RE: EL-SALVADORIAN PRESIDENT ON MAKING BITCOIN THIER MAIN CURRENCY
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Before you even think of converting your national currency to bitcoin, you want to consider a few important facts.
Firstly, Bitcoin was created by an anonymous computer programmer or some programmers (there is no agreement as to the main truth on this and the identities are still yet to be discovered.
one time like that,
Mt. Gox, the largest exchange service converting dollars to bitcoins, went haywire a in funny way when hackers allegedly stole bitcoins worth hundreds of millions of dollars. Even before that, report says about nine million dollars had been lost to hackers. This go for other bitcoin exchanges having blamed hackers for their losses.
Secondly, the currency is digital, so there is nothing you can touch or hold. Its value fluctuates in a highly volatile manner. It is created by anonymous programmers through a technique that is too complex for most people to understand much less participate in.
Definitely, investors who have been looking for a way to cash will come to their country and say them off all their dollars.
Since bitcoins are often stored on personal computers, users face the risk of losing their money if they do not implement adequate antivirus and backup measures according to an antivirus company.
Hardware failure aside, throwing away an old computer in the trash without first removing your bitcoin is also an easy way to lose your digital fortune.
In summary, if you use bitcoin, you are trusting your money to a complex system you do not understand, people you know nothing about, and an environment where you have limited legal resources.
Think about it
In the traditional world of investing, this would raise enough red flags to make it a bad idea. On the other hand, the European Central Bank reported in 2018 that bitcoin is just one of over 1600 digital currencies now in circulation around the world.
Even if bitcoin ultimately fails or is pushed to a minor role in the world's eye, one of its successors could radically alter the way the world thinks of currency.
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