Bitcoin is neither your wallet nor your bank account. Some people want to treat it like a wallet, others like a bank account, others like their account on a stock exchange, others as an investment vehicle, others as a hedge against the dollar, and I'm sure there are other comparisons that make sense to people. Ultimately, Bitcoin is a cryptocurrency, which has both it's own unique benefits and it's own unique foibles.
... and I hope you realize that your bank account CAN be completely drained without the money being recoverable. If you're trying to say it can't, then might I suggest to watch some scam-baiting videos to see how those scammers operate, and how they try to do exactly that to the elderly and the unaware. You can call it a bug all you want, but it's quite possible to have your bank account drained; and, despite what others in this thread have said, an attacker can do that from thousands of miles away.
It can be both, or neither. Having your crypto savings loaded in MetaMask in your daily browser local storage is the equivalent of bringing your life savings in physical cash with you in your purse when going out clubbing.
Just like with any other currency, split between cold- and hot-wallets appropriately.
Your wrong. BTC is the 100$ in your wallet because it's literally in your digital wallet, your solely responsible for it. On the other hand a digital custody provider (which now has legal banking status in several countries) is much more like an insured bank.
It's hard to mug someone of their cash from the other side of the planet. That physical proximity limitation seems to provide a relative amount of safety.
> When someone is mugged and has $100 cash stolen, you don't disparage the idea of holding cash.
Yes, you do, if you are using “cash” in the same sense in both places (physical currency).
If you use cash to mean “fiat denominated depository accounts and investment instruments” in the second case, sure, you don't hear that, but that's equivocation as that's not something that gets stolen in a mugging.
