Bitcoin Less

"Bitcoin has suffered repeated thefts and exchange hacks, including major losses associated with Bitcoinica and Mt. Gox, which damaged public confidence in the technology. Traditional card and banking systems also experience extensive fraud and identity theft because they require private information to be shared across many institutions, but consumers are often protected because merchants and banks absorb the initial losses. Bitcoin users bear more direct responsibility for security, so advocates must explain both its risks and the hidden costs of legacy payment systems."