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What do you think of cryptocurrencies such as Bitcoin?

by Here and There (follow)
Money (149)      Technology (193)      Finance (24)      Banking (4)     

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Bitcoin is probably the best known cryptocurrency, however there are others such as Dogecoin, Litecoin, Peercoin and many more. What do you think of them? Would you/do you use a cryptocurrency? What are the benefits? What are the risks?

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When I first heard about Bitcoin I was concerned about how safe it was, and since all the hacking problems, I am now completely put off the idea all together.
I think it is an interesting concept. I would of course want to do a lot more research before I invested in Bitcoins myself, because I'm not sure how secure they would be (and don't like the idea that the "key" is stored on one computer and if that computer gets a virus and data is lost then the Bitcoins would all be lost too. It certainly has potential though. After all, money is only valuable because we all agree that it is, so if enough people agreed on the Bitcoin's value then to that degree it would hold value. Food for thought.
Unlike traditional currencies, where a central bank decides how much money to print based on goals like controlling inflation, no central authority governs the supply of bitcoins. Like other commodities and currencies, its value depends on people's confidence in it.
Personally, I like the idea, I really need to do more study on it, sounds viable.
But, nothing I would like to rush into.
I'm afraid I've never heard of 'cryptocurrencies'. Please explain.
by Vee
It's a type of digital/virtual currency based on cryptography which is not associated with particular countries, governments or banks. That's my understanding, however as the definitions of "cryptocurrency" vary somewhat you might like to look at some of the following sites which have more detailed explanations of cryptocurrencies and how they work: http://inventors.about.com/od/bstartinventions/a/Bitcoin.htm or https://www.coinpursuit.com/pages/what-is-cryptocurrency/ or http://www.techopedia.com/definition/27531/cryptocurrency. Hope that helps.
I see. Thanks for that Janice. :)
by Vee
If you can't use it at a 7-11, it ain't worth anything...(that applies to real currencies that can't be used or changed into another currency)
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