Locals using BitCoin Exclusively?

Defying · Apr 2, 2016

A couple questions regarding if a Local was to use BitCoin Exclusively

1. Is it true it'd be harder, near impossible to prosecute given the exchange is bitcoin instead of cash?

2. My biggest concern is the safety on the bitcoin sitting in the wallets.It not uncommon to have 6 figures in reserves. How safe is it there? Is there way to put extra security around it to prevent hacking?

TheComputerGroup · Apr 2, 2016

Great idea for locals but I fear hacking. Also, I don't know of any players that would choose bitcoin over cash.

bounceback · Apr 2, 2016

yes you can hold it in your "vault" in coinbase which isn't open to market change.

Defying · Apr 2, 2016

bounceback said:
yes you can hold it in your "vault" in coinbase which isn't open to market change.

this vault you speak of, youre speaking to the security part of the question I'm assuming..

and no one has been hacked with the money in the vault?

bounceback · Apr 2, 2016

Defying said:
this vault you speak of, youre speaking to the security part of the question I'm assuming..

and no one has been hacked with the money in the vault?

that, I'm not sure sir. BUT - you keep talking about "hacking"....and BTC is made so that it doesn't get hacked...VERY SECURE. I heard of no hacking of any BTC Wallets, blockchain, ect.

Only thing you have to worry about with btc is the market crashing and you have coins worth air

bounceback · Apr 2, 2016

Defying said:
this vault you speak of, youre speaking to the security part of the question I'm assuming..

and no one has been hacked with the money in the vault?

No, that's like someone hacking your online banking account.

It can be done but very rare.

Defying · Apr 2, 2016

bounceback said:
that, I'm not sure sir. BUT - you keep talking about "hacking"....and BTC is made so that it doesn't get hacked...VERY SECURE. I heard of no hacking of any BTC Wallets, blockchain, ect.

Only thing you have to worry about with btc is the market crashing and you have coins worth air

I know there was some hack that I read about in the last 6 months that made mainstream news... i would love if it is that rare though.. Hm..

as far as the BTC market crashing, I see there are "wallets" that allow you to have cash and BTC.. I would just convert to cash while it sits. when i need to pay out, convert to BTC, and then send out that amount.. not let my balance sit as a BTC currency

bounceback · Apr 2, 2016

Defying said:
I know there was some hack that I read about in the last 6 months that made mainstream news... i would love if it is that rare though.. Hm..

as far as the BTC market crashing, I see there are "wallets" that allow you to have cash and BTC.. I would just convert to cash while it sits. when i need to pay out, convert to BTC, and then send out that amount.. not let my balance sit as a BTC currency

exactly, you got it.