Kakashi2020 Posted May 30, 2018 Share Posted May 30, 2018 This question has been looming in my mind for so long. Bitcoin and other Cryptocurrencies are Virtual, it doesn't have a physical form, what will happen if one day your Bitcoin just disappears, what would you do? Quote Link to comment https://slingbank.com/forums/topic/536-if-bitcoin-is-virtual-can-it-just-vanish-and-disappear/ Share on other sites More sharing options...
focusedwriter10 Posted November 3, 2018 Share Posted November 3, 2018 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. Quote Link to comment https://slingbank.com/forums/topic/536-if-bitcoin-is-virtual-can-it-just-vanish-and-disappear/#findComment-2320 Share on other sites More sharing options...
cks003 Posted November 4, 2018 Share Posted November 4, 2018 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. Quote Link to comment https://slingbank.com/forums/topic/536-if-bitcoin-is-virtual-can-it-just-vanish-and-disappear/#findComment-2357 Share on other sites More sharing options...
anyone01 Posted November 4, 2018 Share Posted November 4, 2018 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? Quote Link to comment https://slingbank.com/forums/topic/536-if-bitcoin-is-virtual-can-it-just-vanish-and-disappear/#findComment-2361 Share on other sites More sharing options...
Kakashi2020 Posted November 5, 2018 Author Share Posted November 5, 2018 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. Quote Link to comment https://slingbank.com/forums/topic/536-if-bitcoin-is-virtual-can-it-just-vanish-and-disappear/#findComment-2413 Share on other sites More sharing options...
Kakashi2020 Posted November 5, 2018 Author Share Posted November 5, 2018 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? Quote Link to comment https://slingbank.com/forums/topic/536-if-bitcoin-is-virtual-can-it-just-vanish-and-disappear/#findComment-2414 Share on other sites More sharing options...
focusedwriter10 Posted November 5, 2018 Share Posted November 5, 2018 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. Quote Link to comment https://slingbank.com/forums/topic/536-if-bitcoin-is-virtual-can-it-just-vanish-and-disappear/#findComment-2471 Share on other sites More sharing options...
Kakashi2020 Posted November 25, 2018 Author Share Posted November 25, 2018 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? Quote Link to comment https://slingbank.com/forums/topic/536-if-bitcoin-is-virtual-can-it-just-vanish-and-disappear/#findComment-2717 Share on other sites More sharing options...
cks003 Posted November 26, 2018 Share Posted November 26, 2018 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. Quote Link to comment https://slingbank.com/forums/topic/536-if-bitcoin-is-virtual-can-it-just-vanish-and-disappear/#findComment-2741 Share on other sites More sharing options...
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