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That is one of the best things about crypto. You can even transfer it into a paper wallet, and put it in a safe. I have friends that do that.
However, if you screw up, it is gone forever. And there is nothing you can do about it. As well as if your coins get hacked, good luck with trying to get them back. I think there is a line around the corner for people still suing Bitconnect.
And like you said there is no tech support, no one you can call. Even crypto exchanges that get hacked or go through technical issues, you can’t talk to anyone. They could simply run of with your money. And there is shit you could do about it.
The problem is crypto was supposed to be used like everyday money, and it’s not being used that way. It’s being used more like an investment instrument or everyday stock, but there is no company behind it.
Crypto is simply an application on a blockchain, with a blockchain being able to have multiple applications. You’re simply buying and trading an app.
The stock market has crashed several times, and so has crypto. But the stock market can be halted, and each country has its own market. Crypto is one big global market, and it can’t be halted. It can crash instantly, and uninterrupted.
When the next crypto crash happens, and it will, it’s going to be vicious. ...People have no idea what they are getting into or investing in, and how it all works.....they just see numbers going up, and so they FOMO. And they don’t understand financial cycles.
I just tell people don’t put all your eggs in one basket.
ALL HAIL THE KING of LOSING: LEBRON Bulls | Bears | White Sox | Yankees | Notre Dame | Illinois | Chelsea | Real Madrid
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