FINANCIAL

Bitcoin Worth $15 Quintillion Is Just Another Day In Crypto

Some are optimistic and think crypto technology is getting more robust and less prone to mistakes, catching up to traditional finance, or TradFi in crypto-speak.

“In the old days, there were lots and lots of bugs and idiosyncrasies in many exchanges,” said Michael Safai, founding partner of proprietary trading firm Dexterity Capital. “Exchanges are definitely investing in the demand they’re seeing this past year to get to that professional level that TradFi has been at for a few decades.”

Still, much of crypto is built on the idea of no take-backs — once a transaction happens on a blockchain, it’s supposed to be a done deal. So the passwords protecting Bitcoin and other crypto assets have to be guarded carefully; it’s far easier for hackers to swipe that, and therefore your coins, than it is to get at real dollars sitting in a real bank account with insurance backing it up. And don’t lose track of them: Some digital tokens are literally lost in garbage dumps, on mouldering hard drives. That raises a question: Is that too much to expect of crypto holdouts, creating a big hurdle to mainstream adoption?
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Distributed by Tribune Content Agency, LLC.

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