Bitcoin has been reigning the digital world for some time now. Its windfall gains have made it the cynosure of all eyes. Who doesn’t want to be rich overnight? Bitcoin seems to be the answer to every question. But the kind of volatility that it has witnessed over the past one year, has brought its future under scanner. But nothing seems to dampen the spirits of the people who want to make it big through this crypto currency.

Millennials strongly believe that putting your saving in bitcoins should be the penultimate goal to secure your future. But the kind of fluctuation we have seen in the cryptocurrency market has not been easy for those who entered it when it was enjoying its prime. Such a speculative world has also opened doors for cryptocurrency’s dark side, which sometimes is overshadowed by the sky-rocketing value of bitcoin. But just as digital currency has become the hottest trend around, it has given hackers and cybercriminals a new platform for exploitation.

 

 

Bitcoin has taken the most public nosedive recently. People had sold their homes, used their lifetime savings, borrowed money at exorbitant rates…all this just to be trapped in a vicious cycle, ending up empty handed. Claimed to be a Ponzi Scheme – bitcoin has been compared to the scam by Bernie Madoff in which the cash pledged by new investors was paid to old investors as a return.

One of the warning instances of Bitcoin losses hails from Australian journalist Derek Rose. In 2017, Rose audaciously invested $70,000 of his retirement money in cryptocurrencies. Initially, the returns were a roaring success. With cryptocurrencies in their prime, Rose was lured by the them and borrowed money to further enhance his investments. At one point, he was shelling $1,000 a day in interest but in return of making half a million dollars a day in profit, it didn’t seem to be a bad deal. He even saw his holdings standing at $7 million. Suggestions of cashing in were turned down in the want of owning a sports team or yacht. But soon the picture turned ugly and he lost everything.

It’s acceptable to lose money you’ve won, but losing money you can’t afford is a lesson learnt the hard way.

When the word Bitcoin is typed on the Google bar, you are first welcomed by advertisements enticing you to invest in the cryptocurrency or offering to help you understand the complicated algorithm. Such welcoming sites further ignite a person’s desire to enter the digital world of trading which is quite like quicksand. Some financial experts find it to be a complement of our fears and insatiable greed and the charm of a new era of trading.

When the word Bitcoin is typed on the Google bar, you are first welcomed by advertisements enticing you to invest in the cryptocurrency or offering to help you understand the complicated algorithm. Such welcoming sites further ignite a person’s desire to enter the digital world of trading which is quite like quicksand. Some financial experts find it to be a complement of our fears and insatiable greed and the charm of a new era of trading.

But such a purchase is nothing but speculating, which isn’t a very wise thing to do. You end up playing a battle where you either win or lose, with no midway to choose. Money becomes your sole objective.

As the old saying goes “Up like a rocket, down like a stick.”

Moreover, its safety cannot be ensured despite the fact you do not acquire it physically. Safely storing it is not just a challenge for individuals but also for companies and exchanges promoting it. A few cases such of bitcoin exchanges such as Mt Gox in Japan, Bitfinex and various other wallets being hacked have raised an alarm, putting to doubt the safekeeping your assets.

Investment in cryptocurrency isn’t a child’s play. If you wish to be a part of this world, every step needs to be cautious and decisions should be judiciously taken.