In other words, in an absurd real-world example, imagine if that as soon as you bought your good old leather wallet, it signaled thieves around the world to follow you home and then - without you knowing - was able to unlock your front door. They were then able to steal anything in his wallet in seconds. When my friend created a вЂњ2FAвЂќ protected account on Blockchain, the story is simple: a hacker immediately stole his keys because allows multiple instances of the new wallet to be open simultaneously without authentication. So, if you have ANY questions, DM me here, on LinkedIn, or email me at and I'll arrange a Zoom call to explain the fraud. Though I've tried to dumb this down as best I can, I realize this is still confusing. Oh, and by the way, if you are already confused by my 'simple' explanation, they count on that. By stealing your credentials at the moment of creation, nothing you store in a Blockchain wallet is secure. Unfortunately, they also have a known, exploitable hack that allows scammers to steal your cryptocurrency as soon as you create a wallet there. Their simplicity trade-off is a lack of security. They make it stupidly easy to store your BTC despite advertising themselves as the most popular and safest place to do this despite having millions of accounts. But imagine if the maker of your leather wallet actively ignored security protocols and led hundreds of scammers and thieves to your house and told them exactly where your good old leather wallet was hidden. In fact, pretends to be a non-custodial service that tells you that you own your own wallet and keys and any trouble that stems from this is your fault. If you own your keys, you own your bitcoin. But, just as you assume that your wallet in your pants pocket is usually safe from robbers when youвЂ™re sitting in your living room, you can also assume your bitcoin is safe as long as you do everything correctly. You canвЂ™t rewind the system to make it come back. If you вЂњloseвЂќ a bitcoin, then it is no longer yours. They are the literal equivalent of digital cash. is not safe, not sane, not your friend.Д«itcoins are not inherently risky. You can use a custodial service like (which is excellent), or you can use a non-custodial service like, which is seen as more desirable because it gives the user more control. There are essentially two ways to store BTC online. But scammers lurk around these exchanges all the time, and no one cares. If a scammer were working the lobby of your local Chase, youвЂ™d assume the security guard might do something. The big company still has all the bank's reporting requirements, but the company isnвЂ™t insured and, in fact, often refuses to acknowledge hacks or scams are its responsibility. When you buy bitcoin (BTC) in the crypto world, you either trust a big company to hold your fireproof box or own the fireproof box itself. That is not the say the box will survive the fire, but those are the chances you have to take. If your house burns down, then you might be out of luck but assume youвЂ™re safe and sane, and you put your cash inside a fireproof box, and that has a key hidden somewhere else so you can open it when the flames die down. If, on the other hand, you take the same $10,000 and put it in a box under your bed, you will always know where it is, the government canвЂ™t control it, and the world has no idea you have any money at all. They are capitalist tools aimed at stealing your dough. Everyone understands and goes through with this process because if at some point, the bank explodes or thieves beset it from all sides, or a dozen other things happen, nothing affects the simple relationship between you and the bank.ДЄnd to many, banks are evil. Because it is $10,000, the USAвЂ™s government will want to know how and where you got the money (for tax and legal reasons). If you went to a bank, you could hand that currency to a teller and deposit it in your insured bank account. They have allowed it once, and they will enable it again and again. Please do not use to do business online, do not create a wallet using their tools, and do not trust them to prevent hackers or scammers from using their service to steal your cash. If you take nothing else away from this post, please read this: BLOCKCHAIN.COM is a flawed site with an admitted exploit and targets scammers worldwide they know this and refuse to fix it! But there is a deep and abiding problem at, and it is, quite simply, the ease with which a вЂњbigвЂќ player can brush off complaints, theft, and hacking as a sort of вЂњ buyer beware.вЂќ Like many would, he assumed that there was some modicum of professionalism in the services available to beginning users. He knew he had to be careful with his private keys. A few weeks ago, my buddy knew very little about cryptocurrency.

My blockchain account