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    Thread: Are cryptocurrencies safe?

    1. #21
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      I strongly agree that cryptocurrenies are not reliable one. Because these currencies have not yet gained the confidence of Governments. Just because of these facts i strongly avoid to have confidence in them. No currency could surrvive until its being supervised or authotized by the Government.
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      I don't know much about crypto currencies but I think that these would be safe as many of the traders are completely relying on them. I have heard about many countries where crypto currencies are banned I don't know why is it so, I f you have any information please share with me too.

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      The plan answer I can give to you here without mincing word is that the crypto-currencies are not safe. Had it being they were safe, you can not expect Bitcoin to pass $1000 this years, and still move over $3000 in value. This is to show how dangerous and unregulated the Bitcoin is, and I do not think that the currencies could ever sustain themselves with time. Furthermore, you could realize that some countries are now banning the use of crypto-currencies, and this is to shown that its future is still unstable.

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    5. #24
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      Quote Originally Posted by pzyke27 View Post
      Nowadays, the rising popularity of bitcoin and other cryptocurrencies hit the market and tickles the interest of alot of traders.

      But the big question is, is it safe and secure to use these currencies?
      If Yes, why?
      If No, why?
      Although there may still be some uncertainty about bitcoin and Cryptos generally but I believe it's a very safe investment. Especially when country like US, Japan,Russia and many others have legalised it. China doesn't seem to ban bitcoin outrightly but trying to find a way of regulating the use. Economist have even predicted that it would eventually likely become a safe haven like gold and this majorly due to the transparency that blockchain provides. Anybody can audit anything on the blockchain network which give room for complete transparency unlike fiat currency. So in a nutshell bitcoin and crypto is a safe investment especially in the long term perspective.

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    6. #25
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      Quote Originally Posted by mbhs2010 View Post
      I believe it's a very safe investment. Especially when country like US, Japan,Russia and many others have legalised it. China doesn't seem to ban bitcoin outrightly but trying to find a way of regulating the useI strongly agree that cryptocurrenies are not reliable one. Because these currencies have not yet gained the confidence of Governments
      Hello friend. you may get yourself banned sooner than you expect as this your action is not tolerated at all on this forum. Why would you be copying my post as yours. You had better go read the forum rules before you earn yourself a ban. create your own posts and let it be sensible.

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    7. #26
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      seadof** Technically, these countries did not legalize anything, Bitcoin is still not a legal tender in many if not all countries. The point is some companies and financial institutions accept Bitcoin as a choice of payment. But it is still not as widely accepted yet. The only issue is not so many cryptocurrencies popping up, how are people going to manage this?

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    8. #27
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      Quote Originally Posted by Dixie View Post
      seadof** Technically, these countries did not legalize anything, Bitcoin is still not a legal tender in many if not all countries. The point is some companies and financial institutions accept Bitcoin as a choice of payment. But it is still not as widely accepted yet. The only issue is not so many cryptocurrencies popping up, how are people going to manage this?
      You need to try and dig up some news and you will see that Japan officially legalised bitcoin sometimes in April this year. Same goes to South Korea and US, I know not many country has officially declared their status on crypto but many are already talking about how to regulate the sector which is a subtle way of saying we are considering legalising crypto once we can get a way to regulate the market. Now regulating the market can mean many things to different folks.

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    9. #28
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      seadof** we cannot mix up legalized and legal to use. While it is not illegal to use in these countries, they have not formally back the cryptocurrencies. That is the issue. They can still easily retract and banned the usage in the countries. It took some reaction from China and the price go down 20%, imagine tomorrow Japan and US do the same thing. Until the central bank list them as currency, it is not legalized.

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    10. #29
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      Quote Originally Posted by Dixie View Post
      seadof** we cannot mix up legalized and legal to use. While it is not illegal to use in these countries, they have not formally back the cryptocurrencies. That is the issue. They can still easily retract and banned the usage in the countries. It took some reaction from China and the price go down 20%, imagine tomorrow Japan and US do the same thing. Until the central bank list them as currency, it is not legalized.
      Ok I agree with you but even if Japan and US decide to follow suit the China that won't kill Cryptos especially bitcoin. Of course there will be some downward effect on price but overtime it will stabilize back and when the government of this countries sees the resilience of those who believe in them. then, they won't have option but to back down. did you read that Japan just introduce J coin?. a system intended to be used for interbank cash settlement based on the block chain technology. It is intended to reduce the stress and issues of cash clearing between banks and hence improve transparency

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      dzin4aans (10-02-2017)

    12. #30
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      seadof** That might just be the issue, is all countries start getting their own cryptocurrencies, where would bitcoin stand. The good thing about bitcoin is that the government cannot interfere with it operations. But if they each have their own, when they might just ban the rest that is not registered with countries. That would mean that you can have lots of bitcoins but cannot use them. To the many people like me, what use would that be? I would not be buying weapons and drugs in the underworld so it is totally useless.

      understand I am not against Bitcoin or anything, I am just cautious and every development would bring unpredictability to the cryptocurrencies.

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