Developed by a centralised developer that you trust not to screw up your money transfers.
> But the space is moving like a rocket and who knows what the future holds.
We know. All the crypto bros will slowly and inefficiently learn why regulations and centralisation exist
Developer literally created the software you use.
To interact with the ledger on an easy non-technical way, you can:
1. Use a centralized exchange (coinbase) 2. Use a self-custody cold-storage wallet (ledger) 3. Use a self-custody hot wallet (muun) 4. Use a custodial wallet
For #2, and #3. You have your own private keys. The developer of the wallet can’t do anything to your money. Even if they shut off the servers(#2 doesn’t have servers), the ledger on the network still says you have x amounts of Bitcoins. You can access the ledger and interact with the network in another way.
Literally can’t be evil!
Look up how ETC (Ethereum Classic) came into being.
Look up a 51% attack.
Look up forks from BTC to BCH and then BSV.
Look up Craig Wright and his claims to be Satoshi Nakamoto.
Again, respectfully, your many comments here make you appear to be someone that just learned about cryptocurrency in the last six months and you have only the simplest of surface understandings of it.
You’re INcorrecting several people that have been at the forefront of cryptocurrency for over a decade.
Eth classic is exactly why there is Bitcoin and everything else.
Forks are exactly why Bitcoin will always protects it’s userbase from big miner money.
Craig white claims is exactly why no one person can control the network.
You haven’t been at the forefront of anything my man. Bitcoin has returned 1000% and you are sitting here fighting over the internet.
You’ll know it happens when people just stop responding to you.
I have showdead turned on and I shake my head as people post comments for years never knowing that 99.99% of people don’t see their posts and comments.
As for my cryptocurrency background I mined BTC with a GPU when it was very profitable. My ETH mining rigs are doing their job while I’m posting on the Internet as you say. I have no problem profiting from it while recognizing it’s a total and complete scam.
So at all times they have access to both of your keys that are used to sign transactions:
https://blog.muun.com/muuns-multisig-model/
--- start quote ---
Muun ensures your decrypted private keys are never stored in the same place:
- Your phone stores only the first key
- Muun's servers store only the second key
--- end quote ---
Oh, there's also the Emergency Kit that--I pinky swear--is encrypted in a way that Muun knows nothing about both keys in it.
Moreover, if you go ahead and install Muun, there's literally nothing about secret keys in the app: you can immediately send and receive bitcoin. Which really tells you all you need to know about its security.
And the one “legitimate” use case you list is to use cryptocurrency to bypass US controls on money transfers to monitored countries.
How long do you think that hole will remain open?
Newer tech with better UX does a wonderful job protecting users and is improving at rocket speed. The example I used protects the user from all these scenarios you mentioned.
Also, the US doesn't care about moving USD in and out of most countries (Iran, NK excluded). It's these countries themselves that want that level of control.
How does it protect against hardware failure? How does it protect against sending Coin X to a wallet meant for Coin Y?
Also, the US doesn't care about moving USD in and out of most countries
That's funny. And even if what you said were true, other countries will eventually control what appears to not be controllable today.
As far as the addresses goes, it’s the same thing as sending a wire transfer to the wrong account in a different country. You won’t get it back.
If cryptocurrency enthusiasts had their way, though, the high-risk transaction the GP called out would be required to buy a gallon of milk.
Give them that and Bitcoin will go back to being a niche investment vehicle where 99% of the people don't care about it.
It's work, but you are running your own bank.
Anecdote: I am a fairly technical person but stayed away from the whole self-custody stuff because no way anyone in my family can figure it out and if something happens to me, its all gone.
Two days ago, my wife (non-tech as you can get) got a muun wallet and was very happy about the experience. She got the point of being able to send money to her relatives in the middle east without the normal shadiness that goes on over there.
(getting USD or any hard currency in and out of some middle eastern countries is a nightmare)