Bitcoin is an extremely risky choice in currency exchange at many levels. What makes them such a bad investment?
1. One of the biggest reasons is that dishonest bankers encourage investors of precious metals to dump their holdings in exchange for this worthless digital currency. The players in the precious metal exchanges panic to seek relief from the supply's pressure by promoting Bitcoin sales. The same thing is happening in conservative investment markets like cash and money markets.
These investors are fooled into draining their accounts, withdrawing money from college funds, and even borrowing money against their homes and putting their money into a crypto coin that offers no asset protection at all. They have no idea how insidious market players can manipulate the crypto market and burst this increasingly large bubble, which places these over-leveraged investors at extreme risk of losing everything they have. This is the biggest problem: The average person believes the coin is a safe and viable currency that will hold its value.
2. Cryptocurrency is extremely volatile. Historically, the ups and downs are steep and wide. If you look at a graph depicting the historical movements, you can see the slope go up as high as the top of Mount Everest, then plunge to the bottom of the ocean, only to come back up for air again. Such extreme price volatility makes Bitcoin an inferior candidate as a currency used in the world.
3. Because the currency is digital, the threat of hacking is always there, and it gets worse every single day. As it draws more people to put their money into this vehicle, more hackers will try to break into the vault. This money is not protected by the FDIC or backed by any banking institution. If someone steals the coin, it is gone and not recoverable. Losing their investment to hackers is a risk that every Bitcoin investor faces.
4. It is just like when you lose your wallet with cash inside. If your wallet is never found, your money is gone for good.
5. Right now, the web has a growing number of con games and scams that try to defraud Bitcoin holders. New scams pop up every day in trying to steal these coin investments.
6. When a transaction is paid by cryptocurrency, there is usually no going back for any refund or credits. It's like an "all sales are final" deal. With other types of currency, there is always a way to reverse the transaction, no matter how difficult.
7. The cryptocurrency market does not have much regulation if any. It will stay this way until an overwhelming population of greedy people is tricked into putting their life savings into this. Many crypto investors despise regulation from the government, but there have to be some laws that govern this. Otherwise, this becomes the currency of choice for all criminal activity.
8. Although more places are starting to accept Bitcoin, it is still not used widely in daily everyday transactions.
9. There is always the possibility of someone coming up with a new and improved cryptocurrency. New ones are introduced every month. Any skillful entrepreneurial developer can get in on this before the Global Economic & Financial System collapses.
10. There is no privacy whatsoever to any transactions. Blockchain technology lets any person see historical and current transactions in Bitcoin. Some people think that this transparency is a benefit. However, would people want everyone else to see their money transactions? So, this lack of privacy is a huge problem and is a significant disadvantage.
11. A lot of research has been done on how mining for Bitcoin drains raw energy resources. This has a direct negative impact on the environment as it depletes ecological resources. The amount of energy consumed by mining boggles the mind. For this reason, the coin is an enemy to the environment and endangers the planet. The biosphere degrades with energy depletion. In the long-term, if this is allowed to continue in the world, it will shorten the planet's path to extinction.
12. The black market of Bitcoin proliferates. There is a population of financial criminals and dealers in the cryptocurrency underworld that controls the market. This black market is growing faster than any other type of black market in the world's history. It affects legal needs at many levels. This cannot be ignored.
13. These cryptocurrencies are all created by the same group of financial gangsters who control the global banking crime syndicates and banking cartels. They control everything crypto-related. On the outside, banks might sound critical when talking about cryptocurrency. Still, players in the financial system influence the playing field and manipulate this to bring more money into their pockets.
14. The original owners of Bitcoin are like members of a secret society. They have the power to influence how the coin behaves. Every move they make to the coin directly impacts the currency value. This is one reason for the coin's volatility. It can be manipulated artificially to suit the whims of any one of these banksters. How can this be suitable as a general currency that the public can use? The historical behavior of crypto coin since its conception 13 years ago is proof that this currency is unstable and unreliable.
15. Finally, when you think about it, cryptocurrency like Bitcoin has no worth of its own. They are all digitally created. They are just bits of data that a shutdown of the internet can wipe out. Without the Internet, the coin is worthless because it won't exist.
Hopefully, these warnings about Bitcoin will enlighten you about the serious dangers of putting your money in a cryptocurrency like Bitcoin. If you need more convincing of their evil, read this for more hidden truths: Bitcoin or Big con?.
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