The risk and reward of having Bitcoin

[redsun114]

BTC's volatility isn't even a disadvantage if you know how to utilize it well.

BTC isn't accepted by all but many are into it now. Plus you can always transact online if you are struggling offline. Hacks can be prevented if we are very careful. The last one might only be the real disadvantage of BTC. But again, we can prevent this, if we are very careful.

The first one in the advantage list seems exaggerated. I think it's enough to say that we can earn a profit with it if we know what we are doing. BTC is decentralized but some platforms related to it aren't. There are still people who don't care about it. But what important is, they can still benefit with BTC.

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[Bitco55]

There is a saying that what ever had an advantage also had a disadvantage, why am saying this is because most people especially the newbie's thinks when having Bitcoin the situation is always win win win. So I will be listing a few of the advantages and disadvantages of having it.
disadvantage of having it

*The high volatility attach to it can be very risky.

* It's not generally accepted by all.

* It can be stolen if your system is hacked.

* It's almost near impossible to retrieve if sent to the wrong address.

  advantages of having it

* It can make you filthy rich during the bull run.

* It decentralized, no third party like banks and financial institution.

* It's a self custodian asset, the privacy is priceless.

* It's very accessible at any given point in time.
 
I don't know if I missed some that I didn't mention.

Yh, everything with an advantage also has its disadvantage, and profitable things comes with their risks. Managing risks can be attributed to having appropriate knowledge about the risks attached.

For high volatility, hodling would be best here and a financial adviser would also help.

Not generally accepted, save some, trade some for your local currency.

Hacked system, use hard wallets.

Sending to wrong addresses, literally double check addresses before sending.
These are basic knowledge, there are many more ways to cope with the risks Bitcoin comes with.

[Mubashir005]

Bitcoin has the potential for significant price appreciation, which means it could increase in value over time. It also offers the possibility of financial independence and the ability to transact without intermediaries. However, it's important to be aware of the risks as well. Bitcoin is known for its price volatility, which means its value can fluctuate quite a bit. There are also security concerns, as hackers and scammers can target Bitcoin users. It's crucial to do your research, stay informed, and take necessary precautions to protect your Bitcoin investments.

When it comes to my own experience and insights on Bitcoin, I have found it to be quite interesting and dynamic investment. I have seen the potential for significant returns, especially during periods of price increase.However, I have also learned the importance of being careful and staying informed about market trends and developments. It's crucial to have a secure wallet and take necessary precautions to protect your Bitcoin. Additionally, I have found that educating others about Bitcoin is a great way to spread awareness and understanding. By sharing information and resources, we can help our community make informed decisions about Bitcoin.

[Mubashir005]

In my opinion, crypto cannot be hacked as long as we understand and know how to store Bitcoin assets correctly. Most hack cases are due to the user's own negligence.

Bitcoin is about accuracy, thoroughness and our own management of it. We are the bank itself. So, sending and storing errors are borne by ourselves, unlike the bank, if something goes wrong with the customer's funds, it is the bank's fault and the bank is responsible for it.

I totally agree with you, When it comes to cryptocurrencies like Bitcoin, the responsibility lies with us as users to ensure the security of our assets. It's all about being accurate, thorough, and taking the necessary steps to store and send Bitcoin correctly. Unlike traditional banks, where the responsibility lies with them, with Bitcoin, we become our own bank. This means that any errors in sending or storing Bitcoin are solely our responsibility. It's crucial to be diligent and well-informed to minimize the risks and keep our assets safe. Thanks!

[usekevin]

BTC's volatility isn't even a disadvantage if you know how to utilize it well.

BTC isn't accepted by all but many are into it now. Plus you can always transact online if you are struggling offline. Hacks can be prevented if we are very careful. The last one might only be the real disadvantage of BTC. But again, we can prevent this, if we are very careful.

The first one in the advantage list seems exaggerated. I think it's enough to say that we can earn a profit with it if we know what we are doing. BTC is decentralized but some platforms related to it aren't. There are still people who don't care about it. But what important is, they can still benefit with BTC.

Bitcoin had huge volatility as compared to all the coin in the cryptocurrency market.This was the biggest reason for the bitcoin survival in the bitcoin over the decades in the market.The second reason was bitcoin can be traded with any price and sell at the highest value as the profit because of the decentralised behaviour of bitcoin.If any new people come to inverse in the cryptocurrency will choose the bitcoin as their first option.The bitcoin wallet had huge secret security system like 2factor authentication which prevent one to access to your wallet in mobile phone.

