I like the concept however I think we can find many cases where it would have a negative outcome for someone on the other side :) Bitcoin shouldn't become a kind of paypal where you can chargeback your money.
But I agree solving this issue would would increase Bitcoins momentum. I wonder how many coins al already lost forever.
I only use paper wallets. Devices can break down. Paper can burn I know :)
RE: Bitcoins, solution for huge problem?
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Bitcoins, solution for huge problem?
No it wouldn't be paypal. On paypal u can have one account and some people may harm you as seller because of "chargeback". Here you can have unlimited addresses, which mean that you can simply receive money on first address and automatically send to second one. You have then backup wallet, as you can always recover money from second to first one if you really lose it.
It's not about chargebacks from sellers, it's about recovering lost. Backup! I just use this word, cuz everybody understand it better.
I wrote about it in the post.
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I misunderstood. I was thinking more in a transactional way in case of mistakes. You are indeed talking about wallet back-up. It's a kind of recovery key.
But if you talk about recuperating from mtgox. Thats reversing a transaction no ?
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