Crypto is praised as currency of future, 100% secured way of transaction. my question is how?
-If you have money in bank or invested in stock or somewhere else regulated by government and you dies, bank/stock exchange will contact the nominee when the account goes inactive. but if a person who hold crypto dies, nobody will know about this so the money is lost forever. if the person decides to share the crypto details with someone then its not really a "secured" currency.
-If someone stole money from your bank/stock/credit card account, it can be tracked where the money went and can be recovered by filing complaint with your bank or authorities. but if somone steal your crypto there is no way to get the crypto back.
So how is this a currency of future, did anyone asked these question before?
Bitcoin is actually secure in terms of transacting coins. It is only in terms of transfer of ownership of coins that there seem to be a security flaw.
However, just like the fundamental principles of bitcoin stated, bitcoin is a decentralized currency which means it is entirely in the control of its holder and not some third party or a central government. This means that whatever happens to bitcoin coins is entirely dependent on its holder. If the holders wants to pass his coins on to someone else after his demise, then he'll have to give them access to his coins.
If your coins were stolen, then it is entirely your fault that you didn't put up the necessary security measures simply because you're the one in control of coins.