The current passive way we store and use our money is a surefire way to lose monetary value as it locks us into a system where common dynamics of inflation, market manipulation, devaluation, and corruption typically rule the day. Additionally, individuals consistently lose money due to structural forces like bank fees, transaction costs, and exchange rate fluctuations. Not to mention, relying on fiat currency can make individuals vulnerable to the risk of credit fraud, identity theft, or flat out robbery. Even the most popular cryptocurrencies, such as Bitcoin and Ethereum, aren’t a reliable option for storing money due to a list of systemic design risks.
These systems are instead looked at as investment options that are most often used as a hedging strategy to protect against the risk of fiat currencies collapsing. But they’re still not mentioned in the category of as a usable replacement for traditional currency due to problems associated with price volatility stemming from a lack of true intrinsic value. Also, the act of securing Bitcoin or Ethereum is inherently risky. Accessing your wallet requires a user to have a “private key,” which can be lost or forgotten, causing the wallet owner to lose their investments forever. Additionally, transactions can be irreversible if sent to the wrong wallet.
At the same time, old models of money like gold can require costly physical storage and are impractical as a tradeable currency. These storage methods simply do not provide individuals with financial security and can be difficult to use in everyday situations.
Is There An Alternative Option?
AXIA has created a means to store money that avoids the pitfalls that fiat currencies and options like Bitcoin and gold are prone to. AXIA Coin, a currency designed to escape the effects of things such as inflation and price volatility, can be stored and accessed through AXIA Capital Bank and its connected AXIA Wallet. The wallet is seamlessly integrated into a user’s AXIA account and was created to allow users to access connected banking and financial services that can store, access and utilize their digital tokens from anywhere and everywhere with ease. With the wallet, users can transact in, transfer, exchange, buy and sell, and receive their AXIA Coins, and what’s more is they receive immediate benefits from any and all transactions.
A wallet is created when a user signs up on the AXIA Mobile App. New users are immediately given a wallet address, which can be shared with friends or businesses through AXIA’s communication suite – the AXIA Chat. Users will also be able to load AXIA Coins onto a debit or rewards card to pay vendors anywhere in the world. The AXIA Wallet allows users to have direct visibility, access, and control of their AXIA Coins at all times.
What’s more is that each transaction that an AXIA user makes earns them rewards and benefits. The rewards system is similar to a cashback system, but instead benefits every user. The wallet allows users to realize rewards and continue to benefit the entire community (we will address the AXIA Rewards system in detail soon – so stay tuned!)
While it is easy to use, the AXIA Wallet truly leverages superior financial security and stability over traditional storage systems thanks to its secure Key Storage and Custody Services. AXIA offers all its ecosystem participants a hot wallet and cold wallet vault application for free. The hot and cold storage system utilizes data encryption and enterprise systems to protect users, their keys, and their funds at all times.
How Does It Work?
The hot wallet allows users to interact immediately with their digital money directly from their wallet. AXIA Coins can be used both inside or outside the AXIA ecosystem for transactions, transfers, and more. The cold wallet relies on enterprise custody services to allow users to store and manage their coins in the AXIA Vault until they choose to use them in a hot wallet.
The Vault is a decentralized storage system designed to be unhackable. Each transfer requires coordinated actions, and several layers of authentication, protecting the end user. The Vault uses blockchain technology, which requires third party auditors to validate entries, providing security to token holders. Also, stored coins can be covered by insurance after a market price for the AXIA Coin is determined. This simply makes the AXIA Vault more secure than a traditional bank, which could potentially be hacked, and protects the user’s funds better than banks which generally accept deposits as if they are unsecured loans.
The enterprise custody services AXIA provides to its users are ultimately free, since the AXIA Foundation takes on any associated custody costs for the user. Furthermore, the user’s keys are tied to a self-selected email address and can be regenerated if the keys are forgotten or lost, allowing users to always have access to their money. This is a key difference from the self-management component of some cryptocurrencies, which put a user at risk of losing their funds forever should they lose or forget their keys.
It’s a Clear Choice!
All in all, the AXIA Capital Bank wallet system is more secure than traditional banking, more forgiving and user friendly than storage options for other cryptocurrencies, and makes using money in everyday life easier and more reliable. Plus, users are rewarded for making transactions, not charged fees! Members of the AXIA community can not only rest assured their money is protected in their wallets, but enjoy the value they receive when they use it.