Jimmy Wales, co-founder of Wikipedia, has criticized Bitcoin, stating that if a user forgets their wallet password, they can lose their assets, unlike in centralized finance where banks work. This statement has sparked controversy among crypto enthusiasts, with some arguing that centralized exchanges can mitigate the risk of losing assets. The Bitcoin community has responded to Wales' comments, highlighting the benefits of the Bitcoin ecosystem and the drawbacks of centralized finance. They argue that decentralization, which eliminates middlemen and encourages openness, is a driving force behind Bitcoin. Industry experts believe that decentralized finance can cater to the unbanked in remote areas. Some also pointed out that storing cash in a bank is not the same as storing Bitcoin in a private wallet.
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