Bitcoin is lauded by many as the currency of the future. Supporters say the cryptocurrency is superior to the dollar because Bitcoin is decentralized, allowing the system to stay honest as it’s constantly being authenticated by everyone who uses it. Bitcoin has also developed a bit of a reputation as being the currency of choice for illicit goods and services, mainly because Bitcoin transactions can be difficult to trace, making a true “anonymous” transaction much easier.
But despite all of its futurist appeal, Bitcoin is still vulnerable to some very old fashioned problems, as one man recently learned when he was robbed at gunpoint for $1,100 worth of Bitcoin. It might seem impossible that someone could be robbed in the real world for something that’s essentially virtual. But many Bitcoin users will meet up in person to ensure their electronic transaction goes thru smoothly. It was during one such meeting that a Brooklyn man discovered trading in Bitcoin can be just as dangerous as using cash.
No details have been made public about the specifics of the transaction. But the man went to a prearranged destination and met with another man to make the transaction. There, he was led to a parked car in order to finalize the deal. Once inside, the other man allegedly pulled a gun and ordered the first man to send the Bitcoin. The robber then stole the man’s cell phone and took off.
Fortunately, no one was hurt during the robbery. But the incident shows why it’s important to be safe during any kind of personal transaction, regardless of the currency being tended. Always meet others in neutral, public places such as coffee shops or even police stations. If you’re trying to make an arrangement with someone else and they refuse to do this, they’re probably up to no good.