Traditional banking applications and our politicians policies are getting worse and worse each and every day. From extremely low-grade security to accounts frozen or unable to work finance institutions are looking grim. The economic tides are changing, and particular markets are seemingly unsound these days. However, the world class emerging technology cryptocurrency has provided is showing some light within the economy’s darkness.
A report from Xiphos Research reveals that 50% of financial services in the UK are operating with weak encryption. SSL certificates and security within these legacy banks operations are failing in the eyes of consumers. Unfortunately, Xiphos is not giving the names of these institutions so it’s kind of like a game of Russian roulette where you don’t know which one is secure. Data breaches are giving hackers and malicious people access to private information that you are giving to your banks. These compromises are happening regularly and are increasing exponentially. Stolen data is often sold on the black market, and identity theft is rampant. There is no excuse for these banking companies as the technology is available to run a reliable and secure system. Despite these tools being readily available they opt to choose methods that are ancient and created for their own interests.
Bitcoin has shown this year that it is a unit of account or an asset that has done very well within hard financial times. Throughout the course of sputtering markets and security disasters, the cryptocurrency is strong. After the first of the year market blood-bath signs again shown that Bitcoin remained unscathed. In fact, the digital currency has performed better than all the sovereign currencies in 2015 and has been more stable than even gold. There haven’t been large amounts of customer information leaked to the public or hackers within the crypto-industry. This is because most cryptocurrency services are operating with zero knowledge platforms and are asking for very little information from consumers.
While banking services should be aware of these faults, they unsurprisingly care only about one thing: revenue. But they also have to tend to their masters, the politicians. Just recently the Prime Minister of the United Kingdom, David Cameron, stated that people will have to either pay higher taxes or be subjected to bank account raids. “We have a choice here. If we don’t collect taxes properly and make sure people pay their taxes properly we look at the problems of having to raise tax rates,” says Cameron. “The general principle – do we want to pursue every avenue of making people pay their taxes they are meant to pay before we put up taxes, because that’s the alternative – absolutely, yes we do.” In other words, the powers that be want absolute control over your wealth, and this can be seen in other countries as well.
In the Bitcoin system, you are your own bank and Cameron and his cronies have literally no access to these funds. They cannot freeze the system nor raid the digital currencies accounts nor set limits to how much you can send out globally. If you own your own private keys, then you have full control over your wealth and not a single person on the planet can access your accounts. Of course, if you make mistakes or don’t keep your Bitcoins secure or if you let a third party hold them you may lose your funds. However, cryptocurrency security is top notch and offers an array of measures you can take like hardware wallets and multi-signature protection.
Prime Ministers and administrations have no problem with raiding your existing bank accounts or spying on your affairs. Instead of collecting less information they want more data from your personal life and continue to gather this info even after major security breaches. Cryptocurrency executives and innovators are initiating the exact opposite of these intrusive data collection practices and political pundits will have a hard time examining data they cannot get their hands on.
Legacy Banks and authority figures like David Cameron are making Bitcoin look better every day as they operate with methods that are complete failures. The authorities continue to support the invasion of people’s privacy and using a medium of exchange that ignores their demands will eventually lead to the demise of their parasitic behavior.
What do you think about Cameron and banks bolstering failed monetary policy and illogical behavior? Let us know in the comments below!
Images courtesy of Redmemes, Shutterstock, and Pixbay