What are your thoughts on Bitcoin?

There was an article in the NY Times recently about how hackers can drain your entire bank account via Bitcoin. I’d never do something like Bitcoin for that reason. Not that any other type of banking is 100% safe but Bitcoin is one more way your info is out there waiting for you to get fucked.

I’ll stick with $$, thanks.

I consider it equivalent to video game gold.

@jca Have the link? I’d like to give it a read.

Play money. Not going anywhere near it. Not for a thousand dollars and not for a nickel.

https://www.nytimes.com/2017/08/21/business/dealbook/phone-hack-bitcoin-virtual-currency.html?mcubz=3&_r=0

@LDRSHIP

@jca Thanks.

Used for hackers and smugglers to remain anonymous. On the good side the bank fees might be lowered or completely removed.

It’s popularity will decrease as Government agencies are skeptical about its usage due to risks involved. As per latest news Chinese bit exchange (which is one of the largest) is going to shut down soon because of government pressure. That is already affecting it a lot. It will be popular amongst people who are making money illegally!

@RedDeerGuy1 :: Fees are actually worse with bitcoin now. There was a years long debate about this. And just finally they forked it so now there is “Bitcoin Cash” that can allow more transactions per second. So it is all sorts of a mess now.

But with just bitcoin there was a limit of seven transactions per second. But you could pay a bit extra to get your transaction in that window. And by a bit extra I mean it was about 5 bucks to make sure your transaction would be processed.

So yeah. Right now sending cash with bitcoin is a hell of a lot more expensive than pretty much everyone except Western Union.

Hackers can only steal your BitCoins. it’s a separate hack to get into your bank acct.