Many investors have got one question to ask- should I buy Bitcoin or other cryptocurrencies? Bitcoin needs no introduction as it is the leading digital money right now, and is trading around $15,000 currently. Bitcoin and other crypto currencies are in the headlines nearly everyday and some experts call them the new gold. But amongst all the hype surrounding Bitcoin, Ethereum and other digital currencies, are they real investments or merely a speculator’s game? Even Wall Street has contrasting opinions, with so many experts warning Main Street investors to stay away or show a great caution while dealing in it.
The fact is that only 2% of Americans have an idea of what crypto currencies actually are, and it is far from being safe for both current and potential investors. It is more like a lottery, many buy them buy only few lucky ones get rich. The world of cryptocurrency continues to be viewed with skepticism and it is likely to be kept off the mainstream by global governments. China has recently implemented a complete ban on initial coin offerings and crypto currency trading, and more countries are likely to follow the suit because they are concerned about losing control over the flow of funds, the ability to monitor taxable gains or appearing hawk-eyed in protecting investors.
Even though Bitcoin is the most expensive digital currency today, crypto currencies are known to be volatile. Their value can fall rapidly, and may take some time to recover and rise from the fall. This can create panic amongst investors. Critics warn of a bubble-about to burst- time and time again. Its real world use is limited, which indicates that many buyers are just seeking higher returns in future instead of intending to use them to make a real-world transactions.
The block chain software behind Bitcoin eliminates expensive middlemen from the scenario. Block chain software itself provides the protection to ensure faster and cheaper transactions. Investors in countries where transfer of wealth is restricted consider block chain and crypto currencies as an attractive and anonymous way of making an inter-state transactions. Critics say that cryptos also draw drug dealers, tax invaders and money launderers along with legit investors. Even as more options are offered to investors seeking exposure to old and new crypto currencies, investors should refrain from investing without accepting and understanding the potential risks that are related with digital currencies.
In other words, if you want to invest in digital currencies, you should get in touch with other investors who have already invested, so that you can have valuable tips to implement while investing in them.
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