Thread: Cryptocurrency
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  #5  
Old 19-08-2017, 04:23 PM
Lorelyen
Posts: n/a
 
Not a valid argument for me. Banks have the technology so you can transact but they take no functional part in transactions unless you are abusing them in which case they're entitled to decline the transaction. If you have no overdraft facility and your action puts you in debit it will be stopped. That is no different from bitcoin or in former times with cash. If you have none, you can't do the transaction. Sending someone a payment from your funds at a bank is no different than handing them the cash.

It's certainly true that of late banks are exploiting new payment methods for profit (in which case, sure, they're intervening). If I make a debit card purchase banks take a cut from the merchant who presumably passes it on to me. If I do the transaction by phone the provider also takes from me.

But if I write a cheque, do an on-line transfer, hand cash to someone, pay them in chickens, I'm connecting with them as directly as I would by using bitcoin. Unless you have complex or specific instructions banks are pretty transparent. Plus they offer certain regulated safeguards.

Interestingly the Japanese are getting into cyber-currencies. They know how people love to borrow and that's how they'll get their claws in, I bet. The Japs are also hot on regulation so you bet that'll remove some of its anonymity.

If you run out of bitcoins or want to start up you still have to buy them (usually through an exchange) and create a bitcoin wallet. Depending where your wallet is it's still like a bank account. You're still subject to the laws of your country re exchanges. You can buy with hard cash at risk... there are lots of things to think about.

I've done some research always with an eye to providing for my future but the currency looked a bit too volatile. I may get some just to say I have them but I doubt I'll transact with them...as things stand now.

They're a bit like spirituality - as long as they're doing the establishment no harm they'll be left alone.

PS if you want to store your wallet on your hard drive be sure to back up the files. It's a lot safer than an online wallet I'm advised.
PPS. I notice from the one source I'd consider (bitty*****s) the purchase limits are extremely low unless you prove your full identity.

£$¥♥

Last edited by Lorelyen : 19-08-2017 at 07:57 PM.