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I don't think that's true. > If someone only has a phone, they need to store their bitcoin somewhere, and its unlikely to be their phone. Why? Bitcoins do not
by cporios 12y ago
I don't think that's true.
> If someone only has a phone, they need to store their bitcoin somewhere, and its unlikely to be their phone.
Why? Bitcoins do not exist somewhere, bitcoin transactions do, and they are stored in the blockchain. Bitcoins that you own are essentially unspent transactions to your address which is only a few bytes long.
A bitcoin wallet/address is not a bank account by any sense of the world.
- georgyo 12y agoYou are right, they could store their actual wallet addresses on their phone. But would that actually be a good idea? I would sure hate to loose all my money because it rained hard while walking home. And all the other dangers that haunt phones. A counter here of they should be backing up is unacceptable. Many people who are otherwise very knowledgeable don't make backups. Sure, if they have all their money under a mattress then they are venerable to house fire, theft, and the like. But storing all their money on a cheaply made but affordable electronic device has the same problems, while opening up a ton more possibilities of chronic money loss.