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Title: 4 bitcoin risks you should know when investing in bitcoin Post by: jane maradona on October 02, 2019, 02:38:37 AM The value is not guaranteed, so buying and using Bitcoin carries a number of inherent risks. Many investor warnings have been issued by the US Securities and Exchange Commission (SEC), the Financial Sector Regulatory Authority (FINRA), the Department of Consumer Financial Protection (CFPB), and institutions. other officials
Explore more What is Bitcoin? Basic knowledge for effective Bitcoin investment: https://vakaxa.com/vi/bitcoin-la-gi/ Legal risks Bitcoin can be used for black market transactions, money laundering, illegal activity or tax evasion. Therefore, governments can seek to regulate and regulate the use or trading of bitcoin. For example, in 2015, the New York State Department of Financial Services finalized regulations that would require companies to process purchases, sales, transfers, or store bitcoins to record customer identities. Transactions of $ 10,000 or more will have to be recorded and reported. In addition, the lack of uniform regulations on Bitcoin and other cryptocurrencies raises questions about their lifetime, liquidity and popularity. Security risks As with any system, Bicoin transactions are at risk of being hacked, malware and malfunctioning during operation. If a hacker gains access to the Bitcoin owner's computer hard drive and steals the private key, he can transfer the stolen Bitcoin to another account. A particularly notorious theft took place in 2014, when Mt. Gox, a Bitcoin exchange in Japan, was forced to shut down after Bitcoin worth millions of dollars was stolen. Fraud risks Because the issuance of cryptocurrencies, ICOs etc. has not been regulated by the government yet, scammers can sell fake bitcoin. For example, in July 2013, the SEC took legal action against a Ponzi program operator related to Bitcoin. Tax risks In March 2014, the IRS announced that all cryptocurrencies, including Bitcoin, would be taxed as an asset. Therefore, there is no legal way to protect Bitcoin earnings from taxes Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: Anonylz on October 02, 2019, 03:09:56 AM Don't this risk you listed above applies to fiat as well? Except for legal risk because as it is btc those not have government approval worldwide,
When you talk security risk that also happens with bank accounts and what have you, many people have had their bank account comprised and money is been stolen, the security level their is not exactly first class, Fraud and Tax risk also applies in fiat, infact, more common with fiat than crypto, the government tax you for almost everything, directly or indirectly, you are paying tax, Fraud is another story on its own so no need to go deep, bottomline is btc is no different than fiat when it comes to those risk you mentioned above. Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: nara1892 on October 02, 2019, 04:05:40 AM everything you say happens more to fiat currencies,
You talk about this like we're in 2015, where many negative issues have been raised to bring down the price of bitcoin Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: CryptoBry on October 02, 2019, 04:06:42 AM Personally, I would consider Bitcoin to be risky but rewarding as well. Maybe it is time that people should look at this platform at its totality and its potential as a big disruption in the way things are going on especially in the world of finance, money, trading and related concerns. Bitcoin is all about returning the power to the people and though it is not perfect (nothing is) and can can argue that this is not happening at all at this time there is no question that Bitcoin has become like a catalyst in the marketplace. All the major risks mentioned by OP here are all existing in the market and it is apt that newbies should educate themselves first before jumping into the waters so there will be no big surprises. People should not just focus on many possible financial rewards that can come dealing with Bitcoin but also the possible pitfalls one can experience when not very careful. I was once a victim of some scams and wallet phising so I know the experience of losing some cryptos or tokens into thin air but out of that experience I learned a lot of things and I decided to never give up in my love for Bitcoin. Just to make things clearer and fairer, many of the possible risks we associate with Bitcoin or cryptocurrency in general can also be present in traditional fiat money or financial institutions to varying degrees. Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: Kyraishi on October 02, 2019, 04:22:54 AM I feel most of the risk your saying here also apply to fiat currencies, and it's more so general advice, not specific for crypto's. For example:
Legal risk: You can money launder with fiat currencies, people with a lot of cash get in trouble, same thing. Security risk: bank accounts get hacked, people steal funds from you, not just BTC. Fraud: People can easily commit fraud with fiat. Tax: Have you never seem people avoid tax using cash, or other ways? Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: avikz on October 02, 2019, 04:52:09 AM Legal risks Bitcoin can be used for black market transactions, money laundering, illegal activity or tax evasion. Therefore, governments can seek to regulate and regulate the use or trading of bitcoin. How black market used to function before 2009? WHy to bind this risk only with cryptos? Quote Security risks As with any system, Bicoin transactions are at risk of being hacked, malware and malfunctioning during operation. If a hacker gains access to the Bitcoin owner's computer hard drive and steals the private key, he can transfer the stolen Bitcoin to another account. A particularly notorious theft took place in 2014, when Mt. Gox, a Bitcoin exchange in Japan, was forced to shut down after Bitcoin worth millions of dollars was stolen. Applies to Banking sector as well! Read the references below, 5 most scandalous fraud cases of 2018: https://www.fraud-magazine.com/2018Top5Frauds/ 5 Recent Banking Frauds In India: http://www.businessworld.in/quickbytes/5-Recent-Banking-Frauds-In-India/15-02-2018-316/ ANALYSIS OF TOP 100 BANK FRAUDS: http://www.cvc.nic.in/sites/default/files/new1111.pdf I can go on and on. But the above links prove my point! Quote Fraud risks Because the issuance of cryptocurrencies, ICOs etc. has not been regulated by the government yet, scammers can sell fake bitcoin. For example, in July 2013, the SEC took legal action against a Ponzi program operator related to Bitcoin. Look at the above list! But yes, ICOs are indeed a real risk for crypto owners but only if they are not aware about the market. Those who are aware of the market, usually stays away from such frauds! Quote Tax risks In March 2014, the IRS announced that all cryptocurrencies, including Bitcoin, would be taxed as an asset. Therefore, there is no legal way to protect Bitcoin earnings from taxes Why do you want to evade tax? At least it has got the legal status in USA. In many other countries, the legal framework of bitcoin/cryptos are still confusing. It is better to be regulated than to be criminalize! Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: coin-investor on October 02, 2019, 05:07:09 AM You should not start investing and holdling Cryptocurrency until you learn everything about how to secure your wallet and how hackers are going to try to hack your wallet, you can find everything you need to learn on how to do all these on Youtube and Google, everybody starts here it's risky experimenting on your own without doing research.
Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: DevilSlayer on October 02, 2019, 05:26:14 AM Identifying the risks that you will take and also the rewards that you will get is important to consider before investing in bitcoin. I'm a trader and I waiting to make an entry point before I make investment. By having strategies, I can increase my investments and as well as protect it.
Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: Kakmakr on October 02, 2019, 05:27:23 AM The value is not guaranteed, so buying and using Bitcoin carries a number of inherent risks. Many investor warnings have been issued by the US Securities and Exchange Commission (SEC), the Financial Sector Regulatory Authority (FINRA), the Department of Consumer Financial Protection (CFPB), and institutions. other officials Explore more What is Bitcoin? Basic knowledge for effective Bitcoin investment: https://vakaxa.com/vi/bitcoin-la-gi/ Legal risks Bitcoin can be used for black market transactions, money laundering, illegal activity or tax evasion. Therefore, governments can seek to regulate and regulate the use or trading of bitcoin. For example, in 2015, the New York State Department of Financial Services finalized regulations that would require companies to process purchases, sales, transfers, or store bitcoins to record customer identities. Transactions of $ 10,000 or more will have to be recorded and reported. In addition, the lack of uniform regulations on Bitcoin and other cryptocurrencies raises questions about their lifetime, liquidity and popularity. Security risks As with any system, Bicoin transactions are at risk of being hacked, malware and malfunctioning during operation. If a hacker gains access to the Bitcoin owner's computer hard drive and steals the private key, he can transfer the stolen Bitcoin to another account. A particularly notorious theft took place in 2014, when Mt. Gox, a Bitcoin exchange in Japan, was forced to shut down after Bitcoin worth millions of dollars was stolen. Fraud risks Because the issuance of cryptocurrencies, ICOs etc. has not been regulated by the government yet, scammers can sell fake bitcoin. For example, in July 2013, the SEC took legal action against a Ponzi program operator related to Bitcoin. Tax risks In March 2014, the IRS announced that all cryptocurrencies, including Bitcoin, would be taxed as an asset. Therefore, there is no legal way to protect Bitcoin earnings from taxes This is just excuses that are used to justify regulation, because most of these risks are associated with normal Fiat transactions too. ::) OK, we know the SEC has to protect the consumer and that Fiat based currencies and investment tools are highly regulated, so we should not expect Bitcoin to be exempt from these regulations, but are these regulations really suggested to protect the consumer or is it suggested to help the government to control their citizens and to earn more taxes. ::) Let's hope the SEC handles these issues in the same way that they would handle any other technology that are not backed by the government. :( Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: Kyraishi on October 02, 2019, 05:49:25 AM You should not start investing and holdling Cryptocurrency until you learn everything about how to secure your wallet and how hackers are going to try to hack your wallet, you can find everything you need to learn on how to do all these on Youtube and Google, everybody starts here it's risky experimenting on your own without doing research. What's the point of this post, he's not asking for advice, he's giving his opinions on why BTC investments are risky, which is flawed due to some of the logic he provides - nothing related to holding BTC, and securing your wallet..The value is not guaranteed, so buying and using Bitcoin carries a number of inherent risks. Many investor warnings have been issued by the US Securities and Exchange Commission (SEC), the Financial Sector Regulatory Authority (FINRA), the Department of Consumer Financial Protection (CFPB), and institutions. other officials Explore more What is Bitcoin? Basic knowledge for effective Bitcoin investment: https://vakaxa.com/vi/bitcoin-la-gi/ Legal risks Bitcoin can be used for black market transactions, money laundering, illegal activity or tax evasion. Therefore, governments can seek to regulate and regulate the use or trading of bitcoin. For example, in 2015, the New York State Department of Financial Services finalized regulations that would require companies to process purchases, sales, transfers, or store bitcoins to record customer identities. Transactions of $ 10,000 or more will have to be recorded and reported. In addition, the lack of uniform regulations on Bitcoin and other cryptocurrencies raises questions about their lifetime, liquidity and popularity. Security risks As with any system, Bicoin transactions are at risk of being hacked, malware and malfunctioning during operation. If a hacker gains access to the Bitcoin owner's computer hard drive and steals the private key, he can transfer the stolen Bitcoin to another account. A particularly notorious theft took place in 2014, when Mt. Gox, a Bitcoin exchange in Japan, was forced to shut down after Bitcoin worth millions of dollars was stolen. Fraud risks Because the issuance of cryptocurrencies, ICOs etc. has not been regulated by the government yet, scammers can sell fake bitcoin. For example, in July 2013, the SEC took legal action against a Ponzi program operator related to Bitcoin. Tax risks In March 2014, the IRS announced that all cryptocurrencies, including Bitcoin, would be taxed as an asset. Therefore, there is no legal way to protect Bitcoin earnings from taxes This is just excuses that are used to justify regulation, because most of these risks are associated with normal Fiat transactions too. ::) OK, we know the SEC has to protect the consumer and that Fiat based currencies and investment tools are highly regulated, so we should not expect Bitcoin to be exempt from these regulations, but are these regulations really suggested to protect the consumer or is it suggested to help the government to control their citizens and to earn more taxes. ::) Let's hope the SEC handles these issues in the same way that they would handle any other technology that are not backed by the government. :( Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: lobat999 on October 02, 2019, 05:55:49 AM I feel most of the risk your saying here also apply to fiat currencies, and it's more so general advice, not specific for crypto's. For example: Legal risk: You can money launder with fiat currencies, people with a lot of cash get in trouble, same thing. Security risk: bank accounts get hacked, people steal funds from you, not just BTC. Fraud: People can easily commit fraud with fiat. Tax: Have you never seem people avoid tax using cash, or other ways? Quite a good comparison of Bitcoin - Fiat risks which are almost equal in nature considering every known investment has its own risks associated with it and both have no bulletproof mechanism to avoid it. In this sense, OP forgot the most critical risk that Bitcoin has, its degree of volatility! But I think this can be managed also if we choose to hedge Bitcoin such as opting for futures. Nevertheless, is it also worth mentioning that Bitcoin's inherent volatility could also benefit its holders if its value rose unexpecdtedly in a short period of time. Also, not all four risk mentioned by the OP apply in many countries since they don't have yet a legal and tax framework to implement it at least not for now. Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: Klausi on October 02, 2019, 05:56:57 AM everything you say happens more to fiat currencies, You talk about this like we're in 2015, where many negative issues have been raised to bring down the price of bitcoin Maybe OP is still living in the past. All of the currencies we all have around the world are being use in crimes, illegal activities, and other evil deeds, yet the Government are not shutting down fiat because it is normal. We are freely to decide in where we are going to use our money, the only disadvantage is if we use our money in bank purchasing illegal things, that's fvcked up, expect the FBI will barge your house any time. And the risks OP mentioned was overcome by bitcoin a long time ago. Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: gunhell16 on October 02, 2019, 10:21:22 AM Everything is this world has its own risk.
