Re:Temporary pause of Bitcoin withdrawals on Binance
by pjc50 on Monday June 13, 2022 @11:25AM
(#31726910)
It's the usability of gpg, but with a cost of losing all your money if you make a mistake with the user interface.
Re:Temporary pause of Bitcoin withdrawals on Binance
by woodpanel on Monday June 13, 2022 @07:05PM
(#31732855)
> It's the usability of gpg
Hehe, so using custodian wallets is like using Gmail to host your private gpg keys.
Re:Temporary pause of Bitcoin withdrawals on Binance
by bombcar on Monday June 13, 2022 @11:00AM
(#31726545)
If people spend the time I think you could learn the "details" - but even knowing the difference between running a node and a miner and server and what a wallet is and the keys associated with it, etc, even knowing and doing all that - it's still a hassle and more expensive! If you "trade" bitcoin inside an exchange and not on-chain, they don't have to pay the chain fees and therefore don't have to charge you to cover them.
It's the same with email - it's actually relatively easy to run an email server even with all the issues; but the spam and deliverability issues are enough that basically nobody except the "true nerds" bother. I suspect most people on HN could run their own email server on a $5 node, but don't bother.
It's a stretch but I think we can agree of the underlying statement: People. Aren't. Nerds.
The learning curve to understand the technology of wallets is comparable to that of understanding the technology of running servers.
PS: After writing this out loud I'm tending towards more people understanding how servers work than how wallets work.