It is often said that Bitcoin allows anyone to be their own bank. If you know anything about Bitcoin ’s ethos and underlying tech, you’ve likely heard of this concept before. But do you know exactly how that works and why Bitcoin is more suitable as a
In either of these situations, you’d lose out through no fault of your own. Your funds rely entirely on the bank’s integrity. This is a big risk. Banks have failed before and they will fail again. Unfortunately, centralized financial institutions just come with these types of risks.To avoid this uncertainty, you want to store capital outside the jurisdiction of centralized entities. The only answer is to use a purely decentralized store of value, i.e. Bitcoin.
Any of these centralized institutions rely on the integrity of the banks they use. They all involve counterparty risk. If you use a crypto platform that relies on a bank, and the bank goes down, your funds go along with it. So, if you’re dead set on going bankless, make sure you take these aspects into account.To go bankless with Bitcoin, you know you need to embrace self-custody, but custody isn’t the only challenge.
Source: Digital Coin News (digitalcoinnews.net)
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