As Portugal gets its first bitcoin ATM, central bank warns that virtual currencies are unsafe

On Saturday, Portugal got its first Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term ATM, provided by Bitcoin Já. Ahead of the launch, the country's central bank issued warnings about Bitcoin and virtual currencies.

It made reference to the ATM being installed in Lisbon, pointing out that it will not be integrated with the country's payment system and suggesting that the warning itself was likely triggered by news of the launch.

The bank said that virtual currencies are not safe and that they are not supervised or regulated by any financial authority, whether locally or in the broader European Union (EU).

Some of the other key points:

- Virtual currencies are not insured in the event of loss, theft or devaluation.

- They can be used for criminal activity.

The ATM's operator pointed out that the cryptographic technology behind Bitcoin and the ATM's processes are safe. As to the potential for uninsured and permanent loss, he said that holders should back up their private keys and limit the quantities held on vulnerable devices.