Reply to thread

Message

<blockquote data-quote="Victor M" data-source="post: 1115816" data-attributes="member: 96560">As far as I see it, cryptocurrencies are some sort of utopian dream. Just say No to big banks, no geo-political influences. And cross border transactions are fast.But from a security standpoint, you are taking on big risks. Big banks have the strength to hire security teams, develop secure web applications; they have processes and procedures in place. They give you a debit card which is 2FA. When you do a large transaction, they will ask for more ID&#039;s and triple check. They have tellers who follow procedures that can spot funny business.. And when bad things happen, you have RECOURSE; they will investigate and cancel that funny transaction; they have counter fraud departments. If someone robs the bank, they have banking insurance to cover your losses. Layers upon layers of security. With crypto, you are on your own.You better guard your PC like Fort Knox. Once your wallet is stolen, you have No recourse, nobody will give you back your money. Once a transaction is confirmed on the blockchain, it cannot be undone. Cryptocurrencies operate on decentralized networks without intermediaries, meaning no central authority can reverse transactions.You are on your own.</blockquote>

[QUOTE="Victor M, post: 1115816, member: 96560"] As far as I see it, cryptocurrencies are some sort of utopian dream. Just say No to big banks, no geo-political influences. And cross border transactions are fast. But from a security standpoint, you are taking on big risks. Big banks have the strength to hire security teams, develop secure web applications; they have processes and procedures in place. They give you a debit card which is 2FA. When you do a large transaction, they will ask for more ID's and triple check. They have tellers who follow procedures that can spot funny business.. And when bad things happen, you have RECOURSE; they will investigate and cancel that funny transaction; they have counter fraud departments. If someone robs the bank, they have banking insurance to cover your losses. Layers upon layers of security. With crypto, you are on your own. You better guard your PC like Fort Knox. Once your wallet is stolen, you have No recourse, nobody will give you back your money. Once a transaction is confirmed on the blockchain, it cannot be undone. Cryptocurrencies operate on decentralized networks without intermediaries, meaning no central authority can reverse transactions. You are on your own. [/QUOTE]

Verification