Some considered it an alternative to traditional currencies ... and others warned of its danger to the money market ... and there are fears that it could be used to finance terrorism.
A burstable bubble
Bitcoin is obtained, sold and used in buying and selling via the Internet, and it differs from traditional currencies in that it is not printed on paper or minted on a metal, and the most is that it can be bought and sold using traditional money, and it has no specific and existing geographical centers. To purchase them, they are bought through specific websites on the Internet.
What is more, entering her world is not a complicated process, and it only takes 15 minutes, according to what the sites concerned with buying and selling them indicate, a person only needs to create an electronic wallet through these sites, and write his credit card number, phone and date of birth, and then a message arrives on the phone. The cell phone includes a four-digit code, so that the entire financial world becomes "king of his right hand."
But some specialists in the business market believe that Bitcoin is nothing but a bubble, which will soon burst like the real estate market bubble that caused the "mortgage" crisis and led to the collapse of the "money market" in 2008, while others see that digital currencies represent a development. Logical methods of financial transactions, and that there is no longer the possibility of it to be a bubble; Due to the recognition of many companies and institutions, and their acceptance of "Bitcoin" as a currency in exchange for their services and products, such as Microsoft and Kentucky Restaurants in Canada, and many other companies.
Security concerns
At the same time, there are global warnings and concerns against digital currencies, due to the inability to track their transactions, which turned them into the main currency of the dark web transactions, or what is known as the "dark internet" and the financing of terrorist operations.
In mid-December, the US Justice Department announced the trial of an American woman of Pakistani origin, 27-year-old" Zobia Shanaz", accused of transferring more than $ 85,000 in digital currencies to ISIS.
Also, US Treasury Secretary Stephen Mnuchin said, during his recent participation in the Economic Club conference in Washington, that the US administration is focusing on tracking the activities of digital currencies so that they do not turn into another version of "anonymous Swiss bank accounts," according to his description.
Mohamed Abdel Basit - Director of Cybersecurity and Security Projects Development at the "Security" company - believes that one must be careful when conducting transactions of this business through trading platforms, explaining that "its trading information is stored in blockchain loops, which are confidential and encrypted information, which cannot be viewed." On the identity of the owners, as for trading platforms, transactions and their parties can be tracked, such as the identity of the seller and the buyer and the value of the trading process, and this depends on the security system of each platform and its ability to preserve the data of its traders.