Every investment we will do has the risk to take. FIAT has a stock market and you are risking your money also there. That is normally the more you risk to take the more profit you will engage. Even without the existence of BITCOIN, there is the risk you are talking about since then. Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: Murat on October 02, 2019, 10:26:46 AM It's not that right thing you said here about Bitcoin, I think every investment requires some risk, as you mentioned here, Bitcoin has a legal crisis it's true but it doesn't mean that Bitcoin only uses for the purpose of Money laundering, Black Market Transaction, and so-called illegal aspect. That's not fair, Bitcoin has a lot of positive use also in the current context. Secondly, You have said that about security risk, It's a lame opinion, You have to know very clearly ins and outs of this platform and Bitcoin's security then you should provide any opinion otherwise people get confused from this statement. and finally, you were trying to address the fraud risk and tax risk, It's nothing related to the Bitcoin, If it's true then People don't invest their money still now. one thing, You have to consider without taking a risk you couldn't gain anything.
Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: Murat on October 02, 2019, 11:00:30 AM It's not that right thing you said here about Bitcoin, I think every investment requires some risk, as you mentioned here, Bitcoin has a legal crisis it's true but it doesn't mean that Bitcoin only uses for the purpose of Money laundering, Black Market Transaction and so-called illegal aspect. That's not fair, Bitcoin has a lot of positive use also in the current context. Secondly, You have said that about security risk, It's a lame opinion, You have to know very clearly ins and outs of this platform and Bitcoin's security then you should provide any opinion otherwise people get confused from this statement. and finally, you were trying to address the fraud risk and tax risk, It's nothing related to the Bitcoin, If it's true then People don't invest their money still now. one thing, You have to consider without taking a risk you couldn't gain anything.
Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: kayvie on October 02, 2019, 11:19:05 AM Risks you have mentioned are also related to fiat money, they are actually pointing the risks of using fiat. legal risk is not more likely related since bitcoin is not regulated by the government.
Everything is this world has its own risk. Indeed, they are discussing that bitcoin is risky because it can be used for illegal transactions/gambling/investment scheme, which is also happening at fiat. Risks is always there, we should not avoid it. Just face it.Every investment we will do has the risk to take. FIAT has a stock market and you are risking your money also there. That is normally the more you risk to take the more profit you will engage. Even without the existence of BITCOIN, there is the risk you are talking about since then. Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: Baby Dragon on October 04, 2019, 05:16:35 AM Risks you have mentioned are also related to fiat money, they are actually pointing the risks of using fiat. legal risk is not more likely related since bitcoin is not regulated by the government. Certainly, because it is the only way to get the benefits that we wanted considering the fact that we can't easily achieve our goals on investing. We can't easily get rid of it but if we have enough understanding, we can handle such things despite of having some difficulties. Everything is this world has its own risk. Indeed, they are discussing that bitcoin is risky because it can be used for illegal transactions/gambling/investment scheme, which is also happening at fiat. Risks is always there, we should not avoid it. Just face it.Every investment we will do has the risk to take. FIAT has a stock market and you are risking your money also there. That is normally the more you risk to take the more profit you will engage. Even without the existence of BITCOIN, there is the risk you are talking about since then. Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: Mandoy on October 17, 2019, 09:03:44 AM I dont think that those are really risk. Let us say legal risk, this is not a risk. Is a legal compliance a risk I will say no, for an ordinary individual that has nothing to do with illegal and illicit activities theres no such thing as legal risk. Another thing is security risk, I guess on this thing you have a point since hackers are everywhere and may access your account. Fraud risk, this is not a risk at all since it all depends on yourself if you will allow yourself to be scammed, this is the same with fiat currency if you allow yourself to be scammed then you lose your money. Tax risk: I dont hear this one maybe in the USA but in other parts of the world cryptocurrency is not taxable.
Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: Youghoor on October 17, 2019, 10:02:36 AM The value is not guaranteed, so buying and using Bitcoin carries a number of inherent risks. Many investor warnings have been issued by the US Securities and Exchange Commission (SEC), the Financial Sector Regulatory Authority (FINRA), the Department of Consumer Financial Protection (CFPB), and institutions. other officials Explore more What is Bitcoin? Basic knowledge for effective Bitcoin investment: https://vakaxa.com/vi/bitcoin-la-gi/ Legal risks Bitcoin can be used for black market transactions, money laundering, illegal activity or tax evasion. Therefore, governments can seek to regulate and regulate the use or trading of bitcoin. For example, in 2015, the New York State Department of Financial Services finalized regulations that would require companies to process purchases, sales, transfers, or store bitcoins to record customer identities. Transactions of $ 10,000 or more will have to be recorded and reported. In addition, the lack of uniform regulations on Bitcoin and other cryptocurrencies raises questions about their lifetime, liquidity and popularity. Security risks As with any system, Bicoin transactions are at risk of being hacked, malware and malfunctioning during operation. If a hacker gains access to the Bitcoin owner's computer hard drive and steals the private key, he can transfer the stolen Bitcoin to another account. A particularly notorious theft took place in 2014, when Mt. Gox, a Bitcoin exchange in Japan, was forced to shut down after Bitcoin worth millions of dollars was stolen. Fraud risks Because the issuance of cryptocurrencies, ICOs etc. has not been regulated by the government yet, scammers can sell fake bitcoin. For example, in July 2013, the SEC took legal action against a Ponzi program operator related to Bitcoin. Tax risks In March 2014, the IRS announced that all cryptocurrencies, including Bitcoin, would be taxed as an asset. Therefore, there is no legal way to protect Bitcoin earnings from taxes I'm a bit confused here. The only risks I know and think people investing in bitcoin face or encounter are; 1.price volatility which can even be a curse or blessing depending on the plans you the investor have for investing 2. the security nature of the platform you the investor is buying or selling your bitcoin on 3. your level of knowledge and understanding of bitcoin investment. I really don't think your four risks have some strong connection with bitcoin investment, these might be the risks for investors investing in bitcoin related investment projects. With such projects, you are at your risk if you think crypto investment is a get rich quick avenue.... Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: Darker45 on October 17, 2019, 10:17:58 AM Since this risk warning came from SEC, FINRA, and CFPB, this is biased and prejudiced against Bitcoin or crypto.
