Topic: Breaking into the Cryptocurrency World. (Read 618 times)

I dunno about USA or OZ but here in NZ I could not withdraw the whole balance and then spend it at a shop as well. The shop would reject. I know our banking system in considered advanced so maybe this is why.

Have you described the perfect scam. Nah I don't think so somehow. Banks aren't worried about that even if you are correct - you still owe them whether its easy for them to get immediately or not they will get it back unless you go bankrupt. So I don't really see that as important enough to create a valid distinction between crypto system and the normal banking system.

The important distinction between cryto and normal is not the centralisation (or deC) of them.

To some extent the crypto system utilises the collective power of deC as an integral feature in its calculations but, putting that aside the important distinction is the ability for normal currency (USD) to be magically created. The Feds are doing this now (and have been for over five years now) with their quantitative easing which is generally considered to be money printing although Bernanke disputes that terminology his criticism is semantic. Thus it comes back to scarcity. With the Feds adding trillions to their balance sheet , recently 85 billion a month , and 75 billion from Jan '14 the USDollar is getting less and less scarce all the time (understatement)
When currencies were gold backed they couldn't have done this, but now they are 'fiat' (or faith) currencies Reserve banks can just use open market operations to buy bonds and expand the money supply at will. To the thinking person this just devalues the currency and hence they look for other repositories of storage for their wealth. Usually property or stocks or commodities (which can not be artificially created at will by govt or quasi govt institutions), but now we see alt coins being developed and as these are generally based around requiring processing power to create them and so cannot be devalued easily they conform to the scarcity requirement.

Vervolioman is absolutely correct. Online banking is centralized in every way, and it really says something about crypto that it is gaining popularity even over the banks. I personally find it preferable to have a short wait time during transactions to confirm it is really going to happen, rather than an instant purchase with a margin for error.

Say I withdrew 200 dollars from the bank, and 20 seconds later I spent 200 dollars using my debit card. The debit card transaction would actually post first, making my withdrawal illegal if I only had the 200 dollars in funds to begin with. BUT, since I already had the money in hand, there would not be a thing the bank could do about it if I had overdraft protection other than do a chargeback, and even that in itself would not GUARANTEE I returned the items I purchased.

Crypto prevents this from happening by processing transactions in the order they are received, and granting them after x number of confirmations. If I tried the aforementioned scam with a cryptocurrency, my withdrawal would post first and negate the debit, as things should be.

I really dont see reason for centralised cryptocurrency. Online banking already fills this niche

@Chance567 The cryptocurrency world is the future because everything is about decentralization and that's cool.

Hi Chance567
I don't think decentralisation is a prerequisite for a cryptocurrency. I'm still a newbie and have only just received my first payment for mining Litecoin, but from what I can tell XRP - the money used by Ripple (currently 2nd in market Cap to Bitcoin) is a centralised cryptocurrency.
I'm mainly just sayin this to fill in the page and potentially as a point of discussion.

cheers
peat

Good mining , hope your hashrates are high

Welcome!

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Hope you'll be an active member!

Hello fellow Crypto supporters! Last week, I was clued into the world of Cryptocurrency by a close friend. After hours of exhaustive research into the mysteries (and benefits) of cryptocurrency, I am officially jumping on the bandwagon. The idea of a decentralized monetary system intrigues me, and the growing acceptance of crypto's as true methods of payment excites me. I don't necessarily have the hardware to do any real mining, but that doesn't mean I haven't jumped in mined for nothing just to make the networks I find most appealing a bit stronger. As I am a newbie, I can't post anywhere but here, but I am willing to discuss and receive tips about anything crypto. I'll be a VERY active member of this community, so expect to see me popping up everywhere as soon as my limits are lifted.