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December 2, 2013

Seriously now, would you hand over your wallet, credit cards, bank cards, all your passwords, and everything else of value to some guy at the street corner?

You laugh, then why did you create an “online Bitcoin wallet?”

Bitcoin is not a regulated currency (hello, good morning, wake-up call!) Whatever funds leave your own, private wallet, that encrypted! file on your own private hard disk, these funds are utterly out of your control and in someone else’s hands. You “made” a wallet on someone else’s computer (online), and put your bitcoins in it. Well, congratulations, you gave your bitcoins to someone else. End of story.

No really, end of story. It’s like handing a shipload of cash to the guy at the street corner. Did you really think he will stick around after a bunch of people gave him their cash?

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