Bitcoins in 2014?

Retired_Member38 · Jan 17, 2015

I don't think you understand how it works Scooter. "You send, they do not receive, the clearing house disappears and so does your millions but you still owe as payment to the beneficiary has not been made. " isn't possible.

accelerator · Jan 17, 2015

There is no "clearing house" or central bank in the Bitcoin system. That is a fundamental benefit of Bitcoin. Making payments purely with Bitcoin technology, from one Bitcoin expert to another are very secure. The problem is arising when people use Bitcoin exchanges with either questionable security or management behind them, which they are only using because they still need to convert to a FIAT currency.

scooter said:
>Crypto currencies have loads of benefits.
Unless real regulation is in place, the bad (imo) far outways the good.
With proper regulation you are guaranteed your money is safe. If it disappears, you get it back. If the bank goes tits up, you get it back.

There are now big problems in the conventional banking system, particularly in Europe. The problems first seen in the crash of 2007 have not been solved, they have just been papered over. These problems could come to light in a 2015 banking crisis, probably starting in Spain or Italy. As was seen in Cyprus, the banking sector may fail to protect your money in such events. Along with physical gold, Bitcoin could possibly be a safe haven as a store of value, although as a very new technology and rival to conventional currency, Bitcoin is at risk of possible Government restrictions.

Rgds