If a ledger goes bankrupt, what happens to the funds in my wallet?
Jan Meriss Alfonso Assistant at Ascent Law LLC A ledger going bankrupt The good news is that most people don't need to know an awful lot about the ins and outs of accounting to be able to use their wallets effectively. After all, you don't need to know how your computer works to send a personal email, do you? With that in mind, let's take a look at the basics of accounting so you'll be able to understand exactly what happens when a ledger goes bankrupt. Funds in your wallet It's a complicated question that doesn't always have the same answer, but in general, the funds in your wallet would go into the assets of the bank. If the bank goes bankrupt and can't cover those funds, then you're at risk of losing them together. In a worst-case scenario, you could end up with nothing. Overdraft protection In my opinion, most people don't realize how risky it is to use a debit card without protections like overdraft protection. It's pretty common for banks...