The whole centralized aspect of Bitcoins brings a debilitating effect to it and that is reliability. The wallet is the one place where your Bitcoins stay, there is no backup unless you make one. Real world has banks that offer insurance but none of the applications you download or the web-services
you opt for gives you any guarantee. Quite simply because they can’t, while the transactions can be tracked easily the identity of the person owning the account cannot be unless they choose to. So that being said, the software based clients hosted on your machines are the safest. You can make plenty of backups and sync them whenever you make a transaction. The probability of losing all backups simultaneously is pretty low. Mobile apps are similarly reliable but certain apps were removed from their respective stores [Coinbase was removed from the App store] so that’s there. This doesn’t mean loss of Bitcoins but those who’d downloaded it could still use it. Also losing your mobile phone meant you’d lose your Bitcoins to some lucky pickpocket.
Websites can go down at any moment and should be used as an intermediary if you care about privacy. Hosting your Bitcoins solely on a web service is the least recommended option.
you opt for gives you any guarantee. Quite simply because they can’t, while the transactions can be tracked easily the identity of the person owning the account cannot be unless they choose to. So that being said, the software based clients hosted on your machines are the safest. You can make plenty of backups and sync them whenever you make a transaction. The probability of losing all backups simultaneously is pretty low. Mobile apps are similarly reliable but certain apps were removed from their respective stores [Coinbase was removed from the App store] so that’s there. This doesn’t mean loss of Bitcoins but those who’d downloaded it could still use it. Also losing your mobile phone meant you’d lose your Bitcoins to some lucky pickpocket.
Websites can go down at any moment and should be used as an intermediary if you care about privacy. Hosting your Bitcoins solely on a web service is the least recommended option.
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