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The idea only works if you keep your private keys. If you use an online Bitcoin “bank”, then you do have to worry about them disappearing. cough Mt Gox cough
by colejohnson66 6y ago
The idea only works if you keep your private keys. If you use an online Bitcoin “bank”, then you do have to worry about them disappearing. cough Mt Gox cough
- tidepod12 6y agoYou can avoid having to deal with a fiat bank going insolvent by personally managing your money as cash stored under your mattress, too. But there are plenty of reasons you wouldn't want to do that.
- sitevas35 6y agoWell that's a hell of an analogy. It's like I would receive one coin for each BTC and now had to somehow hide them in a closet lol. The real beauty about crypto currencies is that I can hide ANY amount, no matter how much with a single passphrase that I remember in my head or store somewhere in an encrypted form, or on hardware wallets. Whatever you prefer. But ultimately, you own the keys to the kingdom.
- eli 6y agoSure also works if you keep all your cash in a mattress.
- colejohnson66 6y agoYes. I’m not saying it’s a solution. Just saying that there is a way to avoid the exchanges/“banks” going bankrupt. Reading it over, it does feel like a “technically correct” answer and not a good one.