If you were asked to name the most reliable cryptocurrency to invest in in the present financial market, you would name Bitcoin your first choice. Since its inception in 2009, the decentralized digital currency i.e. https://bitcoinsprint.nl/ has been regarded as a flag bearer in the realm of virtual currencies.
However, despite being the most valuable cryptocurrency in the world, debates and arguments concerning Bitcoin’s safety and growth factors are still there. Recently, some high-profile cyber-attacks in the trade market have put a question mark on the security schemes of the Bitcoin network.
So if you are planning to invest your money in Bitcoin, you must be aware of both the bright and dark sides of Bitcoin investment. If you are a beginner, you should read on to get familiar with both pros and cons of Bitcoin investment. Here we are going to highlight the positives and downsides of Bitcoin.
Some Bright Sides of Bitcoin Network
Follow are some of the positive sides of the Bitcoin network:
- Guarantee of potentially high returns: This is the brightest side of Bitcoin,which is probably why people are crazy about Bitcoin investment. Despite suffering many ups and downs, you will have a good return on investment.
- Assurance of fast and cost-effective transaction: Fast and cost-effective transaction is another noteworthy advantage of dealing with Bitcoin. For a seamless experience, you can rely on Bitcoin Pro Software and enjoy satisfactory transactions.
- No exchange charges: Remember, Bitcoin is a decentralized global currency, and no government or private entity is associated with it. So no one is there to charge anything for your Bitcoin transactions.
- Decentralized issuance: Since no third party can control or manage Bitcoin, there is no risk of being seized or getting stolen.
Some Cons of Bitcoin Network
Have a look at some of the dark sides of Bitcoin technology:
- High volatility: Volatility is one of the key characteristics of cryptocurrencies. Whether it is Bitcoin or Ethereum, you have to be ready to deal with a highly volatile market. The value of the same coin can rise and fall suddenly. Even if you expect a good return from your investment, the market will say the last word.
- Crashing of the physical device: A corrupted or crashed hard can invite real trouble for you. If there is no backup, your Bitcoin records can be affected badly.
- No one is there to answer: If you experience any trouble during transactions, there is no door to nock. You will have no help desk option to report complaints even if you suffer from huge financial loss.
Debate on Bitcoin’s Safety Schemes
Does Bitcoin technology come with active security schemes? This is a debatable question. For some people, Bitcoin is the safest digital asset to invest in. It is protected by a strong blockchain network that is impossible to hack or penetrate. Since it is a decentralized currency, no human can access, manage or control it.
Bitcoin is comparatively safer than traditional currencies and is untouched by inflation and global economic slowdown. However, the reports of frequent cyber attacks on the cryptocurrency market have invited a massive concern for investors. Along with high volatility, cyber-attacks are some of the negative features of Bitcoin technology. However, investors can lose their fiat currencies in that way too.
Safety of Bitcoin Wallets
Let us discuss whether your Bitcoin wallet can deliver ultimate protection against cyber crimes. Some reports say that hackers have breached the security shield of Bitcoin digital wallets and stolen investors’ digital assets.
However, cold wallets are the toughest ones, and it is almost impossible for hackers to hack the physical device without the owners’ permission. The question is whether your physical wallet is safe from thieves and burglars. Bitcoin wallets are safer than other storage facilities, as there is no fear of unauthorized access, theft or robbery.
The bottom line
Crypto market is highly volatile, and hence a bit riskier. However, being vigilant will ensure a safe trading experience. For many, Bitcoin is the safest and most reliable cryptocurrency in the market, while some say it is not immune to high-profile hacking. Make sure that you consider all the aspects before deciding on an investment.