Minnesota Commerce Commission warns people to be cautious when buying Bitcoin

For Bitcoin enthusiasts, various warnings about Bitcoin are nothing new. Recently,迈克•罗斯曼, commissioner of the Minnesota Commerce Commission, also reminded the public to be cautious in using Bitcoin. Although the recent incidents of true and false "Nakamoto" have once again shown that Bitcoin's "origin is unknown", Bitcoin buyers do not need to have any doubts about this.

The negative impact of Bitcoin is reiterated

There is no denying that Bitcoin is growing in popularity. In recent months, government officials around the world have been paying more and more attention to Bitcoin. The Minnesota Commerce Commission recently warned consumers to be wary of the "risks" associated with Bitcoin. But the reasons they gave were some old-fashioned things.

Mike Rossman made his case by saying that Bitcoin is not controlled by a central government and has no government backing, which is a major flaw of digital currency in the eyes of government officials, but one of its main advantages in the eyes of Bitcoin enthusiasts.

In addition, he believes that Bitcoin lacks "intrinsic value" and that digital currencies lack relevant regulations and policies. Yes, compared with other forms of payment, digital currencies and Bitcoin are less regulated, but in recent years, countries around the world have been trying to find various ways to regulate and guide digital currencies such as Bitcoin.

Mike Rossman's main concern is the "dark side" of Bitcoin. People have always believed that Bitcoin is completely anonymous, but this is not the case. Bitcoin is pseudo-anonymous, it only provides a certain degree of anonymity. As we all know, the blockchain is an open and transparent ledger that everyone can view.

Mike Rossman believes that people are at risk of losing money because Bitcoin is vulnerable to cyber attacks. This is also what most people think. Although several platforms that process Bitcoin transactions have been attacked repeatedly, the network has not been attacked in the nearly seven years since the birth of Bitcoin.

Rights and obligations coexist

A concern for new users may be the irreversibility of Bitcoin transactions. This means that if funds are transferred in error, there is no way to get a refund. In addition, if a user loses their private key, they will not be able to access their Bitcoin wallet, which means they will not be able to use their funds.

In summary, the value of Bitcoin is that it gives people financial freedom. Of course, with financial freedom comes great responsibility, and people need to know how to take appropriate measures to protect the security of their funds.

Original article: http://bitcoinist.net/minnesota-commerce-commissioner-mike-rothman-warns-bitcoin/
Author: Jp Buntinx
Translator: printemps
Editor: printemps
Source (translation): Babbitt Information (http://www.8btc.com/minnesota-warn-bitcoin)