PROS AND CONS ABOUT
BITCOiNS
Introduction by Hugo
Adan Dec 5-2013
If you want to know about the PROS on
bit coins check
2 videos and 1 article below.
For the CONS read my previous article http://nd-hugoadan.blogspot.com/2013/12/currency-war-status-at-dec-5-13-yuan-is.html or go to the best video
about CONS of bitcoin in: PETER SCHIFF: BITCOIN VS. GOLD (22/11/13)
Friday, 22 November 2013 10:10 http://www.youtube.com/watch?feature=player_embedded&v=0L7SOPDOvvI or
just press here: Bitcoin vs. Gold:
The Future of Money - Peter Schiff
-------------
Here the PROS
VIDEO 1: The
Pros and Cons of Bitcoin - What You Need to Know! By Stefan Molyneus. Publicado el 21/11/2013 www.youtube.com/watch?v=j_sj6XGMVaw
Nov 21,
2013 - Uploaded by Stefan Molyneux http://www.youtube.com/watch?v=j_sj6XGMVaw
Digital currency Bitcoin is gaining popularity around the
globe as people become more and more dissatisfied with the conventional banking
system. Instant, safe and nearly anonymous,
Open either http://www.youtube.com/watch?feature=player_detailpage&v=as_3Pp_yGq4
OR http://www.youtube.com/watch?v=as_3Pp_yGq4
THE ARTICLE: Bitcoin digital currency pros and cons - Chicago Tribune
Here extracts of this artcile
November 13, 2011|By Kristin
Samuelson, Chicago Tribune reporter
Now comes Bitcoin, a peer-to-peer digital currency launched
in 2009 by Satoshi Nakamoto, not necessarily his or her real name. Unlike
others, Bitcoin is the first decentralized digital currency, meaning "no
central authority issues new money or tracks transactions," according to
Bitcoin.org.
What is a bitcoin?
Ho: It's a very
interesting application of high-tech cryptography and the purest of pure
mathematics, which is numbers theory, to something useful: encrypting a
message.
How does it work?Ho: To participate legitimately, visit Bitcoin.org, become a user, download the Bitcoin software and create a digital wallet.
After you set up your digital wallet, you can create any number of addresses, long alphanumeric strings that serve as your monetary identity, like a credit card number or a username on an online marketplace. You don't know who is connected to whom, which allows for anonymity, but you can identify the same number if it's used repeatedly.
How is Bitcoin valued?
Ho: The value of the 7.6 million Bitcoins in U.S. dollars depends on the day because, just like any currency, it can change based on the market and demand. MtGox.com is a mini stock exchange for the trading of Bitcoins. On Friday, the closing price for Bitcoins via the MtGox.com currency exchange was about $3.
What are the pros of Bitcoin?
Ho: First. With a Bitcoin transaction, it's just between you and the other person (peer to peer business). That is the amazing thing. Bitcoin is not a company.
Second. Bitcoin as one of the top five, if not top three, open-source, open-code community project ( a kind of closed system that is not private). Microsoft Windows is an example of a closed system. But they have a monopoly: You have to pay Microsoft to update the software or fix bugs.
What are the cons?
Ho: There is no easy way for people to know about
Bitcoin, and when they do hear about it, it's something bad in the news (the
breaches and black market). [It is definitely an anti-state project, not state
or state union (EU-USA-Arab League, you
named – will accept them] . Young people will accept it, but it would be hard
to convince a grandma or grandpa that this thing is good.
Continue Part 2
DOES THE LATEST DIGITAL CURRENCY HAVE STAYING POWER? Nov 13, 2011
One day, your Bitcoin could be worth a penny, another day
$10. It's a chicken-and-egg question: Is it unstable because it's not big
enough, or is it not big enough because it's unstable?
Adler: Digital currency suffers from two major flaws:
1) Currency works only if people trust the medium. We know currencies of other nations are issued by a government, not
a company that may or may not be in business next week, so the credibility goes
deeper. With checks, for example, how do you know you're going to get paid if
you get a check? The bank you're going to deposit it to has rules and
regulations that handle that process. When you get into digital currency, you
have to buy into someone's software-based system and take a leap of faith.
2) It's purely virtual. It exists in electrons, not atoms,
so it's difficult to authenticate it. If you take cash out of my hand, my bank account or my wallet, I know it. You take it out of my
digital wallet, I don't know it. I can't file a police report and say I lost
1,000 Bitcoins.
Are there physical Bitcoins?
Ho: There are physical Bitcoins to exchange because some people like to hold something. This is equivalent to dealing on the stock market. There are people who hold onto the stock certificate, but most people just know they have 100 shares of IBM.
============
Related articles:
==============
No hay comentarios:
Publicar un comentario