: an alternative plan of action for use if the original plan should fail
Aka, The Sovereign CryptoTrust
Plan B means different things to different people. At Altcoin Investor, Plan B equates to personal sovereignty and freedom in your ability to store wealth and transact freely with any party - privately and anonymously.
In the past, Swiss Bank accounts were often associated with a Plan B, offering their clients privacy and anonymity. Today something exists that is far superior.
Say Goodbye to the "Swiss bank account"
Within our lexicon a Swiss bank account is still synonymous with privacy, anonymity and the offshore store of wealth. Although interest in Swiss Bank accounts have declined in recent years, they don't provide a high degree of privacy or secrecy most people believe they do even though they are still popularised by many movie and spy genres.
For example, clients of Swiss bank accounts need to provide identification when opening an account and need to verify their identify when making withdrawals.
Nonetheless, blockchain technology offers a much better solution.
Hello 'Swiss Bank' in Your Pocket
The hardware wallets that exist today are in many regards far superior to the Swiss bank account and rather more comparable to a Swiss Bank. These hardware wallets allow users the ability to buy, sell, hold and trade potentially thousands of different cryptocurrencies.
All contained within one palm-sized device that can be accessed from anywhere in the world; 24/7.
Unlike a Bank, hardware wallets offer full custodial control over your funds. Hardware wallets give the user the ability to transact to anyone, anywhere in the world almost instantaneously. These transactions can be completely anonymized (private coins) and there are no restrictions on who, when or how much can be transacted.
Unlike a Bank, hardware wallets don't have operating hours. These devices are available and ready to use 24/7. The only requirement is an internet connection. Unlike a Bank, there are no bank hours or line ups.
Unlike a Bank, transactions are almost instantaneous. It doesn't matter if you are sending money to your neighbour or across the world. Transactions happen almost instantaneously.
Unlike a Bank, there are no barriers to entry and anyone can create their own wallet. Everyone has access to a cryptocurrency wallet whether you have ID or not.
This is because cryptocurrencies are secured mathematically, that is through the use of a cipher and a Private Key. A private key is the only identification required and it can be as simple as a sequence of 24 words that can be written down or easily memorised. It's for this same reason private keys need to remain private.
The 'Sovereign CryptoTrust' (Plan B):
The Sovereign CryptoTrust is an idea borne out of ancient trust law. Trusts have been used since Roman times and hardware wallet offer a unique approach for the divesting of custody and control of a portfolio of assets stored within a hardware wallet. Hardware wallets currently offer the unique ability to store, buy and sell thousands of cryptocurrencies on a single private key within the device.
As smart contracts and AI trading continue to evolve, it's very likely fully (AI) managed portfolio trading will exist soon be available on these platforms including more complex "trust" administration managed through smart contracts.
The origins of digital money can be traced back to the Cypherpunk movement from the 1990's. This libertarian and anti-capitalistic group believed that in the ideal society, government involvement and interaction should be left to a minimum. They held the belief that with strong online privacy and strong cryptography, leading to an improvement in how people interact with each.
We are now living in that time where cryptocurrency has the ability to reshape how we interact with the world and the people in it. It's the first time in history mankind has been given the power to create his own currency and it is redefining the definition of "money".
Within all this change, it's important to remember the roots of cryptocurrency are from the foundational beliefs in individualism, freedom of choice, voluntary association and personal sovereignty.
How much is Your 'Plan B' worth (in 5 years)?
Cryptocurrencies have the unique ability to grow exponentially large in a short period of time as recent history has shown us. And let us not forget, Bitcoin is only 11 years old. Bitcoin has gone from under a penny to over $20,000. As we have watching the rise and fall and rise again of Bitcoin and the rest of the cryptocurrency market, what is very clear is this market is going to continue to grow and evolve.
Either way, cryptocurrency is here to say - Are you in?
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Learn more about the Sovereign CryptoTrust and our top Altcoin picks by reading our weekly Altcoin Report.