Bitcoins is a cryptocurrency or digital payment system on the internet which is invented by the Satoshi Nakamoto in 2009.This is open source software which means no company; no person or no country owns this digital currency on the internet. This Cryptocurrency is providing peer to peer network that’s means there is no third party like bank or clearing house for the transaction. Bitcoins are the small virtual coins and has self contained value itself. There is no need of bank to store this currency. Once you purchase these coins, you can store it in your personal drive, Smartphone and cloud. You can use your Bitcoins to purchase goods and other services on the internet. Should you invest in this currency? Expert says no. Here’s why!
Investing in a Bitcoins currency involves the high risk. This currency has no fixed value like gold. Bitcoins is an unpredictable currency and the rate risk is very high as compared to other investment. There is nothing to evaluate the price of the bitcoins but most of peoples continuously investing the money and earn profit. There are no chances for you always earn profit.
There are many of clarity related to bitcoins and its origin. In now day, many of us liked to preferred Gold, Metals, silver etc as a currency. Apart from this, we used Govt. printed currency for purchasing goods and services. Bitcoins is a digital currency and using the complex mathematic formulas. This currency is not controlled by anyone that’s why you can’t claim it. This currency is very risky for the business trade or investment. This is not a tangible asset for investment, it’s a just a formula.
Don’t invest if you don’t understand
Many of financial expert and banks don’t know what’s the actual value of bitcoins? And how it’s double in a minimum time of period? Many experts think that it’s worse than tulip bulbs which end not well. In the other hand bitcoins owners and operators has different opinion on the boicoins and few of us don’t understand the evaluation of the bitcoins. This currency involves high risk and you don’t know the actual value of the bitcoins. If you don’t understand it, don’t invest it.
An unregulated space
This currency is not controlled or regulate by the government or any type of central bank. There is not authority like bank or government where you can claims your bitcoins values. For example, if you buy something on the internet and by mistake you transfer bitcoins in other account you can’t ask for ask for refund. In banks case, Banks are responsible for this and they will provide you compensation for this. In this case there is no third party involvement and it’s impossible to get back your money.
The Issue of legality
On the other hand many investors are interested to invest in bitcoins crypto currency and they don’t understand it’s legal by government. But in reality, this currency have not declared legal by the reserve bank of India. In 2013, RBI issued a press release for virtual currency holders and security related risks. In this press release, users are responsible for dealing with virtual currency in their own risk. Apart from this, this currency is not banned by the government of India and hasn’t been recorded for legal.
Now days, this currency is used by the many hackers for illegal activities and impossible to track it on the internet. This currency has not recorded legal for transaction or trading. The risk is very high and lowers the chance of cryptocurrencies becoming mainstream of india.
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