Ive a problem with the concept of crypto in one aspect. What about "cyber safety"? Given that there will be more online malicious activity in the future, isnt cryptos dependence on the internet a weakness?


On the contrary! Computer security is necessary, even without cryptocurrencies. The current economy is very much dependent on the internet, nothing can reverse that. Besides, you can receive the bitcoin blockchain from satellite, so strictly speaking, internet is not needed for bitcoin, it is just a medium of distribution. You could, for example use a mesh network.

If you sum up all the code used for VISA/Stripe/etc, it will probably be mode code that what Bitcoin contains. Assuming a similar bug count per line, you would then have more security issues with fiat infrastructure! And Bitcoin is open source, which has been proven to improve code quality. So in reality, you have less code, and you have less bugs per line.

What cryptocurrencies do, is that they replace authentication based on fuzzy methods like your bank asking your social security number on the phone with authentication based on cryptography. If you can't keep your data secret, you will lose your Bitcoin very quickly, while it might take some time with the fiat systems.

Do you want a world in which you are dependent on broken methods of authentication? I would encourage you just to understand how to keep your data safe, instead.

So while Bitcoin users may lose money often because of lacking security, that is not the fault of Bitcoin. Bitcoin is an incentive to learn about security, therefore it is good.

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  • thanks alot,great info. – Nocturnal Mar 15 at 19:50
  • @Nocturnal hand me an upvote then, please :) – Janus Troelsen Mar 15 at 19:52
  • cant upvote to few pts – Nocturnal Mar 15 at 19:53
  • aah, ok, thanks anyway :) – Janus Troelsen Mar 15 at 19:53

Is money in your bank account or locker safe?

Moreover is the money in your wallet right now safe?

Cryptocurrencies are not safer. They are prone to be stolen because you would not have taken your digital security seriously.

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  • great last point – Nocturnal Mar 15 at 19:36

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