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"Physical cash" stored at a third-party like a bank or credit union does have mugger protections - they have safes and vaults and security guards and insurance.

by patmcc 13y ago

"Physical cash" stored at a third-party like a bank or credit union does have mugger protections - they have safes and vaults and security guards and insurance. If a bitcoin "wallet" service opened that offered those things, consumers would be more likely to take it seriously. Putting a fortune into Mt. Gox or someone similar is like burying your cash in someone else's backyard. You don't need mugger protection, you need common sense.

balls187 13y ago
So the question remains: Is there a bitcoin wallet that offers such a guarantee? The Federal Government has up to $100,000 for deposits. Banks themselves will provide funds bank in case of fraud, to increase consumer confidence. Credit Cards have a number of consumer guarantees (for example, did you know if you purchase an item with a credit card, the credit card company will extend the warranty of the item in many cases--read the fine print). As another commenter said, yes I'm "paying" for that insurance by giving up some amount of control, but I think before BitCoin or another decentralized currency can reach critical mass, it will need service providers to offer similar protections. My opinion, anyway.
SilasX 13y ago
>"Physical cash" stored at a third-party like a bank or credit union does have mugger protections - they have safes and vaults and security guards and insurance. If a bitcoin "wallet" service opened that offered those things, consumers would be more likely to take it seriously. Indeed. But you wouldn't fault the paper dollar itself for failing to have the protections of the vault, just as you shouldn't fault the Bitcoin itself for failing to have he protections of escrow, nor compare a paper apple to a vaulted orange. Yes, 3rd party services will help with the trust issue in the Bitcoin ecosystem. They are still not a failing of Bitcoin per se, just as lack of built in mugger protections is not a failure of the paper dollar per se.

by patmcc 13y ago

balls187 13y ago

So the question remains: Is there a bitcoin wallet that offers such a guarantee? The Federal Government has up to $100,000 for deposits. Banks themselves will provide funds bank in case of fraud, to increase consumer confidence. Credit Cards have a number of consumer guarantees (for example, did you know if you purchase an item with a credit card, the credit card company will extend the warranty of the item in many cases--read the fine print). As another commenter said, yes I'm "paying" for that insurance by giving up some amount of control, but I think before BitCoin or another decentralized currency can reach critical mass, it will need service providers to offer similar protections. My opinion, anyway.

SilasX 13y ago

>"Physical cash" stored at a third-party like a bank or credit union does have mugger protections - they have safes and vaults and security guards and insurance. If a bitcoin "wallet" service opened that offered those things, consumers would be more likely to take it seriously. Indeed. But you wouldn't fault the paper dollar itself for failing to have the protections of the vault, just as you shouldn't fault the Bitcoin itself for failing to have he protections of escrow, nor compare a paper apple to a vaulted orange. Yes, 3rd party services will help with the trust issue in the Bitcoin ecosystem. They are still not a failing of Bitcoin per se, just as lack of built in mugger protections is not a failure of the paper dollar per se.