Brainy Posted February 6, 2019 #1 Posted February 6, 2019 Hello. In the last few days i've spotted a news article where a cryptocurrency exchange's CEO died and took his wallet password with him, and unfortunately taking all his 200mil $ worth of crypto with him. article: https://www.japantimes.co.jp/news/2019/02/05/world/cryptocurrency-exchange-ceo-dies-holding-passwords-can-unlock-millions-customer-coins/#.XFsXh1xKiCo Also i've seen people even here on stake, messing up their wallets and therefore losing some amounts of coins. So that got me thinking. Lets say that bitcoin eventually becomes no.1 cryptocurrency that replaced standard money. You get paid in BTC and you pay in BTC, something can always happen to you, and basically you have to always trust someone with your password, because if you dont and you die, everything that you saved up, it gets lost, and not even the closest ones can access, and benefit from it. And another thing. You pay in crypto, human error is always present and lets say you're buying a car and human error kicks in, and you transfer 1 btc to a non existing wallet. You were earning, saving, gambling, etc for yourself to buy yourself a car and it eventually gets lost, just like some people here that tried to send litecoins to site but realized they mistakely sent it to BCH wallet ( Comment if sometimes anything similar happened to you). How do you feel about this, are we still too far away for bitcoin or crypto in general being global money, or you think if you messed up you deserve it, or something like this. Tell me your opinions on this.
bicoinman Posted February 6, 2019 #2 Posted February 6, 2019 no it can be the first money in the world ......
FotisNt Posted February 6, 2019 #3 Posted February 6, 2019 Well, of course we are such too far away to have bitcoin as a global currency while many people have actually no idea about how does bitcoin work or how do we exchange it and stuff. For me, it might take ages to be able to transate with bitcoin in local stores etc.
Brainy Posted February 6, 2019 Author #4 Posted February 6, 2019 @FotisNt Yes, i agree but main goal for btc is to become global money, but all this things as stated in the topic, are very problematic, at least from my perspective, it doesnt even have to be global money, to be almost necessary to fix stuff like that.
skillex Posted February 18, 2019 #5 Posted February 18, 2019 For me, cryptocurrency is just an alternative or shall we say a token, substitute for money.
Kate Posted February 18, 2019 #6 Posted February 18, 2019 Why would we even hold 1 Bitcoin in one wallet thats a bad move split it and hold in different wallets and take care when you are sending it
barbaris Posted February 19, 2019 #7 Posted February 19, 2019 On 2/18/2019 at 2:35 AM, skillex said: For me, cryptocurrency is just an alternative or shall we say a token, substitute for money. I completely agree. For me, this is also an alternative, although maybe with time I will change my opinion.
skillex Posted February 20, 2019 #8 Posted February 20, 2019 On 2/7/2019 at 1:56 AM, FotisNt said: Well, of course we are such too far away to have bitcoin as a global currency while many people have actually no idea about how does bitcoin work or how do we exchange it and stuff. For me, it might take ages to be able to transate with bitcoin in local stores etc. You are right. Bitcoin has a long way to go to prove to industry its true worth.We are on the modern era already and we humans never entend to be stagnant in learning so we ought to discover more and be more civilized. I know time will come where blockchain technology is very needed in financial system to help to fight financial inequality and to bring financial services to people without access to a bank.
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