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> You only truly own Bitcoins if you own the private key for the account Do I only own my dollars if I have them in cash?

• statoshi 11y ago
  Yes. Otherwise you are just holding onto IOUs for dollars.
  • beaner 11y ago
    The bank has a legal obligation to fulfill those IOUs, which in practical terms is essentially as good as "owning" the dollars. There is always the risk of a Bernie Sanders kind of scam, but it's rare enough and regulation is heavy enough that for the common person it's not a real concern, or worth worrying about. Coinbase is regulated similarly, though obviously they are young and have to continue to prove themselves over the course of decades.
    • leoc 11y ago
      (Madoff, right?)
  • deleted 11y ago
    [deleted]