Re:Newegg is now accepting Bitcoin
by sillysaurus3 on Tuesday July 01, 2014 @03:18PM
(#7972885)
there are plenty of people (like me) who are completely fine with coinbase.
As far as I know, Coinbase has no insurance for their users' coins. If they go bankrupt, you'll lose all your money.
Coinbase is a startup. Failure is the norm, not the exception. Until they get insurance, you shouldn't store more than you're comfortable losing.
Since most consumers can't afford to lose very much, and since most consumers aren't comfortable using an offline storage solution like Armory, they'll need to stick with cash or credit to stay safe. This harms bitcoin adoption among consumers, because they don't have bitcoin on hand with which to buy things on a whim.
>Until they get insurance, you shouldn't store more than you're comfortable losing.
Hey thanks for the tip.
BTW, you shouldn't keep more cash in your wallet than you feel comfortable keeping in your wallet.
2) If you had an easy way of converting that IOU into USD, or converting it into real goods (by, for instance buying something on newegg), then I would say that yeah, that would be just as good. In fact, that's a great analogy! Bitcoin is a very widely accepted system of IOUs (kindof like a banking system...or cash).