Fidelity Crypto account is now available, just opened one without funding money, only BTC and ETH.
I trust Fidelity more than I trust some random wallet software for sure. They are liable if they lost my coins.
Storing bitcoin
- Thread starter yabz
- Start date
Fidelity Crypto account is now available, just opened one without funding money, only BTC and ETH.
I trust Fidelity more than I trust some random wallet software for sure. They are liable if they lost my coins.
The problem I see there is that the government now has control. If for what ever reason they decided to confiscate your crypto, Fidelity would just hand them over.
Same as your other assets, unless you don’t think the coins are assets, like dog coin.
But the object of Bitcoin is to get away from government control.
If you store your assets in a secure location where the authorities can't find them, like under your bed, you control them. When the US outlawed gold, those who had it stored privately, managed to keep their assets and participate in the price increase.
Without government/s blessing, it has no value. You can print a coupon book but if the manufacturer doesn’t accept the code, you can’t use it. If the governments totally outlaw bitcoins, you wouldn’t want to transact without a reference price.
You could still use US dollar as reference. Or Euro's or pesos or rubles.
When US citizens were not allowed to own gold, did it affect the price.
Wrong, you can quote the quantity of soybean per bitcoin for what i care, but you don’t have neither soybean nor bitcoin, you can’t execute the trade. You don’t take the delivery of bitcoin but soybean, so bitcoin will become a medium of exchange, not an asset.
I think government regulation is not as big a problem as some people think. China, one of the biggest crypto markets, banned bitcoin in Sept 2021. It had virtually no effect at all and over the next couple of month the price rose another 30%. China had already banned bitcoin in 2019 and it had no effect then either.
that’s right, us institutions picked up the momentum and put pink lipsticks on a flying pig, created many instant billionaires in the lowly chinese tech workers, including cz. other than coinbase, no other exchanges to trade, all exchanges are overseas.
i read a newspaper article that a chinese tourist entered us boarder with no luggage, but had 7000 bitcoins on his phone, that was whopping 350m usd at the time. i wouldn’t even consider that as capital flight because the valuation was never existed in the banking system. lot of anti china critics missed the point.