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    Thread: Are cryptocurrencies safe?

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      Question Are cryptocurrencies safe?

      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?

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      Not safer to me after China banned the cryptocurrency. Moreover I am studying it to know further. But it is not secured till now as if we trade in it, the profits won't turn into USD rather account capital will turn into bitcoins. This creeks me a lot as USD is an universal currency now a days. Whenever you try to get Visa, you must show your balance in USD. I just don't get it. It is over my head!!!!!

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      I think it is very uncertain for cryptocurrency because there is no institution that represents it. However, we cannot ignore the value of the cryptocurrency as mainstream business has started to adopt it. Even InstaForex allows you to fund your account with Bitcoins. While I do not feel comfortable with to be to rely too much on the cryptocurrency. While I would keep some because the value but I would just cash out extra.

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      I believe that cryptocurrencies can maintain their safety as long as the government do not intervene. I am using Bitcoin and I always get paranoid every time I send or waiting for my coins to arrive. I have no idea if their will be sudden price change in Bitcoin that can lessen its value before I can manage to exchange it to my local currency.

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      balut I agree, the reason people find Bitcoin attractive is that it is decentralized, meaning it is hard for the government to interfere. However, they can always interfere with rest of the mainstream business and reject them from accepting these crypto currencies, then you might get stuck with a lot of the coins, even if the values stay, there is no the way you are able to use it It would become useless.

      While I think we should have some Bitcoin but my advice is that you do not keep too much.

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      It's still considered safe though we still have hackers looming over it.
      The greatest threat though is the world governments, just like the comment above. So now it depends on them whether they can find a way to regulate it or not. My hunch though is.... they won't be around for long because government will still prefer their own currency compared to some "independent decentralized"digital currencies.


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      Crypto currencies are safe and secure because these currencies are secure in encrypted form and called digital money which is just like a hard cash but in computer and safe to trade because these currencies are getting used in lots of ways, these currencies are same as like we save data in our hard drive or we can save in digital wallet and are in encrypted form, i feel we will use only these currencies in future or these will shut down permanently but currently are safe to trade.

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      mransari do not challenge the hackers to do it, with enough motivation, any system can be broken. However, that is not the point. What we are actually talking about is whether it is safe to invest in the cryptocurrencies like Bitcoin. First, we are unsure how it works and how mining would help to multiply the cryptocurrencies. So would we be scammed? Would be relived the subprime crisis?

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      Quote Originally Posted by Dixie View Post
      balut
      While I think we should have some Bitcoin but my advice is that you do not keep too much.
      How something that has no price control can be safe? ok its descentralized without any CB to manipulate the value but that fact put the future price predictions more difficult to be made so its not easy to make a low risk trading plan in this market like you can do in forex. Investments here are the most risky so thats why we sugest to invest only a small % of your asset portfolio....
      Know when youre getting out before you get in. Jack Schwager


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      Greentrader The thing is value is perceived, Take forex market, for example, the value of money is also perceived, it is just a piece of paper issued by the government and they keep printing them. So what about the value of Apple Corp? It is also perceived, they issue you a share or bond and again is it a piece of paper. Now while cryptocurrencies are more complicated, the value is also perceived. As long as the investors this the value is there, they would get push the value up.

      What I worry about is the small time investor, they would not get the news first hand, they would suffer if the market starts to move south, they would be last to move out.

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