Why You Should Not Invest In Bitcoin?
Bitcoin is a digital currency, a form of currency which doesn’t exist really, a virtual one. It was invented in year 2009 by a person name Santoshinakamoto. It was a virtual currency only operated by computer, directly no intermediate, direct transaction always. Bitcoin is the best successful digital currency of its kinds, rest of the similar kind are not that popular?
Risk factor in bitcoins, that tells us not to invest in it are:
- No back-up methods are there to retrieve a theft on bitcoin, as it is not centralized. Once stolen, no one has the responsibility of that other than the user. Unlike of actual currency, when any credit card is stolen, there are authorities who will help retrieve it back. And until it is decentralized there is no possible outcome for its development.
- Although it is accepted as payment for lots of products, services or by several companies. But it is not accepted by most of it, as most of the corporate users are very less in numbers, so it lacks security and lacks the scope to be spend on any product due to less number of market users.
- It can differ country to country as some country policy allow this kind of currency and some may not as it is not global accepted officially. It only depends on the current policies of that particular country. Or in some cases the policy creates lots of restrictions keep that kind of currency.
Since the use of this digital currency has started, there had been around 650 new digital currency in existence, and as it is not centralized, there may arise security and trust concern about the currency, as by so many such companies in existence one may shutdown or may not follow every protocol properly.
- Since it is an e-currency, there are lots of problems that are created by hackers, such that it blocks the use of bitcoin, also makes trap to steal the bitcoins, and this thing happens very frequently, as it is a direct mode of transaction no other intermediate is involved, which lacks security.
- Cyber-attacks can shut down the bitcoin currency as there is no security back-up to help it, only the users are the last defense. And change of parameters can also affect its use, as this thing is a kind of inflation, and since it is decentralized one cannot assume what policy it would create for the users.
So, about invest in bitcoin, it is almost an unsafe currency which running successfully until now, and only should be secured and more convenient if it is centralized.