A Guest Post by Sarah Smith
Human has evolved so much with time, what not have changed? Our food preparation or consume style has, our living style has, everything around us is marking technological trace on it, but the most significant change we are watching is the change in our currency. Yes, I am talking about the hot talk of the time, digital currency ‘the bitcoin.'
In the recent time, we have seen and heard a lot about this cryptocurrency while it is quite old, as it was invented in 2003, but 2017 was a boom period for it. Almost everyone was interested in transferring their money into cryptocurrency without even realizing that there is so little that we know about this thing.
If you have been hearing a lot of bitcoin talk but are looking for ways to separate yourself from the herd, you have come to the right place. Here I am writing the reasons to let you know that why you should not involve yourself with bitcoin.
Bitcoin is a self-govern system with no central regulatory body handling it, no bank, no government and this is what scares me the most. We always blame our government when the slightest thing goes wrong but what we fail to understand is that they give us a sense of security.
If you did not know it before then let me break the news for you, in investment like this, there is a higher chance of fraud while investing in bitcoin because you are not meeting any person, in person. You do not know who you are dealing with. You do not know if the person behind the screen is a business tycoon or a felon.
While you are out there on your own, you have to be extra careful about what you do, and that takes a lot of energy you do not want to lose.
The main reason behind this boom of bitcoin is a common retailer. In the past year, we have watched every other person barging into this ‘bitcoin’ world, but they may also fall out of it. A retailers` emotions changes very often, now they want to invest maybe tomorrow something will scare them, and they will come out of there pack and will withdraw the amount, and that will bring the rates down because what goes up, may fall down.
Currency is only useful when you are buying something from it but what if your currency is not something that can pay off your bills. You may be the wealthiest person in Japan but when you come to America, you have to get your Yens into Dollars otherwise there is no use of it.
Same is the case here, you can have thousands and thousands of money in your crypto wallet but can you buy anything from it? No.
Few merchants have recognized the demand and started dealing with bitcoins as the mean of payment, but that will not work for long, if the retailer comes out of it than so will the merchant, and you will be left out with nothing.
When dealing with the internet, you are always open to cybercrime. Yes, sure, now our money is safe in a USB shaped wallet but is this the end of technology, are you sure you know that much about what these people can do.
People often ask me where they should invest, where the profit maximization is? And my answer always is, invest in the market you are fully aware of and if you do not understand it do not involve in it. Bitcoin is not an easy place to invest most people do not understand it, but they invest because everyone else is doing it, do not be a part of a herd. If you know a market than go ahead and invest there even when the profit is minimum at that time if you really understand it, then you will create the means to take it to another level.
Try to know more about where you are investing, may you have to check the reviews or ask people about it, be involved.
There is very little that we know about this system, what if it is all a scam? With all these ‘what ifs' there comes a lot of risks, I know to b the entrepreneur, you should be a risk taker but take risks with efficiency.
Analysts from around the globe claim that they cannot analyze this market as they are not clear with the ecosystem of it, so how come a retailer can be efficient enough.
Author Bio: Sarah Smith has been a personal finance author for the last five years. She is also an independent and very passionate finance and investment advisor. She regularly posts at www.personalincome.org.
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