Topic: I lost 10 units of fiat, Bitcoin could have prevented this. - page 2. (Read 1917 times)

"As a wallet owner myself" lol

It is not entirely uncommon for people to lose their wallet, either because it falls out of their pocket when they sit down, take it out to pay for something, place it on their lap and forget about it, or a number of other reasons.

I know about Trezor, but it's a far cry from being at the price level of an Arduino or Raspberry Pi.

I was thinking someone else just gained 10 units of fiat
Your loss someones gain but aside from that there is always a fanny pack to make 99.9% certain it does not get lost
Although I prefer my pocket as well so it's very possible that money could fall out of it if I was not being vigilant.

But your right bitcoin would have a password so someone could find it but not use but with cash some kid could find it and then spend it so it depends on how well you secure your cash .


Trezor
http://www.bitcointrezor.com/

Seems like a legit observation to me, but if you lose your physical wallet, it would be the equivalent of lossing all of your bank accounts at once, assuming you have all of your BTC in that wallet. So one should start thinking about the fact you would need a couple of different wallets. I would keep the main wallet at home (the bank wallet) then a handy wallet with enough BTC to go through the day, like our current money wallets.

Likelihood of being pick-pocketed is rather low. If somebody were to rob you they would just swipe the notes anyway, as well as your phone etc - so that point is moot.

The OP was all about losing money by dropping it and not noticing due to its properties. As a wallet owner myself, I take far greater care of its contents than I would if I were to have them loose in my pocket.

This makes it more likely that all your money would be stolen if someone were to rob you or if someone were to pickpocket you as these kinds of people usually go after a person's wallet.

Yeah, I suppose that's a fair point. The likely scenario is some average joe would pick it up, and depending on what it looks like they may call in the bomb squad to have it destroyed lol.

Still, the fiat wallet advice holds it own, right?

Considering that not everybody who uses Bitcoin is tech savvy and understands how to crack the password, moreover if it's on a hardware wallet, I don't think there is anything to fear(at least it would be mighty difficult to do so). Especially if the password is sufficiently long.

Step 1: Buy a wallet for your paper money.
Step 2: Start using the wallet.

Of course, your bitcoins would not be lost providing that you had a backup somewhere and the person that presumably finds your supposed hardware wallet does not crack it before you regain access and shift your coins elsewhere.

interresting situation.

1) you use BTC paper money
2) lost or thief attack you
3) destroy BTC paper money when you try to defend...
4) go to home and scan "backup" of paper money (1 in your pocket, 1 in your home, 1 in your garden ?)
5) BTC paper money is now secure and unusable even if thief paste the little piece of BTC paper money
6) you don't have loose your BTC

It wasn't until today that I wish I was using Bitcoin to pay. I went to the supermarket to buy groceries, I got my change and went back home, I didn't empty my pockets immediately, it was an hour later or so. Once I did, I noticed 10 units of paper money were gone, but alas, middle of the day, 100% chance they were found. 10 units of paper money, not exactly my life's fortune, but still, I lost money. I tried to find somebody to blame, and I reached at the most logical conclusion, it was entirely my fault and my fault alone. I was simply too lazy to pull the zipper on my pocket.

I then realized, I could've avoided this with Bitcoin. As paper money is light, I couldn't have noticed when it fell, there would be no sound, nor a feeling of less weight. With Bitcoin, which is virtual and arguably weighs nothing you might think it would be the same, but not really. See, if I was using Bitcoin, whether a hardware wallet or my phone/tablet, I would've had a password on it and suppose I was using a hardware wallet with a password and I lost it, there would be a couple of things. It would weigh more than paper money, it would make some sound as it falls on the ground and would feel that my pocket weighs less. If I lost it while sitting, then no, but in all of these cases, once I got home and realized all of this, I would open up my computer with my backup or copy of my wallet and transfer the money out of the compromised wallet.

It would be nice if hardware wallets were simple(with password capabilities) and cost the same amount of money as an Arduino or Raspberry Pi or cheaper, this way you can buy a few of these and have a spare device if something happened to the previous.