2 ms·
One interesting thing to me is that Bitcoin is a lot easier to steal than money in banks. A bad actor can steal your private key and take all of your BTC, and i
by thehappypm 5y ago
One interesting thing to me is that Bitcoin is a lot easier to steal than money in banks. A bad actor can steal your private key and take all of your BTC, and it's gone forever. Try doing that with a bank account -- the bank will back you up, there are transfer limits.
- ipaddr 5y agoHow does this apply? This makes it easier for others to steal all of the money? I would think they would be selling those coins after mining them not holding on to them as some future investment. Nevermind that banks in smaller countries can be a huge source of thief.
- defgeneric 5y agoThe whole point of Bitcoin is that the bank itself cannot steal your money.
- thehappypm 5y agoCoinbase or any other exchange can certainly steal your coins, just like a bank can steal your money. Hosting your own private key is like having your money in your mattress -- it's as secure as you allow it to be, and once stolen it's gone forever.
- leesalminen 5y agoTell that to my brother-in-law who had his identity stolen and several lines of credit taken out in his name. He’s spent the past 2 years working to resolve it with limited success. His credit score is still trashed and can’t buy a car nor house.