Cryptocurrency has been taking the world by storm and this technology can be a powerful tool for asset protection. So, what is cryptocurrency? Cryptocurrency is a decentralized currency, meaning that unlike traditional currency it isn’t managed by an institution. Cryptocurrency is also renowned for its focus on security and anonymity and as a result of this focus it is not registered to people but instead to anonymous digital wallets identified only by numerical addresses. This means that creditors, or others who seek to take some of your assets, are unlikely to be able to prove that you have any cryptocurrency.
So, what are your options if you’re looking to purchase cryptocurrency for asset protection? Below you’ll find some of the most common variants:
- Bitcoin: Bitcoin is by far the most popular cryptocurrency, it has dominated the media and grown extraordinarily since its inception.
- Litecoin: Litecoin is a variant of bitcoin that is known for allowing much faster transactions to take place. It’s not as popular as bitcoin but still is one of the most common choices.
- Ethereum: Ethereum is a cryptocurrency that also offers expanded functionality. With Ethereum users can create “smart contracts” which use the blockchain to enable automation of payments when certain conditions have been met as decided upon by the users.
Whichever cryptocurrency you’re considering to protect your assets, it never hurts to consult with a team of skilled asset protection professionals. At Morgan Legal Group, we are exactly such a team. We have experience in all kinds of asset protection and can help you find out which methods are best for your unique situation. Check us out and get started on protecting what’s yours.
