Cryptocurrencies - advised caution

As PMR Restructuring SA reported at the beginning of July, bitcoin has recently been running at record levels of popularity. However, it is being followed on its heels by another virtual currency, ether.

The price of one bitcoin is currently around $2565, but has fallen. One Ether is approx. 10 times cheaper, but its rate is rising rapidly. Analysts also note that the world of virtual currencies is highly volatile, so the chaser may soon chase the bunny.

"Money" is characterised by large daily fluctuations, so those who keep up to date with the exchange rate and have the time to do so can make money from it. On the other hand, investing in such a quasi-currency involves a huge amount of risk.

The creators of these cryptocurrencies claim that it is safe to invest in them. Among other things, this is because operations are performed by programmes rather than humans. They are also decentralised. Security is supposed to be enhanced by the cryptographic technologies used. Bitcoin is, however, infamous for speculative activities using it.

Although for the time being there are not many of them in Poland (a few dozen), the number of shops and points where one can pay with virtual money is increasing. According to PMR Restrukturyzacje SA, bitcoin can already be used to make transactions at e.g. Medicover Hospital, to top up a card or an account of a number of mobile phone operators. There are also several points in Szczecin that accept virtual money.

However, computerised currencies have recently worried two Polish institutions, the NBP and the KNF, which have issued a special communiqué. In it, they warn potential users of the risks associated with virtual 'currencies' such as bitcoin, litecoin, ether, among others.

The material appeared in the Kurier Szczecinski newspaper:

13 July 2017:
" Caution with cryptocurrency