Possible risks with bitcoin

Over the past few years’ payment system is actively integrated into the global economic and financial system. Because virtual currency is already firmly established in their niche, bitcoin has not yet managed to win "its piece of a pie" but from the moment of its Foundation till the present day perspective it is prophesied considerable.

As elsewhere, in the sphere of financial and economic activities working with bitcoin assumes some risks. Themostcommonarediscussedbelow.

  1. The advent of modern technology. Investors who trust and invest in bitcoin mining considerable budgets, run the risk of overestimating the virtual money system and to seize the opportunity when the market will be technologically more advanced competitor.
  2. Fluctuations. Analysts of currency markets can accurately predict rate changes in the smaller or larger side, the exchange rate of bitcoin is very difficultto predict, in view of the fact that its oscillation is affected by so many factors.
  3. There is no intermediary in the transactions. Perfect with a bitcoin transaction isn't reversible, there's no refund. If you do not agree with the recipient, because there is no guarantee of user’s rights protection in the system.
  4. Loss of key-file to the wallet (in view of the fact that in offline mode the owners of the wallets hold the keys to them on a hard drive that can break). If the key is stored online, hackers can hack and steal, quietly clearing the contents of the purse.
  5. The inability to regulate transactions and the exchange rates of bitcoin. State agencies of all countries of the world are afraid that a bitcoin can be laundered money, pass the calculations for the weapon for drug trafficking and even human beings, because they have no levers of influence and oversight over bitcoin.
  6. To fall into the hands of fraudsters. Many people are not thoroughly familiar with bitcoin fall for scams that promise them mountains of gold, with the purchase of bitcoins but in reality it turns out that the proposed sky-high income is a "bubble" and seductive deception, which caught all who wish to obtain quick returns for small efforts.

To open a bitcoin wallet and to start mining the virtual currency as risky as to put the money into a bank account, and then suddenly horrified to learn that the bank went bankrupt. Most at risk are those who have not studied or financial instruments or the virtual payment system bitcoin and no details about the principles of its functioning. Because to predict the behavior of this payment system is not easy and since its inception it has suffered ups and downs, the risks will always need to be "know in person".