Trusting Online Wallets? How to Protect your Coins

[ThePanCakeKid95]

Recently I have had people asking me about online wallets, I personally warn you against this and offer an alternative of securing your wallet.dat local files instead.

Enjoy

Video: http://youtu.be/Vxdl9h7e92Y

[LiteCoinGuy]

yeah true for now but sometime in the future (some years ahead) we need an exchange with insurance.

[bryant.coleman]

yeah true for now but sometime in the future (some years ahead) we need an exchange with insurance.

Hmmm... entire exchanges are vanishing overnight without a trace (a la GBL of China) and you are talking about exchange insurance. Insurance for BTC exchanges is not economically feasible for any future BTC Insurance company. The risk from hacking / stealing / fraud is exponentially higher.

[ThePanCakeKid95]

yea, I agree so for the time being it's paper wallets, cold storage and encrypting wallet.dat files