Risks of Cryptocurrency & Bitcoin (BTC)

With every good thing, there come certain negatives. You are aware of the fact that how the invention of Bitcoins has been benefitted the drug dealers around the world. There are certain other risk factors too about which you have to be cautious enough-

These Are Untraceable

While this is a benefit, it works as a risk factor too. Due to this feature, Bitcoin is also very dear to the criminals. They can buy and sell drugs and other illegal items through Bitcoins without the fear of being traced. The governments of the countries should pay attention to this matter and do something effective to stop such practices.

You Can Lose It Easily

If you lost cash or your credit card or someone hacks your account and loot all the money, there is a chance to recover those if the police act faster. But, once you lose Bitcoins, you will lose it forever. If someone hacks your Bitcoins account where you store them, you won’t get any chance to recover them. The best thing you can do is to store the Bitcoins in a disk that is disconnected to the internet.

Trading Is Difficult

It is true that Bitcoins make your buying experience nice, but how to get Bitcoins? Actually, there is no simple way to buy or get Bitcoins. The best way to get Bitcoins is mining. The computer will present complex mathematical algorithm, and you can only get 25 Bitcoins as a reward once you crack the puzzle.

Not Hugely Accepted

Bitcoins are new in the market as it was invented only a few years ago. There are several places where Bitcoins are not widely accepted. Maybe the picture is going to change soon, but presently you may face problems while dealing with Bitcoins everywhere.
Now, the question is whether to use Bitcoins or not. The best thing you can do is not to put a large amount of money in your Bitcoin wallet. As the system is quite volatile, you don’t know when the bubble will burst, and you may have to lose a good amount.

How Is Bitcoin Connected to Dark Web?

We will discuss lots of benefits about Bitcoins, but there is a dark side too. It is believed that these coins are used by the criminals, specifically those who sell drugs on dark web. As cryptocurrencies are completely virtual and have no physical existence, these are often used by the drug dealers and buyers. It is true that transactions can be tracked, but as the identity is covered in Bitcoin transaction, it is not easy to identify the illegal dealers.