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The crazy thing to me about Bitcoin, is that if you lose your Bitcoin wallet, which must be stored offline, and in an air-gapped computer, or a physical hardwar
by blackrock 6y ago
The crazy thing to me about Bitcoin, is that if you lose your Bitcoin wallet, which must be stored offline, and in an air-gapped computer, or a physical hardware wallet device, then you lose all your money.
There is no recourse. There is no customer service department or claims department to speak with.
Unless maybe if you bank with say coinbase, where they may ensure your bitcoins for you in case of a hack.
Unless someone can provide a counter argument to this. Or something else changed in the past few years.
- tuesdayrain 6y agoYou listed some valid alternatives to managing your own keys. Coinbase is pretty safe and insured (https://help.coinbase.com/en/coinbase/other-topics/legal-policies/how-is-coinbase-insured https://help.coinbase.com/en/coinbase/other-topics/legal-pol...). Also even if you are managing your own keys, it's reasonably easy to store an encrypted version of your wallet seed somewhere it will never get lost.
- blackrock 6y agoHow much does it insure? Satoshi’s gold Bitcoins are worth something like $8 billion dollars. I doubt anyone is insuring that. Even the FDIC only insured up to $100,000 of your bank account. Maybe up to $250,000 now.
- ur-whale 6y agoSure, if you're a fan of fractional reserve banking (as in: the bitcoins you own don't really need exist), coinbase is the perfect thing for you.
- qot 6y agoNot quite. You can restore your entire wallet and all the bitcoin with your 12 to 24 word backup phrase.
- ur-whale 6y agoYou're describing a feature.