The danger of the cyptocurrencies

[Carmen_Sandiego]

Dangers can be expected from anyone. Or from disadvantaged users who use bitcoin for illegal trades or from the state, which is searching for means of its citizens, and bitcoin does not allow to charge taxes.

I think even fiat currency can bring some dangers to people. In the case of fiat currency, the case is worse compared to Bitcoin, because at least with Bitcoin the issue rate of the currency is controlled in a decentralized way, with fiat currency there is a currency that is subject to different state interference, and inflation is one of the great consequences of this, it is enough to analyze the case of countries like Venezuela.

[1714951365]

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[1714951365]

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[DoublerHunter]

There is a lot of danger or disadvantages of cryptocurrencies and one of them is they are on the internet.

Tons of things are on the Internet and cryptocurrency is just one of them. I actually see it as an advantage because it's much easier to advertise and promote bitcoins on the Internet than IRL.

We know or majority of the people on the internet already know that "there is no safe place or thing" on the internet and we already witnessed a lot of evidences for it.

Let's remind ourselves of the very basic quote about bitcoins "You are your own bank." A bank has to be secure so people won't steal from it. Your wallet is just as secure as how you made it. It would be your fault alone if you got hacked.

Being very volatile is also a kind of danger because if you are a newbie and you don't now any kind of basics for this kind of market then you can experience a lot of losses and bad progress.

As a newbie, you don't have that much bitcoins so even if the price of bitcoin goes from high to really low, you wouldn't lose that much. Besides, you still have to learn all sorts of things before you put a good amount of money as an investment in bitcoins.

I agree that newbies need to learn all sorts of basic things before they invest a large amount of money. But the one that i'm pointing out is those newbies who are greedy and those are very vulnerable to the danger of being volatile of the price which is very dangerous for a newbie and greedy at the same time.

[Bitcotalk]

Dangers can be expected from anyone. Or from disadvantaged users who use bitcoin for illegal trades or from the state, which is searching for means of its citizens, and bitcoin does not allow to charge taxes.

The dangers and disadvantages are not much from the use of crypto currency but it have given a lot of benefits to the people of the world and to this world. With that many people are not now jobless and living a happy life. But before that everyone was relying only on their state jobs which were limited in number and a number of people often remain jobless in that case which is not a problem now.

[mindrust]

http://www.themonetaryreset.com/2014/08/how-they-got-us-into-this-mess-solution.html?m=1

This website actually thought almost everything like i did. And the writer put everything together and wrote it down nicely.

Especially check the paragraph where the writer asks if the USA intentionally let Bitcoin alive in order to make you feel good with the future cashless monetary system.

People in the comments section are also curious about this.

When i was creating this topic back in the day, I was also thinking those same questions.

Read it.

[Przemax]

Im a little reluctant to state that its the people responsibility to keep security of "your own bank". Why im reluctant to agree with that? Because it gives the justifications to thiefs that if someone has allowed them to steal the bitcoins its allright because if he would not steal those bitcoins someone else would. Thats just not ok, but thats how it is in bitcoinworld.

[Clement Kaliyar]

Dangers can be expected from anyone. Or from disadvantaged users who use bitcoin for illegal trades or from the state, which is searching for means of its citizens, and bitcoin does not allow to charge taxes.

Taxes are applicable when you convert your coins to fiat currency and as long as you keep your coins in your wallet there wont be any tax .The only danger while using crypto currencies are the constant news about hacking and since everything is done online it is the risk you have to take and remember to save your savings in an offline wallet which reduces the risk.

[FLoving]

Dangers can be expected from anyone. Or from disadvantaged users who use bitcoin for illegal trades or from the state, which is searching for means of its citizens, and bitcoin does not allow to charge taxes.

Taxes are applicable when you convert your coins to fiat currency and as long as you keep your coins in your wallet there wont be any tax .The only danger while using crypto currencies are the constant news about hacking and since everything is done online it is the risk you have to take and remember to save your savings in an offline wallet which reduces the risk.

till the time your money is in bitcoin no one will ask for tax and when you convert these bitcoin to fiat then tax will be imposed it means that the tax is not on the bitcoin but on the fiat and due to the features of bitcoin it is impossible for any institute to impose tax on bitcoin and its transactions.

