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I'm not sure I agree that blockchain is the most secure solution for common problems. Let's say you get a computer virus that steals your banking credentials a
by csande17 6y ago
I'm not sure I agree that blockchain is the most secure solution for common problems.
Let's say you get a computer virus that steals your banking credentials and transfers your money to someone else's account. In the traditional banking system, it's often possible to reset passwords and reverse transactions, especially if you catch the bad behavior quickly. With Bitcoin, your money is gone forever and it is mathematically impossible for you to ever get it back.
- ric2b 6y agoThat's true for Bitcoin because it's almost impossible to get most miners and nodes to agree to reversing such a mistake, it's completely against the spirit of the project. But in the example above that could still be easily fixed, you'd just need the companies involved to agree to reverse the mistake, as they are the miners of the chain.