The risks of using Bitcoin - page 6.

carlfebz2

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Quote from: Ridi on September 14, 2021, 10:45:09 AM

The Risk of using Bitcoin:-
Risk of Losing the Private Key or Password of the External Wallet Services. Bitcoin is volatile , price changing risk and if you are investing in wrong platform Or company. 🙏

This talks about security but talking about other aspects in talks of risk then this is where do mention about regulation or something attached to it knowing that Bitcoin isnt globally accepted which there are countries

or places in the world that do really prohibits out on making use of bitcoin or other crypto which simply means that we should be careful if we do really intent to make use of it.

Risk is also talking about volatileness of its price which is a common thing because it cant be called a market if it doesnt involved buyers and sellers.

tygeade

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Alright you have made some good points, but most of these things I believe that they can be avoided or they are not just much of a threat to Bitcoin. Personally I do not see alternative coins as a challenge to Bitcoin. Of course, a lot of them has features that we know They are actually meant for them to be able to compete with Bitcoin and take over the markets as the number one, but that’s not going to be possible, because Bitcoin has so many advantages over them all.

In terms of being secure, Bitcoin is more secure than most of them. Your wallet won’t just get hacked unless you have made some kind of mistake online that would have resulted to that. As for Bitcoin not being legal in some places, this is something that is above us, and we can’t do anything about it. Then also Bitcoin is decentralized, so even if it is not legal in your country you can still make use of it for transaction or even invest in it without having any problem.

There are so many P2P exchanges out there that you can make use of. As for speculation, it's a normal thing that happens in every market. It is up to you as an investor to know the right thing to do, you have to know how to do technical analysis and how to predict the market at least to an extent.

goldkingcoiner

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A Bitcoiner chooses. A slave obeys.

Theres also the chance the banks may arbitrarily decide to freeze accounts and/or deposits. At least I've heard of it happening.

Ridi

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The Risk of using Bitcoin:-
Risk of Losing the Private Key or Password of the External Wallet Services. Bitcoin is volatile , price changing risk and if you are investing in wrong platform Or company. 🙏

Emitdama

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Quote from: 19Nov16 on August 26, 2021, 09:56:38 AM

I think as long as we can trade bitcoin with fiat currency then it doesn't matter, my country is still banned bitcoin but I trade on foreign exchanges and when I want to withdraw or exchange to USD then they will transfer it for a maximum of 3 days.

I feel unfortunate for people who have Bitcoin banned in their country. Not sure if I should be appreciative that someone loves Bitcoin so much that they are trading it illegally at foreign exchanges or I should be worried about you because these exchanges can enforce a KYC on you anytime. If you are asked KYC, either you fake the identity or you reveal the illegal access. Both of the options are equally punishing because the exchange can seize your funds in both cases.

Quote from: Cangkeman Wae on August 26, 2021, 10:42:49 AM

When I store bitcoin in a cold wallet or exchanges wallet, the thing that worries me is getting hacked, I think the biggest risk if we hold bitcoin is a wallet that can be stolen, currently there are many malicious programs that enter PC or Android, antivirus updates do not guarantee safe , it is best to disconnect the internet frequently.

If hack is your primary concern, you can transfer your Bitcoins to a paper wallet that is kept safe and offline or just purchase a hardware wallet like Trezor.

DarkDays

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Quote from: CLS63 on August 22, 2021, 03:13:16 PM

I think that the biggest risk of using Bitcoin is its volatility. Volatility is everything of this market and Bitcoin. It is the main structure of all of the cryptocurrencies.

The way I see it, Bitcoin like any other cryptos does suffer from volatility, and yes, that could be a massive drawback to investors.

But I always complement that thought with the fact that any investment has potential for loss, yes, perhaps not at the same level or as fast as crypto but the relationship is true in the other direction. The risk is measured and so are the rewards! It's a personal decision, and to me far better than traditional steady growth investments. Crypto is all about fast pace!