Why don't they do the same to fiat? Legal risks Billions and billions of fiat have been used for black market transactions, money laundering, illegal activity and tax evasion. Security risks Fiat has been stolen, used in illegal activities, assigned whimsical value, printed out of thin air and indiscriminately, and so on and so forth. Fraud risks Fiat, even if directly owned and regulated by the government, is always faked. I'm not sure if there is one original left. Tax risks Fiat is taxed too heavily in all transactions. #ChooseBitcoin ;D Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: bounceback on October 17, 2019, 10:44:15 AM everything we do there is a risk of living in the world alone we have risks let alone we work in cryptocurrency certainly has big risks like we invest in bitcoin especially if we are beginners in cryptocurrency, but investors who have long known about cryptocurrency risks in investing with bitcoin is a matter makes sense because they can avoid the risk of investing in bitcoin maybe they already have a lot of experience with it.
Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: Eclipse26 on October 17, 2019, 12:37:50 PM Just like what I always mention, bitcoin has always a counterpart of risk. When you start using and engaged with cryptocurrency, you should know the risk factors it have, and we should always be prepared for it. There's a lot of risk here in crypto, but why do we still invest in bitcoin knowing it's very risky? 'Cause we won't risk in the very first place if it's not worth risking. It means, investing in bitcoin is also worth it. We just have to embrace the risks in crypto for us to know how to manage and handle it very well.
Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: bitzizzix on October 17, 2019, 12:44:08 PM You must learn to understand first before investing in bitcoin and know the risks and systems for how it works, even though bitcoin is a promising and profitable investment if you don't study it well, everything will be in vain.
bitcoin is very volatile where prices can change significantly and you must understand when you make a purchase and when you resell it at the right time. and bitcoin is not regulated by the government or third parties so you will have problems with the law, and other problems. Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: Genemind on October 17, 2019, 02:20:31 PM Don't this risk you listed above applies to fiat as well? Except for legal risk because as it is btc those not have government approval worldwide, When you talk security risk that also happens with bank accounts and what have you, many people have had their bank account comprised and money is been stolen, the security level their is not exactly first class, Fraud and Tax risk also applies in fiat, infact, more common with fiat than crypto, the government tax you for almost everything, directly or indirectly, you are paying tax, Fraud is another story on its own so no need to go deep, bottomline is btc is no different than fiat when it comes to those risk you mentioned above. I certainly agree with you. All these risks are also happening to fiat so we can't take these things against Bitcoin only. Even fiat is being used in fraud, money laundering and even in black market transactions. Why don't you look at the brighter side and the advantages of Bitcoin for you to see the real differences? Bitcoin has it's a risk but investors and traders still choose it because of the profit that we could gain here which we couldn't gain in fiat. Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: xiboothrezi on October 17, 2019, 02:57:28 PM Very informative thread. For newbies who do not understand cryptocurrency, this is a good reference. This information can also be found on many other platforms, but only here we can discuss it more deeply and provide related information to each other.
By understanding these risks, we can prepare prevention so that these risks can be avoided and their impact reduced. Like security risks and fraud, this can be reduced by giving double security to the wallet and wiser in using the internet, not to become a way for hackers. There is one more risk that must be understood: volatile risk. This is often feared by ordinary people, even though it can be used to take profit if you can analyze a chart optimally. So the timing for buy and sell is at the optimal position. Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: Diirtmaan on October 17, 2019, 03:45:34 PM Don't this risk you listed above applies to fiat as well? Except for legal risk because as it is btc those not have government approval worldwide, When you talk security risk that also happens with bank accounts and what have you, many people have had their bank account comprised and money is been stolen, the security level their is not exactly first class, Fraud and Tax risk also applies in fiat, infact, more common with fiat than crypto, the government tax you for almost everything, directly or indirectly, you are paying tax, Fraud is another story on its own so no need to go deep, bottomline is btc is no different than fiat when it comes to those risk you mentioned above. I agree with you. All of these risks can happen when it comes to fiat money too. Perhaps due to the fact that Bitcoin is much less common than fiat, we are reacting these risks so sharply, but in fact, risks exist both in case of using fiat and Bitcoin equally Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: Slow death on October 17, 2019, 04:22:27 PM People already know what awaits them when they enter the crypto world, if they do not know then it is a serious problem they have. If anyone hears about something decentralized created by an anonymous internet guy, then that person must already imagine that it has nothing to do with governments and that person must know that they will face the fury of governments. And you also forgot to mention the high volatility of cryptos
Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: Meowth05 on October 17, 2019, 04:44:53 PM Risk is part of the system especially in cryptocurrency but if you do have some knowledge and experience you can somehow minimize the risk. Bitcoin is a promising coin indeed but it still risky to place an investment without having knowledge regards to this coin. Besides, crypto is full of risk hence you should be aware of it. Risk is inevitable,its either we face it or run from it we choose but remember if you stay on your comfort zone then you wouldn't get the reward of the risk-takers.
Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: kryptqnick on October 17, 2019, 05:33:52 PM Since this risk warning came from SEC, FINRA, and CFPB, this is biased and prejudiced against Bitcoin or crypto. This is very true! Moreover, these points don't strike me as the most important ones when it comes to investments. Yes, you have to take into consideration the legislation you have in your country that is related to Bitcoin. Yes, you have to make sure you're actually buying Bitcoin rather than something else, and that you are doing it on an exchange with a good reputation. You also have to ensure that your coins are kept in a safe place. But IMO the biggest risk with Bitcoin is that it's very volatile, so you can easily lose money, and it can happen very fast.Why don't they do the same to fiat? Legal risks Billions and billions of fiat have been used for black market transactions, money laundering, illegal activity and tax evasion. Security risks Fiat has been stolen, used in illegal activities, assigned whimsical value, printed out of thin air and indiscriminately, and so on and so forth. Fraud risks Fiat, even if directly owned and regulated by the government, is always faked. I'm not sure if there is one original left. Tax risks Fiat is taxed too heavily in all transactions. #ChooseBitcoin ;D Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: Oceat on October 17, 2019, 06:38:16 PM Risk is always around in the corner, it is up to the person who wants to invest in crypto currency. They should have to do more research when investing something in order to minimize the risk. Scammers are getting better everyday for making a trap to scam more people but if you are knowledgeable enough, you are unlikely to get scam.
Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: pankajgupta on October 17, 2019, 06:56:42 PM Nothing is world is purely good. Bitcoin has also the same case. It has many risks. Some of which are as follows:
1) If you forgot your key, you will lose all your money in the wallet and can't access them. 2) Although it is secure, somebody may hack your account and take all your money and you can't do anything. 3) Its value is variable. It may fall by a higher rate. 4) You may be cheated by someone. Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: shield132 on October 17, 2019, 07:54:36 PM Taxes from bitcoin earning depends on countries because there are some countries where it's not regulated and are set very strange fees which are out from standard and are especially suited for cryptocurrencies or are even just hang on.
What legal risks do you talk about? Well, if we consider what India plans, then yes, no one knows if any government follows India's plan (which was to ban usage of bitcoin and cryptocurrencies and set even jail on it). What do you mean when saying scammers can sell fake bitcoins? How can anyone ever fake bitcoin? It's cryptocurrency, something that exists online and isn't physical gold which you can fake a little bit. In overall the only risks here exist when you hold this coin, otherwise as a payment method, it's just great thing and can't see any risk here. Even if legal risks may exist, you will have some time to fix everything, nothing happens in one day, there is always some date (usually one month) given to fix everything. Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: Artemis3 on October 17, 2019, 09:00:00 PM Legal risks Same as fiat. FUD as usual.Bitcoin can be used for black market transactions, money laundering, illegal activity or tax evasion. Therefore, governments can seek to regulate and regulate the use or trading of bitcoin. For example, in 2015, the New York State Department of Financial Services finalized regulations that would require companies to process purchases, sales, transfers, or store bitcoins to record customer identities. Transactions of $ 10,000 or more will have to be recorded and reported. In addition, the lack of uniform regulations on Bitcoin and other cryptocurrencies raises questions about their lifetime, liquidity and popularity. Security risks Oh, as if "hackers" never got into Banks online, or never phished people's passwords from their own computers, ever...As with any system, Bicoin transactions are at risk of being hacked, malware and malfunctioning during operation. If a hacker gains access to the Bitcoin owner's computer hard drive and steals the private key, he can transfer the stolen Bitcoin to another account. A particularly notorious theft took place in 2014, when Mt. Gox, a Bitcoin exchange in Japan, was forced to shut down after Bitcoin worth millions of dollars was stolen. Fraud risks Obviously Ponzi, the Italian, had to use Bitcoin, not USD, all the way back in the early 20ieth century, no one ever faked USD banknotes, no reason whatsoever they changed all the banknotes when they introduced the colored ones, it was just for cosmetic reasons alone...Because the issuance of cryptocurrencies, ICOs etc. has not been regulated by the government yet, scammers can sell fake bitcoin. For example, in July 2013, the SEC took legal action against a Ponzi program operator related to Bitcoin. Tax risks Hmm lets say you travel, and buy some property cheap. Some years later, you travel again and sell it, all that profit goes into a bank of that country, you return. IRS? Nope. Well Bitcoin is similar, nothing occurs physically in your country, if you ever declare something, its voluntary, because you are a nice law abiding citizen.In March 2014, the IRS announced that all cryptocurrencies, including Bitcoin, would be taxed as an asset. Therefore, there is no legal way to protect Bitcoin earnings from taxes Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: pixie85 on October 17, 2019, 09:12:30 PM Quote Fraud risks Because the issuance of cryptocurrencies, ICOs etc. has not been regulated by the government yet, scammers can sell fake bitcoin. For example, in July 2013, the SEC took legal action against a Ponzi program operator related to Bitcoin. This is some serious bullshit. Nobody can sell you fake bitcoin! There is no fake bitcoin. The only thing they can sell you is a promise of bitcoin or a promise of bitcoin gains if you send them your bitcoins. A ponzi scheme is not selling fake bitcoins! You seriously don't know much about this and repeat some headlines found in the web. Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: batang_bitcoin on October 17, 2019, 09:26:41 PM It's funny that the article points out about legal risks but if you will analyze the real situation. There are many people that are doing those activities with the use of fiat money. They can't even distinguish that for some matters and they'll pass it on to bitcoin. Yes, bitcoin has been used with those before but it's adoption and is becoming globally accepted very soon.
This is some serious bullshit. Nobody can sell you fake bitcoin! There is no fake bitcoin. The article don't understand the true situation of the market, I guess this is a research based article but lacks of many things.Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: Digitalbitcoin on October 17, 2019, 09:27:30 PM Quote Fraud risks Because the issuance of cryptocurrencies, ICOs etc. has not been regulated by the government yet, scammers can sell fake bitcoin. For example, in July 2013, the SEC took legal action against a Ponzi program operator related to Bitcoin. This is some serious bullshit. Nobody can sell you fake bitcoin! There is no fake bitcoin. The only thing they can sell you is a promise of bitcoin or a promise of bitcoin gains if you send them your bitcoins. A ponzi scheme is not selling fake bitcoins! You seriously don't know much about this and repeat some headlines found in the web. First thing Bitcoin is a bit complex to understand common person who is not belonging to the tech world. But still money matters, and every human being on this planet better know the value of money. This is the first reason why most normal people turns towards Bitcoin considering tool for investment. Just because of false advertising. The second thing wrong promotion through MLM, and network schemes. Many fall in the trap just because of greed. People who invest in such cases never get returns back because of the specification of Bitcoins principles. Third thing very few people used Bitcoin as a platform for investment which is actually indeed. The last thing is about security, Bitcoin is completely virtual asset so, anyone can deal with it electronically. While accessing bitcoin keep your focus on security majors. Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: barabarian1 on October 17, 2019, 10:34:23 PM in my opinion the 4 risks mentioned by the OP are also common in fiat money. I think in any investment there is a risk and we cannot avoid it. in fiat money money laundering also occurs then fiat money can also be hacked We often hear many fraudsters who hack fiat money through ATM cards. fraud is also always there in fiat money usually fraudsters commit fraud under the guise of investment. if both bitcoin and fiat have the same risk it is better to choose bitcoin in investing because bitcoin has fluctuations that can give us the opportunity to buy low and sell high.
Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: jostorres on October 18, 2019, 04:15:17 PM Risk is part of the system especially in cryptocurrency but if you do have some knowledge and experience you can somehow minimize the risk. Bitcoin is a promising coin indeed but it still risky to place an investment without having knowledge regards to this coin. Besides, crypto is full of risk hence you should be aware of it. Risk is inevitable,its either we face it or run from it we choose but remember if you stay on your comfort zone then you wouldn't get the reward of the risk-takers. That is the word my friend, risk is not what should be our main concern because risk will always be in every part of any technology or business, but most successful business men are actually after how they can manage the risk. People should learn more on how they can manage risk than having fear for the risk itself.All the risk that the op listed is what I know can really be controlled, so it is not really supposed to be a big problem that we have the existence of risk, no matter how high the risk may be, there will always be a way to manage it. One of the best ways to control risk is actually to learn the terrain of the cryptocurrency market very well, and all learn about the strategies that are available for most people to be able to overcome the risk. Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: teosanru on October 18, 2019, 04:19:40 PM The value is not guaranteed, so buying and using Bitcoin carries a number of inherent risks. Many investor warnings have been issued by the US Securities and Exchange Commission (SEC), the Financial Sector Regulatory Authority (FINRA), the Department of Consumer Financial Protection (CFPB), and institutions. other officials Security risks and fraud risk are related with almost everything online you can't just say that Cryptocurrencies are more prone to these risks. I think if compared to net banking and debit cards this is a much safer way because brute force hacking are almost impossible on bitcoin wallet because of their strong private keys. Also frauds overall can be protected by mere vigilance of the users otherwise this world is full of frauds at every point.Explore more What is Bitcoin? Basic knowledge for effective Bitcoin investment: https://vakaxa.com/vi/bitcoin-la-gi/ Legal risks Bitcoin can be used for black market transactions, money laundering, illegal activity or tax evasion. Therefore, governments can seek to regulate and regulate the use or trading of bitcoin. For example, in 2015, the New York State Department of Financial Services finalized regulations that would require companies to process purchases, sales, transfers, or store bitcoins to record customer identities. Transactions of $ 10,000 or more will have to be recorded and reported. In addition, the lack of uniform regulations on Bitcoin and other cryptocurrencies raises questions about their lifetime, liquidity and popularity. Security risks As with any system, Bicoin transactions are at risk of being hacked, malware and malfunctioning during operation. If a hacker gains access to the Bitcoin owner's computer hard drive and steals the private key, he can transfer the stolen Bitcoin to another account. A particularly notorious theft took place in 2014, when Mt. Gox, a Bitcoin exchange in Japan, was forced to shut down after Bitcoin worth millions of dollars was stolen. Fraud risks Because the issuance of cryptocurrencies, ICOs etc. has not been regulated by the government yet, scammers can sell fake bitcoin. For example, in July 2013, the SEC took legal action against a Ponzi program operator related to Bitcoin. Tax risks In March 2014, the IRS announced that all cryptocurrencies, including Bitcoin, would be taxed as an asset. Therefore, there is no legal way to protect Bitcoin earnings from taxes Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: YuginKadoya on October 18, 2019, 04:33:15 PM The value is not guaranteed, so buying and using Bitcoin carries a number of inherent risks. Many investor warnings have been issued by the US Securities and Exchange Commission (SEC), the Financial Sector Regulatory Authority (FINRA), the Department of Consumer Financial Protection (CFPB), and institutions. other officials Security risks and fraud risk are related with almost everything online you can't just say that Cryptocurrencies are more prone to these risks. I think if compared to net banking and debit cards this is a much safer way because brute force hacking are almost impossible on bitcoin wallet because of their strong private keys. Also frauds overall can be protected by mere vigilance of the users otherwise this world is full of frauds at every point.Explore more What is Bitcoin? Basic knowledge for effective Bitcoin investment: https://vakaxa.com/vi/bitcoin-la-gi/ Legal risks Bitcoin can be used for black market transactions, money laundering, illegal activity or tax evasion. Therefore, governments can seek to regulate and regulate the use or trading of bitcoin. For example, in 2015, the New York State Department of Financial Services finalized regulations that would require companies to process purchases, sales, transfers, or store bitcoins to record customer identities. Transactions of $ 10,000 or more will have to be recorded and reported. In addition, the lack of uniform regulations on Bitcoin and other cryptocurrencies raises questions about their lifetime, liquidity and popularity. Security risks As with any system, Bicoin transactions are at risk of being hacked, malware and malfunctioning during operation. If a hacker gains access to the Bitcoin owner's computer hard drive and steals the private key, he can transfer the stolen Bitcoin to another account. A particularly notorious theft took place in 2014, when Mt. Gox, a Bitcoin exchange in Japan, was forced to shut down after Bitcoin worth millions of dollars was stolen. Fraud risks Because the issuance of cryptocurrencies, ICOs etc. has not been regulated by the government yet, scammers can sell fake bitcoin. For example, in July 2013, the SEC took legal action against a Ponzi program operator related to Bitcoin. Tax risks In March 2014, the IRS announced that all cryptocurrencies, including Bitcoin, would be taxed as an asset. Therefore, there is no legal way to protect Bitcoin earnings from taxes I totally agree and these can also be applied to fiat money and other commodities as well they can not blame Bitcoin for getting popular because of its volatility and that is another risk OP doesn't apply the risk for trading, I guess there are also gonna be a risk not only to bitcoin but other stuff when making business, making decisions as well not all system are perfect, There are simply much risk in this world by just taking it down to Bitcoin yes investing can be risky and the time you will invest in bitcoin may become a risk as well but that is normal in my opinion like I said investing in something may always come with a risk. Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: DoublerHunter on October 18, 2019, 04:55:38 PM Absolutely right, that four risks are the reasons why some investors back out because they are afraid to lose their money instead of reading. They think that investing in bitcoin is a crime since it's not paying taxes and they might put in jail if they caught having bitcoin. Also, there's a lot of fraud as well. Nevertheless, not just fraud, but there's a hacker as well so some people find it not safe to invest with.
Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: airdnasxela on October 18, 2019, 05:02:25 PM In my opinion, security and fraud risks are the biger factor as of now (Based on my country, I don't know about the others since our government ain't that strict). And more scammers will definitely emerged. Cryptocurrency may sound so risky (yes it is), but you don't have to be afraid if you know you can handle all those risks.
Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: Darooghe on October 21, 2019, 12:04:54 PM The value is not guaranteed, so buying and using Bitcoin carries a number of inherent risks. Many of us are still living into the old paradigm and are trying to understand bitcoin into the lights of it. Bitcoin has risk (just like Fiat currencies), but it has a huge upside potential for long term and this potential will release sooner or later. Unlike fiat cash, no banker, no politician, nobody can create any amount of Bitcoin from "thin air". Everybody must follow the same rules. The supply of Bitcoin over time has been programmed/set in place since the beginning. Thus, nobody can inflate or hyper inflate Bitcoin's value. No banker nor government can seize or freeze my Bitcoin account.Unlike gold, Bitcoin weighs nothing and takes up no space. It cannot be detected by metal detectors or dogs or visually. Gold is expensive to store securely. Gold is very expensive and slow to transport securely. Bitcoin costs nothing or very little to store securely (opposite to what you said) , and little to transport securely and quickly. There is a lot of "paper gold" depressing its price. There is tungsten-filled gold. Hence those risks against these benefits are negligible. Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: asus09 on October 21, 2019, 12:09:26 PM Security risk is very important point when you invest your money with bitcoin or altcoin, you save your bitcoin assets on exchange account, if you not have security for your account maybe you can lost bitcoin, always protect your assets before gone with saving in offline wallet. You can buy ledger wallet for saving your bitcoin if you risk with hacker stole your bitcoin.
Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: Ayers on October 21, 2019, 12:31:53 PM the bigger risk is the one you didn't include in your list is the case where bitcoin fail, and go to zero in value, and you lose all your treasure, taxes is not also a risk because it's a good thing for bitcoin, will increase adoption
and hacker can't get your bitcoin if you keep them in a cold storage, you have the same risk as holding your money in a bank, if not less Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: CLS63 on October 21, 2019, 12:32:14 PM The value is not guaranteed, so buying and using Bitcoin carries a number of inherent risks. Many investor warnings have been issued by the US Securities and Exchange Commission (SEC), the Financial Sector Regulatory Authority (FINRA), the Department of Consumer Financial Protection (CFPB), and institutions. other officials Explore more What is Bitcoin? Basic knowledge for effective Bitcoin investment: https://vakaxa.com/vi/bitcoin-la-gi/ Legal risks Bitcoin can be used for black market transactions, money laundering, illegal activity or tax evasion. Therefore, governments can seek to regulate and regulate the use or trading of bitcoin. For example, in 2015, the New York State Department of Financial Services finalized regulations that would require companies to process purchases, sales, transfers, or store bitcoins to record customer identities. Transactions of $ 10,000 or more will have to be recorded and reported. In addition, the lack of uniform regulations on Bitcoin and other cryptocurrencies raises questions about their lifetime, liquidity and popularity. Security risks As with any system, Bicoin transactions are at risk of being hacked, malware and malfunctioning during operation. If a hacker gains access to the Bitcoin owner's computer hard drive and steals the private key, he can transfer the stolen Bitcoin to another account. A particularly notorious theft took place in 2014, when Mt. Gox, a Bitcoin exchange in Japan, was forced to shut down after Bitcoin worth millions of dollars was stolen. Fraud risks Because the issuance of cryptocurrencies, ICOs etc. has not been regulated by the government yet, scammers can sell fake bitcoin. For example, in July 2013, the SEC took legal action against a Ponzi program operator related to Bitcoin. Tax risks In March 2014, the IRS announced that all cryptocurrencies, including Bitcoin, would be taxed as an asset. Therefore, there is no legal way to protect Bitcoin earnings from taxes Thank you for this useful information. I am trying to be careful against problems like these. But there is many people who don't know all the risks. They are just focused on earning money easily and doing it in a short time. All the people should be careful when making an investment. Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: peter0425 on October 21, 2019, 12:55:29 PM We are 2019 now mate don’t treat market is still like 2015 there are many things that change specially in people’s treatment about cryptocurrency,yeah bitcoin is risky but also beneficial,if you can manage to handle and know the basics?for sure the profit will be yours and the mentality will change that’s one thing I am sure of.
Security risk is very important point when you invest your money with bitcoin or altcoin, you save your bitcoin assets on exchange account, if you not have security for your account maybe you can lost bitcoin, always protect your assets before gone with saving in offline wallet. You can buy ledger wallet for saving your bitcoin if you risk with hacker stole your bitcoin. Lol it’s not about wallet security but the investments literally,but your point is right because our crypto asset will be at more risk if we are lack of security measures Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: Katashi on October 21, 2019, 01:07:37 PM I cannot argue with OP's list but as an investor you should know that in every investment there is a different risk you must take in order to gain rewards and other people consider bitcoin investment to be very risky due to the price fluctuation and extremely volatile market. i think that most of the investors here on this industry already accepted that because they believe that the bigger risk they take, the higher chances of gaining great rewards.
Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: Zionatin on October 21, 2019, 11:39:57 PM "Therefore, there is no legal way to protect Bitcoin earnings from taxes"
How do you pay tax on something that doesn't belong to the government? It was not issued by the government and so it doesn't adhere to any law. It is not even real money or legal tender. It is something made for the people. The government do not have a btc address I don't think? If you go to fiat from crypto then you definitely pay tax since you going from a free currency to a government-controlled one and since the government owns it they make the rules. Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: RichardSmitthy on October 31, 2019, 09:21:21 PM The value is not guaranteed, so buying and using Bitcoin carries a number of inherent risks. Many investor warnings have been issued by the US Securities and Exchange Commission (SEC), the Financial Sector Regulatory Authority (FINRA), the Department of Consumer Financial Protection (CFPB), and institutions. other officials Explore more What is Bitcoin? Basic knowledge for effective Bitcoin investment: https://3commas.io/ Really, there are too many risks if you want to work on your own. But if you start to use special software, it is necessary to mention the level of security. You will get your profit much easier. Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: Duzter on October 31, 2019, 10:30:28 PM Four risks that can make your wallet empty are
Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: suzanne5223 on October 31, 2019, 10:49:03 PM Four risks that can make your wallet empty are You're right with what you said about the things which would lead to empty of wallet or losses but they numerous and those you mentioned well know. However, we can't talk about risk in crypto without the mention of copy clip board which have lead to the lost of many lately. My advise is people should stop the use of web wallet.
Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: deviant99 on November 06, 2019, 01:22:45 PM When investing in bitcoin you should know that there are many risk included for example when buying bitcoin on a website make sure it is trusted and safe and you should know how to properly store your coins,just read some articles that can help you to avoid risk
Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: agentx44 on November 06, 2019, 02:21:20 PM The value is not guaranteed, so buying and using Bitcoin carries a number of inherent risks. Many investor warnings have been issued by the US Securities and Exchange Commission (SEC), the Financial Sector Regulatory Authority (FINRA), the Department of Consumer Financial Protection (CFPB), and institutions. other officials This will be a great guide for many and can even save a life if ever someone's about to commit any mistakes that would trigger the harm from those mistakes. The legality of bitcoin has always been a risk for many considering the use of it in the black market for the ease of their transactions. Frauds and Taxes are inevitable, as soon as you enter investment in bitcoin, there will always be a possibility of getting harmed from these things. We just need to make sure we avoid or atleast reduce the risks we are encountering to make our investment safe and beneficial.Explore more What is Bitcoin? Basic knowledge for effective Bitcoin investment: https://vakaxa.com/vi/bitcoin-la-gi/ Legal risks Bitcoin can be used for black market transactions, money laundering, illegal activity or tax evasion. Therefore, governments can seek to regulate and regulate the use or trading of bitcoin. For example, in 2015, the New York State Department of Financial Services finalized regulations that would require companies to process purchases, sales, transfers, or store bitcoins to record customer identities. Transactions of $ 10,000 or more will have to be recorded and reported. In addition, the lack of uniform regulations on Bitcoin and other cryptocurrencies raises questions about their lifetime, liquidity and popularity. Security risks As with any system, Bicoin transactions are at risk of being hacked, malware and malfunctioning during operation. If a hacker gains access to the Bitcoin owner's computer hard drive and steals the private key, he can transfer the stolen Bitcoin to another account. A particularly notorious theft took place in 2014, when Mt. Gox, a Bitcoin exchange in Japan, was forced to shut down after Bitcoin worth millions of dollars was stolen. Fraud risks Because the issuance of cryptocurrencies, ICOs etc. has not been regulated by the government yet, scammers can sell fake bitcoin. For example, in July 2013, the SEC took legal action against a Ponzi program operator related to Bitcoin. Tax risks In March 2014, the IRS announced that all cryptocurrencies, including Bitcoin, would be taxed as an asset. Therefore, there is no legal way to protect Bitcoin earnings from taxes Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: joinfree on November 06, 2019, 02:24:11 PM Security risks As with any system, Bicoin transactions are at risk of being hacked, malware and malfunctioning during operation. If a hacker gains access to the Bitcoin owner's computer hard drive and steals the private key, he can transfer the stolen Bitcoin to another account. A particularly notorious theft took place in 2014, when Mt. Gox, a Bitcoin exchange in Japan, was forced to shut down after Bitcoin worth millions of dollars was stolen. I do understand some of your mentioned risks but i think you are going to far just to make known some risks that are inevitable even with fiat currency. Are so called banks not robbed or even their safe broken into by thieves to steal the money of its users? Come on mate, a hacker having physical access to someone's hardware is just as robbing a bank. Fraud risks Can you give a reference to this because i don't really know about this and how fake bitcoin was minted when i know perfectly the bitcoin network will not approve of any suspicious transaction. Because the issuance of cryptocurrencies, ICOs etc. has not been regulated by the government yet, scammers can sell fake bitcoin. For example, in July 2013, the SEC took legal action against a Ponzi program operator related to Bitcoin. Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: aysg76 on November 06, 2019, 02:32:27 PM The risk in every feild increases with you rewards getting higher so you need to evaluate the point of your investmemt and profit.These types of risk are also associated with market like real estate,stock market where prices fluctuates but you can say these risky factors are more prone in cryptocurrencies like bitcoin so you need to be more aware.These risk are same to fiat as you need to take care of tax provisions,safety of money in banks or cash in hand or you can get scammed by hacker to deposit money in fake account.So risk are always there you need to avoid them with your presence of mind.
Title: Re: 4 bitcoin risks you should know when investing in bitcoin Post by: owengtam09 on November 06, 2019, 02:53:54 PM The value is not guaranteed, so buying and using Bitcoin carries a number of inherent risks. Many investor warnings have been issued by the US Securities and Exchange Commission (SEC), the Financial Sector Regulatory Authority (FINRA), the Department of Consumer Financial Protection (CFPB), and institutions. other officials Bitcoin risks? Yes, but fiat can also have risks like this, putting your money in the bank can also have risks, and money in your pocket can also be stolen, there is no 100% guarantee security all over especially when it comes in money or does have value. We are the one who will secure our own money and we should take responsibility with it especially if we are already holding huge amount.Explore more What is Bitcoin? Basic knowledge for effective Bitcoin investment: https://vakaxa.com/vi/bitcoin-la-gi/ Legal risks Bitcoin can be used for black market transactions, money laundering, illegal activity or tax evasion. Therefore, governments can seek to regulate and regulate the use or trading of bitcoin. For example, in 2015, the New York State Department of Financial Services finalized regulations that would require companies to process purchases, sales, transfers, or store bitcoins to record customer identities. Transactions of $ 10,000 or more will have to be recorded and reported. In addition, the lack of uniform regulations on Bitcoin and other cryptocurrencies raises questions about their lifetime, liquidity and popularity. Security risks As with any system, Bicoin transactions are at risk of being hacked, malware and malfunctioning during operation. If a hacker gains access to the Bitcoin owner's computer hard drive and steals the private key, he can transfer the stolen Bitcoin to another account. A particularly notorious theft took place in 2014, when Mt. Gox, a Bitcoin exchange in Japan, was forced to shut down after Bitcoin worth millions of dollars were stolen. Fraud risks Because the issuance of cryptocurrencies, ICOs etc. has not been regulated by the government yet, scammers can sell fake bitcoin. For example, in July 2013, the SEC took legal action against a Ponzi program operator related to Bitcoin. Tax risks In March 2014, the IRS announced that all cryptocurrencies, including Bitcoin, would be taxed as an asset. Therefore, there is no legal way to protect Bitcoin earnings from taxes |