Comment by bdcravens
Or Coinbase, or Cash App, or Venmo, or any of the other random places you can buy cryptocurrency. If it's not on the blockchain, it's not cryptocurrency; it's just an IOU until you withdraw to a private wallet.
Or Coinbase, or Cash App, or Venmo, or any of the other random places you can buy cryptocurrency. If it's not on the blockchain, it's not cryptocurrency; it's just an IOU until you withdraw to a private wallet.
Which can still be useful. Just like banks used to issue "IOUs" in exchange for depositing your gold coins, so that it was easier and safer to transfer small amounts.