If you are interested in investing in bitcoin, then you’re not alone. It has become an extremely popular currency to trade with, and there are many stories of how people have become millionaires with a relatively small initial investment. However, before you invest in bitcoin (or anything else), it pays to look at both the pros and the cons. Once you have this information, you will know whether bitcoin is the right investment for you.
Pro – No Payment Fraud
When you buy bitcoin UK, you can be safe in the knowledge that they can’t be counterfeited. This is because they are digital and there are dozens of security measures in place, including impossible to crack keys that make each and every transaction unique.
Pro – Less Chance Of Identity Theft
If you pay using a credit or debit card, you could be opening yourself up to identity theft. These kinds of cards are open to abuse, and someone who is intent on getting your information could do so with a scanner, or other equipment. This can’t happen with bitcoin. When paying with this method, you ‘push’ the right amount towards the recipient, and no other information is sent along with it.
Pro – Immediately Settlement
Paying by bitcoin means that your ‘debt’ is settled immediately because the transaction doesn’t have to go through any third parties which can cause delays. Third parties are eliminated through a bitcoin transaction, making everything much quicker and also less expensive.
Pro – Lower Fees
When trading with bitcoin, you won’t normally have to pay any transaction fees. This is because the bitcoin miners who are working to create the blockchain out of all the bitcoin transactions taking place are paid in brand new bitcoins themselves. They don’t need to take a percentage of your profits, as they are paid separately.
Con – Illegal Activities
Something that many people are concerned about is the fact that bitcoin trading and transactions could be financing illegal or immoral activities because it can be used entirely anonymously. In fact, the entire premise of bitcoin is that it is ‘anti-government’ or ‘anti-establishment’, so this image fits well with this idea. Although those trading in bitcoin maintain that this is not what happens, it is still a stigma that has stuck and could put people off from getting involved.
Con – Risk of Loss
When it comes to trading with bitcoin, there is certainly a risk of loss involved. This is partly to do with the trade itself; there is a risk of loss with any trade, after all, and partly to do with other factors. These include increasing regulation which could mean that your transactions will be limited. Buying bitcoin before regulation comes in and