[Darth-Apple]

Bitcoins are a new form of currency that is becoming popular at a rapid pace. Bitcoin mining is also becoming a popular practice where people collectively work to create hashes using a giant amount of hardware and are awarded bitcoins as a result. The rapid progress of bitcoins has lead to a heated debate over the usage of bitcoins in recent times. Some feel that the electronic form of currency is a symbol of progress, and others feel that technology can always fail, and it is thus unreliable as a currency.

What's your opinion? Be sure to vote in the poll!

[Acko]

I can't say I like it or not, because I haven't seen much about it. So I guess I'm indifferent. (though I did try out swagbucks for searching once)

[Darth-Apple]

I feel the same way about it. I voted indifferent because I have never used them. I've heard a lot about them though, so I figured I'd start this debate to see some other opinions on them.

[wasi90lk]

I think Bitcoin will get shut down like Egold and Liberty Reserve.

I do not think it will survive for more than 10 years, but let's see.

[Gmdykfuiygh66476]

I'm unsure how long it'll last. Maybe for online purchases, but in the real world I don't think it'd work. But I don't know much about it so I voted indifferent.

[wasi90lk]

Problem with Bitcoin is, it can be used by scammers and criminals.

There is no chargeback policy in Bitcoin. If you get scammed, your money is gone forever.

[3DWaffle1]

I use to have a Bitcoin on my computer. However, I got a virus and my important file got destroyed. I lost all my bitcoin.

[Darth-Apple]

That is one of the major disadvantages to bitcoins. It is very easy to lose your currency, and that to me is too much of a risk.

[3DWaffle1]

If your bitcoins were lost on a broken computer, your bitcoins can be lost forever if you don't have a backup plan. You still cannot recover your coins know my bitcoin receiving address. If your bitcoins were transferred out of your account by the way of a virus. There is no bitcoin police agency to protect you. You end up losing you coin than spending it

[Guardian]

A few years down the road, we've seen some massive rise and fall over the past year.

Bumping this to get peoples current opinion.

[Harry K.]

I still feel that Crypto Currencies will end up shaping the future of the economy. Personally believe bitcoin will die out, and many of the ones we see today. I can see a "government controlled" - "decentralised" currency? If that would even be possible considering if a government is involved it wouldn't be decentralised

[SpookyZalost]

I still feel that Crypto Currencies will end up shaping the future of the economy. Personally believe bitcoin will die out, and many of the ones we see today. I can see a "government controlled" - "decentralised" currency? If that would even be possible considering if a government is involved it wouldn't be decentralised

UN Coin? lol

how about just UN credits or Earth credits?

[Harry K.]

I still feel that Crypto Currencies will end up shaping the future of the economy. Personally believe bitcoin will die out, and many of the ones we see today. I can see a "government controlled" - "decentralised" currency? If that would even be possible considering if a government is involved it wouldn't be decentralised

UN Coin? lol

how about just UN credits or Earth credits?

That's pretty much what I'm thinking. They'd probably go with Credits because they'd be stubborn to accept it as a proper "coin" at first. xD

[Guardian]

The beginning of the global "credits" system... I could see it.

Maybe we should start our own crypto, and just call it Credits. First in!

[Martin]

Technology behind it is cool, and a lot of heads of central banks are looking into the technology. That said, I don't really like crypto myself, from the limited understanding I have of it from someone studying Economics. It seems very risky, unbacked and purely speculative to really be a mainstream currency.

[tc4me]

In addition to Bitcoin, there are now a lot of further developments and follow-up projects. New coins are constantly appearing. ... Bitcoin was developed as a means of payment, but is also used as a store of value and the leading currency for cryptocurrencies. This has been working well since 2008 - but Bitcoin has not been able to do more so far. Except that fraudsters and black money digital have found their way. You don't have crypto in your hand, I like hard cash, I have that and not the psydo money

[Lain]

I mean the problem with cash is that it's also pseudo-money. Banks just decide how much that cash is worth in terms of other currencies, and shops or anyone selling stuff also decides how much cash their products are worth. Value is subjective, but because there's no central entities controlling Bitcoin and cryptocurrencies, it's entirely up to the people to decide how much it's worth. As a result, price fluctuates everywhere.

And yeah. Bitcoin has all sorts of problems. Back in 2016-2017, transaction fees started to skyrocket because it was getting so popular. No one wanted to spend 7$ on top of a 10$ transaction. But other cryptocurrencies exist to try and solve those problems, as well as the active maintainers and developers behind the core Bitcoin project. The main problem though IMO is that there are too many projects that try to solve problems that don't exist, and they try to rake in investor money by throwing all sorts of fancy words around -- typical marketing bullshit. But honestly, if/when central markets fall, these cryptocurrencies as well as precious metals like gold/silver will be the only real stores of value just because of their inherent scarcity.

[tc4me]

Most of us only know the concept of positive interest rates. If you had a checking account earlier, at the end of the year you received one or two percent of the balance from the bank for storing the money with it. On the other hand, negative interest rates mean that you don't get anything as a gift, but that you even have to pay to have your money in the bank.

Why should I leave my money in the bank if my money has negative interest there? Why shouldn't I just store my money in a safe at home where I don't have to pay negative interest?

That would be the logical consequence.
In order to prevent people from circumventing negative interest rates simply by taking all their money out of the bank and storing it at home, which would otherwise collapse the banking system, cash should be banned so that one cannot make oneself independent of a bank.
You should be forced to have all the money in the bank where it pays negative interest so that little is saved and much is consumed,
which in the long run will result in nothing less than chaos and the impoverishment of society. Everything is based on the simple mistake of assuming that you can become wealthy through consumption. The cash ban is ultimately the logical end of a completely incorrect basic assumption. The second important reason ...  for the cash ban is much easier to explain than the first.
It's all about control.
The state wants to be able to monitor every economic activity in order to tax everything.
Since the state is a parasite that lives at the expense of the productive population, it cannot allow people to trade with each other without putting part if it in their own pockets in the form of taxes.
If people trade with one another without paying their tribute to the state, i.e. undeclared work, the state goes away empty-handed.
He wants to avoid that. That is why he has to monitor everything and everyone in order to be able to tax everything and everyone.
This is parasitism, surveillance madness and police state control in the 21st century.

I only experienced a typical example at my bank:

With 1000Euro in the savings account I get 14 cent interest A YEAR !!
I then have to pay 3 euros capital gains tax and pay a 24 euro account management commission to the bank, which means that I gave the bank 1000 euros and after 1 year I only get 972.86 back, why should I give my money to Benk?