If this is a question on crypto as traditional assets you’ve asked yourself, I don’t need to sell you. You’re clearly ‘woke’. However, they’re a bit different from traditional assets.
Can you imagine the thought of you deleting a folder and your riches vanish, or casually forget your password and you have locked yourself out of your hard earned “asset”.
If that doesn’t get you tingly, imagine you could buy or mine a whole lot of cryptocurrency and keep it all to yourself then get hit by a bus. Your family and loved ones will never get to see any of it.
Vanished like any chance of you having a beautiful corpse I’d assume, but I digress. Crypto is really kicking into gear after the 2017 crash, if you’re going to do it, there isn’t a better time.
Delete My Crypto?
Cryptos are basically electronic monies. So, to this point they’re stored in folders and you could actually delete them by pressing a button.
Recovery is virtually impossible. But this would indeed be worst case scenario. In the real world Crypto is stored in wallets. Wallets are physical mediums, programs or a service store the public or private key used to take ownership, receive or spend of cryptocurrencies.
Private key meaning (without getting to geeky) code that protect your crypto. Also choose a cold wallet (a crypto wallet not connected to the internet). But not many crypto currencies accept this. Also, cold wallets are expensive compared to its counterpart, yes you guessed it, hot wallet which are free. So, as we’ve seen its possible to protect, you’re crypto as you would any other asset.
Can Hackers Get My Crypto?
Well, can a thief steal your money? Yes, they sure can. But crypto however it’s a bit difficult, but possible. Blockchain cannot be altered. But if majority of the people on the network decide to hack it, what’s commonly known as the 51% attack, then it will be infiltrated.
Most cryptocurrency hacks occur at exchanges, which is where people trade. But generally, it’s as safe as taking your money and entrusting it to strangers in a bank. So far, it seems you can barely tell the difference between cryptocurrency and other traditional assets. Due to these issues there’re a lot of companies sprouting up to protect such things from happening.
Is Crypto Really Like Traditional Assets?
I’d be compelled to say yes and no. Yes, like all other traditional assets its destructible, its value fluctuates and it can disappear in whichever way. I know, this may not be wanted to hear, but you came here to find out. But the biggest reason I say yes, because it needs to be taken as seriously as any other traditional asset. I say no because, they’re no banks involved or government getting in your way. Which make it better.
If you have deemed cryptocurrency a good investment choice, I’ll suggest you do your homework, starting here was great of course but further your studies. Many jumped on the coin bandwagon to make a quick buck. Well, most of those people probably didn’t succeed and have moved on to something else.
There are companies who protect your crypto in case of any accident. Recently also there are a few tracking it and helping authorities hunt down illegal activity.
The future is indeed bright for cryptocurrency and all the stakeholders. Crypto is coming of age and is indeed like any other traditional asset just that there are no banks messing with your coins. I don’t know, seems like a good deal to me.