> imagine if your bank was hacked, many people would literally be removed of their money.
Are you sure about that? For the most part those transactions would simply be reversed. Bitcoin exchanges seem a lot more exposed to computer security breaches to me.
> With cryptocoins, you have the advantages of keeping dollars under your mattress while still bring able to spend them anywhere that accepts them.
Paper currency is a bearer instrument. It can be used for offline payments. Cryptocoin can't be. Both parties need to be connected to the rest of the coin network so the transfer can confirmed by other nodes.
Not to say that cryptocoins have no under-the-matress advantages. They are a lot easier to hide than cash and you can make backup copies of them, which obviously can't be done with cash.
Are you sure about that? For the most part those transactions would simply be reversed. Bitcoin exchanges seem a lot more exposed to computer security breaches to me.
> With cryptocoins, you have the advantages of keeping dollars under your mattress while still bring able to spend them anywhere that accepts them.
Paper currency is a bearer instrument. It can be used for offline payments. Cryptocoin can't be. Both parties need to be connected to the rest of the coin network so the transfer can confirmed by other nodes.
Not to say that cryptocoins have no under-the-matress advantages. They are a lot easier to hide than cash and you can make backup copies of them, which obviously can't be done with cash.