Why are they afraid of bitcoin?

[FullShoe812]

Myth: Bitcoin is not provided with anything and therefore has no value

At the heart of this myth lies the idea that bitcoin is a currency. Previously, money was provided with precious metals, such as gold or silver. Today, the "conditional" currency, for example, the US dollar, is trusted by the governments that issue it.

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[HappyBack26]

Bitcoin does not have a central bank, it is not controlled by governments and does not exist physically. In doing so, it has value, it can be used as a currency. It is based on blockade technology, which is used not only for the purchase and sale of goods. The value of bitcoin is in its usefulness.

[Lalune]

A critical error in the code will quickly lead to the depreciation of digital currencies. But anyway, for eight years of continuous operation, such errors were not observed.

[ransow72]

cryptocurrency price is very unpredictable. Today the price is high the tomorrow it’s down. Due to this investors are scared to invest because they cannot predict how the market will behave. If investors lose their Bitcoins to invest they can't be recovered.

[Tygraris]

Bitcoin is used only by criminals

This idea arose in 2013, when the FBI closed the site Silk Road. It was an online store where, among other things, you could buy illegal drugs, and he took bitcoins as payment. Later, hackers began using cryptoclockers - malicious programs that encrypt all information on the user's computer and require payment in bitcoins to unlock the data.

Yes, criminals use crypto-currencies, but this is not exclusively their sphere. Hundreds of legitimate bitcoin start-ups received $ 1.5 billion in investment. It is also worth mentioning the world financial organizations, from exchanges to large banks, which are now exploring the possibilities of introducing this new technology.

[Delallador]

Bitcoin is used only by criminals

This idea arose in 2013, when the FBI closed the site Silk Road. It was an online store where, among other things, you could buy illegal drugs, and he took bitcoins as payment. Later, hackers began using cryptoclockers - malicious programs that encrypt all information on the user's computer and require payment in bitcoins to unlock the data.

The mere fact that criminals are using something does not yet make it bad. They often use cars, but no one declared cars a tool of crime. Even criminals use cash, which is also done by millions of law-abiding citizens.

[Tujinn]

Bitcoin is not regulated, therefore it is dangerous

It can not be said that bitcoin is not regulated at all - you can ask about those who run bitcoin exchanges in China - but it is not regulated in the same way as other methods of investing.

[Super_talk]

It may seem that bitcoin is a more risky investment, until we understand that regulators do not advertise much to prevent panic from investors. Who remembers the "dot-com" bubble in the late 1990s? What about the mortgage crisis of 2008? Credit default swaps? Bernard Madoff?

[Windbeard]

Bitcoin is too unstable for currency

This myth tries to attribute bitcoin only to one category - and to draw incorrect conclusions from this.

But the fact that bitcoin can function as a currency does not at all mean that it needs to be classified in this way. More importantly, it's a way to seamlessly transfer money over the Internet. Also, bitcoin allows you to hold money in the transaction.

[Whiteconjuror]

Bitcoin can crack

Yes, indeed, some bitcoins-exchanges hacked and robbed. But the protocol itself, the code that manages everything, has never been hacked. If this happens, bitcoin is expected to collapse.

[MinerOfTheYear]

Investors can be advised to be cautious when buying and storing bitcoins. Large amounts of bitcoins we recommend to keep on hardware bitcoins of purses, about 2 of which we already wrote, it is impossible to crack such a purse.

[Miner228]

Now in the world, most of the civilized society uses the services of the banking sector. Given that the world has become more globalized, people have become more dependent on banks. This suggests that the economies of all countries are intertwined and become dependent on each other

[LongSlip537]

From this it follows that corporations, companies, small entrepreneurs and ordinary people need to send money abroad and as a rule they can afford to do this only in one way, through the banking sector. Banks strictly determine the rules by which you can send money abroad , that is, banks themselves set a fee for their services

[FullShoe812]

Cyber security expert and bitcoin supporter John McAfee (John McAfee) says that the only experience that bitcoin users can have is that governments will act through their own fear.

The pioneer of technology says that the only obstacle to bitcoin is the governments that are trying to stop it, although they will not succeed.

[HappyBack26]

China is right in one, there are a lot of scammers in ICO, many people who take money from fraud from other people, so it needs to stop. But I do not think that governments can stop this. We, as users and the bitcoin community, should be self-regulating.

[Sandijoee]

why be afraid?
what to fear?
Fear of bitcoin annihilated? I do not think like that, there are many who support bitcoin in some countries including people. I'm sure bitcoin will not go away because bitcoin has helped the human economy.

[Lalune]

Fear is the fear of governments and central banks, such as JPMorgan, which is America's largest bank. The CEO is so worried about this that he acted like a madman and called bitcoin fraud, saying that someone would eventually be killed. It's like, what are you talking about? It is nonsense. Thus, banks and governments are those who have fear. Well, they must have a certain fear. They have had power and control over their citizens for hundreds of years. The time has come when we, as citizens, have regained this power.

[Tygraris]

crypto-currencies attract attention, because they offer an alternative to existing structures - both financial and political

[Delallador]

The Central Bank sees in the crypto-currencies the signs of the financial pyramid and acts not only against settlements in them, but also equating them to foreign currencies

[Tujinn]

There is an acute need for clear regulation taking into account the growth of this market, "says Daniel Heller, who was previously responsible for financial stability at the Swiss National Bank.