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No matter how much I try, there is always a part of Bitcoin which I don't fully understand, kind of scary actually.
by obilgic 14y ago
No matter how much I try, there is always a part of Bitcoin which I don't fully understand, kind of scary actually.
- TomatoTomato 14y agoDo you really understand all the inner workings of the current monetary system?
- niggler 14y agoThe difference is that enough people accept the current system without understanding it that you can use it for your needs. Not enough people use bitcoins that you can gloss over details.
- whatshisface 14y agoYou can use it for your needs until the stock market crashes. ;)
- harshreality 14y agoIf the Bitcoin monetary system breaks, only those using Bitcoin for savings or investment get hurt. Those who use BTC as a means of payment (buyers and sellers) have little reason to care, so long as they frequently convert excess BTC into other currencies. That's not so different from the U.S. dollar. You can buy and sell stuff using U.S. dollars, but unless you foresee the value of USD going up (a kind of deflation), you don't want a pile of USD under your mattress. (Also, it's uncomfortable.) Depending on your economic outlook, you want the money in something else: metals, some sort of investment vehicle, or a basket of [foreign] currencies.
- DennisP 14y agoWhat part don't you understand?