency, but the most obvious is because they’re trying to protect their own wealth and keep their deposit accounts healthy by managing the flow of funds. When money is required to pass through a number of hands, it is fragmented and difficult to trace. Because of this, money laundering and other nefarious activities are difficult to detect. Banks know fiat currency will likely become worthless. Boarding crypto is an excellent way to catch the train of the future.
How to protect yourself against cryptocurrency theft and scams
Banks may offer services to protect you against cryptocurrency theft and scams. One way is by keeping your online banking accounts and online banking records (i.e. online banking statements) in a safe place.
Another way is by using a virtual bank account or investment fund (i.e. a retirement account). Keep your financial accounts separate from your other assets and easily accessible when you need to access them.
Conclusion
Digital currency is a great way to store and invest money. It’s easy to set up and uses standard financial terminology for transfer of funds. Because of this, it’s easy to use and use it for a variety of financial activities from purchasing things to conducting business.
However, traditional banking and financial practices are joining the crypto force. As crypto becomes more of a mainstream currency, there are many other risks that users need to be aware of. As with every financial transaction, you should consider others’ financial futures and avoid causing financial damage due to your actions.
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Photo by Steven Lelham on Unsplash
Note: the post was shared on multiple platforms here.
You can refer my previous article lists here and here
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2022 Prediction
2022 Prediction #1: L1 Scalability
2022 Prediction #2: L2 Bridges
2022 Prediction #3: Zero-Knowledge Proofs or ZKPs
2022 Prediction #4: Regulated Defi On-Chain KYC
2022 Prediction #5: Institutional Crypto Adoption
2022 Prediction #6: Defi Insurance
2022 Prediction #7: NFTs-Based Communities - DAO 1.5
2022 Prediction #8: Metaverse and NFTs
2022 Prediction #9: Web2 Companies’ FOMO
2022 Prediction #10: Time for DAO 2.0
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DAO The Way
DAO The Way Part 1
DAO The Way Part 2
DAO The Way Part 3
DAO The Way Part 4
DAO The Way Part 5
DAO The Way Part 6
DAO The Way Part 7
DAO The Way Part 8
DAO The Way Part 9
DAO The Way Part 10
DAO The Way Part 11
DAO The Way Part 12
DAO The Way Part 13
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Learn How To Defi
Learn How To Defi Part 1
Learn How To Defi Part 2
Learn How To Defi Part 3
Learn How To Defi Part 4
Learn How To Defi Part 5
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Crypto Comics
Crypto Comics
Crypto Comics - PoW
Crypto Comics - Who is Satoshi
Crypto Comics - What is Token
Crypto Comics - What is DeFi
Crypto Comics - What is Wallet
Crypto Comics - What is HODL
Crypto Comics - What is Coinbase
Crypto Comics - What is PoS
Crypto Comics - What is DAO
Crypto Comics - What is A Block
Crypto Comics - What is NFT
Crypto Comics - What is Fork
Crypto Comics - What is Web3
Crypto Comics - What is DeFi-2
Crypto Comics - What is Yearn Finance
Crypto Comics - What is Degen
Crypto Comics - What is Aping
Crypto Comics - What is Cold Wallet
Crypto Comics - What is Hot Wallet
Crypto Comics - What is Airdrop
Crypto Comics - What is DYOR
Crypto Comics - What is 65537
Crypto Comics - What is RC4
Crypto Comics - What is WAGMI
Crypto Comics - What is Bagholder
Crypto Comics - What is Decentralization
Crypto Comics - What is Wallet Address
Crypto Comics - What is Plagiarism in Web3
Crypto Comics - What is Bart Pattern
Crypto Comics - What is Encryption
Crypto Comics - What is Consensus
Crypto Comics - What is Protocol
Crypto Comics - What is Stablecoin
Crypto Comics - What is ApeCoin
Crypto Comics - What is FOMO
Crypto Comics - What is Tokenomics
Crypto Comics - What is APR
Crypto Comics - What is to The Moon
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Learn Web3 in 100 Days
Learn Web3 in 100 Days - #1 What is the Internet and How Relevant to Web3
Learn Web3 in 100 Days - Day 2: What are the Browsers and Servers
Learn Web3 in 100 Days - Day 3: What are HTTP Status Code
Learn Web3 in 100 Days - Day 4: HTML and CSS and JS
Learn Web3 in 100 Days - Day 5: What is programming
Learn Web3 in 100 Days - Day 6: Markup, Elements, Tags, and Hyperlinks
Learn Web3 in 100 Days - Day 7: Style Your Web
Learn Web3 in 100 Days - Day 8: JS
Learn Web3 in 100 Days - Day 9: SQL
Learn Web3 in 100 Days - Day 10: Front-End
Learn Web3 in 100 Days - Day 11: Front-End Framework
Learn Web3 in 100 Days - Day 12: More HTML
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Modern Economic Nonsense
Modern Economic Nonsense - Inflation and Incentives
Modern Economical Nonsense - The Astrologist's Way
Modern Economical Nonsense - The VUCA World
Modern Economical Nonsense - Zug Tax and How to Run your Own Monopoly
Modern Economical Nonsense - Participatory Economy
Modern Economical Nonsense - Economic Models
Modern Economical Nonsense - Tokenomic Models
Modern Economical Nonsense - Design A Reputation-Based System
Modern Economical Nonsense — The Money Problem
Modern Economical Nonsense — The Treasury Problem
Modern Economic Nonsense — Bitcoin vs. Real Estate
Modern Economic Nonsense — A very long term view
Modern Economic Nonsense — Banking Collapse
Modern Economic Nonsense — A Wall Street Legend
