Topic: How cryptocurrency can be killed & people money lost? (Read 5493 times)
Storing your life savings is very risky but if everything goes well you can earn a huge profit from it . But like what everyone said its price is unpredictable it may be increasing for the past month but there is no guarantee that it will also be in the future . The risk is you can lose your savings which is an very important in our lives . Are you sure you want to gamble with a collateral like that? Invest in bitcoin but not to the extent that your life depends on it OP . Also not sure about the protection youre talking about, There is no such thing in cryptocurrency, If the coin dump your money will also be
So, it would be better to keep savings in Fiat.
I am quite sure metals are a better long-term store of value than fiat.If you keep fiat long enough, its face value will eventually drop below its intrinsic value as wallpaper.
the only problem is hacking, even the government could do, just turn off the internet would allow this
Value of Bitcoin and Ethereum keeps on changing daily. It is impossible to predict the price of crypto currency after one year.
Bitcoin had rose above $1000 some years ago and it had also fell to around $250.
It can also happen the other way, if you purchased Bitcoins at the time when was with 250 dollars and it today, you will get almost three times your initial savings.
You can also lose almost all your money, if there's a hack.
So, it would be better to keep savings in Fiat.
If I were you, I would rather invest that money in crypto instead just storing it . There are many crypto based companies offering regular dividends if you invest in their company.
Bitcoin had rose above $1000 some years ago and it had also fell to around $250.
It can also happen the other way, if you purchased Bitcoins at the time when was with 250 dollars and it today, you will get almost three times your initial savings.
You can also lose almost all your money, if there's a hack.
So, it would be better to keep savings in Fiat.
If I were you, I would rather invest that money in crypto instead just storing it . There are many crypto based companies offering regular dividends if you invest in their company.
Even now bitcoin's price is tentative it may become 10000USD or become 2USD its not in our hands its just like that stock market with cryptocurrencies its a gamble put money into it when its affordable to U and think about its future progress like events that may lead Bitcoin to increase even more.
Hello,
not sure if all cryptocurrency have same kind of "protection" against this, but im mainly interested in Ethereum and Bitcoin now.
If 20 years old person wan to use BTC and ETH cryptocurrencies to store main part of his/her life savings for next 60 years, how big risk is there the developers of the cryptrocurrency will steal his money or cryptocurrency will "bankrupt" some way so his json wallet key file will become useless?
How the cryptocurrency can be damaged so people loose 60-100% of their money saved there?
I would like to evaluate risks saving money in cryptocurrency for the term of tens of years. Thank You
Risk in trading in crypto currency exchange is very low. Once you know what is buy orders, sell orders, dump and pump, you will never lost your money. Also, be aware of dumpers, do not be affected by them. They will just scare you to do a panic selling. not sure if all cryptocurrency have same kind of "protection" against this, but im mainly interested in Ethereum and Bitcoin now.
If 20 years old person wan to use BTC and ETH cryptocurrencies to store main part of his/her life savings for next 60 years, how big risk is there the developers of the cryptrocurrency will steal his money or cryptocurrency will "bankrupt" some way so his json wallet key file will become useless?
How the cryptocurrency can be damaged so people loose 60-100% of their money saved there?
I would like to evaluate risks saving money in cryptocurrency for the term of tens of years. Thank You
Hello,
not sure if all cryptocurrency have same kind of "protection" against this, but im mainly interested in Ethereum and Bitcoin now.
If 20 years old person wan to use BTC and ETH cryptocurrencies to store main part of his/her life savings for next 60 years, how big risk is there the developers of the cryptrocurrency will steal his money or cryptocurrency will "bankrupt" some way so his json wallet key file will become useless?
How the cryptocurrency can be damaged so people loose 60-100% of their money saved there?
I would like to evaluate risks saving money in cryptocurrency for the term of tens of years. Thank You
If the cryptocurency has been killed by hackers and steals thousands of bitcoin, it will affected all the people who use cryptpcurrency. Because of that, the people conclude that the bitcoin is not safe. Therefore, if the bitcoin is lost you will also lost. not sure if all cryptocurrency have same kind of "protection" against this, but im mainly interested in Ethereum and Bitcoin now.
If 20 years old person wan to use BTC and ETH cryptocurrencies to store main part of his/her life savings for next 60 years, how big risk is there the developers of the cryptrocurrency will steal his money or cryptocurrency will "bankrupt" some way so his json wallet key file will become useless?
