Quo vadis, Bitcoin? - RTVE

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ÁLVARO IBÁÑEZ ‘ALVY’

bitcoin surpassing the $ 1,000, many Internet-and not as Internet- wonder what’s the famous revolution “virtual currency” and it could be considered a reliable financial instrument that investing speculate or even save your nest egg.

Considering that the last time an article devoted to the subject in these pages two and a half years ago, the price of bitcoin was $ 6 would not have been bad business have invested 1,000 euros putting them into the piggy bank pig after the change to bitcoin. could change them back now for about 166,000 euros and buy a villa on the beach

Some of the unknowns surrounding bitcoin is clearance have gone over time, but the main problems facing bitcoin still there . So below is a quick overview in the form of comments, questions and answers.

If any of the explanations the reader seems complicated enough to change the word ‘bitcoin’ for a piece that will be less familiar, as ‘yen’ or even with another instrument of exchange accepted but less common for euros, as it could be ‘cigarettes in prison. “

1. People still do not understand what is Bitcoin .
This is one of the main problems that causes rejection simply because people tend to use not invest what you do not understand. All architecture is complex, with terms like ‘cryptography’, ‘codes’ or ‘mining coins’ most scared to strengthen its design to ordinary mortals.

However, paradoxically, people sometimes yes that invests in financial instruments that do not understand: the famous future , purchase options or preferred stock are good examples, just to scope of a minority, although in practice many people invest in them directly or indirectly.

2. Where is the support of large institutions While bitcoin
born a bit like “the virtual currency of internet geeks” has slowly been getting props: shops, specialized companies, small markets … There are even Internet stores and some medium-sized (and even “physical stores” in various exotic street or business) that accept bitcoin.

Recent weeks have seen how even the U.S. Federal Reserve has declared “legal medium of exchange” – although some believe that the weight of these words is the same as the one who says that “the chickens are a legal medium of exchange.” Bizarre that someone would accept today receive their wages in bitcoin, because the eternal question of whether it is all a big bubble will collapse suddenly and is still very present.

3. A self-managed economy.
One feature of Bitcoin is that there is no central bank accountable or save money … But, on the bright side, there is no one who can decide to print money out of nothing and destroying the global economy, which we know happens in the ‘real world’. However-and this really is a problem, have been banks bitcoin fade into nothingness, and with them millions of bitcoin belonging to thousands of users who have no one to complain.

April. It is a mathematically secure means, but …
There are always those who are not entirely agree. Academic papers have been published explaining that Bitcoin is vulnerable and could “break” even under a somewhat individual and extreme conditions. Would be precisely those conditions but you could find cheaters and thieves who wanted to take a quick profit

Another problem is that transactions are irreversible and can not be overridden (although virtual store could return the money as a credit if in agreement with an unhappy customer.)

5. Already have stolen handfuls bitcoin. There
users that have stolen thousands or millions of dollars with social engineering techniques, basically cheating “in person” to get your passwords and make fraudulent transactions.

6. There are plenty of rogues and ‘crackers’ taking advantage of people.
Security researchers from Kaspersky located with malicious software that could infect computers and put them to work as slaves in the mine’ minting coins ‘and sending the new coins to the creators of the software. There have been several such attacks.

7. The Bitcoin brand has been associated with fraudulent activities. The most notable
, closing Silk Road, a popular website known as ‘the eBay of drugs’. All sorts of illegal substances sold as the FBI began closing is estimated that about 5 or 10 percent of all bitcoin currency was being used at that site.

8. The Bitcoin market has little volume and is very volatile
daily ups and downs of two digits in dollar-trading bitcoin are the order of the day. It is not something that can be described as’ stable ‘precisely.

Even small movements for an economy as they can be sold for about 500 $ 170,000 bitcoin-one of many transactions in early November-represented a 3 percent rise instantly. Comparatively, and relatively speaking, would be something like the Spanish bag ‘jump’ 3 percent up or down every time someone buys a floor or high end car.

9 . Already ATMs to bitcoin.
At least one in Canada. Robocoin called and began to work about a month ago. 80 transactions per day for a total of $ 10,000 has come to break the record of a million dollars a day. The idea is to make it close and comfortable operations with the new currency and the creation of new accounts, while working on getting the trust of the people.

10. “Bitcoin is an experimental currency that can succeed or may fail. Neither expects its developers get rich with it.”
These wise words are official information in the form of answers to