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A person who hacks into PCs or otherwise steals bitcoin from another wallet by sending them to their own wallet. They then own the bitcoin.
Joe: Hey, how come that dude was driving around in fast cars, living in nice houses and wearing all that fancy stuff?

Jim: Ah, he told me he his former "friend" had been buying thousands of bitcoins for just a few dollars. He wanted in on the money, and decided to steal about 5,000 of them from his bitcoin wallet while he was out getting some liquor... and now he too can live like a king! You call that dude a bitbandit. How many of those are out there livin it up? There must be dozens.

Joe: Bitbandit...gee, that's something new.

Jim: Only retards get robbed by bitbandits! Just secure your wallet with a passphrase and you should be OK, but watch out for keyloggers! Ya oughtta use Linux or something like that, cuz these bitbandits are on the prowl and if you ain't secure, you're easy prey.
by Rubrat February 09, 2014
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