Bitcoin is the first choice as a Cryptocurrency that anyone is thinking of investing in. You ask anybody about cryptocurrencies, and the first thing they will say is Bitcoin. This happened naturally because it was the first-ever Cryptocurrency to hit the market.
And that too with a big bang. It made a loud noise when it entered the market as a parallel form of currency. But just as it came in with many controversies, many safety issues regarding the currency arose. Let’s unfold the details about the same.
Reliability Of Bitcoin
Bitcoin is just another form of investment that is somewhat different from the traditional currencies that prevail in the market. Like other investments, this is loaded with its shares of risks and dangers of losses and frauds. So before you decide to invest in Bitcoins, it is better to understand how well or how much you can take the risk.
If you are a big taker of risks, then Bitcoin is the investment for you and if not, keep away from it. But it has to be mentioned here that if you want to invest in Bitcoins, you can consider the bitcoin debit cards for minimal transaction fees.
When talking about reliability, it is a must for you to remember that Bitcoins are not a very reliable place to invest in because of their volatile nature. It is like the whole thing is cocooned in a big bubble that might just erupt any moment, and everything falls apart.
On the other hand, you might also be safe because it might bring you high returns on your investments. So its reliability is a debate that will always be there as long as Cryptocurrency exists.
The Pros Of Bitcoins
You may sometimes hear that it might not give you the returns you expected from it. It may give you that expected high return but only after some time in it. You cannot expect returns from day one of investing. Its equity stands at 14.5%. So its price is also high.
Transactions with Bitcoins are very inexpensive and extremely fast compared to the traditional money system in each country. It has no limits to the geographical distances that it can cover within minutes or seconds. You do not need any third party to see over it, or distance is just not a consequence here.
Another pro associated with this coin is its zero transaction fees. Since it works independently of the clutches of institutions, it has a transaction fee that is nil. So you pay no extra charges for it because it is decentralized. Considering these points, you may think Bitcoin is safe but consult and think twice before investing on a precautionary note.
The Bitcoin Bubble
Unlike Ethereum, Bitcoin has been granted a clear status regarding its standing in the market. This is because Bitcoin is not dealt with in tokens but as coins. Though Bitcoin has a clear standing in the market, it is advisable that before investing in Bitcoins, you should generally consult some experts or seasoned professionals who can guide you on the safety and investment of Bitcoins. Trading with Bitcoins may not give the same desired results for every single individual.
The Unacceptability Of Bitcoins By Various Governments
The position of Bitcoins in the market remains very vulnerable in the market even today. The main attribute for this is the government of each country. The respective governments have not accepted it as a valid form of currency. So it does not get the acceptability that it should have despite so many corporate houses accepting it as a form of payment for their goods or services. They are not considered the same as fiat currencies.
Since it is a decentralized form of the monetary system, the governments are very wary of it. They have no faith in a system that has no governing body over it that can keep it under its control.
It is the firm belief of many that governments are cautious of this finance system because they have no control over it. It does not have the backing of any physical commodities, and it does not have the same value as fiat money. So the safety of Bitcoins will always remain a point of debate for all.