How the cryptocurrency can be damaged so people loose 60-100% of their money saved there?
I would like to evaluate risks saving money in cryptocurrency for the term of tens of years. Thank You
Hackers is really a problem circulating the web right now and actually they are the threats of our cryptocurrencies. When they take down cryptocurrency a big problem will happen to us who uses bitcoin and those who invested a lot and also they have big balances of btc and all of that will be gone in one blink of an eye. So we need a strong security of out bitcoin admin sites and of different sites is a must to be keep secured each and every firewall securities they have.
I agree to this... Most of the online businesses are troubled with hackers. Although every hacker is not a bad person but there are many people who do things with bad intention.
Hello,
not sure if all cryptocurrency have same kind of "protection" against this, but im mainly interested in Ethereum and Bitcoin now.
If 20 years old person wan to use BTC and ETH cryptocurrencies to store main part of his/her life savings for next 60 years, how big risk is there the developers of the cryptrocurrency will steal his money or cryptocurrency will "bankrupt" some way so his json wallet key file will become useless?
How the cryptocurrency can be damaged so people loose 60-100% of their money saved there?
I would like to evaluate risks saving money in cryptocurrency for the term of tens of years. Thank You
If the cryptocurency has been killed by hackers and steals thousands of bitcoin, it will affected all the people who use cryptpcurrency. Because of that, the people conclude that the bitcoin is not safe. Therefore, if the bitcoin is lost you will also lost. not sure if all cryptocurrency have same kind of "protection" against this, but im mainly interested in Ethereum and Bitcoin now.
If 20 years old person wan to use BTC and ETH cryptocurrencies to store main part of his/her life savings for next 60 years, how big risk is there the developers of the cryptrocurrency will steal his money or cryptocurrency will "bankrupt" some way so his json wallet key file will become useless?
How the cryptocurrency can be damaged so people loose 60-100% of their money saved there?
I would like to evaluate risks saving money in cryptocurrency for the term of tens of years. Thank You
Hackers is really a problem circulating the web right now and actually they are the threats of our cryptocurrencies. When they take down cryptocurrency a big problem will happen to us who uses bitcoin and those who invested a lot and also they have big balances of btc and all of that will be gone in one blink of an eye. So we need a strong security of out bitcoin admin sites and of different sites is a must to be keep secured each and every firewall securities they have.
I agree to this... Most of the online businesses are troubled with hackers. Although every hacker is not a bad person but there are many people who do things with bad intention.
If you like to invest in Bitcoin just do it
I think bitcoin is no different than anything else in form of investment, lots of people lost lots of money with companys like enron or other fortune 500 companys
lots of people lost lots of money because they never invested in stocks
you dont even know if you live in 10 years so why worrying so much about that??
Possible nothing happens in 10 years and your Bitcoins make lots of profit but than when you try to cash them out you accidently send them to a wrong address that you had in your clipboard anything can happen nothing is for sure
go with your guts and throw all of that analytical bullshit out the window dude
Hello,
not sure if all cryptocurrency have same kind of "protection" against this, but im mainly interested in Ethereum and Bitcoin now.
If 20 years old person wan to use BTC and ETH cryptocurrencies to store main part of his/her life savings for next 60 years, how big risk is there the developers of the cryptrocurrency will steal his money or cryptocurrency will "bankrupt" some way so his json wallet key file will become useless?
How the cryptocurrency can be damaged so people loose 60-100% of their money saved there?
I would like to evaluate risks saving money in cryptocurrency for the term of tens of years. Thank You
If the cryptocurency has been killed by hackers and steals thousands of bitcoin, it will affected all the people who use cryptpcurrency. Because of that, the people conclude that the bitcoin is not safe. Therefore, if the bitcoin is lost you will also lost. not sure if all cryptocurrency have same kind of "protection" against this, but im mainly interested in Ethereum and Bitcoin now.
If 20 years old person wan to use BTC and ETH cryptocurrencies to store main part of his/her life savings for next 60 years, how big risk is there the developers of the cryptrocurrency will steal his money or cryptocurrency will "bankrupt" some way so his json wallet key file will become useless?
How the cryptocurrency can be damaged so people loose 60-100% of their money saved there?
