Bitcoin vs Traditional Assets" Is Bitcoin the Future of Wealth Protector?

[hugeblack]

If those dollars had kept their assets in Bitcoin, then they could have given security to their assets themselves through just a seed phrase of 12 keywords.This is my basic thinking about bitcoin, now I want to hear somthing from you the real bitcoiners.

You won't memorize it, so it's usually written down on a piece of paper and kept at home, in a bank safe, or somewhere near your residence. This allows the government to track your movements and access your currency. While it's more difficult and not guaranteed, it's still possible.

[SeriouslyGiveaway]

You won't memorize it, so it's usually written down on a piece of paper and kept at home, in a bank safe, or somewhere near your residence. This allows the government to track your movements and access your currency. While it's more difficult and not guaranteed, it's still possible.

Memorization is a very bad wallet backup method that is dangerous and not recommended. Brain and memory can be used to remember wallet seed words, it's possible to remember 12 words in order, and it can be used as a wallet backup method but only as a supportive method.

Memory can be lost, and we can no longer remember these words, hence it's very dangerous if we strongly believe that we will always remember wallet seed words over time and don't have any other wallet backups.

Storing wallet backups in bank safe is not like a good choice as I don't trust bank to secure my wallet backups.

How to back up a seed phrase?

What about memorizing your backups?

Well, I can only think of one situation in which I'd ever consider that - if I'm fleeing from some calamity without much time to prepare and I'm worried about physical attackers accosting me during the journey or at border crossings. That is to say - I only think memorization is a good strategy for temporary emergency use. As a long term storage strategy it creates single points of failure:

You may forget the seed phrase.
You could be injured and unable to recall it.
You could die and your heirs would be unable to access it.
You could have seed phrase coerced out of you.

[Dr.Bitcoin_Strange]

I believe that in that your statement, what you were trying to say is that the US government has ceased billions of dollars which belonged to various citizens US. This is not only common to the US government but even in my country, the government has also ceased money and properties that belongs to some private organizations and individuals which they believed were (directly or indirectly) involved in some illegal activity. There are some things we do not have control over them, especially if you are dealing on centralized system, you can not protect some of your physical properties but when you are holding decentralized asset like Bitcoin which you have not interacted with it on centralized exchanges, then no body would know about it unless you give out the information yourself. Bitcoin serves a good advantage in that aspect.

[Darker45]

So far, yeah, Bitcoin has proven to be a great alternative to protect one’s worth. It proved to be a great store of value, albeit with a limited track record. It’s a hedge against inflation.

Fundamentally, it has the features for preserving value. In the first place, it provides full control and ownership to its owner. Also, it has a fixed supply, deflationary, and predictable. Moreover, it’s protected from abuses, incompetence, biases, and other tendencies that are ever present in fiat assets.

It’s also a factor that it’s fungible and global. You won’t have to worry about keeping it despite potential migration in the decades to come. Your grandchildren won’t have to worry about it going obsolete or has to be replaced with a newer version.

[Crypto Library]

Bank account land or gold Bitcoin is not like any of them, although Bitcoin is a high volatile asset, then it gives us long-term security. Not only security, it increases the value of our assets. And at the same time, it gives us financial freedom because it is decentralized.
As the previous years the US government itself has seized billion dollars of citizenship even here there were many assets against which there were absolutely no clear allegations. If those dollars had kept their assets in Bitcoin, then they could have given security to their assets themselves through just a seed phrase of 12 keywords.This is my basic thinking about bitcoin, now I want to hear somthing from you the real bitcoiners.

I actually believe in this sentence that don't put all your eggs in one basket. Yes, Bitcoin is definitely the best option to maintain the value of our assets in the long term. But at the same time, I think we should also focus on our other assets, be it properties and gold, because none of us know when the global position will move in which direction.

And at the same time, bitcoin is highly volatile, so if we keep all our assets here, then when we go to buy our daily necessities, it may happen that we have to sell bitcoin at a loss and then meet those needs. So I think it is wisest to store these idle funds in bitcoin, and at the same time, we should look at the drivers of all the best assets and then invest.