Virtual money? I say nah

Cryptocurrency, of which Bitcoin is merely one, is one of the biggest displays of idiocy in the history of mankind. Really. And then I'm being rather nice about it, to be honest.

The bitcoin came to rise to fame out of distrust for the regular financial systems, and let's be frank the 2008 world economy crisis show that distrust was justified. Yet, regular money, like dollars, euros, pounds, and so on, do still have some authority checks and even authorities standing in a kind of guarantee. The bitcoin has none of that. No do other cryptocurrencies have that for that matter.

As a result the cryptocurrencies are like a gift from heaven for criminals. Police cannot trace it, so it's very easy to ask ransom in cryptocurrencies, in order to be traceable. Same goes for money made with drugs deals. And cryptocurrencies are also very easy for money laundering. Oh, and how about avoiding tax. We all hate paying tax, but if you realize how your country would look without tax.... rather not think about it.

Not to mention how much the value fluxuates. 1 bitcoin has been worth more than $1000 each, and also less than a few cents. Such instability is lethal for economy and can lead to nothing but trouble. Of course the complete lack of control by authorities make this coin fluxuate a lot.

This being said, I only mentioned the tip of the iceberg. All this can only lead to undermining the existing financial system eventually leading to a crisis that will be unstoppable.

Many countries are investigating if they can ban cryptocurrencies, but unfortunately, the law is not capable of succesfully banning this. Especially since they are not traceable, you cannot uphold such a ban. One of the many weaknesses of the internet. And banning something while you have no means to actively get people who violate the ban sued, it pretty pointless.

If I were a criminal, I'd love cryptocurrencies. Anyone who has no criminal interest is advised to stay away from that.

Actually they got names for being a criminal type of currency when that is a fat lie most of cryptocurrencys are the future and you've got to face it. They have a lot of defects which can be patched if it became a world currency which still some country's would deny at first but then suck up to it. Bitcoin as a currency is good to invest into if you think it will succeed. But many of us have our opinions which i mind but me i think bitcoin will be a good currency SINCE they can't f**k with it's system i don't like how they are marketed to people as something for criminals. and a crisis that would have been started with this might end up into a mess unless they fix it since this is a cryptocurrency there is no photocopying and since it's a computer program it can be easily fixed. But truly you have your opinions and I care about that - ur prob a democrat too - Doctor Who 2021

"hat is a fat lie "
Unfortunately that's not, and saying they are the future shows you are completely blind for that cold hard facts you refuse to face. The problem is, I didn't state any opinion aside from cryptocurrency being idiotic. All else are cold hard facts. I came to these conclusions long before the media was forced to admit them.

It doesn't take a "democrat" to face a cold hard fact. It takes a fool not to. I must be very blunt on that one. Bitcoin alone has already brought more trouble than it's worth, and others are not much better, which brings us to an other issue. The number of different kinds of cryptocurrencies. Since none are official anybody can take the crypto they want. Result many different kinds of values, the fluxuation between currencies will be disastrous and nobody can keep track of how things go.

Please note, you are also speaking to a coder. I know what can be "fixed". There is no kind of security possible on cryptocurrencies whatsoever. They are untraceable after all. You can't "fix" that.

If these really are the future, the future of economics is really on the line, and criminals, especially cyber criminals (and cyber crime *is* the future when it comes to crime) will have a free way to go. Money flows are after all one of the biggest weaknesses in grand scale crime.

The way blinded people speak of cryptocurrencies is actually nothing more but a display that distrusting the system can go too far. How people keep on making excuses to trust something that simply cannot be trusted and to cling on to a misguided idea of "freedom", turning "freedom" into a prison on its own in the process.

And one thing must be drilled out of your head. Bitcoins or other cryptocurrencies were NEVER "marketed" to criminals. Stating that it is, shows you know nothing at all. They discovered the advantages cryptocurrencies have to criminals all by themselves. The media merely followed suit by reporting that. The big criminal guys have always been smarter than the "system", and unfortunately they always will be.

"Since it's a computer program it can easily be fixed"... I still gotta laugh about that one, since my 30 to 40 years of experience in this field taught me nothing is more difficult than bugfixing a computer program, and don't even try to discuss that one with me. And this also made me very well aware of the dangers of computer controlled stuff in general. And since I don't have a commercial interest I can speak in the way it is..

oh

That’s the good part

I see cryptocurrencies as viable alternatives to our current financial system. I understand the criticisms of it, like what Jeroen is worried about and cryptos do have some shaping up to do if they want to replace our current currencies. Ultimately, it depends on how much faith people put into a currency. We've seen plenty of examples when people lose faith in their currency and the effects of that, notable examples being Weimar Germany and Venezuela. Right now, with all the money printing the US is doing due to Covid, as well as not even knowing just how our financial system truly works, I believe people are starting to lose faith in the dollar, and that cryptocurrencies will be the alternative we will have to switch to when the dollar collapses in value.

It could work, but it's best not to put all of your finances into it, much like anything. It could end up being worth a Ty Beanie Baby or a Disney Black Diamond video.

Maybe if you bought a whole bunch of Bitcoin when it was only worth a couple thousand. Then you would have hundreds and of thousands of dollars today.

The only thing its good for is paying ransoms and trading illegal things, because bitcoin can't be traced

Cryptocurrency, just another factor leading to the disappearance of cash. Physical currency is dying. A tragedy.