Topic: Disadvantage of bitcoin - page 5. (Read 701 times)
Well, certainly. I'd call it a disadvantage. I'd even make the whole situation bitter and drive the fact that unlike traditional banking, if you get hacked or scammed in crypto you're pretty much bound to destination fucked. You're not getting your money back and your wallet's at risk of getting attacked in the future. The lack of a central government controlling and regulating the intake and outpour of transactions in the bitcoin network is a double-edged sword per se. It's just that at the advent of a more privacy-particular crowd, everyone would highlight the fact that crypto's decentralized and secure over the fact that it practically leaves you for dead when you get forked over by someone from the other side of the planet.
Was going through some post on the forum when I came across this writing in a free signature space which writes “make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you loss access to your BTC”.
Now a lot of people would imagine the possibilities of losing access to one’s bitcoin in their wallet and there have been several cases of where people loss access to their wallets with massive holdings in it and that is why it is always advisable to back up wallet address regularly.
I’m not trying to down in BTC but at times we should call a spade a spade and accept the fact that aside decentralization that bitcoin offers and its volatility that we all profit from, a lot of people would still want to stick to the traditional banks because it also seems to be one of the safest place to keep our money.
Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?
Now a lot of people would imagine the possibilities of losing access to one’s bitcoin in their wallet and there have been several cases of where people loss access to their wallets with massive holdings in it and that is why it is always advisable to back up wallet address regularly.
I’m not trying to down in BTC but at times we should call a spade a spade and accept the fact that aside decentralization that bitcoin offers and its volatility that we all profit from, a lot of people would still want to stick to the traditional banks because it also seems to be one of the safest place to keep our money.
Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?
Nothing is perfect, everything has pros and cons. Bitcoin gives you full control, helping you proactively use your assets without the help of any third party. So the safety of your property depends entirely on you. If in case you lose access to your wallet, it is your fault, not bitcoin's. As for the bank, even if it's not your fault, your assets can still be confiscated or frozen for no reason. Choosing bitcoin or a bank is up to you. If you don't trust yourself but trust others, you should choose a bank.
There is no inherent risks with safeguarding Bitcoin as long as the user in question follows
its more about the wording implications vs banks . rather than sounding like advice
maybe wording it "unlike banks your in full control, backup your keys, bitcoin doesnt do bailouts"
Thanks for the heads up. Previous post was saved by mistake and completed now. The fact that OP was making it seem like users handling keys carelessly and losing access to their Bitcoins is a cause for concern when it really isn't.
in the good old days. people worried about banks freezing/seizing peoples funds or bank runs, bankruptcies etc. where they wanted a new currency to get away from the risk of banks losing people funds
now it seems someone is wording things the opposite way to sound like bitcoin is not as good as banks
Please don’t get me wrong as I wasn’t really implying things that way but I was rather curious as to the qoute I saw earlier and even had to take a screenshot of the post because over the time, I’ve read of cases where people had bitcoin mined on some old laptops but for some reasons couldn’t get any more access to their coins or so and I was only imagining if it was to be a bank, you’ll simply walk into the bank and get verified then get back access to your funds and I was wanting to know if there are possible ways to get access to one’s funds as I’ve always known the slogan “NOT YOUR KEY, NOT YOUR COINS” which means no keys, no coins.now it seems someone is wording things the opposite way to sound like bitcoin is not as good as banks
Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?
Yes, the recommendation is, backup your seed phrase (+ passphrase if included). Many people lost their seed phrase or private key backup in the past because they thought bitcoin price would never increased like this. The price increased and they were looking for a way to access their coins when it has been too late when peanut money become huge amount of money.
There is no inherent risks with safeguarding Bitcoin as long as the user in question follows
its more about the wording implications vs banks . rather than sounding like advice
maybe wording it "unlike banks. you're in full control, backup your keys, bitcoin doesnt do bailouts"
There is no inherent risks with safeguarding Bitcoin as long as the user in question follows the best and recommended practices for safely Bitcoin. As someone who has continously lost money held in centralized orgs like banks, money market firms, etc, I've not had such experience with Bitcoin since I got involved with Bitcoin and this community. If anyone says otherwise, it is the case that they didn't take all the precautionary steps to safeguard their asset.
