Good luck stashing your Bitcoins under the mattress [CARTOON]

If you like to touch - or hoard - your currency, maybe Bitcoin isn’t for you


One man is kneeling on the ground with a small shovel in his hand in front of a hole, with his laptop in the hole. Another man standing over him says, You do know that burying your laptop won't make your Bitcoins any safer, right?

Can you trust a currency that you can't bury in a coffee can?

Image credit: ITworld/Phil Johnson

Two big stories broke this week that seem to be very far apart, in terms of time and distance, but which may actually have some relation to each other. First, we had the shutdown of the the Tokyo-based Bitcoin exchange, Mt. Gox, after hundreds of millions of dollars worth of the digital currency reportedly went missing. Then, across the Pacific ocean, there was the California couple who found a slew of 19th century U.S. gold coins, estimated to be worth $10 million, buried in cans on their property.

While thinking about why someone, all those years ago, buried those gold coins, it made me wonder if a currency like Bitcoin that you can never put your hands on - or bury in the yard for safe keeping - will ever really take off with the general population. While there are many advantages to digital currency, that still seems like a pretty big hurdle to clear. Then again, very well known and respected smart guy Fred Wilson thinks Bitcoin is a good idea and that it's just going to take time for it to really take hold. Guess I'll defer to him. 

On that note, have a great weekend!

Read more of Phil Johnson's #Tech blog and follow the latest IT news at ITworld. Follow Phil on Twitter at @itwphiljohnson. For the latest IT news, analysis and how-tos, follow ITworld on Twitter and Facebook.

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