This is the biggest issue with crypto currently. Loose your key or password and millions can vanish over night with little to no hope of recovery.
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This is the biggest issue with crypto currently. Loose your key or password and millions can vanish over night with little to no hope of recovery.
A lot of crypto fans see a future where crypto is mainstream and replace centralized currency.
If that is the case, that means crypto will be used to pay for food, rent, and everything else.
What if you lose your key, get hacked, or any of the numerous other scenarios? Should you become homeless without food or shelter? Should your kids starve as well?
Ok. Let’s say you answer no? So we add some sort of recovery fail safe option. How do we do that? The answer will take us back to centralization.
Now let me run another scenario. Have you considered what it would take for your mother or grand mother to be able to use crypto on a daily basis without losing their keys every other day? The solution to this is simplication. Basically credit card type of system, and here we are again, back to centralizion.
There are a lot of issues to resolve and currently exchanges are bailing left and right on US citizens and any mistake by your or them is generally your loss.
I’m a big fan of crypto but it isn’t as pretty as it is made out to be.