Bitcoin risks 5 things bitcoin holders should know - I became rich using this method and now I make over $10,000 monthly.
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Scott Evans
11.12. 2017 11:00  | 

Even the price and the adoption of Bitcoin is rising every moment, there are some risks that holders should consider:

Volatility

Not only Bitcoin, but all others cryptocurrencies are very volatile. There was some examples where Bitcoin rise up in day or two more than 10% and that is not small amount. Besides this facts Bitcoin is pretty stable when we are talking about long term uptrend. What is the risk in all of this? The history of Bitcoin shown that the sharper uptrend is the deeper correction would happen, so be careful holders!

Cyberattack

There was some kind of hackers attacks, so holding your Bitcoins on the online exchanges that offers in house wallet services is not smartest thing, because of virtual insecurity. Anyway it is risky using online wallets, you should be consider using hardware wallet.

Attack from quantum computers

There are some predictions that with quantum computers hackers will be able to hack blockchains and transactions. Many Bitcoin accounts and all the new transactions will be at risk within ten years from now, so people should start thinking about the solution already.

51% attack

51% attack is the situation in which one user gets 51% of the mining power. In this scenario whole network could fail because this user will have full control over blockchain and he could block transactions or double spendings Bitcoins. And this situation is not only theoretically one because five of the largest mining pools have 70% of the total has power.

Once Bitcoin is lost it can never be recovered, same with the transactions once they are confirmed, they cannot be reversed. 23% of the total supply of Bitcoin are lost forever, which is around 3.8 million Bitcoins. We all know the story about IT specialist and his laptop. He mined about 7500 Bitcoins in 2009, he did not predicted how would Bitcoin became valuable and he threw away his laptop.

Bitcoin vs. USD

  • Inflation - Bitcoins supply is limited, there is 21 million coins and that\'s it. US dollar is prone to inflation. Printing more dollars just devalues the value of dollar from the year to year. Interesting fact is that from 1913 to these days dollar lost 96% of its purchasing power.
  • USD is dependent on banks - Some of the largest bank in the world accounted for around 66% of overall Forex trading volume. These banks control the money flow. Bitcoin have blockchain and no one control it.
  • USD can go through devaluation - Bitcoin does not have this kind of risk, but USD can be hit by hyperinflation if it loses its petrodollar status, long story short, it could happen if number of oil producers refuse to sell their commodity for the USD.

Bitcoin vs. Gold

  • Gold is physical - Bitcoin is not. Gold is physical and this mean that gold need place where you can keep it.
  • Inconvenience - trading with gold is difficult, trading with Bitcoin is not.
  • Gold depends on centralized systems - even it seems to be decentralized it is not. Bitcoin is still the winner.
Get started now - Life is too short to be poor. Bitcoin, risks, hackers, gold, USD
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