Ad ID: 9238
Added: March 19, 2018
Is Bitcoin A Legitimate Exchange Of Value??
Bitcoin has only two proven use cases after eight years: criminal activity and speculation.
I really honestly don’t understand why this continues to be dismissed in the face of mountains of evidence to the contrary.
As in More than eight years since bitcoin has been a currency, transaction volume in the support of legitimate commerce is virtually nil. So it’s upon you to understand that before you rush into buying.
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2. Will Bitcoin Really Replace Traditional Currencies???
Really no one believes in the merits of a global cryptocurrency, except bitcoin zealots..
This notion that central banks will give up monetary control of their fiat currencies for a global cryptocurrency, especially bitcoin, is just not happening, so we should stop talking about it. Even economists who never agree on anything, agree on that.. OK?
Imagine a currency that swings between $1,000 and $5,000 over the course of two years, and between $3,000 and $5,000 in the course of a few weeks, isn’t exactly a good basis for operating a strong and stable foundation for a global financial system.. Just be very careful.
3. Is Bitcoin Really Free?
Bitcoin is anything but free. Cloud Miners now expect a fee for their work and won’t process transactions for which they are not paid?. Oh no it’s not FREE.
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4. Is Bitcoin really Immune From Hacking And Fraud?
Rising value of bitcoin has made exchanges prime targets for hacking, and thus has made hacks there quite lucrative.
Other currencies like Have been hacked like Mt. Gox hack netted $500 million, Bitfinex $72 million, Bitcoinica $460,000, Bitfloor $250,000 and Bitstamp $5.2 million And South Korea’s Bithumb hack last summer, the exchange that serves75 percent of the South Korean market for bitcoin — resulted in tens of millions of dollars lost for the 30,000 customers affected. Even the wallets that store bitcoin are vulnerable And even all the money is hackable. So beware.
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For example FBI reports that Around $28 million in losses were reported to them in 2016, triple what they saw in 2015. But that’s only what’s reported,those are losses made by bitcoin.. Loses we know of.. What about the ones we don’t know or secret hackings.
It is really hard to imagine a money launderer or terrorist emailing the FBI to let them know they were hacked and lost money. That means that no one actually knows how much money has been lost to hacking, but the anonymity and irrevocability associated with bitcoin transactions means that the money lost is also irrecoverable.. Gone and gone for good.