Twitter and Instagram, or the advice of why is bitcoin safe broadcasters that may or may not fully understand cryptocurrency themselves. Bitcoin is the unit of digital currency that is specific to, and may be transmitted by, the Bitcoin blockchain network. Furthermore, Bitcoin acts to secure the Bitcoin blockchain by aligning the financial incentives of various actors in a transaction so that trust can be assumed without the validation of identity or reputation, and without permission for a transaction being given by a banking institution or other traditional gateway. Just because the Bitcoin blockchain and thus Bitcoin have been technically safe and secure historically, this does not mean that other blockchains and cryptocurrencies will exhibit the same long-term reliability, security, and resiliency against attacks.
The rules that have applied in the traditional markets don’t apply here. Consider this scenario: Your teenage son, daughter, friend, or family member is establishing their very first bank account. They’ve heard that you’ve long banked with Bank of America, and know that you’ve found your money in your account each time you’ve check your bank balance, and that when you’ve want to process a check or send a wire, you’ve been able to. For them, asking the right questions is a challenge.
BofA, but promotes half price wires — it’s an attractive proposition. In the cryptocurrency arena, however, trademark generally does not apply and is not used. New users and cryptocurrency buyers beware: You must do your own research before purchase. The confusion described above faces people newly coming into the cryptocurrency arena.
Because Bcash launched in August 2017 using the historical Bitcoin software and transaction history, and because a couple of very early Bitcoin adopters have claimed it to be true. Bcash is just one of many cryptocurrencies that have launched with the claim of fixing problems in Bitcoin. As the use of the Bitcoin blockchain has grown, the network has started to run into scaling issues. In other words, as Bitcoin gains popularity, it faces standard growing pains that will cause some users additional friction in transacting, but that does not expose any users to the threat of lost Bitcoin.