When the merits of cryptocurrencies are raised one point which is heavily stressed is the fact that these digital currencies remove the need for banks.
Whilst this is attractive (more so if you’re Zimbabwean) very rarely do evangelists of cryptocurrencies speak about how the removal of financial institutions and by extension authorities meant to protect customers leaves the door open for people with malicious intentions.
InsideBitcoins reports that over US$11 billion worth of cryptos has been stolen in hacking incidents since 2011.
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