4 ms·

Financial accounts. One person can have many bank accounts. I would guess they're using the word "wallet" to avoid regulatory scrutiny that might be applied to

Financial accounts. One person can have many bank accounts. I would guess they're using the word "wallet" to avoid regulatory scrutiny that might be applied to financial accounts. People might feel like "wallets" can get lost or stolen. "Accounts" shouldn't. These are accounts.

JoshTriplett 13y ago
> People might feel like "wallets" can get lost or stolen. "Accounts" shouldn't. That's exactly why the term "wallet" should be used. This is cash, and should be treated accordingly and thought of accordingly. Terms like "wallet" help people develop a reasonable mental model that fits reality.
- dragonwriter 13y ago
  > That's exactly why the term "wallet" should be used. This is cash, and should be treated accordingly and thought of accordingly. Cash held by someone else on your behalf is an account (even if it is physically stored in their wallet). So, sure, bitcoins are in a sense analogous to physical cash, and bitcoin wallets are in a sense analogous to physical wallets full of cash -- but some third party business who keeps bitcoins in their own wallets and contracts with you to transmit them according to your instruction is providing you with an account, not a wallet.