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Bitcoin, which was introduced in the year 2009, has become the most in-demand digital currency on the market right now. It has created waves in the cryptocurrency market with the blockchain technology. It might be the fact that you are planning to invest in ethereum code app for the first time and are thinking about whether it will be safe or not. If it is so, then this article will be the right answer for you.
Just like any other physical asset, it will be imperative to take some risks while investing in Bitcoin. In the following paragraphs, we have highlighted some advantages and drawbacks of doing so to make things simpler for you.
Advantages of investing in Bitcoin
1. Fast and inexpensive transactions
The transactions made in bitcoin don’t require any intervention from any third party and are not restricted by geographical areas as well. The reason for this is that Bitcoin happens to be a digital currency which makes it quite cheap and fast to transfer funds as compared to other types of digital currencies out there.
2. High prospects of return
It is a fact that you will obtain a substantial amount of return in the long run while investing in Bitcoin. It has been quite worthwhile to invest in this particular digital currency given that digital shares provide us with a compound interest with a 14% rate per year.
3. Decentralized issuance
There is no possibility of Bitcoin being stolen or seized by any person. This is due to the fact that this digital currency is not regulated by any third party and it has been created by people more than anyone else. On top of this, there is 100% assurance of privacy while dealing with Bitcoin.
4. Maintains accuracy and privacy
Bitcoin provides a couple of keys, namely, the Private key and the Public key which are instrumental in safeguarding the wallet in the best possible way. The transactions made in Bitcoin will not be controlled by any financial institution or the government. Therefore, there is no possibility of your financial information being leaked to the public in the long run. Moreover, as mentioned earlier, one cannot steal or seize this digital currency as well. It will also not be possible for any hacker to hack the transaction since any alteration made in one block will result in the alteration of all the other blocks too.
In case you are contemplating investing in Bitcoin or any other digital currency, make sure to use Bitcoin Era which is an app introduced recently on the market.
Drawbacks of investing in Bitcoin
1. High volatility
While investing in a digital currency like Bitcoin, we will want to have a high return in the long run. But this is not always the case since Bitcoin is highly volatile and there is a rapid change in its value over time. On some occasions, you might have to be satisfied with a low return when it attains maturity.
2. Bitcoin laws are still progressing
Bitcoin is a cryptocurrency that is evolving quite fast, and therefore, the laws implemented by the authorities related to the administration of this digital currency are still in process. This can result in a problem for Bitcoin investors in the long run.
3. No help will be available during the transaction
Bitcoin being a decentralized cryptocurrency, you will find no control or presence of any government or central authority. Although there might be certain advantages linked to this, there are some disadvantages as well. For example, nobody will come to your help even if you find any difficulty while transacting.
4. High demands for electricity
A substantial amount of electricity will be consumed while mining Bitcoins. However, this can result in the pollution of the environment, which is definitely a drawback of investing in Bitcoin.
Final thoughts
Considering all the pros and cons of investing in Bitcoin, it can be rightly asserted that one needs to take a lot of risks while making the investment. In case you have a considerable amount of money at your disposal and you do not mind losing some (if the situation arises), then it will not be a bad idea to invest in Bitcoin. Otherwise, make sure to invest in small amounts in the initial stages so that in case you suffer any loss you will be able to afford it.
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