Bitcoin and Other Cryptocurrencies

Originally Posted by Patriot76

I do not understand the bitcoin and other electronic currencies and assume if and when the government eliminates cash I will be able to take my cash in for exchange for the new currency. Therefore I keep cash on hand. I do not trust electronics because of its vulnerability and it seems like an easy way for others to track your spending habits. What happens if the grid goes down, will people be able to access their money? If the bitcoin is not the currency selected, will you be able to exchange it? Since I do not have the knowledge, I do not have the answer to any of the statements above.



My profits go back into my farm restoration business. Land is by far my biggest investment because they do not make it anymore. This post is using the Socratic questioning technique to encourage more discussion not to influence or be critical of anyone's beliefs. I want to learn more.

Bitcoin is untraceable. It's all computer hashes, which is why governments(particularly the US Government) haven't been able to tax or gain control over it. If the grid does ever go down, you wouldn't have access to bitcoin or anything else electronic. It'd be Live Free or Die Hard all over again. What you'd have left over is a Fallout-type world where all currency is useless and barter systems pop up.

Originally Posted by eastky

Is your bitcoin insured in case of hacks and theft? Could or will a hacker attack wipe out your account? If you cant hold it in your hands or feel the weight of it in your pocket its not real.

People call USA currency fiat money that's not real and has no real value. I can and will tell you when Mother Liberty draws those purse strings closed that bitcoin wont be worth much. Bitcoin is a Ponzi scheme.

Bitcoin or any other virtual currency is not insurable as the transactions are untraceable, and large companies that delt with bitcoin only have been hacked numerous times only to have no recourse because there was no way to trace the hack, only see that one took place. It's not really so much the hashing programs itself that are vulnerable, it's online wallets that hold your bitcoin.



I probably know more about bitcoin then I should, and this isn't the first thread on here to pop up about it.