The danger of the cyptocurrencies

[Viscore]

In some countries Bitcoin is taxed but not because governments are afraid of Bitcoin bur because they want to collect their part of earning.
They see Bitcoin like any other types of investment or capital that has to be taxed. No one actualy doesn't have fear from cryptocurrencies anymore, they are all just trying to have their peace of cake.

I dont know some countries can make tax from bitcoin, i just thinking that bitcoin is anonymous, nobody know who have the address, then how the government make tax list from address or people in that country?

Do you really believe that bitcoin is anonymous? When you buy/sell things with bitcoin and you give your real name and address; when you convert fiat to bitcoin or vice versa using as intermediary banking services are you anonymous? When you deal with trading and must send some documents in order to be fully verified so as you can process a withdrawal are you anonymous? No it's only pseudonymous. There are some methods to keep a level of privacy if you read satoshi's white paper https://bitcoin.org/bitcoin.pdf but does anyone who wants privacy he believes that are satisfactory?

You can fake everything online as you can use bitcoin mixing service just to make your transaction anonymous. However since fiat is the last option to convert your bitcoin, you will surely gonna be known and your funds might be in question if you cannot support the acquisition of it. You can hind your transaction to other people, but not with the exchanges or to the authorities if they choose to look into your account.

[The_Dark_Knight]

In some countries Bitcoin is taxed but not because governments are afraid of Bitcoin bur because they want to collect their part of earning.
They see Bitcoin like any other types of investment or capital that has to be taxed. No one actualy doesn't have fear from cryptocurrencies anymore, they are all just trying to have their peace of cake.

I dont know some countries can make tax from bitcoin, i just thinking that bitcoin is anonymous, nobody know who have the address, then how the government make tax list from address or people in that country?

Not possible besides even if they knew you were the owner of an address you could always tumble your coins and then claim the tumbler did not returned your coins and that you were scammed, and that is just one method there are probably many more.

[vaxo_nba]

I think that idea of cryptos arised for people who transact at least 5 digits amount of money. Average human doesn't even know existance of such currencies, much less they need it.

[danherbias07]

I think that idea of cryptos arised for people who transact at least 5 digits amount of money. Average human doesn't even know existance of such currencies, much less they need it.

That is one of the purposes but it is mostly about security and privacy. We dont want anyone reading our emails specially when those are really confidential. It is created for that but it happens to make a danger also. Due to extreme privacy the illegal things can now be transacted through it without anyone knowing it. Not even the most formiddable hackers can get there in time.

[roadbits]

In some countries Bitcoin is taxed but not because governments are afraid of Bitcoin bur because they want to collect their part of earning.
They see Bitcoin like any other types of investment or capital that has to be taxed. No one actualy doesn't have fear from cryptocurrencies anymore, they are all just trying to have their peace of cake.

I dont know some countries can make tax from bitcoin, i just thinking that bitcoin is anonymous, nobody know who have the address, then how the government make tax list from address or people in that country?

Not possible besides even if they knew you were the owner of an address you could always tumble your coins and then claim the tumbler did not returned your coins and that you were scammed, and that is just one method there are probably many more.

Yup, not possible to find who is the owner of the address. If govt wants to put a tax on all BTC transaction they first ban all bitcoin wallets in their country and they only create one Bitcoin bank and issue an induvidual address to everyone, they must link that address to person identity proof. Then they may track Bitcoin transactions. I know this is not easy and no govt will take this much risk.

[hawkins]

I think that idea of cryptos arised for people who transact at least 5 digits amount of money. Average human doesn't even know existance of such currencies, much less they need it.

That is one of the purposes but it is mostly about security and privacy. We dont want anyone reading our emails specially when those are really confidential. It is created for that but it happens to make a danger also. Due to extreme privacy the illegal things can now be transacted through it without anyone knowing it. Not even the most formiddable hackers can get there in time.

in fact, cryptocurrency could be something very useful, and helpful when people use it for good. but, there are some groups who use it to do things that are negative, such as the illegal transaction, or selling drugs. Well, you can see it in the dark web, and it may have been an open secret.

[slapper]

I think that idea of cryptos arised for people who transact at least 5 digits amount of money. Average human doesn't even know existance of such currencies, much less they need it.

