Why I wouldn't buy into bitcoins?

There's been a lot of hypes about bitcoins lately and personally I don't think it's for me and I will explain why.

The first time I heard about bitcoin, it was intriguing but the first thing that popped in my mind was : 1) How can anything digital be worth anything at all?
2) Why would merchants or anybody take bitcoins as payments when the prices is so volatile? (It can go from $200 to $50, so if you sold something on ebay this morning by accepting bitcoins by night time that same bitcoin can be worth one third as much??)
3) Security. Although bitcoin claims to be very secure by its encryption method but after all it is digital. One thing I've learned as a IT person of many years that is : "nothing digital is ever secure!"
Some examples would be :
a. file corruption
b. device failure (what if your computer were to crash or the backup device get stolen or destroyed?)
c. worse case, if we get hit by electromagnetic pulse?(this is unlikely but I thought I would throw it in here for your amusement)

4) There's no intrinsic value for bitcoins.

I am sure there will be a lot of people that disagree, but those are my general arguments of why I wouldn't touch bitcoins.

Comments

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