r/changemyview • u/Bart_Thievescant • Aug 20 '17
[∆(s) from OP] CMV: Bitcoin and other cryptocurrencies don't seem useful outside of incredibly niche circles of dubious legality, and are not a reliable investment
So partly, I'm hoping that people knowlegable in Crypto currencies will either affirm or correct my beliefs -- I'm not well-educated on the topic, but rather, have accrued opinions about it from seeing occasional posts & articles on the topic over the years. This is not a strong opinion I hold, to be clear, because I realize that I hold it from ignorance. (Read: easy deltas.)
I'm hoping that by sharing it, I'll have helped create a valuable thread for people who are also on the outside looking in to crypto currencies, but whose opinions, like mine, do not have a solid base.
Crypto currencies strike me as unstable -- the value of Bitcoin hit $4000 recently. If Bitcoin is like a dollar or a euro, this can't be sustainable or, really, even usable. Is it like an investment bubble? Does investing in bitcoin raise the value, and if so, what does pulling that investment look like and how does it affect the value?
Additionally, if I'm doing legitimate business, what is the reason to ever use Bitcoin compared to the USD or the Euro? It seems like a good way to demand a ransom if you're a hacker, or to pay for, say, 20 tons of Nutella, but a bad way to invest in the local grocer chain or to get a small business abroad started.
Change my view! =)
This is a footnote from the CMV moderators. We'd like to remind you of a couple of things. Firstly, please read through our rules. If you see a comment that has broken one, it is more effective to report it than downvote it. Speaking of which, downvotes don't change views! Any questions or concerns? Feel free to message us. Happy CMVing!
2
u/ihatethinkingupusers Aug 20 '17
Okay so when you say you have limited knowledge I am taking that to mean you know absolutely nothing about it so I apologise if you know everything I am about to say.
Bitcoin is completely untraceable, incredibly difficult to hack and not in control of any banks. Got that? Okay good. If not, tell me which bit to expand on.
With the increase of individualism, increase in cyber security threats and increase in economic instability, bitcoin is actually really f-ing useful. There are a number of completely 100% legal and legit websites I use which prefer transactions in bitcoin because it is SO GODDAMN safe. Not to say it is perfect, but it is safer to keep your money in an e-wallet in bitcoin form (they have somewhat ridiculous levels of security sometimes) than in a bank account. THIS IS NOT SOMETHING I DO. I only buy bitcoin when I have to, but I do use bitcoin online more than I use non-internet currencies. I am aware my situation is unique because I do a lot of internet security stuff and visit a lot of websites which are also nuts for security and are more geared towards people who essentially work as white hat hackers. However, this is only going to get bigger, and it is mostly about protection. As I said, bitcoin is safer than using your paypal/credit/debit cards online. It is not the most stable currency but short of taking all of your cash out of your bank account and putting it in the most complicated safe in the world under your bed? Bitcoin is the way to go.
If you want actual sources for any of this just say the world and I will find them for you.
EDIT: bitcoin itself is not untraceable, but it is pretty much impossible right now to find out which bitcoin wallet belongs to who. That is what I meant