Wednesday, December 27, 2017

About Bitcoin: Is it a Safe Investment or a Risky Gamble?

Bitcoin is becoming more and more popular each day. Because of this, it is important to know more about this booming cryptocurrency. In this article, we’re going to talk about bitcoin and cryptocurrency news

Ultimately, we’ll find out whether this cryptocurrency could be a safe investment or a risky gamble for good.

How Bitcoin Began

Bitcoin was established in 2009. This cryptocurrency is a digital currency that has no central bank or regulatory authority. Coins in bitcoin do not come in a tangible form. 

They are made through computers and are stored on the Cloud or in a digital wallet. Furthermore, users can exchange and use them in transactions.

The Growing Interest in Bitcoin

Seemingly, cryptocurrencies can be seen anywhere, and one of the most popular digital currencies is bitcoin. 

In fact, according to Lex Deak, the Chief Executive of Off3r, they are getting more and more enquiries about investing opportunities in the field of digital currency. 

Apparently, most of the questions come from late adopters and mainstream brokers.

Moreover, Quickbitcoin’s founder Guy Halford-Thompson expects mainstream investors to heavily start shelling out money for cryptocurrency investments a few years from now. 

While a lot of people grow interest in cryptocurrency, others grow wary because of its volatility. Deak speaks about this, explaining that bitcoin and other cryptocurrencies are an exciting investment especially for experienced investors with balanced portfolios and small exposures. 

The Off3r Chief Executive emphasized that investors must consider how cryptocurrency works before making any investment.

Is It Safe?

You might have heard issues regarding cryptocurrency. One of the most shocking cases in the history of cryptocurrency is 2016’s Bitfinex theft case. 

Nearly 120,000 bitcoins worth more or less $78 million were stolen from Bitfinex, a popular cryptocurrency exchange. This resulted in a drop of 20% in the value of the cryptocurrency at the time.

While it’s true that there can be more cases like this in the future, it’s not fair to define bitcoin as unsafe. That’s because bitcoin is only as safe as online banks. 

Just like in online banking, it’s important for people to take good care of their bitcoin account credentials. After all, bitcoin users are responsible of their accounts.

Obi Nwosu of Coinfloor suggests users to secure their accounts with third-party companies. More importantly, it’s important to keep your account credentials offline. This way, there could be no way to hack your account.

Is It a Gamble?

According to Dave Birch, an electronic expert, one shouldn’t invest in but gamble on bitcoin. 

From this speculation, it’s safe to consider bitcoin as a gamble, but it’s a safe gamble. However, experts would suggest investors to invest only as much as what they are prepared to lose.

Final Thoughts

Bitcoin is booming for a reason, and one of the reasons is the fact that more and more people have experienced success in this industry. If you want to have a taste of the same success, you can always invest in bitcoin.

1 comment:

  1. I really appreciate this wonderful post that you have provided for us. I assure this would be beneficial for most of the people. Bitcoin hats


Join 1000's of People Following 50 Plus Finance
Real Time Web Analytics