In the crypto world B. Y. O. B. stands for “Bring Your Own Beer”, but for “Be Your Own Bank”. Under this view, B. Y. O. B. represents the original Mantra behind Bitcoin – to get the Vision of Satoshi Nakamoto’s independence towards the government-run currencies. But the freedom does not come without a price.
With great Power comes great responsibility.
– Uncle Ben
… the last sentence is the Peter Parker, aka. Spiderman’s uncle Ben hears. Often, this phrase is in the diverse contexts of application – so also in the universe of Bitcoin & co.
Be your own Bank
The financial crisis of 2008/2009, missed the banking system with a deep crack. Lehman Brothers Bankruptcy, the largest in the world was history. The U.S. government adopted in 2008 a “bailout” of 700 billion dollars. In addition, the American Central Bank, Federal Reserve Bank started the so-called “Quantitative easing,” and printed in consequence of which some 3.5 trillion U.S. dollars. This money comes ultimately from the pockets of taxpayers. In the process, the people will have no choice – the legal tender must be used (for example, when you Pay the tax burden). The people is hostage of an economic experiment to epic proportions.
Because Bitcoin comes into its own. Thanks to Satoshi Nakamoto, an alternative means of payment that can benefit the people, if you want to exist now. Bitcoin offers each of us an opportunity: You can be for money responsible by the Bank. Where is the hook?
Not for the mistakes of others pay
In view of the experimental monetary policy of the Central banks of the advantage of Bitcoin is obvious. The quantity of money in Bitcoin is defined by the source Code and can not be changed arbitrarily. In Bitcoin, a state may choose to print several trillion. Also the confiscation of the funds of the population is impossible. In this respect, Bitcoin is a safe haven: the rules are clear, no Central authority can change. That’s why Bitcoin is of national monetary systems is independent.
Independent Bitcoin-handed users is also good. Apart from a lack of editor, users can manage their money themselves. Short: B. Y. O. B. So, you protect yourself against eventualities such as the Lehman Brothers Bankruptcy. Not to forget that at that time, a number of pensioners lost their pensions.
So: The own get Hold of the money repays the counterparty risk ( counterparty risk). That is, the risk due to mismanagement of another party (eg. of the Bank) to lose his money. In addition, Bitcoin is independent from a Central publisher of the currency. Bitcoins are automatically and impartially distributed according to the rules of the computer code.
Only the purchase of Bitcoin offers no independence. The digital coins remain on a centralized Exchange, nothing will be gained. Financial freedom only comes to those who has the sole control of the Private Keys.
“Forgot your password?” in the Wild crypto West is not an Option
What a Power! – the own Bank. The “disadvantage” is that you just self-responsibility . Who loses his Private Key, a transaction to an incorrect address, or poor security arrangements. There is no person responsible, you can ask for help. This circumstance requires that you are familiar enough with the technology that can be used to assess the risk and to secure with Back-Ups accordingly.
Thus, one is responsible for themselves. A disadvantage for everyone who doesn’t know where up and down is an advantage for all of you who are up to the responsibility. BTC-ECHO has set itself the task, the gap largely closed. Therefore, we report daily news, and arrange them in the overall picture.
A final point
Anyone who gives up essential liberty for a little temporary safety, deserve neither liberty nor safety.
– Benjamin Franklin
At the first contact with crypto-currencies, you will feel easily overwhelmed – so much Information, so many different opinions. As to the hands in the air: “you do this for me“. It is premature, however, to respond to the Innovation. Crypto is new, Yes. Therefore, Explore is all the more important – instead of putting their head in the Sand.
Who once through the first steps has struck, you will find that everything is not so complicated. The help of like-minded people there are online, not least on the BTC-ECHO own Discord-channel.
Finally, don’t Let us the freedom for supposed security of the victims. Crypto-currencies are an Alternative to the state System. Let us learn together to master the technology and use it responsibly.