The beauty of crypto currency is also its downfall.
Crypto is seen as ‘putting the people back in control’. Banks are the bad guys here, with their high fees and paltry interest rates.
That and the fact that they can disappear in a puff of smoke and take all your money with them.
Crypto puts you in the driving seat.
You’re in charge. Cut out the banks. At least, that’s the idea.
Here’s the problem:
If £5000 went missing from your bank account today, you’d call them. You’d head to your nearest branch with your angriest face on.
If £5000 goes missing from your crypto account, there’s nobody to call.
You’ve cut out the middle man. You’re in charge now.
And crypto is pretty easy to hack. Millions of pounds worth of digital currency has been stolen, because most people don’t understand how to make something secure.
Whether you’ve got a pile of Bitcoins in your digital wallet is not really the point here.
You’ve got passwords and logins for real banks on your computer, and credit card details saved, and all sorts.
Stuff that you really don’t want to get hacked.
Everyone assumes that they’re not going to get hacked, until they do. Everyone assumes that their money is in their bank, until it’s not.
I don’t want to sound alarmist, but hacking has become a lot more sophisticated in the last few years, if you haven’t had someone look at your set up in a while, don’t keep putting it off!