That is one of the purposes but it is mostly about security and privacy. We dont want anyone reading our emails specially when those are really confidential. It is created for that but it happens to make a danger also. Due to extreme privacy the illegal things can now be transacted through it without anyone knowing it. Not even the most formiddable hackers can get there in time.

in fact, cryptocurrency could be something very useful, and helpful when people use it for good. but, there are some groups who use it to do things that are negative, such as the illegal transaction, or selling drugs. Well, you can see it in the dark web, and it may have been an open secret.

People can still use FIAT to buy drug and do illegal activity, do not blame Bitcoin. I have to accept that bitcoin is being abused to run many ponzi/HYIP system and they steal all the money of the investors after running the system for a while. The lack of knowledge about Bitcoin has lead to many negative results. In the future, I hope that there will be school which will teach people how to use Bitcoin and what Bitcoin is in the technological way

[ausbit]

Anonymous transactions of cyptocurrencies could increase illegal transactions. but, I feel that it is a common thing, in fact, almost all users cyptocurrencies already know it. but, since cyptocurrencies used for business, many people have turned to making the legal business of cyptocurrencies, and take advantage of it. perhaps, at this time, illegal transactions made using cyptocurrencies been reduced.

Do you think the illegal transactions were very less when there were no crypto? I don't think so. Criminals always make their ways of transferring illegal money.. I don't think Bitcoin or any crypto currency make it more worst.

[Gustavv]

the danger of cryptocurrency is it can use to money laundering
make illegal transaction and make other people or country losers and lose their funds

[Xenophoto]

I think that idea of cryptos arised for people who transact at least 5 digits amount of money. Average human doesn't even know existance of such currencies, much less they need it.

That is one of the purposes but it is mostly about security and privacy. We dont want anyone reading our emails specially when those are really confidential. It is created for that but it happens to make a danger also. Due to extreme privacy the illegal things can now be transacted through it without anyone knowing it. Not even the most formiddable hackers can get there in time.

in fact, cryptocurrency could be something very useful, and helpful when people use it for good. but, there are some groups who use it to do things that are negative, such as the illegal transaction, or selling drugs. Well, you can see it in the dark web, and it may have been an open secret.

People can still use FIAT to buy drug and do illegal activity, do not blame Bitcoin. I have to accept that bitcoin is being abused to run many ponzi/HYIP system and they steal all the money of the investors after running the system for a while. The lack of knowledge about Bitcoin has lead to many negative results. In the future, I hope that there will be school which will teach people how to use Bitcoin and what Bitcoin is in the technological way

Ponzi scam has always been famous even without bitcoin. I think it's not the lack of knowledge about bitcoin that makes people get scammed but the lack of knowledge about how all these scam works. If you know how ponzi site works and you invested in one of them, you know that your money is in total risk and you know that it would eventually stop paying.

There are also other types of scam like the nigerian scam, etc. Lots of things can be learned from those, just google most famous scam ways. You will be shocked by how easy people get manipulated by using little tricks.

I don't think it would be necessary to build a school dedicated on how to use bitcoin. One insightful article would be enough for an eager average guy.

[Harlot]

The word computer will fade overtime. In the future, everything is computerized and the internet would be everywhere and free like oxygen. The internet of things is what they call them.

$ would become like Bitcoins. It will only exist digitaly when paper money is gone.

The future? Most thing have computers already and wherever you there is free internet, like on coffee shops, hotels, restaurants gas stations, parks and the majority of money is electronic and not on the form of cash, you are talking about the present.

What you have mentioned is correct, but such services were used by small user group who're already elites. Thinking of the public it need as well takes lot time to reach them the use of electronic cash. As they were stricken to paper money usage because of the convenience and physical appearance.

The success of the computer or internet does not mean the success for Bitcoin. Using Bitcoin is a choice of the person or the individual itself. I am not seeing it to be the main source of currency for all the countries in the world. Why? Because everybody can control it. They can control it so bad that they can even hoard Bitcoin for them to manipulate price. With this kind of power there will be evil arising with it.

[Xenophoto]

The word computer will fade overtime. In the future, everything is computerized and the internet would be everywhere and free like oxygen. The internet of things is what they call them.

$ would become like Bitcoins. It will only exist digitaly when paper money is gone.

The future? Most thing have computers already and wherever you there is free internet, like on coffee shops, hotels, restaurants gas stations, parks and the majority of money is electronic and not on the form of cash, you are talking about the present.

What you have mentioned is correct, but such services were used by small user group who're already elites. Thinking of the public it need as well takes lot time to reach them the use of electronic cash. As they were stricken to paper money usage because of the convenience and physical appearance.

