Do you trust Bitcoin?

+5 Jonah Morrison · September 23, 2014
I'm not sure if I trust Bitcoin or any other crypto currency... yet...

What are your thoughts on this? It seems like it is to easy to fail. At least with cash you have something tangible. With Bitcoin there is nothing to show for it.

Here's my biggest issue: What happens when the public/private key encryption gets hacked. Its only a matter of time. We have seen it happen with practically every form of encryption.

Lastly, if you require other computers on the network to verify the transaction what happens when there needs to be a software update for this? Frankly who would come up with the update? To me it just seems like Bitcoin is bound to fail.

I talked to this guy at a social gathering and he is obsessed with it. He thinks its the greatest thing to ever be on this earth... haha... This started to make we wonder.

Maybe I just don't understand how the system works. Or maybe its flawed.

Cheers!

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0 Jay Deshaun · December 8, 2017
You're Right!

Everything that's encrypted is bound to fail as we seen in the past.

I as in myself know that every crypto being created are not the best but it's the best for a great "get rich quick" scheme.

Here's the best thing for you right now: IOTA https://iota.org
Everything you need to know is there, also I use another crypto called Steemit.com
0 Kaveh Greenwood · November 28, 2017
Has anyone noticed the $9000 spike in it's value? Do you trust it now?
0 tina lloyd · April 23, 2017
Thanks for sharing wonderful information.
0 tina lloyd · April 23, 2017
Thanks for sharing wonderful information.
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0 christopher noah · April 23, 2017
The future is about the digital currency, and I think it is necessary... But would government give credentials to it...
0 Alex Micharski · April 12, 2017
Bitcoin can be taken advantage of. People can reverse engineer it and make themselves billionaires.
0 c student · March 28, 2015
While you guys are busy cracking asymmetric cryptoalgorithms, people who are more realistic are exploiting secure channels and utilizing trojans to steal keys rather than trying to overcome the ridiculous time complexity in resolving prime number exponentiation.  And yes, mathematicians and hackers are always attempting to crack cryptoalgorithms all the time unless you want malicious users to find these vulnerabilities before it's secured.
0 Eugene Botma · March 27, 2015
That totally depends on where you are. In South-Africa (where I live) bitcoin is considered foreign currency, In Canada and certain states of the US, it is considered and treated as currency.
+1 Eugene Botma · March 27, 2015


Bitcoin is a bad investment since the currency has shown a downward trend in the past couple years. It went from being worth over a thousand to a mere couple hundred. I wouldn't recommend investing in bitcoin for the long-term. Short-term, however, you can capitalize by doing something like Forex which is a currency exchange. 


Let me correct you there a bit.

A few years ago, someone bought a pizza with 10 000 bitcoin. Now you can buy (on average in the US) about 19 pizzas for 1 bitcoin. It went from being worth absolutely nothing to a couple of hundred dollars! I'd say that is quite the improvement! 

But disregard the price's volatility and decline from its peak price. 2 years ago. The blockchain technology that bitcoin runs on is amazing.

In the words of Andreas M. Antonopoulos: "Bitcoin in not just money for the internet and to look at it simply as money for the internet is to miss the point. Bitcoin is the internet of money and currency is just the first app"
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