I’m curious to know exactly how bitcoin is more secure than the current banking system. Could someone explain it to me?
Ever wondered when the programming used by your bank to store and send your money, was first coded? Well; I’m gonna tell you. Way back in the 70’s, it was written in obscurity on a computer with less than 1% of the processing power of your current smartphone. And to say the least, it’s extremely vulnerable. Why? Well because computers simply weren’t powerful enough to run the encryption that is employed today; and also the code was cryptographically basic. Your bank has three servers; one in the host country, and probably 2 back up ones in China. They also pay up to £100’s of millions per year for Data Security. Because 97% of money is already digital anyways and so is 97% of your banks. Because the system is so vulnerable; hackers manage to exploit it.
And Billions are lost every year due to vulnerabilities in the system.
For Bitcoin; it’s logistically impossible, they would need control of over 50% of all the global nodes and at least 50% of the mining network at the exact same time; considering that there are 10’s of thousands of nodes and 100’s of miners currently; it’s more likely that your banks super secret servers are compromised.
However; this is only if you have complete control of your private keys.
The question should also be why keep your money in the US dollar?
The value & purchasing power of the US dollar has been on the decline for decades. Instead of looking at the price of Bitcoin increasing in $ terms; you should look at and try to understand why the value of the US dollar and other FIAT currencies are loosing value at such a rapid rate.
Bitcoin, houses, food, transport ect have ALL generally been increasing in value in $ terms.
The common denominator is that the $ is decreasing in value and people need to look for alternatives to maintain the value/purchasing power of their money.
If you want to get started, we offer an all in one solution for our users to buy, store and exchange their Bitcoin (& up to 50 other CryptoCurrencies) instantly; we have over 900,000 subscribers so we must be doing something right:
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