The risks of using Bitcoin - page 4.

bitgov

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Quote from: Kimberl2020 on August 11, 2021, 01:53:59 AM

The risk of Policy

The risk of the law

Governments of the world don't like bitcoin at all. Since this is something that is challenging the decade old centralized financial system that is abusing consumers. Risk associated with government policies are valid and have heavy impact on btc price. See China decision about crypto currency and its impact on btc price.

Quote

The risk of Money laundering

I think its quite unfair to associate bad things like money laundering, ransomware etc with Bitcoin. As such things are happening with centralized fiat currencies before bitcoin was introduced. Even today major portion of money laundering goes with Fiat currency.

Mr.sprin

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Quote from: haasanjui on September 25, 2021, 01:41:28 PM

The biggest risk of using Bitcoin is it's price. It's price is unpredictable anyone can't guess the future price of bitcoin it will lose or dump you can lose and earn from it but it is risky.

I don't think it's a risky price, but you have to be good at holding bitcoin, which means don't panic when the bitcoin price drops, if you panic you will lose if the bitcoin price problem is basically unstable and no one can predict the bitcoin price.

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Quote from: haasanjui on September 25, 2021, 01:41:28 PM

The biggest risk of using Bitcoin is it's price. It's price is unpredictable anyone can't guess the future price of bitcoin it will lose or dump you can lose and earn from it but it is risky.

it is normal because it returns to the initial nature of bitcoin which is indeed volatile so it is very normal when the price of bitcoin is unpredictable for the future. and what is now being done mainly by day traders is only speculative by looking at and doing separate research to get it and there are only two possibilities, namely if it is not true, it means wrong.
Besides that, it is precisely with this volatile eel that several people, including one myself, am interested in being here.
and talking about that risk is a natural thing and actually it is a choice that needs to be taken from every activity that is carried out, not just in crypto or bitcoin.

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The risk of speculation is a good opportunity for those who are researching well and studying the growth of btc. However, the risk of losing is high because no one knows what will happen today and to the future of btc but some of it uses this to profit big time.

haasanjui

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The biggest risk of using Bitcoin is it's price. It's price is unpredictable anyone can't guess the future price of bitcoin it will lose or dump you can lose and earn from it but it is risky.

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I'm aware of the risk of money laundering but it doesn't concern me as I don't do such things. The risk of speculation is the one that is seen as one step ahead among the all reasons. Because we all know that cryptocurrencies are speculative assets. They can be affected by bad news and we can see the reflection on the price also. This must be one of the important points that people should watch out for.

WontRegret

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Because bitcoin transactions are very safe as long as the user has access to the wallet, and the blockchain is the most secure security system that even the government cannot tamper with, bitcoin regulation by the government is impossible owing to its decentralized structure, as you said to me. The government and the market may be fairly similar at times. If you look at the stock market, you'll notice that the person with the most money has a lot of power, making it easy to create obstacles that increase profits.

ilovealtcoins

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I agree with the OP about the risks of using Bitcoin. I added the risk of using Bitcoin is independence from the banking system. Each individual will have to manage their own cryptocurrency. If they lose your password, your wallet recovery string or your device gets hacked, you will lose your Bitcoins forever without any agency guaranteeing you. It's different from the bank.
Using Bitcoin is solely responsible for security.

Aurorra

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Bitcoin price fluctuations not only bring risks and losses, but when the price rises, it also brings a lot of profits.

Bitcoin's decentralization and anonymity will not be regulated by the government. Many people will benefit from this feature and use Bitcoin as a money laundering tool.

llooafer

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The use of Bitcoin is risky, and the use of fiat currency is also risky. The risks of the two are similar. The risk of Bitcoin more than fiat currency is that there will be countries that do not allow the use of Bitcoin for payment or investment.

iyamoxjhian

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Yes it may violates laws. However l think, we can not deny the fact that bitcoin and crypto currency is really a big help nowadays for people like us. Especially these times of pandemic that our economy here in the third world countries are not stable. Well, for me it's better to work with cryptocurrency rather than doing crimes and violence in order to earn and provide for the needs of my family..another thing is, I think if this will be prohibited by Law, then Law maker and senators here in my country should be first be prohibited too..there were famous senators and influential people in politics and celebrities was very fond of working with bitcoin and cryptocurrency.

Cindella

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The price of Bitcoin is unstable and volatile, and the price may change at any time. A fall in the price will cause investors to lose money.

Bitcoin will not be guaranteed by the government like fiat currency, and it is easy to be used for criminal acts such as money laundering.

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Quote from: noormcs5 on September 17, 2021, 12:17:00 PM

Quote from: nurilham on September 15, 2021, 05:41:33 PM

it is important to be more aware of the risks of bitcoin as it is said. does not mean that bitcoin investment is a risky investment but it is good for us before entering into it we understand the positive side and also the risk of bitcoin itself. we also have to know that if we have entered into it then the risks that exist must also be acceptable. I think so far the development of bitcoin is still doing well and does not harm the government or others. what is certain is that if we can position bitcoin well then it will not harm and can make us get the profit.

I understand the risks mentioned by the OP but consider the advantages of bitcoin and you will find that there are more risks in the fiat money than bitcoin itself.
I think all the risk which are told by OP, more or less exists in fiat system also and the biggest drawback of inflation in the paper money. Did we stop using it even though we know it will keep on losing value ?

