Losses. Traditional financial products have strong consumer protections. If someone makes a fraudulent transaction with your credit card or your bank goes belly-up, there are laws in place to limit consumer losses. Bitcoin has no such safety net. If your Bitcoins are lost or stolen, there’s no intermediary with the power to make you whole.

There are two basic ways to hold Bitcoins. You can participate in the Bitcoin network yourself, storing the keys to your Bitcoins in a wallet stored on your hard drive. Or you can delegate this function to a third-party wallet service such as Coinbase.

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