Jump to content

Recommended Posts

  • 5 months later...

Since Cryptocurrencies and precisely Bitcoin are virtual, then the current can vanish or disappear anytime. However, the biggest question is what one can do? You can do nothing because you cannot trace the precise location of the owner, and no physical bank to go air your concerns. I will just move on and be more cautious when investing next time. 

One has to understand that Bitcoin and alt coins are traded using blockchain technology and the technology is new and has garnered wide support, not only from speculators of virtual currencies but also from governments, financial institutions, businesses etc.  The technology has high potential to ease the daily transactions with lower cost and higher security compared to current practice that depends on  intermediaries.  Many ICO's, new applications of the technology can build on the network already created by Bitcoin and others.  If the technology becomes obsolete overnight (which is very impossible), I see no reason the technology and hence the virtual coins can disappear into thin air. 

Within the future, Bitcoin maybe gone, yet have some other future for ot. If a sovereign country have been trouble its own virtual currency primarily based on blockchain era, the situation might be complicated. Matthew Bishop, senior editor of the economist, stated that "the most important chance for virtual money is that the government is probably to act to ruin alternative currencies aside from fiat currencies. So should we fear about this?
 

20 hours ago, cks003 said:

One has to understand that Bitcoin and alt coins are traded using blockchain technology and the technology is new and has garnered wide support, not only from speculators of virtual currencies but also from governments, financial institutions, businesses etc.  The technology has high potential to ease the daily transactions with lower cost and higher security compared to current practice that depends on  intermediaries.  Many ICO's, new applications of the technology can build on the network already created by Bitcoin and others.  If the technology becomes obsolete overnight (which is very impossible), I see no reason the technology and hence the virtual coins can disappear into thin air. 

Everyone's talking about the block chain technology which Bitcoin is using but we really know much about it.  So I think that's the main reason why most people are reluctant to invest or to use Bitcoin.  Someone should explain in plain words the logic behind the technology.

On 11/3/2018 at 7:14 PM, focusedwriter10 said:

Since Cryptocurrencies and precisely Bitcoin are virtual, then the current can vanish or disappear anytime. However, the biggest question is what one can do? You can do nothing because you cannot trace the precise location of the owner, and no physical bank to go air your concerns. I will just move on and be more cautious when investing next time. 

That's what people are also thinking.  Since it's unregulated, if someone steals money from you, it's lost forever.  And there's a lot of questions which needs answering but since no one represents bitcoin all said questions remain unanswered. Dont get me wrong, I'm all for Digital currency and it's really the way of the future, the question is, would Bitcoin become our digital currency of the future or not?

19 hours ago, Kakashi2020 said:

That's what people are also thinking.  Since it's unregulated, if someone steals money from you, it's lost forever.  And there's a lot of questions which needs answering but since no one represents bitcoin all said questions remain unanswered. Dont get me wrong, I'm all for Digital currency and it's really the way of the future, the question is, would Bitcoin become our digital currency of the future or not?

Well, on my part I am trending carefully with Digital Currency. Regarding Bitcoin becoming the digital currency, the answer needs patience. 

  • 3 weeks later...
On 11/4/2018 at 11:33 AM, cks003 said:

One has to understand that Bitcoin and alt coins are traded using blockchain technology and the technology is new and has garnered wide support, not only from speculators of virtual currencies but also from governments, financial institutions, businesses etc.  The technology has high potential to ease the daily transactions with lower cost and higher security compared to current practice that depends on  intermediaries.  Many ICO's, new applications of the technology can build on the network already created by Bitcoin and others.  If the technology becomes obsolete overnight (which is very impossible), I see no reason the technology and hence the virtual coins can disappear into thin air. 

People are saying all sorts of stuff regarding block chain technology but no one has ever explained in detail how it works.  What are its strengths and weaknesses.  And what are the reasons for its development and who developed it?

The very existence of crypto coins resides in the block chain technology.  Unless the exchange that holds the coins was hacked and all the holdings were stolen, there is no way the virtual coins would disappear without reason.  The positive news is that more than more businesses and financial institutions start to recognise the potential and usefulness of the technology, the virtual coins will be around, at least for the near term.  It will be used to facilitate business transactions rather than a tool for speculation.  

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...