Cryptos Proving to Be 'Safe Harbor'


#1

Looks like in times of uncertainty people are moving to cryptos as much as gold. This thing is here to stay folks:


#2

I agree that they are here to stay but also think that they have to evolve to survive.


#3

With things unfortunately getting more and more unstable in the middle east, and fiat value plummeting, we’re going to see serious movement into crypto currencies. This is a good time to buy in my view.


#4

It IS a good time to buy if you are into short-term speculation, but I wouldn’t go long on BTC or any cryptocurrenies in their current form


#5

Well I know one thing: I just went to Europe on business. I took money out of the ATM and by the time I got hit with the international fees and the bad exchange rate, I lost about 10%… ouch! If I could have paid with BTC I would have done it in a second. As people travel more (round trip NY to London $199 ?!?) cryptos are going to be THE thing. BUT they have to be usable and BTC is not


#6

There is a new app that shows business that accept digital currencies and they are crowdsourcing the info. It will help but I know what you mean it’s still not all that usedful as a currency


#7

International travel is a the key to wider adoptoin (i.e. mainstream use) but I think it’s a looong way off. It difficult to even use a credit card in most European restaurants and pubs… let alone cryptos. BUT maybe big chains like gas stations and grocery stores would adopt it if it was run through their current credit card infrastructure.


#8

Thanks I’ll check it out

it’s a bit like paying with phones, which honestly has never really caught on anywhere except Asia, and I have no idea why because it is really convenient.


#9

uh what are you talking about, to into any starbucks in NY or LA and everyone is paying with their phone


#10

There are other places in the world besides Starbucks. You have confirmed my point. Paying by phones, like paying with crypto, has not been widely adopted in the US. It may some day, but not yet.


#11

There are also other places in the world besides NY and LA :rofl:

I bet that paying in cypto with phones will one day be a reality but we are years away from it. Carrying around cash and paying ATM fees is just such a pain.


#12

Thank you I am aware of this fact. I was, however, simply attempting to illustrate that people DO in fact use their phones’ payment features, and a segue into using a phone to pay with Bitcoin is a natural fit.


#13

Everyday small payments with Bitcoin are probably not going to happen. A second generation crypto will have this capability, but the existing BTC infrastructure is already too far gone. A crypto agile enough to be used like cash, everywhere, will have to be built from the ground up with this in mind.


#14

It looks like this is what chainblx is aiming to do. In other words, take what we have learned from Bitcoin and build a better system from the ground up. I think you are right in that BTC is already too far gone to change its basic structure.


#15

‘Safe Harbor’ maybe, but the keys are a real security risk:


#16

This is a huge barrier to wider adoption. It is extremely easy to make a mistake and have your crypto stolen. And of course there is no recourse.


#17

Crypto transactions make me a nervous wreck that I’m going to do something wrong and get wiped out by some error or hack. There has to be a better way.


#18

I hear you. I think it’s that way for most people especially in the beginning. It’s good to be vigilant though. My advice would be to work in small amounts until you are really sure you’ve got a grasp on things. It is really easy to reveal info that can get your funds stolen.


#19

I took you advice and started slowly. It’s going ok but I’m really concerned that even if I execute every transaction perfectly, the exchanges themselves are still so vulnerable.


#20

Cryptos offer anonymity, but there is a trade off. As it stands, cryptos are like keeping cash in a safe. There are definitely risks, the most obvious one being that your funds can be stolen and there is no recourse. Before dealing with large amounts, make sure you know exactly what you are doing.