Can crypto scale and still retain its commitment to individuals holding their own keys? Increasingly it seems like the answer is “no.” As blockchain security firm CertiK pointed out in aThis feature is part of CoinDesk’s “Future of Bitcoin” package and excerpted from The Node newsletter, a daily roundup of the most pivotal crypto news on CoinDesk and beyond.
People lose access to their keys in attacks like SIM swaps and social engineering exploits; by forgetting their seed or pass phrases; sometimes hardware simply fails, be it hard drives or cold wallets; or things can be wiped in a natural disaster like a fire or flood, and yes, sometimes boating accidents happen.
“There’s an overwhelming demand in the Bitcoin community that we must scale, we must scale, we must scale,” Craig Raw, founder of bitcoin desktop wallet Sparrow, said in a “We have given up a lot of things in Bitcoin because of this demand to scale. And I'm just going to throw it out there that I don't necessarily think scaling is the be all and end all of everything that we should be thinking about,” he said.
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