Gyfts

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You can separate out risks of using Bitcoin from fiscal policy/shortcomings of its inherent structure (crypto currency, based on the block chain with a limited circulation) from the regulatory portion. I know you weren't providing a commentary on the distinctions between both but it's worth noting the difference because the regulation of Bitcoin is constantly changing, and the level of risk someone faces changes. That isn't necessarily a risk associated with the inherent properties of Bitcoin, though. It's a problem with the government in the country you live in, so I'd just make that nuance.

Most first world countries are trying to tamper down the growth of crypto, and that's a problem with corrupt politicians more than anything. Of course, to the average consumer, that is a risk to consider. Just not a property that was attached to Bitcoin upon creation.

Momoamzad

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This is a great problem in our country. government declared it as a illegal,,. We are facing a lot for this. Investors have to invest with his own risk. No one can control market,,,,

dunfida

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Quote from: Abiky on August 27, 2021, 05:01:50 PM

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

~

Everything has risks. Bitcoin is no exception. It's a double-edged sword where people can use it for either good or bad things. I think Bitcoin's biggest risk is the "risk of the law". Governments are devising regulations in order to "tackle" the growth of Bitcoin and other cryptocurrencies. Bitcoin can be legal in some countries right now, but that's subject to change. It's the day where KYC/AML is enforced at centralized exchanges, greatly defeating the purpose of crypto/Blockchain tech. But governments can prevent people from acquiring Bitcoin if criminal activity grows at an alarming rate. Their main excuse would be to prevent money laundering, tax evasion, and terrorist financing. After all, governments don't want people using something outside of their reach. We should learn to live on with these risks, and carry our lives as usual. As long as Bitcoin remains decentralized, nothing else matters. Just my thoughts Grin

People should really be aware about these risk and yes its really like a double edge sword on where it is indeed beneficial but of course it would really be having its cons too. Government would really be
one of the most common blockage or shall we say hindrances on why we dont able to go with full scale due to some very obvious reasons and thats where decentralization and anonymity do sets in.

Bitcoin had been issue about money laundering and other connected related issues which isnt really that surprising.As an individual then we could really have our own choice whether
we do choose to deal with it despite of those cons.

Abiky

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

There are five risks in the use of Bitcoin:

The risk of Policy
...
The risk of the law
...
The risk of Speculation
...
The risk of Money laundering
...
The risk of Substitution
...

Everything has risks. Bitcoin is no exception. It's a double-edged sword where people can use it for either good or bad things. I think Bitcoin's biggest risk is the "risk of the law". Governments are devising regulations in order to "tackle" the growth of Bitcoin and other cryptocurrencies. Bitcoin can be legal in some countries right now, but that's subject to change. It's the day where KYC/AML is enforced at centralized exchanges, greatly defeating the purpose of crypto/Blockchain tech. But governments can prevent people from acquiring Bitcoin if criminal activity grows at an alarming rate. Their main excuse would be to prevent money laundering, tax evasion, and terrorist financing. After all, governments don't want people using something outside of their reach. We should learn to live on with these risks, and carry our lives as usual. As long as Bitcoin remains decentralized, nothing else matters. Just my thoughts Grin

Sir Legend

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Quote from: nazmul30 on August 23, 2021, 04:49:34 PM

Using Bitcoin currently falls into the very Ricks. Because if the government of your country has not legalized Bitcoin, then Bitcoin is not legal in those countries due to which the use of Bitcoin is prohibited. So using bitcoin becomes very ricks. Therefore, we request the government to declare Bitcoin legal in our country.

Bitcoin investment is very risky if the government banned bitcoin, I think this is not a problem because bitcoin is stored on the blockchain and the government can't do anything with bitcoin balances, if we need cash then just look for an exchange that supports transfers to our bank accounts.

TheGreatPython

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Quote from: Momoamzad on August 26, 2021, 03:49:36 PM

This is a great problem in our country. government declared it as a illegal,,. We are facing a lot for this. Investors have to invest with his own risk. No one can control market,,,,

It's funny that governments still think they can ban something that works peer-to-peer and is decentralized in nature. If it was that easy to ban Bitcoins then every country would have done such by now. The truth is that some governments aren't educated enough to understand what even decentralization means.

