Taking Bitcoin lessons … for the rest!

Taking Bitcoin lessons ... for the rest!

After the « Elon Musk » episode in 2 parts:

Bitcoin could stabilize, but with this type of financial investment stability is not counted in months, but maybe just weeks.

Bitcoin is an exciting financial laboratory, this cryptomony is old enough to learn from it.

1 – The encryption system, storage by Blockchain has proven itself, but not only in cryptomoney, the reliability is « perfect » (until hackers find the flaw and they will find it, no doubt about it).

2 – For savers this is safe, but what is less safe is that there is always the risk of losing your access keys to your cryptographic « safe ». Some say that 2 to 3% of savers lose their keys every year. There is clearly a loophole. In the traditional banking/financial system, if a saver loses his access codes (account number, password, …) as long as he remembers the name of the institution where his money is, he will be able to retrieve his codes. The fact that this is not possible with cryptomoney is inadmissible. If this impossibility is structural, then it is necessary to stop all these cryptomonnages and imagine something else where you can recover your access codes.

3 – The system of « mining » the creation of new Bitcoins (until the maximum number is reached) is very energy consuming, incompatible with an environmentally friendly approach.

4 – There are too many rumors about Bitcoin (and other cryptomonnages) being used for illegal operations (drugs, weapons, blackmail). Speaking of blackmail, who hasn’t received those emails claiming to have access to the address book and to have recorded a video watching pornographic things. Threatening to spread this if you don’t pay a sum in … Bitcoin.

5 – We could have imagined that Bitcoin would be self-regulating, but it is not. Like other cryptomoney, Bitcoin is completely free to « move », its course can double or be divided by X in no time at all. Which is what it does at the slightest rumor, at the slightest announcement. Difficult in these conditions to use it for financial investments of a company’s treasury, or as a unit-linked life insurance compartment, unless it represents a negligible part of the portfolio.

It is necessary today, that the next cryptomonnages take into account these problems.

Without any real regulation, a minimum of safeguards is needed to avoid too erratic movements. There must be a system allowing, in case of loss of access codes, to recover them. A control at the opening of a « safe » with cyptomoney showing that one is not a mafia or criminal organization (even if everything cannot be controlled, even real coins are used for unsavoury operations).

The new cryptomoney will not be as dreamy as Bitcoin, it will not double its value in 24 hours, but it will also avoid having its value halved in 24 hours.

For the moment Bitcoin exists, it will still be talked about for a long time … to follow

Consultant for more than 30 years, I have been a journalist, risk and insurance professional for the e-mag RiskAssur-hebdo (https://www.riskassur-hebdo.com) and a witness of my time for https://notre-siecle.com and https://perelafouine.com.

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Taking Bitcoin lessons … for the rest!
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