Modern Economic Nonsense — A Modern Alchemy
Modern Economic Nonsense — Founder goes ghosting
Modern Economic Nonsense — Anonymous cool or fool
Modern Economic Nonsense — The market volatility
Modern Economic Nonsense — The money shortage
Modern Economic Nonsense — The web3 scams or not
Modern Economic Nonsense — All about debts
Modern Economic Nonsense — Metaverse is still relevant or not
Modern Economic Nonsense — A Show of Recession
Modern Economic Nonsense — A Myth of Valuation
Modern Economic Nonsense — Inflation becomes irrelevant
Modern Economic Nonsense — A journey of money laundering
Modern Economic Nonsense — Consumer Sentiment Might Be Low
Modern Economic Nonsense — Is payment technology still relevant in high inflation environment
Modern Economic Nonsense — Recession is coming
Modern Economic Nonsense — We are at the bear market, now what
Modern Economic Nonsense — Invest like a cat
Modern Economic Nonsense — Bitcoin leads the market recovery
Modern Economic Nonsense — The dollar is dying slowly
Modern Economic Nonsense — The current stock market wants to go back to 2019 but ignore the technological solution of the future
Modern Economic Nonsense — Today's fear, tomorrow's cheer
Modern Economic Nonsense — An engineering recession
Modern Economic Nonsense — The market is broadening rug pull everyone
Modern Economic Nonsense — The self-fulfilling recession
Modern Economic Nonsense — Crypto is changing the advertisement business
Modern Economic Nonsense — Blockchain phone
Modern Economic Nonsense — Next generation of wealth
Modern Economic Nonsense — Crypto winter prolonged with high inflation persists
Modern Economic Nonsense — The era of currency debasement
Modern Economic Nonsense — What if the Fed gets inflation all wrong
Modern Economic Nonsense — The Bitcoin apocalypse is coming
Modern Economic Nonsense — The Bitcoin reserve is coming
Modern Economic Nonsense — Payment apps move away from the fiat currency
Modern Economic Nonsense — Web3 continues building despite the bear market
Modern Economic Nonsense — Banks are seeking shelter in cryptocurrencies
Modern Economic Nonsense — Inclusive blockchain
Modern Economic Nonsense — Time to reinvent cryptocurrencies
Modern Economic Nonsense — Crypto companies' bankruptcy wave is healthy
Modern Economic Nonsense — The Bitcoin mining company is not profitable
Modern Economic Nonsense — Crypto attracts more talents in the current market
Modern Economic Nonsense — Why Bitcoin Maximalism will fail
Modern Economic Nonsense — Gaming culture and crypto
Modern Economic Nonsense — Global crypto regulations are coming
Modern Economic Nonsense — Decentralization may not work as everyone expects it would
Modern Economic Nonsense — Government opens ideas to the public about cryptocurrencies
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Random Thoughts
The latest crypto secret weapon - Hyper-personalize shopping
Russia Prohibits Crypto as a Legal Payment (What are the Consequences?)
Cyber criminals using crypto mixing services are booming
The Next Frontier of Gaming: Introducing the Metaverse
Crypto VC becomes so chaotic
We are heading into the debt crisis and crypto can help
How Three Arrows Capital Missed Every Target They Aimed
55% completion of Ethereum 2.0 means an unfinished product
The dollar is ever stronger
When Crypto gets into politics
Bitcoin Reduces Cost Of Living
Free education in crypto
The banking system rules out the crypto market threat
The US Stablecoin Bill is coming soon
MetaMask Ethereum Wallet update to prevent scams
We are in a recession, no doubt?!
How high leverage crypto lending market collapses
What Metaverse?!
Self-proclaimed Bitcoin creator Craig S. Wright won the legal case for £1
Ethics of Crypto
Crypto hacking is inevitable
The parallel money system
The Crypto has no greed problem
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Yearn Finance Comic
Yearn Finance Comic - Part 1
Yearn Finance Comic - Part 2
Yearn Finance Comic - Part 3
Yearn Finance Comic - Part 4
Yearn Finance Comic — Part 5
Yearn Finance Comic - Part 6
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Curated Lists
Curated Lists - Web3 Culture
Curated Lists - Crypto-enabled Communities
Curated Lists - Crypto Philosophy
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Defi 101
Defi 101 - Part 1
Defi 101 — Part 2
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Thoughts
Thoughts about VC and PleasrDAO x BitDAO
The Crypto Market has Changed
The Myth of Inflation Hedge
The Myth of Stablecoin
The Myth of NFT
End of the Crypto Market?
The End of the Stablecoin?
Terra-UST Saga - How to repair the trust when there is no trust built on
How to deal with negative market sentiment
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Crypto VC Thoughts
Crypto VC Thoughts: Physical Assets vs Digital Assets
Crypto VC Thoughts: Digital Money Pushes Energy Companies to Innovate
Crypto VC Thoughts: GameFi Dilemma
Crypto VC Thoughts: Credit Oceans
Crypto VC Thoughts: The Death of Terra
Crypto VC Thoughts: Debunk Bitcoin Myths
Crypto VC Thoughts: Defense Crypto Investment Methods
Crypto VC Thoughts: New Type of Stablecoin
Crypto VC Thoughts: Crypto Business Cycle
Crypto VC Thoughts: Crypto Business Cycle 2
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Disclosure: The article was written by a delusional author who is possibly a nut job without any questions whatsoever about expertise in the subject matters. You should not believe any words this author wrote or you may experience similar symptoms or even possibly become a nut job.
