TWO-FACTOR BANKING SECURITY
Over the last year I’ve tuned out of the Dinar world in order to focus on developing different projects. However, I’m watching this year because I think Iraq is finally going to revalue its currency, and not because anything special has happened in Iraq, but just because it appears from the news that the political will is finally behind revaluing its currency. Out of all of the many topics we’ve covered over the last couple of years about how to protect your windfall, information control systems or cyber security will be the most important. You can use a settlement trust, an LLC or an IBC, it doesn’t matter, but your protection comes from how you access this money. This is why I created the encrypted (anonymous) USB with military grade security. The encrypted USB is a stand alone computing device, with its own encrypted operating system. I designed this for my own use so I can move large amounts of money outside of the banking system. I’ll explain how this can protect your access to money.
First, you should understand a couple of basic concepts. I used the phrase “two-factor banking security” as the title for this article, but what we’re actually talking about here is commonly known as “two-factor authentication”. A password “key” that you literally hold in your hand. Even if someone steals your identity and has your password, he cannot log into your account without the physical key. It’s nearly weightless, small as your little finger and nearly indestructible. Two factor authentication should be a feature that your bank provides for security on your bank account, but even if your bank doesn’t do this, you can still have this level of security for about $10 to $20. You will want to ask your banker about “two factor authentication”, and if he doesn’t know, have him pass the question to someone who does. Chances are your bank does have it. But again, you can simply get your own key and create your own security plan.
In response to the many questions I receive, such as “What are you going to do with your windfall?”, aside from investments, I usually talk about the familiar risks, such as being sued or an unfair tax levy. That’s where the settlement trust, LLC or other structures are important. This level of protection is known as “divesting your exclusive rights”, and don’t make fun of me for using complicated words, this terminology comes directly out of our court system. Most of us understand this very well and for the most part, we are covered, at least most of us in the Dinar community.
But can you imagine wiring a million dollars out of the country? How about $15,000,000? You will probably never see that money again. It’s not because you were doing anything illegal, in fact, you were probably getting into an humanitarian type project, but your government just claimed you were suspected of terrorism and froze the money (i.e. stole it). How do you move the money once you have it? Or what happens if the banking system closes its doors, or does one of those Cyprus style bail-ins.
You will want to hold it in your hand as you travel to its intended destination, but this congers up movies from the seventies where people could travel with a suitcase of cash. Imagine the scene at the airport if you tried that. Yeah, not going to work. Besides, we’re far more sophisticated now. It’s now possible to transfer millions of dollars in about seven days using a computer or encrypted USB and a Bitcoin wallet. This is the reason I created this, for myself, but to give people an actual thing they can easily use to do the same, with almost no learning curve.
There are all kinds of security measures built into Bitcoin wallets, but having a physical device, such as the encrypted USB, eliminates the greatest risk you might have from unauthorized access (hackers). You can research this for yourself, but the most common way to get access to your device is through a “man in the middle attack”, or “phishing” or “brute force”. I’m including these terms here so you can research for yourself.
You avoid all of these situations by using your computer (with an encrypted platform) or the encrypted USB with a Bitcoin wallet. You can also include a “two factor authentication security key” with your strategies depending on how you want to do it. I can’t tell you my exact plan, but an example would look something like this:
1. Clear my funds from the Dinar exchange using a tax deferred settlement trust at the bank. The account will have two-factor authentication.
2. Move some of the money by “spending” it into precious metals using a private vault service which I can access offshore via Bitcoin and seamlessly convert back to local currency.
3. Move more of the money using Bitcoin and my encrypted USB device. Carry it with me on the plane or ship where I can access with any computer, anywhere, in the local currency.
4. Repeat as many times as needed.
In my opinion, the bank I use is not important. It’s how I use my account that is the most important, what type of an account (settlement trust or LLC), and then how I use the account, such as security levels. I think the most important part of any strategy is being familiar with accessing your money outside of the banking system using Bitcoin and private vault services. The way you get there is with a bank account using a tax deferred structure such as an LLC or the settlement trust, two factor authentication, and the encrypted USB with private vault services. If you are serious about your money, and you should be, you will research this for yourself and, if you haven’t already, either create your plan and write it down, or revise what you already have.
Hang in there, I’m really optimistic about the Dinar this year, and I’m really optimistic about silver and Bitcoin (in case you haven’t guessed).