16 Sep '12, 8pm

Another edition of the "In Plain English" series: Cold storage - how to keep your #bitcoin as safe as cash.

Another edition of the "In Plain English" series: Cold storage - how to keep your #bitcoin as safe as cash.

One of the bigger benefits Bitcoin has is its cash-like nature. People are used to cash, they understand cash much better than most digital payment systems, so let's make an analogy with cash. Imagine you're very rich (one of my favorite fantasies). You take a million dollars cash to a bank and deposit it. Would you be surprised at all if you returned to the bank a few months later and were told you'd have to wait a few days to withdraw your million dollars? Probably not. It's well-understood that your branch probably doesn't have enough cash on hand to cash out your million and still do business - they don't feel comfortable holding that kind of money in the same place they hold the smaller amount of cash they transact their daily business with - they have most of their money somewhere much more secure. Even the convenience store on the corner keeps a small amount of cash...

Full article: http://codinginmysleep.com/bitcoin-cold-storage-in-plain-...

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