In everything we do in life generally, there is always a risk attached. So, I see bitcoin trading as a market for expert investors to buy and sell at a profitable time. Nobody valued bitcoin in 2016, but today everyone’s eyes are on bitcoin trading and investment. The fever of bitcoin is rising every day even though it is extremely volatile. And it attracted a lot of average investors. Moreover, one can’t make this much money even by working in a company like Apple, Google so throwing money into a bitcoin is extremely risky yet profitable, the more the price goes up, the more the people think it’ll never go down. And the world has lived through these bubbles before and they often do not end well.
It is basically a technology experiment launched years before.
The utmost risk of having a bitcoin is taking care of its private key and its password. Most of the hackers run after the bitcoin’s security key. Once you lost the key, you lost everything in the bitcoin’s wallet and all the investment you made during starting trading. If you want to know about the best methods to buy bitcoin with local currency, you may go for some online wallets.
Do not rely on third parties too. If you do not own your keys, you do not own your coins. Whenever you’re relying on the security of that third party, they’re targeted for hacks 24/7. If you let the exchange you bought to keep your private key, hackers can go after that exchange too. Let’s talk about the exchanges that were hacked. Exchanges like Nice hash, whether coin, Z coin, BitFenix, and many more. It’s just a portion of that huge list. One of the exchange companies lost $450 million worth of bitcoin which at today’s prices would be worth something like twelve billion dollars that sounds like insanity.
Moreover, one shouldn’t invest more than they are willing to lose. This is a high-risk play, so do not borrow money or use essential funds, especially the higher the price goes.
The scariest thing is most people are trading BTC with tether, not dollars.
Moreover, it has no backings at all. Once it’s gone then it’s gone.
And one more important, its transparency and its accountability are in doubt. We don’t know who created it. It is that part of the world, we don’t look at that is the dark web. People do call it an asset. Is it even an asset where you don’t see an end? Gold is an asset, Oil is an asset. There are uses for these things. There’s a sort of deflationary pressure while using a bitcoin. You might see it’s elevating prices and your idea of consuming it might get delayed leaving a loophole about its accountability. It’s not really a currency, not really an asset. Then a question arises, what is it? It is actually a bunch of people who wanna jump in to catch the upswing. Here is a trusted website to know about BTC in Pakistan
So basically, bitcoin is an interesting experiment and a lot of future money but it is a dangerous way as well.