atans1

Bitcoin’s decentralisation is a big problem

In Financial competency on 26/01/2021 at 5:39 am

Bitcoin was built on an unregulated network to decentralise power but banks do a better job safeguarding valuables.

In Bitcoin: born loser tales, I told the tale of a programmer who forgot the password of the e-wallet with $240m worth of bitcoin

He told the New York Times: “The whole idea of being your own bank – let me put it this way, do you make your own shoes?” “The reason we have banks is that we don’t want to deal with all those things that banks do.”

Here’s another sad tale: an entrepreneur who lost about 800 bitcoins when a colleague reformatted a laptop containing the private keys to his wallet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: