Truly a bearer asset
I currently serve in the Armed Forces. My boss started his tour here in California in 2014. While you are stationed within the United States, you do not owe the state you currently reside in any state income taxes, only the state from which you joined. Today he traveled to get lunch and upon swiping his card, it was declined. He opened his account and every single one of his accounts, (Checking, savings, and children's) all read "$0.00". He called his bank asking if they were having a glitch or a system error. But low and behold they said that the state of California has a Court Order for failure to pay state income taxes since 2014. He calls the IRS here in California, tells them he is Active Duty in the Armed Forces. They apologize for the mis-understanding, but say that they need his government orders from 2014 to prove he had to go to California for his tour. No one in the military holds onto 8 year old government order papers. Yet alone 1 year old. They try and re-assure my boss that once he can find a copy of these records and fax it to them they will take 14 days to correct this issue and send his money back to his accounts. He 5 kids and a wife, $0 to his name for the next 14 days. I explained to him just how bitcoin cold storage works, and the ability it has to never let something like this happen again to him and his family for any circumstance. He will be buying a cold storage wallet for some of his savings, and I taught him how to properly store your private keys. The IRS can take all the money in your bank without you even knowing, screw up , then take 2 weeks to reimburse your money. Time to be your own damn bank.
IMF Head Foresees the End of Banking and the Triumph of Cryptocurrency. Bitcoin "puts a question mark on the fractional banking model we know today."
Man entered the Federal Bank in Beirut with a shotgun and a canister of petrol and threatened to set himself on fire unless he was allowed to take out his money. A tragedy that can be avoided if he held his keys on Bitcoin standard.