The success of the computer or internet does not mean the success for Bitcoin. Using Bitcoin is a choice of the person or the individual itself. I am not seeing it to be the main source of currency for all the countries in the world. Why? Because everybody can control it. They can control it so bad that they can even hoard Bitcoin for them to manipulate price. With this kind of power there will be evil arising with it.

But would you rather be controlled or you want to be the controller? I'm sure you want to be the latter. I wouldn't worry about "control" by pumping or dumping the coins when bitcoin has become mainstream. Simply because when it goes mainstream, the prices would be based on bitcoin and not fiat so there would absolutely no point on pumping and dumping the market. The price would still be the same because we're not relying on fiat anymore.

Aren't you tired of these paper money that are literally just paper? Time to use something that's build solely by law and demand.

[bitllionaire]

The word computer will fade overtime. In the future, everything is computerized and the internet would be everywhere and free like oxygen. The internet of things is what they call them.

$ would become like Bitcoins. It will only exist digitaly when paper money is gone.

The future? Most thing have computers already and wherever you there is free internet, like on coffee shops, hotels, restaurants gas stations, parks and the majority of money is electronic and not on the form of cash, you are talking about the present.

What you have mentioned is correct, but such services were used by small user group who're already elites. Thinking of the public it need as well takes lot time to reach them the use of electronic cash. As they were stricken to paper money usage because of the convenience and physical appearance.

The success of the computer or internet does not mean the success for Bitcoin. Using Bitcoin is a choice of the person or the individual itself. I am not seeing it to be the main source of currency for all the countries in the world. Why? Because everybody can control it. They can control it so bad that they can even hoard Bitcoin for them to manipulate price. With this kind of power there will be evil arising with it.

currently bitcoin is a choice but in future it will not be a choice but will be the need as fiat is need and not a choice. manipulating of bitcoin is not such an easy job, because bitcoin is not a centralize currency, and it is not so easy for  a person or group of people to manipulate the price of bitcoin. because the number of bitcoin users are increasing day by day.

[requester]

I fear about its ban in my nation  because government had already alerted the user of bitcoin and other cryptocurrecies

http://tech.firstpost.com/news-analysis/rbi-cautions-users-against-use-of-virtual-currencies-including-bitcoin-and-dogecoin-361053.html
http://trak.in/tags/business/2017/02/03/rbi-warns-bitcoins-use-risky/

These type news make my face red and I go into another world of tension and depression and depression of 2017 is coming I think(Only for me and Indian bitcoin users). Please, someone explain our government that bitcoin is not a bad technology instead of banning bitcoin we should appreciate and utilize the technology

[Fireblade]

The word computer will fade overtime. In the future, everything is computerized and the internet would be everywhere and free like oxygen. The internet of things is what they call them.

$ would become like Bitcoins. It will only exist digitaly when paper money is gone.

The future? Most thing have computers already and wherever you there is free internet, like on coffee shops, hotels, restaurants gas stations, parks and the majority of money is electronic and not on the form of cash, you are talking about the present.

What you have mentioned is correct, but such services were used by small user group who're already elites. Thinking of the public it need as well takes lot time to reach them the use of electronic cash. As they were stricken to paper money usage because of the convenience and physical appearance.

The success of the computer or internet does not mean the success for Bitcoin. Using Bitcoin is a choice of the person or the individual itself. I am not seeing it to be the main source of currency for all the countries in the world. Why? Because everybody can control it. They can control it so bad that they can even hoard Bitcoin for them to manipulate price. With this kind of power there will be evil arising with it.

currently bitcoin is a choice but in future it will not be a choice but will be the need as fiat is need and not a choice. manipulating of bitcoin is not such an easy job, because bitcoin is not a centralize currency, and it is not so easy for  a person or group of people to manipulate the price of bitcoin. because the number of bitcoin users are increasing day by day.

in  fact bitcoin is now becoming one of the essential part of our life. and specially for those people who are using bitcoin for online purpose, although the use of bitcoin as fiat currency is very rare. and most of the people are now using it for investment and they are surely getting good profit from it. therefore bitcoin is also very much important for these people.

[The_Dark_Knight]

In some countries Bitcoin is taxed but not because governments are afraid of Bitcoin bur because they want to collect their part of earning.
They see Bitcoin like any other types of investment or capital that has to be taxed. No one actualy doesn't have fear from cryptocurrencies anymore, they are all just trying to have their peace of cake.

