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<blockquote data-quote="Hobbes" data-source="post: 2154883" data-attributes="member: 3371"><p>Everything you have posted is true of any other currency as well.</p><p></p><p>As you said, there are no real assets behind the dollar or the euro or any other fiat currency.</p><p></p><p></p><p>Traders swap into and out of international currencies all day long as they fluctuate against each other on perception.</p><p></p><p></p><p>And money is stolen from banks and credit cards every day, same thing.</p><p></p><p></p><p>Bank accounts have been hacked too.</p><p></p><p>Backups are critical because if you lose access to the private encryption key then your bitcoin is lost forever.</p><p>The suggested backup method of choice is to print your private key info on paper and store it in a safe deposit box or other safe location that no one else has access to.</p><p></p><p></p><p>I've done some reading up and bitcoin has some definite advantages that no other major currency has.</p><p></p><p>1. Your money is unreachable, undiscoverable, and untaxable <u>if you do it right</u>.</p><p>2. One party can pay another party without the intervention or knowledge of a 3rd party, like a bank clearinghouse ( <em>this also has the advantage of very small fees or none at all because there is practically no overhead as there is when you transfer funds through a 3rd party</em>).</p><p>3. Payment can be made and verified anywhere in the world in around 10 minutes that it takes for the bitcoin network to record the transaction.</p><p></p><p><a href="http://www-cs-faculty.stanford.edu/~eroberts/cs181/projects/2010-11/DigitalCurrencies/advantages/index.html" target="_blank">http://www-cs-faculty.stanford.edu/~eroberts/cs181/projects/2010-11/DigitalCurrencies/advantages/index.html</a></p><p></p><p>It also has a couple of disadvantages:</p><p></p><p>1. You have to secure your wallet.dat file that contains the private encryption keys safely and that means no online service, you do it yourself.</p><p>If you don't know how to properly secure a computer file from hackers, thieves, and malware then bitcoin probably isn't for you.</p><p></p><p>2. Transactions are irreversible so once payment has been sent there is no way to retract that money as you can with a CC.</p><p>This is actually something of an advantage too though since it means someone can't pay you BC and then retract payment or cancel the check after you have provided a good or service.</p><p></p><p>3. The biggest disadvantage is that not too many merchants accept BC right now so you might end up having to swap out of BC into another currency and then you encounter</p><p>the same overhead as any normal currency swap.</p><p></p><p></p><p>Overall, my conclusion is the BC will continue to thrive and there may be evolutionary changes that improve it over time.</p></blockquote><p></p>
[QUOTE="Hobbes, post: 2154883, member: 3371"] Everything you have posted is true of any other currency as well. As you said, there are no real assets behind the dollar or the euro or any other fiat currency. Traders swap into and out of international currencies all day long as they fluctuate against each other on perception. And money is stolen from banks and credit cards every day, same thing. Bank accounts have been hacked too. Backups are critical because if you lose access to the private encryption key then your bitcoin is lost forever. The suggested backup method of choice is to print your private key info on paper and store it in a safe deposit box or other safe location that no one else has access to. I've done some reading up and bitcoin has some definite advantages that no other major currency has. 1. Your money is unreachable, undiscoverable, and untaxable [U]if you do it right[/U]. 2. One party can pay another party without the intervention or knowledge of a 3rd party, like a bank clearinghouse ( [I]this also has the advantage of very small fees or none at all because there is practically no overhead as there is when you transfer funds through a 3rd party[/I]). 3. Payment can be made and verified anywhere in the world in around 10 minutes that it takes for the bitcoin network to record the transaction. [url]http://www-cs-faculty.stanford.edu/~eroberts/cs181/projects/2010-11/DigitalCurrencies/advantages/index.html[/url] It also has a couple of disadvantages: 1. You have to secure your wallet.dat file that contains the private encryption keys safely and that means no online service, you do it yourself. If you don't know how to properly secure a computer file from hackers, thieves, and malware then bitcoin probably isn't for you. 2. Transactions are irreversible so once payment has been sent there is no way to retract that money as you can with a CC. This is actually something of an advantage too though since it means someone can't pay you BC and then retract payment or cancel the check after you have provided a good or service. 3. The biggest disadvantage is that not too many merchants accept BC right now so you might end up having to swap out of BC into another currency and then you encounter the same overhead as any normal currency swap. Overall, my conclusion is the BC will continue to thrive and there may be evolutionary changes that improve it over time. [/QUOTE]
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