I would like to evaluate risks saving money in cryptocurrency for the term of tens of years. Thank You
Hackers is really a problem circulating the web right now and actually they are the threats of our cryptocurrencies. When they take down cryptocurrency a big problem will happen to us who uses bitcoin and those who invested a lot and also they have big balances of btc and all of that will be gone in one blink of an eye. So we need a strong security of out bitcoin admin sites and of different sites is a must to be keep secured each and every firewall securities they have.
I agree to this... Most of the online businesses are troubled with hackers. Although every hacker is not a bad person but there are many people who do things with bad intention.
Hello,
not sure if all cryptocurrency have same kind of "protection" against this, but im mainly interested in Ethereum and Bitcoin now.
If 20 years old person wan to use BTC and ETH cryptocurrencies to store main part of his/her life savings for next 60 years, how big risk is there the developers of the cryptrocurrency will steal his money or cryptocurrency will "bankrupt" some way so his json wallet key file will become useless?
How the cryptocurrency can be damaged so people loose 60-100% of their money saved there?
I would like to evaluate risks saving money in cryptocurrency for the term of tens of years. Thank You
If the cryptocurency has been killed by hackers and steals thousands of bitcoin, it will affected all the people who use cryptpcurrency. Because of that, the people conclude that the bitcoin is not safe. Therefore, if the bitcoin is lost you will also lost. not sure if all cryptocurrency have same kind of "protection" against this, but im mainly interested in Ethereum and Bitcoin now.
If 20 years old person wan to use BTC and ETH cryptocurrencies to store main part of his/her life savings for next 60 years, how big risk is there the developers of the cryptrocurrency will steal his money or cryptocurrency will "bankrupt" some way so his json wallet key file will become useless?
How the cryptocurrency can be damaged so people loose 60-100% of their money saved there?
I would like to evaluate risks saving money in cryptocurrency for the term of tens of years. Thank You
Hackers is really a problem circulating the web right now and actually they are the threats of our cryptocurrencies. When they take down cryptocurrency a big problem will happen to us who uses bitcoin and those who invested a lot and also they have big balances of btc and all of that will be gone in one blink of an eye. So we need a strong security of out bitcoin admin sites and of different sites is a must to be keep secured each and every firewall securities they have.
How about have a little balance and hold part in crypto and diversify to other assets as well. Gold, stocks etc. Its about balance.
Imagine if you borrowed bitcoins to pay for a house. If the BTC goes up, you will have a harder time paying the mortgage - but on ther other hand, if the bitcoin collapses, you have a free house 
Personally the risk is too big.
Personally the risk is too big.
I don't see bitcoin going down this time. it may reach 1500USD in the near future. it may go down a bit but may not go below 400-600 again.
I think its safer to invest to it after all, it needs more than 30years before bitcoin is going to be replaced by a newer and better coin.
Hello,
not sure if all cryptocurrency have same kind of "protection" against this, but im mainly interested in Ethereum and Bitcoin now.
If 20 years old person wan to use BTC and ETH cryptocurrencies to store main part of his/her life savings for next 60 years, how big risk is there the developers of the cryptrocurrency will steal his money or cryptocurrency will "bankrupt" some way so his json wallet key file will become useless?
How the cryptocurrency can be damaged so people loose 60-100% of their money saved there?
I would like to evaluate risks saving money in cryptocurrency for the term of tens of years. Thank You
If the cryptocurency has been killed by hackers and steals thousands of bitcoin, it will affected all the people who use cryptpcurrency. Because of that, the people conclude that the bitcoin is not safe. Therefore, if the bitcoin is lost you will also lost. not sure if all cryptocurrency have same kind of "protection" against this, but im mainly interested in Ethereum and Bitcoin now.
If 20 years old person wan to use BTC and ETH cryptocurrencies to store main part of his/her life savings for next 60 years, how big risk is there the developers of the cryptrocurrency will steal his money or cryptocurrency will "bankrupt" some way so his json wallet key file will become useless?
How the cryptocurrency can be damaged so people loose 60-100% of their money saved there?
I would like to evaluate risks saving money in cryptocurrency for the term of tens of years. Thank You
The biggest risk I see is that POW relies on large amounts of transactions to generate transaction fees to support the miners. Bitcoin has to majorly take off or die.
The current transaction fee for BTC is over $6 per transaction. Only supported by the large amount of inflation BTC currently has.
