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Some cryptocurrency communities push the idea of "Be your own bank", especially with hardware wallets specifically because of this problem of having to trust /
by Osiris 7y ago
Some cryptocurrency communities push the idea of "Be your own bank", especially with hardware wallets specifically because of this problem of having to trust / rely on custodians.
My sister-in-law had her accounts frozen for a year for something a business partner did. If she had all her money in her own hardware wallet, she wouldn't have lost access to her funds.
Obviously, being your own bank is hard from a security perspective, which is why most people are happy to outsource their banking to a custodian. Heck, even crypto people outsource to custodial accounts like Coinbase.
- asjw 7y agoHardware wallets can protect your assets, but they can't protect you from bad rep. People won't make transactions with you if transactions are monitored or at risk (every business with someone having problems with the law are hinerently risky) Just like sanctions against states they could not freeze your accounts, but they could prevent you from spending your money or collecting payments or making regular business.