Post
Topic
Board Economics
Re: ADVANTAGES OF INVESTMENT USING BITCOIN
by
palle11
on 01/10/2018, 08:08:15 UTC
5. No safety mechanisms

Bitcoin has no safety mechanisms. Typically, you'll get a private key or random words which protect your wallet. If you lose your key, your funds will be gone with it. There's no support to contact, no way to change the password, and no way you could verify your identity to get your account back. When it's gone - it's gone, there's nothing anyone can do.

Yeah....this is very important to people who will only see the opening of a wallet as the only thing to it just like the ops post talked as the advantage of investing with bitcoin by having access to opening it by yourself without third party and other data disclosure like with banks.

For the wallet, the only safety mechanism it has ,is just you. You lose it, no third party retrieval.