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I think the correct response is asking how they would get back their money if cash was stolen from their house.

BitCoin is like cash, not like a credit card. You wouldn't want to leave a significant amount of cash laying around your house and you shouldn't keep a significant amount of BitCoin on your computer.




>I think the correct response is asking how they would get back their money if cash was stolen from their house.

But stealing Bitcoins doesn't require physical access to your property. That seems like a pretty big distinction to me.

Edit: And if Bitcoins are like cash, why should I bother using them? I already have cash (that I don't use very often) available to me readily. And since I get paid in dollars, what advantage do I have to use a separate currency solely for rare and unimportant transactions?


Actually, yes, stealing bitcoins will increasingly require physical access as technologies for storing them offline evolve: brainwallet, paper wallet, credit-card sized electronic bitcoin wallets (at least 2 in development).

I personally think the latter is what will propulse mainstream adoption of Bitcoin, as it will make it impossible for inexperienced users to leave unsecure bitcoins on their computers.


You can't send cash over the Internet.


Goronmon: a Paypal account is in no way similar to cash. It can be frozen by authorities. It is centralized. It is not anonymous.

Bitcoin is like cash (pseudo-anonymous, nobody can technically interfere with your transactions...) except it is digital while preserving these advantages. This is why it cannot be compared to Paypal.


I've used Paypal in the past.

Bitcoin is like cash (pseudo-anonymous, nobody can technically interfere with your transactions...) except it is digital while preserving these advantages. This is why it cannot be compared to Paypal.

So, Bitcoin is like cash, except in the important ways in which it is different. And along with also gaining some more disadvantages as well.

But you're right, Paypal isn't cash. But then again, neither is Bitcoin.


Being digital and decentralized are 2 significant advantages. Unless you are a luddite preferring to send cash in the mail!


I'd trust it more on my own computer than on any of the bitcoin exchanges. There have been a number of pretty giant security and backup lapses, and they haven't been around long enough for me to trust any of their reputations.

My own computer on the other hand, is pretty definitely secure. And I can encrypt the wallet if I'm extra paranoid.

This doesn't really extend to your average computer user, and I don't think BTC will take off in any meaningful sense until we have a user friendly and secure architecture for it. But the current state of being a currency for the tech-savvy isn't necessarily a bad thing.




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