I actually thought the concern with this thread would be that there is no straightforward way to do on/off ramp for Bitcoin in most countries and there's only small number of support of businesses that has integrated Bitcoin for buying and selling of goods and services OR the fact that Bitcoin fees might not be favorable to the wider population especially in 3rd world countries.
I actually thought the concern with this thread would be that there is no straightforward way to do on/off ramp for Bitcoin in most countries and there's only small number of support of businesses that has integrated Bitcoin for buying and selling of goods and services OR the fact that Bitcoin fees might not be favorable to the wider population especially in 3rd world countries.
Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?
One of the biggest risks with Bitcoin is when we lose our wallet keys and when someone hacks our wallet due to a malicious malware attack. We can't complain to anyone if that happens. The banking system will provide compensation if our account is hacked by someone or reset the password if we lose the ATM password. But that's the difference between decentralization and centralization, in a decentralized system no one can freeze our assets but in banking they can freeze our accounts.
With bitcoin, we ourselves hold, maintain and manage our assets without anyone being able to intervene as long as the bitcoin is in our wallet. Different from banks, they are the ones who have full access to our money. So, bitcoin is freedom and liberty, it is more expensive than anything else
You can't claim to call a spade a spade and then at the same time conclude that traditional banks seem to be one of the safest places to keep our money. They aren't!
Many people are just ignorant about how banks operate, or are simply lazy and careless when it comes to safeguarding their finances.
They would rather push the responsibility to someone else or a third party, and you call that safe? Hell No.
One of the main points of Bitcoin is for you to become your own bank, have a complete control over your funds and by this it's also your responsibility to safeguard those funds, just like how you would keep your fiat cash in your wallet or pocket.
Many people are just ignorant about how banks operate, or are simply lazy and careless when it comes to safeguarding their finances.
They would rather push the responsibility to someone else or a third party, and you call that safe? Hell No.
One of the main points of Bitcoin is for you to become your own bank, have a complete control over your funds and by this it's also your responsibility to safeguard those funds, just like how you would keep your fiat cash in your wallet or pocket.
Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?
There are noncustodial wallets, although not recommended. Banks are given license to provide crypto services to customers in some countries.
Now, bitcoin spot ETF will later be approved by United States SEC. Approved already in some countries.
Just like your fiat in bank that you do not have full control of, bitcoin can exist like that. Although not recommended.
Is that a disadvantage? No.
I can still see bitcoin to be the superior.
Yes, the recommendation is, backup your seed phrase (+ passphrase if included). Many people lost their seed phrase or private key backup in the past because they thought bitcoin price would never increased like this. The price increased and they were looking for a way to access their coins when it has been too late when peanut money become huge amount of money.
in the good old days. people worried about banks freezing/seizing peoples funds or bank runs, bankruptcies etc. where they wanted a new currency to get away from the risk of banks losing people funds
now it seems someone is wording things the opposite way to sound like bitcoin is not as good as banks
now it seems someone is wording things the opposite way to sound like bitcoin is not as good as banks
Was going through some post on the forum when I came across this writing in a free signature space which writes “make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you loss access to your BTC”.
Now a lot of people would imagine the possibilities of losing access to one’s bitcoin in their wallet and there have been several cases of where people loss access to their wallets with massive holdings in it and that is why it is always advisable to back up wallet address regularly.
I’m not trying to down in BTC but at times we should call a spade a spade and accept the fact that aside decentralization that bitcoin offers and its volatility that we all profit from, a lot of people would still want to stick to the traditional banks because it also seems to be one of the safest place to keep our money.
Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?
Now a lot of people would imagine the possibilities of losing access to one’s bitcoin in their wallet and there have been several cases of where people loss access to their wallets with massive holdings in it and that is why it is always advisable to back up wallet address regularly.
I’m not trying to down in BTC but at times we should call a spade a spade and accept the fact that aside decentralization that bitcoin offers and its volatility that we all profit from, a lot of people would still want to stick to the traditional banks because it also seems to be one of the safest place to keep our money.
Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?
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