> Bitcoin works the same way, but in a much more modern way and achieves much better security.
Is this true in practice? Haven't there been multiple massive bitcoin thefts? If these happened to a bank, you'd have a chance to get your money back. With Bitcoin -- it's just gone.
That is not the type of log level security we are discussing.
"Security" here means that a piece of data that was written to the log stays there unaltered.
"Theft" is on a much higher abstraction level. A "Bitcoin theft" is that someone steals your key and then appends a message to the log "Boplicity pays 17 BTC to Joe. Signed: Boblicity". Stealing your private key does not take place on the blockchain. And all previous entries to the log are still there.
Is this true in practice? Haven't there been multiple massive bitcoin thefts? If these happened to a bank, you'd have a chance to get your money back. With Bitcoin -- it's just gone.