Bitcoins in 2014?

accelerator · Jan 16, 2015

topcat said:
I think at the moment it is just prohibitively difficult for the layman to set up bitcoin with the same accessibility, security and ease of use as the services a high street bank offers. I don't see that changing any time soon.

For people in the UK, then broadly I agree with this statement.

However, let's say you live in a country where the banking system might have systemic problems, then Bitcoin might become a lot more attractive.

Rgds

scooter · Jan 17, 2015

Murray said:
It's a massive benefit to everyone

You can send money with basically no fees

You could transfer millions across the world , doing that by traditional banking methods they a nice cut currently

Also on the smaller scale, how much to paypal take on every sale, 3% or something?

No one can freeze your account

You can use it on whatever you like (donating to wikileaks)

Crypto currencies have loads of benefits.

IMO the only way bitcoin will thrive if there is some kind of real regulation.

>You can send money with basically no fees
Only if the clearing house releases your funds and does not disappear along with your money. (see my last post)

>You could transfer millions across the world , doing that by traditional banking methods they a nice cut currently
Only if the clearing house releases your funds and does not disappear along with your money.

Would you send millions this way at the moment? I wouldn't even send £1K
You send, they do not receive, the clearing house disappears and so does your millions but you still owe as payment to the beneficiary has not been made. It is the wild west. To go mainstream, people need guarantees and they are not there at the moment.

>No one can freeze your account
But they can take your funds. One minute they are there, the next the company holding your funds has gone and so has your money. Or they are hacked and loose all your coins.

>Crypto currencies have loads of benefits.
Unless real regulation is in place, the bad (imo) far outways the good.
With proper regulation you are guaranteed your money is safe. If it disappears, you get it back. If the bank goes tits up, you get it back.

Would you go on holiday with a company that is not an ATOL member?

.

Retired_Member38 · Jan 17, 2015

I don't think you understand how it works Scooter. "You send, they do not receive, the clearing house disappears and so does your millions but you still owe as payment to the beneficiary has not been made. " isn't possible.

accelerator · Jan 17, 2015

There is no "clearing house" or central bank in the Bitcoin system. That is a fundamental benefit of Bitcoin. Making payments purely with Bitcoin technology, from one Bitcoin expert to another are very secure. The problem is arising when people use Bitcoin exchanges with either questionable security or management behind them, which they are only using because they still need to convert to a FIAT currency.

scooter said:
>Crypto currencies have loads of benefits.
Unless real regulation is in place, the bad (imo) far outways the good.
With proper regulation you are guaranteed your money is safe. If it disappears, you get it back. If the bank goes tits up, you get it back.

There are now big problems in the conventional banking system, particularly in Europe. The problems first seen in the crash of 2007 have not been solved, they have just been papered over. These problems could come to light in a 2015 banking crisis, probably starting in Spain or Italy. As was seen in Cyprus, the banking sector may fail to protect your money in such events. Along with physical gold, Bitcoin could possibly be a safe haven as a store of value, although as a very new technology and rival to conventional currency, Bitcoin is at risk of possible Government restrictions.

Rgds