[deisik]

Im a little reluctant to state that its the people responsibility to keep security of "your own bank". Why im reluctant to agree with that? Because it gives the justifications to thiefs that if someone has allowed them to steal the bitcoins its allright because if he would not steal those bitcoins someone else would. Thats just not ok, but thats how it is in bitcoinworld

This is a weak point

I mean no one actually thinks this way (let alone thieves). It is like saying that bank robbers are justifying their actions by thinking that if they didn't rob a bank, then someone else would. They may in fact be justifying the robbery in some obscure way, e.g. for the sake of liberty, equality, and fraternity (or peace, truth, and justice), but certainly not in the way you assume. In short, that's bullshit, most of the time

[virusasog]

Im a little reluctant to state that its the people responsibility to keep security of "your own bank". Why im reluctant to agree with that? Because it gives the justifications to thiefs that if someone has allowed them to steal the bitcoins its allright because if he would not steal those bitcoins someone else would. Thats just not ok, but thats how it is in bitcoinworld.

Why you be reluctant about bitcoin. Just take if you having amount in your bank account and if you need to transfer to next country means its takes the huge charges but here same applies to all. Even government have bankruptcy . So you can have faith on bitcoin.

[paul gatt]

probably true what you said correctly, the cryptocurrencies general and Bitcoin particularly, they have a huge impact on the economy, particularly as they affect the gold and money. However, in fact, Bitcoin can not reach the value of $ 1,000,000, which is nonsense. Bitcoin value of always being controlled, it can not increase faster than the permitted level, so, Bitcoin is still safe. And now, in some countries, Bitcoin is managed, this will cause difficulties for the development of Bitcoin

[iram3130]

Dangers can be expected from anyone. Or from disadvantaged users who use bitcoin for illegal trades or from the state, which is searching for means of its citizens, and bitcoin does not allow to charge taxes.

The dangers and disadvatages are not much from the use of crypto currency but it have givern a lot of benefits to the people of the world and to this world. With that many people are not now jobless and living a happy life.

Yes, You need to see the brighter side of the Bitcoin. Of course, there are advantages and disadvantages of every new technology but Bitcoin has done more good than bad to the world. There are only some people who misuse it.

[Pettuh4]

Im a little reluctant to state that its the people responsibility to keep security of "your own bank". Why im reluctant to agree with that? Because it gives the justifications to thiefs that if someone has allowed them to steal the bitcoins its allright because if he would not steal those bitcoins someone else would. Thats just not ok, but thats how it is in bitcoinworld.

I beg to differ but Bitcoin is safe, really safe from theives unless you get reckless and let them rob your bank. To your question; will you see a million dollar in a plastic bag (100$ bills) in your trash can tomorrow morning and leave it for someone else to come steal? The same applies here.

[ufaiz50]

Im a little reluctant to state that its the people responsibility to keep security of "your own bank". Why im reluctant to agree with that? Because it gives the justifications to thiefs that if someone has allowed them to steal the bitcoins its allright because if he would not steal those bitcoins someone else would. Thats just not ok, but thats how it is in bitcoinworld.

I beg to differ but Bitcoin is safe, really safe from theives unless you get reckless and let them rob your bank. To your question; will you see a million dollar in a plastic bag (100$ bills) in your trash can tomorrow morning and leave it for someone else to come steal? The same applies here.

bitcoin has a strong security if you do not believe sites bitcoin wallet providers  like Coinbase, Blockchain, etc. to secure bitcoin or use email to suspicious sites, you can use two-factor authentication

[panju1]

Im a little reluctant to state that its the people responsibility to keep security of "your own bank". Why im reluctant to agree with that? Because it gives the justifications to thiefs that if someone has allowed them to steal the bitcoins its allright because if he would not steal those bitcoins someone else would. Thats just not ok, but thats how it is in bitcoinworld.

I beg to differ but Bitcoin is safe, really safe from theives unless you get reckless and let them rob your bank. To your question; will you see a million dollar in a plastic bag (100$ bills) in your trash can tomorrow morning and leave it for someone else to come steal? The same applies here.

Safety concerns about Bitcoin are over-exaggerated. Exchanges do get hacked, but if you follow reasonably safe browsing practices, there should be no problems. Cold storage is also an option if you have large number of bitcoins.

[deisik]

Im a little reluctant to state that its the people responsibility to keep security of "your own bank". Why im reluctant to agree with that? Because it gives the justifications to thiefs that if someone has allowed them to steal the bitcoins its allright because if he would not steal those bitcoins someone else would. Thats just not ok, but thats how it is in bitcoinworld.

