Topic: Why have Bitcoin instead of cash? - page 170. (Read 246148 times)

Bitcoin has never been hacked, so nobody can question its security, is pretty safe. Wallets on the other hand, not as safe as bitcoins. There have been wallet hacks and also scams. Fiat can obviously not be hacked, but it could be destroyed very easily, and debit/credit cards are not so hard to crack either, there are a million cases every month of card theft. Bitcoin might help you keep your funds private, while a government has complete access to your bank account details and have the authority to question your transactions.

Clearly fiat currency itself can not be "hacked". I am implying accounts that hold fiat currency can be hacked.  To be more technical, you can't really "hack" a Bitcoin either but more so a Bitcoin wallet. Again, it was meant to be implied for both Bitcoin and fiat currencies.


Well, no one wants to get their funds stolen. It's something that happens unexpectedly. When comparing Bitcoin to fiat currency, I'm talking about a hot wallet in which it's not something that will contain BTC that's tucked away. It's a wallet that will be accessed daily transactions which make it more vulnerable to attacks.




You're talking about tracing money from a wallet when at most a robbery of your personal wallet will put you out a couple hundred dollars (and a big headache). I'm referring to mostly hackings and online thefts (because Bitcoin is online based) to make an even comparison. If you're talking about physical robberies, it could happen with Bitcoin as well. There has been many LBC trades that went sour with the buyer robbing the seller's bitcoin right in front of them (similar to a robber stealing a regular wallet), but I'm not referring to this, as I said. I'm talking online hackings/thefts. If you have a hacked WU account, paypal account, ect. It's much more easier to see where that money has went. On the other hand, you can also see where Bitcoins have went through Blockchain analysis, but it's hard to attach an identity to an address at times. As far as a robber goes, it's very likely a robber will eventually get caught  (in developed countries) which in that case you can usually track where that money went from the source who took it. At that point, you have someone responsible for it anyways so where it went is probably not as relevant. Bitcoin hackers are almost impossible to catch.


Overall, Bitcoin is very secure. I'm not trying to undermine its security protocols, but it isn't immune to problems or downsides which is why I said the idea of security needs to be extended to cover both sides for it to be fair. Fiat currency also has its downs, I'm not trying to say it's perfect either.

Wrong, BTC can be hacked but FIAT cant be hacked, it can be stolen. Thats two different meaning there


It is indeed but the real question would be why would you want to get your money stolen in the first place? Basically with BTC your funds are secured as long as the wallet containing it isnt connected to the network ( cold wallet ).


Not exactly the case for this unless you are robbing a bank but if you are robbed a person than you can easily spend what you have robbed so this example is literally wrong. You dont even know the serial number of your FIAT in your wallet right now let alone how would you want to put a report for a cop regarding this to stop the FIAT from being used

Although both fiat currency and Bitcoin can be hacked like you said, it's much more easier to recover funds stolen in fiat currency. As far as Bitcoin hackings go, you pretty much can kiss it goodbye as soon as it leaves your wallet. The coins can be traced, yes, but with the numerous mixing services, you can lose track of the coins fast. Stolen fiat currency is much more harder to hide and spend without notifying law enforcement. 

As you said this is entirely different topic. Bitcoin itself is secure enough. No one will gonna hack your wallet and steal your coins. From the other hand hacking online services is quite possible both in the case of bitcoin and fiat. As far as trading goes you can be scammed by bitcoin user as much as by someone who will send you potato in a box after you pay him with dollars. There is no clear answer.

the right choice, moreover with bitcoin we do not need to use the banks to control and save the money we know many pieces of deposit in banks

I think you should extend the discussion about security. As far as buying goes, it's not as secure as people may think Bitcoin is. You don't ever have access to those funds as soon as it's sent. You have to entirely trust the seller with your funds as soon as you hit send.  It's important to note that safety and security is in the hands of the seller. I would much rather pay with cash when purchasing something. When selling something, I'd much rather receive bitcoin.

And the best thing is there are no government or public holidays involved like banks when it comes to transfer money online as it is available 24/7. Banks really sucks at this time as you don't have any other option rather then to wait till banks starts functioning. But now that problem as solved.

I'm not complaining about our blockhain bitcoins for me allows you to convert any amount online and send anywhere in the world anytime in the banks has time limit and most transacçoes so complete the next day, 24/7 is bitcoin days always fast and effective

The US dollar is higher in value than other currencies, that's true. But if you live in the US, it doesn't matter that you buy goods 25% cheaper, or buy 25% more with the same dollar.

That's not totally true. Paper cash is not going always down in value. The lats times for example the us dollar are evaluated about 25% more. Or are some paper cash that are very strong and stable in time. I can nominate one: Euro. While bitcoin is not at all stable. I is the most volatile currency i know. Its value change every day (except the last months when was a kind of stable). It is well known that one of the most bad things of bitcoin is its volatility. There are tellings that its value will increase to much in time and after to much time but those are only words.

Not everytime confirmations takes time, only few times but that is a part and parcel of any technology that we use. But for me bitcoin is something best when it comes to online transfers to send money across the countries with very low transaction costs and also the purchasing power goes low as you dont want to keep on spending your bitcoins as you want to keep it safe for the future.

Because bitcoins should be useable like normal money too. And you don't go into a store and wait 10 minutes with the cashier until you get a confirmation.

That's really something that is hindering adoption i think.

The transactions are instant due to its technological benefits, and confirmation takes a little while longer comparatively because it happens in realtime. If you are worried about confirmations, the same takes place with credit cards and it might take 120-160 days for a complete successful confirmation (Maximum). If you compare the same time with the amount it takes with bitcoins, you know which is much better

The biggest plus is from an investment perspective. Money should grow in value over time not devalue like fiat does so that's a plus. No authority can mess with the supply so that's another.

I don't understand why people complain (or some people complain) about Bitcoins confirmation times and want faster confirmation times, when credit cards may take up to 180 days to fully confirm a transaction and have it safe from chargebacks. I mean 10min vs 180 days, isn't this revolutionary enough?

Nope, not a valid reason. Banks pay interest on deposits. This will easily outweigh the charges, if any.
There are far more credible reasons for keeping bitcoins, compared to keeping cash.

the transactions are instant , only confirmations get some time ,anyway,be able to buy with bitcoins is on of the big purposes of it lower the fees paying less and getting a good product as we would pay with fiat.Atleast is should be like that since the fees to pay and receive in bitcoins are very low,soo i hope commerce and people understand that they can have the same profit asking a lower ammount with bitcoins.

I can hardly come across shopping websites which accept bitcoin as a payment gateway. Where do you live and which is this website you talk about? Are there anymore such websites and is their delivery reach global or limited to a country or a region? Also are you sure you really know your investment? If so, tell me in your own words about how and why it has a fast transaction, what kind of fee are we talking, etc.

Bitcoin is really attract my attention since my first glance. It has value , fast transaction and low fee rather than my local cash.
That's why I like owning bitcoin over cash. Recently many online shop has accept bitcoin as payment method , which is really helpfull for me to purchase something with bitcoin in real life.