For now, Bitcoin miners relies on block reward to generate their income. In the future, if the income gets too low, miners would call for developers to increase the block size, have users increase their fee or the price would increase. The current transaction fee for BTC is over $6 per transaction. Only supported by the large amount of inflation BTC currently has.
Yes cryptocurrency are very risky, not all crypto coins are risky but there are some coin with no developments.
I see no reason why OP can not store bitcoins as a life investment. Worst case scenario if he senses a major shift, he'll quickly convert his coins to fiat with a bitcoin debit card.
Hello,
not sure if all cryptocurrency have same kind of "protection" against this, but im mainly interested in Ethereum and Bitcoin now.
If 20 years old person wan to use BTC and ETH cryptocurrencies to store main part of his/her life savings for next 60 years, how big risk is there the developers of the cryptrocurrency will steal his money or cryptocurrency will "bankrupt" some way so his json wallet key file will become useless?
How the cryptocurrency can be damaged so people loose 60-100% of their money saved there?
I would like to evaluate risks saving money in cryptocurrency for the term of tens of years. Thank You
I would say it is risky. Yet, if you will check your balance once or twice a month, it would be great to prevent money lost. not sure if all cryptocurrency have same kind of "protection" against this, but im mainly interested in Ethereum and Bitcoin now.
If 20 years old person wan to use BTC and ETH cryptocurrencies to store main part of his/her life savings for next 60 years, how big risk is there the developers of the cryptrocurrency will steal his money or cryptocurrency will "bankrupt" some way so his json wallet key file will become useless?
How the cryptocurrency can be damaged so people loose 60-100% of their money saved there?
I would like to evaluate risks saving money in cryptocurrency for the term of tens of years. Thank You
My answer is YES.
The irreversibility and anonymity of cryptocurrency make cryptocurrency also a danger currency, as you said, the hacker would take all the money of the old man leaving no trace, it's irreversible and anonymous so he would never get his money back. In this case I won't say cryptocurrency is the furture of the currency, it's part of the furture of the currency.
On the contrary, if someone stole your money from your bank account, you would probably get it back with help of the police, bank is centralized and it can be bankrupt, but that things are less likely to happen.
Cryptocurrency is a good payment/investment methond, but to me it's not a good tool to save money.
The irreversibility and anonymity of cryptocurrency make cryptocurrency also a danger currency, as you said, the hacker would take all the money of the old man leaving no trace, it's irreversible and anonymous so he would never get his money back. In this case I won't say cryptocurrency is the furture of the currency, it's part of the furture of the currency.
On the contrary, if someone stole your money from your bank account, you would probably get it back with help of the police, bank is centralized and it can be bankrupt, but that things are less likely to happen.
Cryptocurrency is a good payment/investment methond, but to me it's not a good tool to save money.
In one point storing crypto currencies or investing crypto currencies for the next 10 years will be very profitable, we can see the people that use crypto currencies is keep on growing and the price is also keep on growing, if everything works fine then you will gained profit in the future, however if something goes wrong, like the coin being banned or the security is not good then your coin can lost it's value, for me personally i don't dare to risk to invest for 10 years, but for shorter term like 5 years maybe i will
Hello,
not sure if all cryptocurrency have same kind of "protection" against this, but im mainly interested in Ethereum and Bitcoin now.
If 20 years old person wan to use BTC and ETH cryptocurrencies to store main part of his/her life savings for next 60 years, how big risk is there the developers of the cryptrocurrency will steal his money or cryptocurrency will "bankrupt" some way so his json wallet key file will become useless?
How the cryptocurrency can be damaged so people loose 60-100% of their money saved there?
I would like to evaluate risks saving money in cryptocurrency for the term of tens of years. Thank You
Investments are not supposed to just be set and forget unless you have someone else checking your investments for you, you must keep track of your investments and how well or bad they are doing a minimum of once every three months and then reevaluate your strategy. not sure if all cryptocurrency have same kind of "protection" against this, but im mainly interested in Ethereum and Bitcoin now.
If 20 years old person wan to use BTC and ETH cryptocurrencies to store main part of his/her life savings for next 60 years, how big risk is there the developers of the cryptrocurrency will steal his money or cryptocurrency will "bankrupt" some way so his json wallet key file will become useless?
How the cryptocurrency can be damaged so people loose 60-100% of their money saved there?
I would like to evaluate risks saving money in cryptocurrency for the term of tens of years. Thank You
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