Perfectly said! that's exactly what people who desire to work with bitcoin need to understand. All those mentioned from OP are also exist with current fiat system. If you understand deeper, Bitcoin is a good alternative not just for investing but also with the transaction process, for now, there are lapses that mostly pointed by the government but in reality, it's just them who thinks that way and if they will also check and see how fiat works, the very possible that they will adopt Bitcoin.

Let those people who still in doubt allow time to open their minds and start thinking what are the offer from this industry that will allow them to compensate. Just think 10 years back, those who believes earlier are now the gainers from this industry.

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Quote from: Kittygalore on September 17, 2021, 12:30:49 PM

Quote from: Nutrient on September 17, 2021, 10:16:25 AM

You’re right but even with these regulations , investors can still make good profits from it.

Good and smart investors to be exact, remember that not every investor understands this risk and so they end up not profiting from their investment and instead lose even more money in the first place.

I think people who are involved in bitcoin investment certainly know about the good and bad opinions of using bitcoin. they do research and observations about bitcoin so they can minimize the risk in using Bitcoin.

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Quote from: Nutrient on September 17, 2021, 10:16:25 AM

You’re right but even with these regulations , investors can still make good profits from it.

Good and smart investors to be exact, remember that not every investor understands this risk and so they end up not profiting from their investment and instead lose even more money in the first place.

noormcs5

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Quote from: nurilham on September 15, 2021, 05:41:33 PM

it is important to be more aware of the risks of bitcoin as it is said. does not mean that bitcoin investment is a risky investment but it is good for us before entering into it we understand the positive side and also the risk of bitcoin itself. we also have to know that if we have entered into it then the risks that exist must also be acceptable. I think so far the development of bitcoin is still doing well and does not harm the government or others. what is certain is that if we can position bitcoin well then it will not harm and can make us get the profit.

I understand the risks mentioned by the OP but consider the advantages of bitcoin and you will find that there are more risks in the fiat money than bitcoin itself.
I think all the risk which are told by OP, more or less exists in fiat system also and the biggest drawback of inflation in the paper money. Did we stop using it even though we know it will keep on losing value ?

taufik123

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Quote from: Abiky on September 17, 2021, 10:13:54 AM

Volatility is a huge risk one needs to consider when investing into Bitcoin. You can either end up rich or poor in an instant due to the constant fluctuations in price. This makes Bitcoin unsuitable as a currency for day-to-day payments. You'd only need to worry about this if you use Fiat as a unit of account to determine Bitcoin's value. If you use Bitcoin directly regardless of its price relative to Fiat, there should be nothing to worry about.

For what I know, life is full of risks. The higher the risk, the higher the reward will be. Bitcoin may come with its benefits, but it's certainly not a perfect system. The same can be said about Fiat. What's important is that Bitcoin remains decentralized and censorship-resistant so that it can stand the test of time. Governments and banks will do everything in their power to try to stop it. But as long as there's strong community support, the project won't be going anywhere. With how everything's been progressing since day one, I'd say that Bitcoin will be here to stay for a long, long time. Just my thoughts Grin

Bitcoin will never be shaken and will not be under the control of the government. Bitcoin does remain decentralized because that is the immutable nature of bitcoin. The government and some big players are trying to regulate bitcoin but will not completely.

There are many pros and cons with the use of bitcoin, it will always be there even when. Even though bitcoins will be mined out, the value of bitcoins will be even more valuable due to the scarcity of bitcoins, of which there are only 21 million.

Bitcoin price fluctuations have advantages and disadvantages, depending on how everyone uses it. Bitcoin is a very valuable digital asset investment today. The development of bitcoin is growing rapidly and cannot be dammed. Almost everyone in this world is familiar with bitcoin and cryptocurrency and the technology in it. Behind the risks of using bitcoin, there are more benefits and will change the way of transacting in the future.

Nutrient

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You’re right but even with these regulations , investors can still make good profits from it.

Abiky

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Quote from: oktana on September 16, 2021, 03:33:56 AM

The risk of speculation is one of my greatest concern. Volatility can play you games especially when it comes to the use of Bitcoin for payments.
But, without the volatility, Bitcoin wouldn't be this popular because we would have layed on a stagnant price without investors. It is the nature of Bitcoin and we have to embrace it.

Volatility is a huge risk one needs to consider when investing into Bitcoin. You can either end up rich or poor in an instant due to the constant fluctuations in price. This makes Bitcoin unsuitable as a currency for day-to-day payments. You'd only need to worry about this if you use Fiat as a unit of account to determine Bitcoin's value. If you use Bitcoin directly regardless of its price relative to Fiat, there should be nothing to worry about.

For what I know, life is full of risks. The higher the risk, the higher the reward will be. Bitcoin may come with its benefits, but it's certainly not a perfect system. The same can be said about Fiat. What's important is that Bitcoin remains decentralized and censorship-resistant so that it can stand the test of time. Governments and banks will do everything in their power to try to stop it. But as long as there's strong community support, the project won't be going anywhere. With how everything's been progressing since day one, I'd say that Bitcoin will be here to stay for a long, long time. Just my thoughts Grin

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Quote from: oktana on September 16, 2021, 03:33:56 AM

The risk of speculation is one of my greatest concern. Volatility can play you games especially when it comes to the use of Bitcoin for payments.
But, without the volatility, Bitcoin wouldn't be this popular because we would have layed on a stagnant price without investors. It is the nature of Bitcoin and we have to embrace it.

Just set a price that you're going to sell and have a long-term goal when you invest in bitcoin and have tons of patience and you will be set. The problem is that people think volatility is the enemy when it's really nothing if you're not tunnel visioned and greedy.

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