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I put 100k EUR of Bitcoin into a wallet, but then I lose the private key. There has to be a way for me to recover access to my funds. The only way to do that is
by kiitos 3y ago
I put 100k EUR of Bitcoin into a wallet, but then I lose the private key. There has to be a way for me to recover access to my funds. The only way to do that is to delegate trust to a central authority. Crypto will never, can never, be an alternative to traditional banking for the general population.
- lifty 3y agoYou're right, this is a massive weakness in the cryptocurrency space and until this gets better solutions I doubt there will be more mainstream adoption (without centralised custodians). But I will say that this isn't only a problem in the cryptocurrency space, it's a general problem for cryptographic systems. We need better generic systems for managed cryptographic keys, with several levels of backups and recovery options, with minimum hassle. ERC-4337 standard goes in the right direction.
- kiitos 3y agoI think we already have a pretty good system for managing access to wealth/value, which has several levels of safety, and is relatively low-hassle. I think it's the existing banking infrastructure.