Bitcoins Are Neither Protected Nor Insured

By stag89 | timely-snacks | 10 Jun 2023


Bitcoin transactions cannot be undone. Once a transfer of bitcoins is sent out into the network, it cannot be revoked. So a hacker with access to the computer where your Bitcoin wallet is stored can send your entire bitcoin wealth to another wallet without anything being done about it afterwards.

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If the computer with your Bitcoin wallet is owned by a third party that has insured this computer against theft – this applies, for example, to any reputable Bitcoin wallet hosting service – then of course it is possible that all or part of the lost amount will be replaced. Bitcoin wallet hosting service Instawallet recently shut down after a catastrophic hacker attack and paid compensation to all users who had lost 50 bitcoins or less.

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stag89
stag89

I write books and sell as pdf format through online. And made youtube channel for education purpose. Finally I also have my own online shops..


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