Quote from: Sherwood_Archer on September 17, 2018, 09:22:09 AM

Quote from: Bionicgalaxy on September 16, 2018, 07:04:20 PM

Quote from: Sherwood_Archer on September 11, 2018, 12:06:40 AM

Now that more and more countries are starting to go cashless (http://www.bbc.com/capital/story/20180427-does-a-cashless-society-benefit-everyone), is it possible that we also start converting to cryptocurrency? If that happens, what do you think are the advantages and disadvantages? Paying virtually is very convenient for me as I do not have to bring cash and it prevents petty theft but what is the disadvantage?

If all countries are converted to cryptocurrency for sure every transaction will be on blockchain technology or simply it will be digitalized. The advantage of it every transaction will be fast that you don't need to fall in line in shopping malls, but the disadvantage of it is it will be easier for hackers to steal all of your money.

I think stealing money digitally is already happening anyway. I have read a facebook thread where people with Paypal accounts got hacked. I am not sure how, maybe they just installed a keylogger or something and were unaware of it. If it's going to be on blockchain perhaps they may find a way to track it? I believe I have read somewhere that with blockchain every movement of a process/transaction can be logged and cannot be tampered with.

You are correct when you say that money is being stolen already and this problem is getting bigger by the day but the greatest advantage that fiat has over bitcoin is that banks can recover that money since they can charge back any money stolen but in bitcoin this is not the case, there is no one here in the space to protect you and if you lose your money you're never going to recover it.