It's not just that, and this is where the cryptocurrency fan club gets lost. At least with a regular bank, you have some levels of security, and customer service, so if you have someone pretend to be you and wipe your account out, you have some recourse. Not so with Bitcoin and company.
This is why I find the notion of "banking the unbanked" laughable. Managing your own security and making sure you don't do something stupid is surprisingly harder than it seems. Yeah, paper wallets truly are the best way to go, but humans generally hate inconvenience. I'd rather not be my own security.
As opposed to the bank's ...? Or your other account's ..., what exactly, passwords? Phising is everywhere. How many times have you heard the elderly have their money stolen, both online and in real life? It happened to my grandma. The mailman is bringing her own pension as cash, and guess what, he has scammed my grandma for years! The food delivery guy who has been delivering lunch for my grandma, guess what he did? He scammed my grandma out of her money! We are talking about cash, right now, and no phising involved, just good old "lying".
Theft or loss has always been a problem since life evolved on Earth.
I don't think anyone claimed that crypto was un-losable or un-stealable. It's not magic.
https://cryptosteel.com
It's not just that, and this is where the cryptocurrency fan club gets lost. At least with a regular bank, you have some levels of security, and customer service, so if you have someone pretend to be you and wipe your account out, you have some recourse. Not so with Bitcoin and company.
This is why I find the notion of "banking the unbanked" laughable. Managing your own security and making sure you don't do something stupid is surprisingly harder than it seems. Yeah, paper wallets truly are the best way to go, but humans generally hate inconvenience. I'd rather not be my own security.
That problem is trivially solved by backups.
Backups don't solve seed phrase phishing for example.
As opposed to the bank's ...? Or your other account's ..., what exactly, passwords? Phising is everywhere. How many times have you heard the elderly have their money stolen, both online and in real life? It happened to my grandma. The mailman is bringing her own pension as cash, and guess what, he has scammed my grandma for years! The food delivery guy who has been delivering lunch for my grandma, guess what he did? He scammed my grandma out of her money! We are talking about cash, right now, and no phising involved, just good old "lying".
1 reply →