I dont know some countries can make tax from bitcoin, i just thinking that bitcoin is anonymous, nobody know who have the address, then how the government make tax list from address or people in that country?

Not possible besides even if they knew you were the owner of an address you could always tumble your coins and then claim the tumbler did not returned your coins and that you were scammed, and that is just one method there are probably many more.

Yup, not possible to find who is the owner of the address. If govt wants to put a tax on all BTC transaction they first ban all bitcoin wallets in their country and they only create one Bitcoin bank and issue an induvidual address to everyone, they must link that address to person identity proof. Then they may track Bitcoin transactions. I know this is not easy and no govt will take this much risk.

Yes, and that will require that we actually comply with them, after all there are plenty of banks in my country but I do not have an account with every single one of them since I'm not obligated to open an account in them, so you could refuse such an intrusion on your financial matters by not using your assigned address.

[rickadone]

Anonymous transactions of cyptocurrencies could increase illegal transactions. but, I feel that it is a common thing, in fact, almost all users cyptocurrencies already know it. but, since cyptocurrencies used for business, many people have turned to making the legal business of cyptocurrencies, and take advantage of it. perhaps, at this time, illegal transactions made using cyptocurrencies been reduced.

Do you think the illegal transactions were very less when there were no crypto? I don't think so. Criminals always make their ways of transferring illegal money.. I don't think Bitcoin or any crypto currency make it more worst.

Well not that before cryptocurrencies there wasn’t any illegal usage of money but the exploit has risen compared to what it used to be, before you can easily track the money and where it goes to the government controls it, and that what made us switch to bitcoin so we can get away from their control but some people use that in the wrong way they use to make illegal transaction and sells like drugs guns and hacking services and the black market is the best example for that.

[The_Dark_Knight]

I think that idea of cryptos arised for people who transact at least 5 digits amount of money. Average human doesn't even know existance of such currencies, much less they need it.

That is one of the purposes but it is mostly about security and privacy. We dont want anyone reading our emails specially when those are really confidential. It is created for that but it happens to make a danger also. Due to extreme privacy the illegal things can now be transacted through it without anyone knowing it. Not even the most formiddable hackers can get there in time.

in fact, cryptocurrency could be something very useful, and helpful when people use it for good. but, there are some groups who use it to do things that are negative, such as the illegal transaction, or selling drugs. Well, you can see it in the dark web, and it may have been an open secret.

People can still use FIAT to buy drug and do illegal activity, do not blame Bitcoin. I have to accept that bitcoin is being abused to run many ponzi/HYIP system and they steal all the money of the investors after running the system for a while. The lack of knowledge about Bitcoin has lead to many negative results. In the future, I hope that there will be school which will teach people how to use Bitcoin and what Bitcoin is in the technological way

Ponzi scam has always been famous even without bitcoin. I think it's not the lack of knowledge about bitcoin that makes people get scammed but the lack of knowledge about how all these scam works. If you know how ponzi site works and you invested in one of them, you know that your money is in total risk and you know that it would eventually stop paying.

There are also other types of scam like the nigerian scam, etc. Lots of things can be learned from those, just google most famous scam ways. You will be shocked by how easy people get manipulated by using little tricks.

I don't think it would be necessary to build a school dedicated on how to use bitcoin. One insightful article would be enough for an eager average guy.

This is correct but the problem is the scammers are using some of the greatest characteristics of bitcoin to their advantage, since there is not the possibility of chargeback with bitcoin then as soon you send them your coins there is not a way to get them back.

[HarringtonStark]

So much scammers out there I lost my 0.003 btc to a person claiming to double it. But I learned I now do a background check to the person before I will trade.

I'm also aware of computer programs that can mess with clipboard data like when you copy your bitcoin address it can alter it. So to be safe, I just use QR codes.

[Viscore]

So much scammers out there I lost my 0.003 btc to a person claiming to double it. But I learned I now do a background check to the person before I will trade.

I'm also aware of computer programs that can mess with clipboard data like when you copy your bitcoin address it can alter it. So to be safe, I just use QR codes.

You don't lose too much, I hope your experience will make you more mature in this world. Even where you go, there are plenty of scammers, our way of battling them is by keeping ourselves well inform with the recent news so it can help us decide to do the right decision. The problem with you is you fall for the HYIP, they are the cancer in this community, they keep scamming newbie. I hope your journey will not stop there.