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Author Topic: Basically, this is independent banking?  (Read 981 times)
Mike Jones
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July 29, 2012, 07:54:36 PM
 #1

Nobody has to report to the fed, the currency issues itself and you are totally in charge of your own finances?

It's true that nobody can freeze a Bitcoin wallet?


Don't you worry about Bitcoin, let me worry about Bitcoin.

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jimbobway
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July 29, 2012, 08:08:44 PM
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Everything you say is true.  The bitcoin currency/protocol is pseudo-anonymous and if done correctly is very difficult if not impossible to trace.

Just like how a restaurant accepts cash, you have the option to report how much you made to the gov't.  Similarly, if you accept bitcoin for a business then legally you have to report to the gov't.

You are completely in charge of your finances.  If your wallet is stored locally on your computer or smart phone it is yours and no one can take it away from you.  The analogy is like you have gold in your pocket but in digital form.  To take your bitcoin away they have to take your phone or computer away or hack into your system.  (You can encrypt your wallet to make it difficult for hackers to take your bitcoins.)  With other types of bank accounts like PayPal, they can shut you down and take your money away.

As with any form of money there needs to be security involved so it is best to learn about how to secure your bitcoins.
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July 29, 2012, 08:10:09 PM
 #3

Bitcoin wallets can be frozen in the freezer and kept next to your chilled vodka. But that's about it.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper or hardware wallets instead.
alatus
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July 29, 2012, 08:10:16 PM
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Technically: as long as You do own the private key, Internet is present and some client software is available, the answer is basicly yes. It seems quite robust.
Gabi
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July 29, 2012, 09:30:11 PM
 #5

Hi Mike, yes, that's true.

Yes, no one can freeze your wallet and yes, you don't have to report anything to fed or whatelse.
bitcoin shower
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July 29, 2012, 11:55:09 PM
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No bail outs, so protect yourself.

Couldn't say that better!
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July 30, 2012, 01:40:58 AM
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Total freedom on your finance, that feel soooo nice!  Grin

Sunny King
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July 30, 2012, 06:29:34 PM
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It's true that nobody can freeze a Bitcoin wallet?

Yes, and people tend to underestimate how important such an innovation is to the society.
notme
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July 30, 2012, 06:33:08 PM
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Bitcoin wallets can be frozen in the freezer and kept next to your chilled vodka. But that's about it.

Hmmm... I was wondering what to do with my shiny new 25 BTC coin.  Problem solved Wink.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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stepkrav
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July 30, 2012, 06:44:08 PM
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i don't quite understand what you mean by "freeze the wallet"...
Mike Jones
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July 30, 2012, 06:45:24 PM
 #11

i don't quite understand what you mean by "freeze the wallet"...
Freeze - withholding funds from the account holder.

Don't you worry about Bitcoin, let me worry about Bitcoin.

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notme
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July 30, 2012, 06:46:45 PM
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i don't quite understand what you mean by "freeze the wallet"...
Freeze - withholding funds from the account holder.

Or, alternatively, storing funds next to the vodka.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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Gyrsur
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July 30, 2012, 06:47:30 PM
 #13

i don't quite understand what you mean by "freeze the wallet"...

like a bank account if the bank assumes criminial activities with it. as far as i understood was the question it is possible to seperate an address from the network to prevent money flow with it.
bmn
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August 11, 2012, 07:21:29 AM
 #14

Based on what I've read, btc is the only method through which you are 99% safe to do exactly what you'd like, no matter the nature of your business.


I'm really curious to find out what'll happen in the future(what/if the government will do about bitcoins).

I mean bitcoins are a way of laundering money and all..
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