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> If someone gets access to your bitcoin wallet or whatever storage mechanism you are using fails, then that money is gone forever with no way to recover it. K
by atom-morgan 12y ago
> If someone gets access to your bitcoin wallet or whatever storage mechanism you are using fails, then that money is gone forever with no way to recover it.
Keep in mind that you're comparing two different markets in terms of maturity. One day, there may be a number I can call too when my bitcoin goes missing.
I'm sure people made similar arguments before e-commerce. Surely it had to seem easier to just buy a product in a physical store, with cash, with absolutely no risk of stolen credit card information on this new thing known as Internet. No issues with shipping and you can actually see the product in store. Things have changed and people are no longer as reluctant to shop online.
As interest in new areas grow, so do opportunities for business. You may not be an early adopter of Bitcoin in the way many weren't with e-commerce in the early days, but it doesn't mean it can't happen because one is easier today.
- IvyMike 12y ago> One day, there may be a number I can call to when my bitcoin goes missing. Genuinely curious--how would this work?
- atom-morgan 12y agoI'm not 100% sure. I'm sure some people are working on this problem right now.
- wmf 12y agoIt would probably be insurance, so you'd have to pay for it and they could deny your claim if you didn't use a Trezor. There may also be bounty hunters who try to recover stolen BTC on contingency, but that doesn't sound like a good business.
- pbreit 12y ago"N of M" transactions might entail this. The idea is that 3 parties have the key and 2 are required to transact. So if you lose yours, you call up one other party.
- battani 12y ago> One day, there may be a number I can call to when my bitcoin goes missing. Why would I even need such infrastructure if I can already do that today with my bank?