The currency is the vital exchange between the people in society, the currency does need for any country, so a nation always issues their own currency, therefore, normally, the currency based on the valuation of the credible currency as US dollar, Euro. Even in the days of yore, many parts of the world used the Shell money, that human primary currency appeared in the most continents as America, Asia, Africa. The Shell money was the early form conducted the coin and later on the bill. In the old days, the coin made of metal was the populated currency. Therefore in Vietnam, after Hồ Quý Ly succeeded a coup to dethrone Trần’s dynasty, the new government issued the paper note called” Thông Bảo Hội Sao”. The banking industry develops the high technology, currency made by coin, paper or polymer (Australia). Nowadays the electronic transaction becomes population. Actually, the business and the company is convenient for the electronic banking’s services.
The routine business operates or the customer purchases often relied on the source of the product plus the label. Certainly, nobody trade with an unknown counterpart or the product without the original source. Nevertheless, the currency is credible, because the user has to recognize where it comes from as US dollars, Euro, Pound…Therefore Bitcoin appeared since 2009 under the name Satoshi Nakamoto, but no one knows where does it come from? Who is the boss? plus many questions raise about Bitcoin is cryptocurrency but the assets estimate $USD 6 billion. In 2013, the economists studied Bitcoin has account holders are up to 980,000 individuals that belong to a mysterious founder, the Bitcoin’s joiners just know Mr. Satoshi Nakamoto born on April 5, 1975, who claims Japanese national, a scientific career, therefore, in the formality, Mr. Satoshi Nakamoto has never confirmed his key role of Bitcoin. Who holds the account and manage the Bitcoin’s assets? The people raise the concern about the vague Bitcoin also warning the risk could occur as the house has no foundation and who will pay for the loss or the Bitcoin’s valuation. Nevertheless, if Bitcoin declares bankruptcy or ceasing the operation, where will the member complain? How will they get back the money? Moreover, Bitcoin is not a real coin but the picture currency, even the note as US dollar, the dishonest could issue counterfeit note.
The Bitcoin repeats the primary currency occurred from the old days of early human history, nowadays, the Shell money to be upgraded with cryptocurrency. In the days of yore, the people collected the Shell used as the coin, it is the God money because the people knew Shell money came from the beaches, but Bitcoin has a mysterious source, it should be the Ghost currency without guaranteed and the credit is uncertain.
In the Vietnam War, at South Vietnam, the US military bases used the note replaced US dollars in the P.X (Post Exchange) for the military personnel and servants buying the goods as a cigarette, beer, and the others. Some local residents or brokers didn’t know the temporary valuation the note, they brought in the black market, but when the P.X replaced another note, they lost money, nobody compensated. The Vietnamese people gather in the Money Clubs (Hụi), mostly the member’s mutual trust when a member needs money, they could pay high interest for every member. Therefore, some dishonest member took all money and ran away, no payback, unfortunately, the lawsuit cost a lot of legal fees but not sure getting back the money. The Money Club of Vietnamese people is like Bitcoin’s organization, therefore, Money Club’s members know the boss, instead, Bitcoin members don’t know the boss.
Casino issues the Chip that values as currency, the gamblers could take back money from the Chip without a problem. However, Bitcoin is risky, not guaranteed. The mysterious source of Bitcoin is the question of the joiners. Nowadays, the internet becomes the mayhem, the good and bad appears but it is hard to recognize. Behind Bitcoin should be the dishonest hidden faces, that reason causes billionaire Warren Buffet concerns the Bitcoin will come to a bad ending. He said:” We don’t own any, we’re not short any, we’ll never have a position in them” and” I get into enough trouble with things I think I know something about. Why in the world should I take a long or short position in something I don’t know anything about.”. On September 2016, Chief of JP Morgan is Jamie Dimon warned that Bitcoin is a fraud, he admitted firing his employees who trade the cryptocurrency if he found out.
The dishonest people are plenty in society, actually the internet. The governments warn the fraud, the jugglers often carry out the verbal advertising to attract the innocent people, mostly the profit lovers without judgment, they easily fall in to snare of the dishonest and lost money. In Western countries, some retirees attracted the high interest, they poured the life savings, someone sold the house or properties and invested in the scam companies, mostly overseas. The financial experts warn the high interest could be riskier than investing in a bank or a guaranteed firms.
Bitcoin’s psychological warfare succeeded, the interest lovers do like the Bitcoin’s valuation increases, but abnormal investment should risk as the warning of Warren Buffet is a financial expert and also a well-known investor in the world. Someone has not seen the coffin in tears yet, however when it happened, the caution comes too late, the horse’s fence making after horse lost ./.