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The difference with bitcoin is that the protection is up to you. Same as with holding cash or precious metal in a safe at home. Except with bitcoin, you have m-
by grubles 12y ago
The difference with bitcoin is that the protection is up to you. Same as with holding cash or precious metal in a safe at home. Except with bitcoin, you have m-of-n signatures, encrypted wallets, brain-wallets even. You can backup your encrypted wallet anywhere. Someone even put their wallet.dat on a website for anyone to download, but their passphrase is probably 1,000 random characters or something.
- ForHackernews 12y agoWhy would anyone want that? Most people are not interested in holding cash or precious metal in a safe at their house. It's extremely inconvenient, expensive to do correctly, and still much riskier than keeping your money in an FDIC-insured bank. This is the problem with bitcoin: Everything its advocates claim is a desirable feature is actually a huge bug for normal people.