I beg to differ but Bitcoin is safe, really safe from theives unless you get reckless and let them rob your bank. To your question; will you see a million dollar in a plastic bag (100$ bills) in your trash can tomorrow morning and leave it for someone else to come steal? The same applies here

This is not the same

Theft is a deliberate action, namely, "the felonious taking and removing of personal property with intent to deprive the rightful owner of it". If you are just lucky to find 1M dollars, then you are not a thief, by any means. I guess the laws are different across countries, but in some jurisdictions, the finder can even claim some reward if he decides to return the money to its lawful owner. For example, in Japan, the gratuity is up to 20% of the total value of the lost items according to the Lost Property Law. I don't think that a thief could expect something like that



That's what they should expect

[danherbias07]

Im a little reluctant to state that its the people responsibility to keep security of "your own bank". Why im reluctant to agree with that? Because it gives the justifications to thiefs that if someone has allowed them to steal the bitcoins its allright because if he would not steal those bitcoins someone else would. Thats just not ok, but thats how it is in bitcoinworld.

I beg to differ but Bitcoin is safe, really safe from theives unless you get reckless and let them rob your bank. To your question; will you see a million dollar in a plastic bag (100$ bills) in your trash can tomorrow morning and leave it for someone else to come steal? The same applies here.

Safety concerns about Bitcoin are over-exaggerated. Exchanges do get hacked, but if you follow reasonably safe browsing practices, there should be no problems. Cold storage is also an option if you have large number of bitcoins.

Exchanges do get hacked. By themselves.  
If I am an exchange owner dont you think I will try to secure it to the deepest that I want it to be or should be? Look, if that exchange is hacked it is my lost too. It is just either they hacked themselves for just  greed reasons or they are already broke and will try to run now.

[deisik]

Im a little reluctant to state that its the people responsibility to keep security of "your own bank". Why im reluctant to agree with that? Because it gives the justifications to thiefs that if someone has allowed them to steal the bitcoins its allright because if he would not steal those bitcoins someone else would. Thats just not ok, but thats how it is in bitcoinworld.

I beg to differ but Bitcoin is safe, really safe from theives unless you get reckless and let them rob your bank. To your question; will you see a million dollar in a plastic bag (100$ bills) in your trash can tomorrow morning and leave it for someone else to come steal? The same applies here.

Safety concerns about Bitcoin are over-exaggerated. Exchanges do get hacked, but if you follow reasonably safe browsing practices, there should be no problems. Cold storage is also an option if you have large number of bitcoins.

Exchanges do get hacked. By themselves
If I am an exchange owner dont you think I will try to secure it to the deepest that I want it to be or should be? Look, if that exchange is hacked it is my lost too. It is just either they hacked themselves for just  greed reasons or they are already broke and will try to run now.

An exchange owner is not necessarily behind these hacks (or scams)

But it doesn't of course mean that it is not an inside job (though for traders it is a cold comfort). If you really were an exchange owner, you wouldn't want to scam (unless you started the exchange with this end specifically) since that would be like killing a goose laying golden eggs. On the other hand, you wouldn't run an exchange all by yourself or just confirm all withdrawals with your private key, you would definitely need staff for that. And they can steal your clients' money, so he may be a victim too

[noel2123]

Im a little reluctant to state that its the people responsibility to keep security of "your own bank". Why im reluctant to agree with that? Because it gives the justifications to thiefs that if someone has allowed them to steal the bitcoins its allright because if he would not steal those bitcoins someone else would. Thats just not ok, but thats how it is in bitcoinworld.

I beg to differ but Bitcoin is safe, really safe from theives unless you get reckless and let them rob your bank. To your question; will you see a million dollar in a plastic bag (100$ bills) in your trash can tomorrow morning and leave it for someone else to come steal? The same applies here.

Safety concerns about Bitcoin are over-exaggerated. Exchanges do get hacked, but if you follow reasonably safe browsing practices, there should be no problems. Cold storage is also an option if you have large number of bitcoins.

Exchanges do get hacked. By themselves.  
If I am an exchange owner dont you think I will try to secure it to the deepest that I want it to be or should be? Look, if that exchange is hacked it is my lost too. It is just either they hacked themselves for just  greed reasons or they are already broke and will try to run now.

Just other saying , we do not have that kind of securities that are often like in banks. We should not expect the right security for our own bitcoin wallet account, just like on our own social media or our facebook, we have the privacy, but once the password was been hacked, we do not have enough securities on it.

[bob123]

I am not sure if that's a good thing. Being dependent so much on computers just scares me.

You dont have to store your Bitcoins on a Computer.. you just need a Private-/Public Key Pair.
You could generate them with PC (or you could even "generate" it from hand)..
A Paper Wallet can't be "hacked".. Neither can a properly build Hardware wallet be hacked.

[Bitcoin0916]

I think it's exaggerated, market domination bitcoin not more than 0.05% of the world so do not assume that bitcoin threatens world financial and considered dangerous. The use of the bitcoin transactions are better than fiat money, so it can be used as an alternative transaction.