Should Bitcoin wallet be considered a bank account?

Bitcoin is a decentralized, peer to peer network that allows users to make transactions. The “wallet” is a file where Bitcoins are stored on a computer. Bitcoin wallet is coincided as a bank account by the United States Government even though it does not regulate or track Bitcoin transactions. Bitcoins are also not an approved currency by the US government, which is obvious. New malware is currently being used to find the Wallet file stored on an infected computer and transfer to the attacker.

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6 thoughts on “Should Bitcoin wallet be considered a bank account?

  1. I’m still very confused about the concept of bit coins. Surprised to see that the US government acknowledges it as anything.

  2. Bit coins are nothing more then a scam. The idea behind them is that users have to “mine” for the currency by running some sort of process that uses CPU cycles. The more bit coins there are in existence, the longer it takes to mine them (their way of creating scarcity and preventing inflation). What a lot of people who do the mining don’t seem to realize is that the cost of them running their computer to generate these coins is higher then how much they’re actually getting for them.

    Not to mention that when treated as a currency its incredibly volatile and subject to ridiculous market changes. For example there was a thread in the Something Awful forums, a summary of it here http://www.somethingawful.com/d/news/attack-of-bitcoins.php , where the users created a panic sell off by telling people on the bit coin forums that the market was crashing.

    Pretty much if anyone tells you bit coins are the future you should laugh in their face. Or don’t take my word for it, take Paul Krugman’s http://krugman.blogs.nytimes.com/2011/09/07/golden-cyberfetters/

  3. Pingback: Should Bitcoin wallet be considered a bank account? | RIT Cyber … | BitJack21 Blog

  4. I’m not sure i understand what the currency is used for transaction wise. What are people buying with this so called “currency” ?

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