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For me, I'm happy for my money to be stored in a bank. The bank keeps multiple back-ups of their books and is heavily regulated by our national government. If s
by bsdz 4y ago
For me, I'm happy for my money to be stored in a bank. The bank keeps multiple back-ups of their books and is heavily regulated by our national government. If someone attempts to steal from me or commits fraud there's some recourse by notifying the bank and potentially having those criminal/fraudulent transactions reversed. No electronic inertia (i.e via crypto blockchain) for my bank to approach another and reverse a transaction.
There are also several security features to extracting money from my account: there's an account number, name, physical access to debit card, ccv, account password, OTP, pin numbers. All of which are missing in the typical crypto ccy net.
Furthermore, banks are forced to record identity information from their customers making it difficult for a nefarious actor to conceal their identity.
One advantage for crypo ccy is potentially making anonymous transactions. I don't really have anything to hide in that regard. The mundane shop at the supermarket, ebay or even buying drinks at the pub.. nothing very revealing.
If your life savings are at risk from losing a secret key or simply by someone nicking your secret key then I'd call this a "bug".
- irfwashere 4y agoSome could argue that your life savings is also at risk in a bank in high inflationary countries like Turkey or Lebanon. I think bitcoin's main argument in its favor is that its supply is not controlled by bankers. All the risks associated with holding onto it is worth it to me. Anonymous transactions are not interesting to me personally but complete sovereignty is. The chances of someone guessing your key are very low. But if you are worried about that then you put the funds into a multi-signature arrangement. It certainly takes time to understand these things but it's worth it for the benefits it brings. Nobody can steal or tax your funds against your will. If it takes 6 months for an average person to wrap their head around all the concepts it's not the worst thing in the world. It takes 6 months, at least, to learn how to operate a tank. But it does slow adoption rates.
- angelbar 4y ago"Some could argue that your life savings is also at risk in a bank in high inflationary countries like Turkey or Lebanon" Convert your savings to physical assets (materials, tools).. And guns, lots of guns.
- bollos 4y agoOnly a minor remark: (most) crypto is pseudonymous rather than anonymous. Your spending is public to all and takes little to effort to effectively stalk the more you use it for every day things.