For the newbies... Do your research before investing in BTC. There better technology out there and cheaper. BTC is a great store of value but it is manipulated and controlled by Chinese miners.So, it is too risky. it can go from 2000 to 400 USD in no time. If something happens there in China and the government decides to interfere there goes your investment. It just has the first mover advantage but in the coming years money will poor into better crypto technology like Ethereum( not the classic) , Waves, Ardor, SDC, Monero and ICN. I don't want to say it can't happen with other cryptos.. but the risk of losing cheaper coins is less scary than to lose a thousand bucks worth of investment just to get 1 BTC.
Cryptocurrencies like BTC might lose value if the Banks start to create their own crypto currencies in the blockchain with they own limited supply. However, blockchain ecosystems like Ethereum will not be easy to replicate by private institutions. It has the biggest mastermind coders and developers in the business. I say..invest in talented People!
Digital Currency Information & General Chat
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Central Banks are quickly attempting to force populations into cashless societies. What would Bitcoin and other crypto currencies create? Oh that would be a cashless society. Can anyone say controlled opposition.
TonyJ wrote:Central Banks are quickly attempting to force populations into cashless societies. What would Bitcoin and other crypto currencies create? Oh that would be a cashless society. Can anyone say controlled opposition.
I understand just fine. My argument is based on the fact that you need to send anything, and thus require the blockchain to be alive and well, and that you have access to it. This introduces significant counterparty risk. It doesn't matter if you have to send a few KB, or less. You still need to send data to a third party (the external source of truth). You can repeat yourself all you want but that doesn't change the facts of my argument. Regarding efficiency: the blockchain itself may not require large amounts of data storage or bandwidth but that doesn't make the Bitcoin network efficient overall. A large amount of energy is wasted, by definition, competing to produce the next block.
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