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Why We Shouldn't Use Bitcoins
Transcript of Why We Shouldn't Use Bitcoins
Bitcoins are a virtual currency made anonymously. The Bitcoin worth is very unstable because it inflates and deflates every minute. Let's look at why we
Anyone can make a fake account without using valid information with Bitcoins. That means that anyone can buy illegal things such as some drugs. No one can trace back to the seller or consumer. If the government finds a way to solve this, the Bitcoin market could collapse any time. Bitcoins are open to everyone, so that isn't safe.
First of all, Bitcoins are NOT backed up by the FDIC (Federal Deposit Insurance Corporation). So if there was another depression or massive robbery, Bitcoins will not be worth a thing. If you lose all your Bitcoins during a depression, well, don't be surprised. Even if Bitcoins are worth about $500 per coin, since they aren't controlled by the federal government, they still won't be worth much. Back in 2008, they were only worth 30¢ per coin!
Bitcoins don't have a central
bank, so there is nowhere to
deposit them. Since they are not tangible, you can't totally protect them. Also, they don't circulate very well because there are only 21 million Bitcoins circulating in the world. There are also no refunds in the Bitcoin world.
Hackers could easily obtain the codes for the Bitcoins and you would be broke. You could lose your Bitcoins and hackers could track your transfers of money through your codes. This would be easy money for hackers.
They are also very hard to be obtained and they are very expensive. A mining set up either takes forever to get one Bitcoin, or it is fast for thousands of dollars. Although you can join a mining pool, there is a risk and little reward. You can get miners to mine for you on the computer, but they aren't real people. They are CPUs so they can mine all night.
There have been many charges on Bitcoins for being illegal, but the creator has been saying they are property,
currency. This makes it legal. This is a big problem for the government because they can't stop it because it is legal. Bitcoin isn't illegal because it is not real money.
This is why we SHOULDN'T