[tidepod12]

Yea, because no Bitcoin exchange or online wallet service has ever gone bankrupt, been hacked, and/or had employees disappear with everyone's money, leaving all of their customers high and dry. Nope, that's never happened...

[colejohnson66]

The idea only works if you keep your private keys. If you use an online Bitcoin “bank”, then you do have to worry about them disappearing. cough Mt Gox cough

[tidepod12]

You can avoid having to deal with a fiat bank going insolvent by personally managing your money as cash stored under your mattress, too. But there are plenty of reasons you wouldn't want to do that.

[eli]

Sure also works if you keep all your cash in a mattress.

[colejohnson66]

Yes. I’m not saying it’s a solution. Just saying that there is a way to avoid the exchanges/“banks” going bankrupt. Reading it over, it does feel like a “technically correct” answer and not a good one.