Digital Currency?

Discussion in 'Financial Planning' started by John Snort, Jun 22, 2016.

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  1. John Snort

    John Snort Well-Known Member

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    You don't need to carry it around in your wallet, right? Makes it harder for people to steal your money, huh? Well, while yes it keeps pick pockets out of business that doesn't mean your digital money is safe. You know hackers steal money from people's accounts all the time?

    But hackers shouldn't be your only concern. According to a blog post I saw somewhere on the net, the government is also very much interested in stealing some of your money. Whether those allegations are true or not, the fact is if you have money in you Paypal account, Bitcoin wallet, or elsewhere as long as it can be accessed online, that money can be stolen.

    The best way to be prepared for such an eventuality is by having some cash at home. Get a safe. Withdraw some cash from your account and hide it there. You never know when you'll need it.
  2. Endure

    Endure Expert Member

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    Bitcoin wallets can be stored offline, John Snort. To backup them and prevent data corruption, you save several key access copies in a USB or hard drive and hide wherever you want.
    John Snort likes this.
  3. Vinaya

    Vinaya Expert Member

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    I have been using paypal since two years and my money has never stolen. I have used payza since two years, and I regularly withdraw money from payza to my bank. I have been using bitcoin and I have never encountered any problem. In my experience, it is safe to do online transaction. Good thing about paypal and payza is you can ask for refund if transaction goes wrong. In most cased you will get a refund. However, you should secure your account.
  4. Vatheri

    Vatheri New Member

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    Money can almost always be confidently protected no matter what its form, digital or not. It's a matter of common sense and a little bit of research. For example, if you keep all of your money in bags under your bed, all it takes is a simple burglar to enter your house while you're away to steal from you. If you store your money in Paypal and visit sketchy websites, downloading things you don't fully understand and trust, without proper browser configuration, addons, and so forth.. Well, all it takes is a simple keylogger to empty your Paypal account.

    Both situations can be avoided with a little proper planning. Yes, there is always a small chance you can still be robbed, but that is with essentially every kind of money holding to some extent. I firmly believe that online holdings are no less safe than physical assuming you take proper steps in securing them.
  5. Lisa Davis

    Lisa Davis Active Member

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    Online currencies are so much safer than live, in-person cash. You can't protect your cash from everyone. Eventually, you'll run out of bullets. However, at the same time, if you are worried about online currencies being unstable, they I would highly recommend BitCoin. You need to really look into the nuts and bolts of how they operate and why they are more financially stable than say Paypal. Plus, if you are that scared of Big Brother, you can store your BitCoins offline tangibly if you would like.
  6. lonewolf

    lonewolf Legendary Survivalist Staff Member

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    I have never and will never bank online. the only financial stuff I do online is my Paypal account and that is pay only not sell.
  7. FuZyOn

    FuZyOn Expert Member

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    It's a good idea to invest in Bitcoin because you can simply save the currency on a hard disk or USB, somewhere that you only have access to. As for PayPal.. I know it's online money but come on, they won't steal from you unless you do shady stuff with your money. They're a big enough company and what would be the point if they were stealing money? They're already worth billions.
  8. remnant

    remnant Expert Member

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    Digital currency can be stored securely through cloud computing services. Because of the inherent possibility of hackers constantly trying to break into people's accounts, there are several layers of security encrypted to protect bitcoin wallets. In fact, I have not heard of a single case of a hacker succeeding with bitcoin. The rule one can observe to beat hackers is very simple and time tested: create long complex and constantly changing passwords.
  9. WildSpirit

    WildSpirit Active Member

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    I'm totally in favor of this kind of service (and I have no doubt that this is the future... it's just a matter of time :D). I already have a digital wallet (PayPal) for many years and I think the comforts that I get using it are very good (mainly on the issue of not having to walk with printed money). Besides that, I have no complaints about that system. It's pretty effective and useful. :cool:
  10. Anniee

    Anniee New Member

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    The bitcoin and a lot of crypto currencies work in such a way that you can store your wallet on your personal computer or smartphone. With that, I think one is done with the hassle of having to have to store your cash in a safe or something. And yes, digital currencies are the future.
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