JamGosBTC on Nostr: Having a chat with a friend today, and he was asking me about someone he knows that ...
Having a chat with a friend today, and he was asking me about someone he knows that had a bunch of Bitcoin. This person he knows had passed away and he asked me what would happen to the lost Bitcoin. Of course I gave him the predictable answer of: unless his estate has access to his private keys (or mnemonic) they're gone for good, so I'm a way, everyone else's Bitcoin becomes marginally more valuable.
None of this is surprising to Bitcoiners. What I find interesting though is the disconnect that people have: we were all presumably taught at a very young age that with our allowance money from our folks, or birthday money from family etc, that we should be careful with our it because if we lose it it's gone for good.
Because Bitcoin is digital, the disconnect arises because we've become so conditioned by the banks that our digital money is insured and "safe" with them. The classic example being if our credit or atm card is compromised, we're covered against the fraud loss. We need to get back, as a society, to the mentality of the personal responsibility that comes with self-custody and exercising the caution and planning (eg estate planning) that goes with it.
None of this is surprising to Bitcoiners. What I find interesting though is the disconnect that people have: we were all presumably taught at a very young age that with our allowance money from our folks, or birthday money from family etc, that we should be careful with our it because if we lose it it's gone for good.
Because Bitcoin is digital, the disconnect arises because we've become so conditioned by the banks that our digital money is insured and "safe" with them. The classic example being if our credit or atm card is compromised, we're covered against the fraud loss. We need to get back, as a society, to the mentality of the personal responsibility that comes with self-custody and exercising the caution and planning (eg estate planning) that goes with it.