In Part 2 we explore how the banks printing of money hinders our personal wealth. If there is more money chasing the same amount of goods, then prices will rise. This is called inflation. Inflation makes the majority of people poorer because their money is a) losing value and b) losing buying power over time.
Two Factor Authentication, also referred to as 2FA or Two Step Verification, means that you have two different ways to prove that it’s you trying to access your account. It’s an extra layer of security. Here’s why you need it and how to set it up.
The spread of the COVID-19 virus has made it a turbulent time for everyone. Major markets have dipped, supply chains have halted, and millions of people have lost their jobs. Both fiat currencies (traditional currencies like the Canadian dollar) and cryptocurrencies have not been able to avoid the storm.
For many years, gold has been considered a “safe haven asset” with investors rushing to buy gold in times of uncertainty in order to protect their wealth. But in the past few weeks, COVID-19 has driven unusual behaviours and movements in gold prices.
In a panicked attempt to save their own personal wealth given COVID-19, Egyptians rushed to the banks to pull out substantial amounts of cash. Now, the central bank instructed all other banks in the country to temporarily limit daily cash withdrawals. This sudden cash withdrawal makes the case for storing wealth in Bitcoin.
In 2017, banks made over 100 billion dollars just from credit card interest payments alone – essentially making this revenue by lending money to you and I. But this lending system is arguably making people poorer, while making banks richer, highlighting one of the pitfalls of our current financial system.