Why the fuck would someone keep cash in a central repository if the whole purpose of bitcoin is to be de-centralized? It's like, hey, I have a car so I can get around town any time I want, so let me park it with a bunch of other cars in a dark open lot 2 miles from my house. Sure, I have to take a short bus ride to get to it, and it could be stolen or broken into at any time, but that's the price I pay for convenienc…
Decentralization means the freedom to partially centralize.
>There are no armed guards or vaults and there is no federal insurance for your bitcoin.
You can pay for private insurance, which can cover more money than federal insurances (albeit it's not free). Just like it should be.