L
lqprimetime
Enthusiast
Silver Level
I am going to check this out, my coinbase account though is bugged =\ and I don't even live in canada. Either same bug is affecting me locking my account, or it is something else and the similar Canada issue has taken all of their customer service.
This was an old thread, and back then it is almost laughable like "ha people thought bitcoin would die" and it had been taking off. And then now... plummeting.
But to what people were saying about how it is complicated how bitcoin works, yeah it is technically, but when I have to explain it to anyone, i tell them, it is basically like a video game currency(say World of Warcraft gold) that the world decided to accept as payment giving it value and merit based on faith.
Someone once told me, it has no backing like silver or gold, and maybe someone here said that as well, to which i usually say, neither does most of our money.
In fact, if i take a dollar from Canada, and bring it to a store in the U.S. they will refuse to accept it. Yet you know they know, it is real official money backed by a country, it should have some value behind it just like the US Dollar, but people still won't take it, because money at least in the US, works on our faith alone. So same goes for cryptocurrency.
I hear Amazon is coming out with their own.
As far as hacking and theft, i guess yeah that is a valid concern, but not for most i think. Because everyone including myself always believe "that happens to random other people".
Everyone's credit cards seem to get hacked eventually, but I guess banks have good damage control if it does happen, which good crypto trading sites have, and different types of secure storage out there.
But if they can still hack federally monitored banks and cards with laws behind them, I think it is just modern fear to live with.