Governments have a tendency to ban anything they won't understand or profit from but bitcoin is an exception and I don't see how they can ban it. I suggest trying out decentralized exchanges for trading because that's the future of crypto exchanges.

S4VV4S

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each investment certainly has its own level of risk but regarding bitcoin tends to have an unstable price, because bitcoin has an increase or decrease in the price of bitcoin with a certain time so that we can say it is a risk, because bitcoin itself is an investment that something where the investment always gives freedom to the cross section

Cangkeman Wae

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When I store bitcoin in a cold wallet or exchanges wallet, the thing that worries me is getting hacked, I think the biggest risk if we hold bitcoin is a wallet that can be stolen, currently there are many malicious programs that enter PC or Android, antivirus updates do not guarantee safe , it is best to disconnect the internet frequently.

19Nov16

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Quote from: nazmul30 on August 23, 2021, 04:49:34 PM

Using Bitcoin currently falls into the very Ricks. Because if the government of your country has not legalized Bitcoin, then Bitcoin is not legal in those countries due to which the use of Bitcoin is prohibited. So using bitcoin becomes very ricks. Therefore, we request the government to declare Bitcoin legal in our country.

I think as long as we can trade bitcoin with fiat currency then it doesn't matter, my country is still banned bitcoin but I trade on foreign exchanges and when I want to withdraw or exchange to USD then they will transfer it for a maximum of 3 days.

DOH!

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

Bitcoin still has shortcomings such as lack of credit guarantee, poor security performance, and easy to cause deflation

In my opinion you are wrong. Although, Bitcoin is built on the POW algorithm so it needs a large miner base to maintain the integrity of the system, but I don't think bitcoin's security performance is bad. Bitcoin is purely deflationary, it is not the downside of bitcoin. Lol

The risk of bitcoin is that there are always people who are slaves to fiat, always using some trick to drag bitcoin down.

marilynmanson21

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in the Risk of Substitution you write no credit guarantee?
Since when can bitcoin be used as collateral for credit? As far as I know bitcoin is just a virtual currency and works without a single repository or administrator where everyone calls bitcoin a decentralized currency and Unlike other currencies in general, bitcoin does not depend on one main issuer.

elisabetheva

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Quote from: ballexplorer on August 22, 2021, 03:01:13 PM

The high volatility is a major risk. People who accept BTC as a means of payment are often in the red when prices are falling. Government regulations represent another risk.

Of course, if it has been agreed that it is indeed used as a legal tender, then the agreement must be made even in a situation where the price is not good. it must be remembered that if you use bitcoin you can be sure there will be an increase and there is no need to hesitate.

Quote from: MFahad on August 23, 2021, 12:29:16 PM

High volatility can be of advantage too. Consider you made a deal when bitcoin price was 30,000$. Now bitcoin price is 50,000$ means that you are in a 2x profit (approx.). So you should consider both sides as if the price goes high, you will be in advantage.

in principle, if it has been agreed that the price will go down or up, of course it is a consequence that must be accepted and attached to the current state of bitcoin experiencing anything. but once again just to remind that bitcoin will always continue to increase even though there will be a correction. because that's how bitcoin has a method that once every 4 years there will be a bitcoin halving and where the price will reach renewable ATH.

nazmul30

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Using Bitcoin currently falls into the very Ricks. Because if the government of your country has not legalized Bitcoin, then Bitcoin is not legal in those countries due to which the use of Bitcoin is prohibited. So using bitcoin becomes very ricks. Therefore, we request the government to declare Bitcoin legal in our country.

Shawn20

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Without proper knowledge about investing in Bitcoin is the big risk of using Bitcoin. Again, those countries where Bitcoin is not accepted by Government, can a be a big risk for him not to obey the rules of the counties and may loss his Bitcoin during criminal Charges.

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