Is Bitcoin a Bad Investment?
Bitcoin is a virtual currency that has gained much media attention recently. It is generally accepted as an alternative form of money. No one likes to accept cash for their purchases so the only alternative is to use a store that accepts it. The public does not trust the banking system like they used to, and many of them are turning to this more decentralized form of money.
I have spent much time discussing the viability of Bitcoins, and I do believe they are a great way to invest. But I also believe that there are a number of risks involved.
As with all markets, there is always a huge number of sellers who would like to make money from you if you buy from them. I read an article recently about a sales associate who tried to trick a guy into buying from him. He came up with a number of reasons why he thought the guy should buy from him and offered him very low prices.
A lot of financial products, especially in the US, can be a sham. There are scammers who will take advantage of anyone who is susceptible.
My main concern with investing in Bitcoin is that there is no credit or bank account that I can use to transfer funds. This means you can’t use it to pay for something if you have no money.
You can use a debit card but this is extremely difficult and requires a tough time getting money to your account. There is no way to transfer funds from one account to another. You could use the wire service but you have to pay an extra fee for using this service.
Banks and card companies do not like to see their accounts used for illegal activities, and it can get you blacklisted for life. You can try to get money to a vendor who sells to customers, but you are also at risk of getting robbed if you let a thief takes your money.
I am more concerned about losing large amounts of money in case I am not careful. It is true that it is easier to lose your money when you pay with cash than it is to lose it when you use credit.
I started out thinking I could use this as a side income, but it turns out that’s not a great idea. There are a lot of scams out there, and it is hard to tell which ones are scams.
There are a huge number of sites promoting them. It’s hard to find a legitimate one. If you look for a good online website, you may find it is harder to find than you think.
Don’t let this put you off, because it is really a great opportunity if you don’t know much about it. It can be a safe and smart investment. There are plenty of warnings about scams, and you should investigate it fully before you start investing.
I know there are people who have already invested in it and made a lot of money. But I can say from experience that there are risks involved, so you might want to think about it before you invest.