8/14/2023 0 Comments Extension trust wallet![]() ![]() What if I lose my keys somehow? In the bank, they know who I am, as long as I have a means of ID I can get my money. ![]() Similarly, in crypto, "your keys, your coins" doesn't give me trust. And secondly, because what if they get hacked somehow and they make me responsible? No, I very much prefer worse security but listening to clients. Firstly, because even being a tech-savvy user that doesn't typically fall for scams, etc., nobody is perfect and I don't think anyone is 100% free of making a security blunder in a moment of being sleep deprived, ill, drunk, etc. This makes me trust such banks much less. but if a client complains of a transfer they didn't make, surely it's the client's fault, because security is really good. I.e., they add lots of mandatory over-the-top 2FA, etc. In the last few years, at least in my country, many banks seem to be transitioning from "patchy security, but take responsibility" to "better security, but blame the client". For example, my main credit card was used fraudulently a couple of times, through no fault of my own (AFAIK), but the bank rolled back the charges, cancelled the card and issued a new one. Yeah, in fact for me the trust in a banking system (or anything else that keeps my money) is not in being in control, but in knowing that if things go wrong (regardless of whether it's someone else's fault or my own) I can complain and have a more or less realistic expectation to get my money back. But that's also true with the credit card / debit card / other electronic payment ecosystem.Īt least with cryptocurrency I get a modicum of privacy. I do personally keep a couple of gift cards on hand for the rare occasion I find myself needing to pay for something online and there is no alternative vender that accepts cryptocurrency (usually event tickets or membership subscriptions), but its a pain and I much prefer paying for things with cryptocurrency.Ĭryptocurrency is an unregulated and environmentally disastrous ecosystem rife with monopolistic vender lock in, fraud and abuse, and little to no accountability or legal recourse for end users. which also limits the amount you can spend to around 100-200 dollers, since any more risks having all the money you put into that card flushed down toilet with gift cards there is a very high chance that your funds will be rejected or flagged as suspicious. the purchases made on a single card are linked together, so you have to keep track of cards you use for x store and what cards you use for y product (this is also true with bitcoin though, which is why I prefer other more privacy-focused cryptocurrencies) ![]() gift cards involves getting in a car and driving to a place to buy them, which introduces annoying logistical issues With the caveat that I dont personally use bitcoin, I still think the above description is simpler then using gift credit cards, for a couple of reasons: ![]()
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