Is it worth buying Bitcoins? Certainly, no one knows, and if someone tells you to be sure of it, they are probably trying to cheat you. The BTC is a complex investment product with which you can earn money or lose it, depending on how your price evolves and other factors that have to do with management.Click here for Bitcoin price.
Things you should know before moving your Bitcoins
We mentioned the previous case because it has just happened and because it is a perfect example of how you should not act, of the danger of Bitcoin, or rather of the wolves that move around it. It is not the only problem that can lurk in your digital cryptocurrency portfolio, there are many more, some of them totally unknown.Visit this site for Bitcoin price.
Here is a selection of the most important ones.
Without central bank
To begin with, and probably this you already know, cryptocurrencies are totally decentralized products, that is, there is no government or central bank behind. This may seem positive, but it depends on what you want to achieve and how much you are willing to risk.
A central bank is responsible -among other things- for maintaining the quotation of its currency stable. Otherwise, it could be worth half of a day for another and cause great problems to the citizens.
As cryptocurrencies are totally virtual and do not exist as such in any country, they do not need a central bank. That’s good if you want to make money with them and you know how to do it, but it also means that you can lose your investment in a matter of hours. There is no regulatory mechanism to prevent the accelerated devaluation of your tokens.
You can go out to dinner being a millionaire in Bitcoins and return home having lost everything.
There is no deposit guarantee
This problem of Bitcoin and virtual currencies links directly with the previous one. Everything is unofficial and promising, but at the same time dangerous. A wallet or an exchange platform is not like having your money in the bank, for good and for bad.
If a bank closes and takes away your savings, governments have a mechanism called deposit guarantee that allows savers to recover part of their money or even all of it, unless they have invested in stocks or other financial products. The liquidity of your account is recoverable.
If your BTC exchange closes, prepare to never again hear about your investment in it.