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With Bitcoin, you could create that third party in a trust minimized way, something impossible to do with the banking system. For instance, if the third party
by tenuousemphasis 2y ago
With Bitcoin, you could create that third party in a trust minimized way, something impossible to do with the banking system.
For instance, if the third party refuses to authorize a legitimate transaction, you have a third key you keep offline somewhere that can be used to force a transaction through.
- xelamonster 2y agoThen your third key would be vulnerable to the same $5 wrench attack as your seed phrase is now.
- jncfhnb 2y agoAnd if you lose the third key you are now beholden to the third party with no recourse