12-21-2013, 03:51 PM
It all hinges on your ability to protect a crypto key.
The real downside isn't that it's easy to steal (if you can protect that key, it's not easy) but that if someone DOES steal them (they beat you up and steal your piece of paper or whatnot), there's no way you or anyone else can get it back.
If someone managed to get access to my bank account (which is probably easier), I can raise the issue with the bank, probably get all my money back and then serious minded people with lots of tools will be aiming to track down whoever did it. With Bitcoin it's like "someone stole your pretend money? Well that's a shame."
I think my main reservation is just that: it's an invented currency that no official organizations care about. If someone mucks with the Dollar, the United States government will care up to and including blowing up their country. Maybe nothing is "safe" but your Dollars are well protected by a lot of power that's keenly interested in maintaining its value. Nothing protects Bitcoins.
The real downside isn't that it's easy to steal (if you can protect that key, it's not easy) but that if someone DOES steal them (they beat you up and steal your piece of paper or whatnot), there's no way you or anyone else can get it back.
If someone managed to get access to my bank account (which is probably easier), I can raise the issue with the bank, probably get all my money back and then serious minded people with lots of tools will be aiming to track down whoever did it. With Bitcoin it's like "someone stole your pretend money? Well that's a shame."
I think my main reservation is just that: it's an invented currency that no official organizations care about. If someone mucks with the Dollar, the United States government will care up to and including blowing up their country. Maybe nothing is "safe" but your Dollars are well protected by a lot of power that's keenly interested in maintaining its value. Nothing protects Bitcoins.