[Sn1F3rt]

Pretty much Crypto is a good way of transactions. I use them time and often, as they're quiet secure and reliable.

Well India has no restrictions on use of Crypto or Forex, ofc as long as you don't cause trouble. So pretty much every tech geek is fond of it, even sometimes it's preferred over Paytm when we wanna send money to friends for whatever reason.

TBH it's a good way of payment. I agree that there might be frauds here and there, but they're in every form of banking. You know, your can't avoid. Often the plus point of Crypto, that you can't know who's behind a wallet, us exploited by miscreants to their advantage. On a sidenote, yeah governments have the capability to trade them, through various systems, and so you cannot expect a 100% secure privacy anywhere. In my opinion, it's a bit more safe, otherwise it wouldn't have become so popular in today's world, where every other providers takes payment in Bitcoins or whatever.

[fChk]

Where I live both CryptoCurrency and FOREX trading is banned by the Central Bank. They are paranoid about these since they can control or monitor the cash flow.

So it can be traceable? I thought it can't. and one of the biggest reasons why it got so popular. ))

As you certainly know, everything on the Internet is traceable; Cryptocurrency transactions are no exception. Are they private? No, they are public, broadcasted and logged on the blockchain (a public distributed database), which is the innovative way of storing and distributing Crypto's transaction ledger (there are books written on how the blockchain works [1].) So, the information is public, completely transparent and (most of all) TRUSTED (without any intermediary).

Are they(/the transactions) anonymous? Yes! because all you see are funds transmitted between electronic wallets. Each wallet is protected by its private/public key pairs. This is why, as you said, they become popular in certain quarters... But, we (old timers) know that this kind of anonymity on the Internet is ephemeral once you're in the cross-hair of who's looking for you and that's what I meant when I said in the previous post:

...it's possible [to crack the anonymity] if they put enough resources on the case retrospectively

So, I guess, for trivial illicit stuff, it may not ring any bells(/go unpunished), but for the serious ones, it will take time to put the pieces together (via the records registered on the blockchain) then track who's behind all the wallets involved.

I would have to say I doubt if you should compare them like this.

Because I think what arsal said was that cryptocurrencies are not easily traceable by the governments.

Traceability or transparency inside the banks is bad for the general public, but it is not that bad for the governments.

I think I did get what the OP is saying and I think, I did respond accordingly, thanks @tryp4vps.

BUT, I don't think I agree with the highlighted part of your quote above. The general public would love if there is traceability or transparency inside the banks too, and I really mean the GENERAL PUBLIC, not the Wealthy Class :-)

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[1]- The Bitcoin whitepaper, which was released to the public on October 31, 2008, by the mysterious Satoshi Nakamoto, can still be found here.

[arsalahmed786]

Since i posted this thread, I started using cryptocurrencies obviously specially Bitcoin, I send/receive BTC many times, I also post 30$ worth BTC on coinbase wallet on my iPhone, Just because i didn't knew how phrase code is so important, I will create separately soon. Now my knowledge about cryptocurrency way better than by the time i created this thread.

Having Bitcoin in Pakistan is not less then having drugs, But i haven't seen any action again cryptocurrency users , Even though according to some financial experts government already working to introduce some law for Bitcoin OR Altcoin.