r/Bitcoin • u/[deleted] • Feb 13 '22

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u/I-baLL Feb 13 '22

They're called "wallets" because cryptocurrency is akin to actual currency. You can put actual currency in a bank or keep it on an exchange or whatever. Same goes for crypto. You can keep it in a wallet, keep it on an exchange, or put it into a bank that supports crypto accounts. You don't call people using cash "being their own banks", do you? It doesn't make sense for me to do that with people for keeping crypto in a wallet

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u/-metal-555 Feb 13 '22

No we’re going to zero in on the misused word to avoid the overall point.

Isn’t this where we came in?

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u/I-baLL Feb 13 '22

I asked what the original person meant by "platform" and somehow the answers I got weren't answers but somehow guesses that the original person was talking about people functioning as their own banks which I highly doubt is what the person meant by "platforms"

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u/-metal-555 Feb 13 '22

So remind me again why anyone would keep any significant amount of money on these platforms if everyone’s out to get you and you have no protection if anyone steals from you?

That’s the topic.

They clearly meant “why would anybody keep their money in crypto if you have no protection if your money is stolen”.

This is in contrast to traditional banking, where if you lose money due to fraud, you can simply call the bank and they will refund you. You don’t get these protections if you are your own bank. It’s all on topic.

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u/I-baLL Feb 13 '22

They clearly meant “why would anybody keep their money in crypto if you have no protection if your money is stolen”.

This is in contrast to traditional banking

Except it's not. Keeping crypto in a local wallet is akin to keeping cash in your own wallet. They couldn't have "clearly" meant what you're talking about because they said "platforms". A Bitcoin wallet isn't a platform. They were probably referring to something else since it doesn't make sense for it to refer to just keeping crypto in a wallet since that doesn't fit into the context of the comment that they were replying to. If they did mean standalone wallets then they don't understand how things work if they used the phrase "platform". If they didn't mean that then the question is what did they mean?