ThomasV thanks for trying to keep it simple.
I've been doing a lot of research over the past few days regarding Bitcoin.
I am a huge believer that Bitcoin has the potential to change the world. Yes, I'm serious and if you don't believe me just look around the world and understand that a lot of those problems are caused by fiat currency. This could be the mother of all Black Swans. Why do I feel like I preaching to the converted all of a sudden?
My point is that to attract guys like me into the market requires simplicity and safety. I'm more than willing to take it slow if it means not losing a bunch of btc because of my failure to backup a wallet.dat file.
In my mind, the whole raison d'etre of the seed, the entire beauty of deterministic wallets, is their simplicity. And let me tell you, simplicity goes a long way when it comes to something as new as Bitcoin and as important as purchasing power.
Computer morons like myself rely on the programming experts to keep it simple until we are more comfortable moving to wallets with more bells and whistles.
Steve Jobs built the world's top company based on that philosophy.
[end plea/rant]
Yes bitcoin is going to most definitely change the world and more and more people are catching on to it
I agree, Bitcoin is going to change the way people use their money. That's why I'm just getting into this as well. Kicking myself for not starting earlier but who isn't.
I was reading a few other threads about wallets and security, found the "Deterministic" wallet piqued my interest, and I'm on board with it now.
I too, feel that I (among other people) need the simplicity.
That all said, what am I missing? What are the drawbacks (other than losing the the original backup or getting the whole wallet hacked if I'm not careful)?