[pawel7777]

Bitcoin had huge volatility as compared to all the coin in the cryptocurrency market.This was the biggest reason for the bitcoin survival in the bitcoin over the decades in the market.

The opposite is true, Bitcoin is one of the least (if not the least) volatile cryptocurrencies in the market, excluding stablecoins that is. Generally speaking, the less trading volume - the more volatility.

The bitcoin wallet had huge secret security system like 2factor authentication which prevent one to access to your wallet in mobile phone.

There are many bitcoin wallets with different security features but wallets don't have much to do with the safety of the Bitcoin network.

[Kemarit]

BTC's volatility isn't even a disadvantage if you know how to utilize it well.

BTC isn't accepted by all but many are into it now. Plus you can always transact online if you are struggling offline. Hacks can be prevented if we are very careful. The last one might only be the real disadvantage of BTC. But again, we can prevent this, if we are very careful.

The first one in the advantage list seems exaggerated. I think it's enough to say that we can earn a profit with it if we know what we are doing. BTC is decentralized but some platforms related to it aren't. There are still people who don't care about it. But what important is, they can still benefit with BTC.

Bitcoin had huge volatility as compared to all the coin in the cryptocurrency market.This was the biggest reason for the bitcoin survival in the bitcoin over the decades in the market.The second reason was bitcoin can be traded with any price and sell at the highest value as the profit because of the decentralised behaviour of bitcoin.If any new people come to inverse in the cryptocurrency will choose the bitcoin as their first option.The bitcoin wallet had huge secret security system like 2factor authentication which prevent one to access to your wallet in mobile phone.

I would have to disagree though, if we are going to compare Bitcoin the rest of the altcoins, it's volatility is nothing. Just look at Bitcoin, -38% from it's last ATH, as compare to ETH, which is around -55%. So it means that we are moving better and volatility is less. Besides, not sure if you have heard about pump and dump scheme in most of the altcoins, and I will say that is not applicable to Bitcoin as there are no whales that can manipulate the price.

For a Bitcoin wallet in a mobile phone though, just remember that your phone might be connected anytime to the internet and even if you have those kind of securities, you know that hackers can still find a way to get into your wallet. That's why I don't advise Bitcoin enthusiast to used a mobile phone as there storage.

[Blitzboy]

Indeed, volatility can be a great way to make money for people who understand how markets work and are willing to take on risk. You're right; acceptance is growing, and online transfers can be used in places where offline acceptance is still low.

When it comes to safety, your focus on being alert is very important. Yes, hacks are a problem, but as you said, they can be lessened by being careful and using strong security measures. Also, your measured view on how decentralized Bitcoin is is right on the mark. Even though not all sites that work with Bitcoin are decentralized, that doesnt change the good things that Bitcoin can do. You said it right—knowing and understanding the world of cryptocurrencies is key.

[Popkon6]

disadvantage of having it
*The high volatility attach to it can be very risky.
* It's not generally accepted by all.
* It can be stolen if your system is hacked.
* It's almost near impossible to retrieve if sent to the wrong address.

It has its good side, it has its bad side. Accepting bitcoins is where I see the most benefits.

I give example by myself Bitcoin is illegal in my country, but I have not faced any difficulties since I accepted Bitcoin. I recorded my wallet accesses on paper, which is very unlikely to be lost. And if I do bitcoin transaction then I check 1 to 2 times the address to which I will do bitcoin transaction.

advantages of having it
* It can make you filthy rich during the bull run.
* It decentralized, no third party like banks and financial institution.
* It's a self custodian asset, the privacy is priceless.
* It's very accessible at any given point in time.
I don't know if I missed some that I didn't mention.

You forgot to add some features. If I record my wealth in bitcoins then people will definitely have less idea of ​​my wealth. Currently demand for fiat money is declining, and money is not safe in banks. So if I record my assets in Bitcoin, I control my assets.

[Promocodeudo]

OP, you have mentioned a lot of things but you should know that bitcoin is for the careful people, before you ever think of investigating in bitcoin you have t think of many things so that you will understand and adapt to the system, I have thought about the volatility of bitcoin, I think this is one of the reason why bitcoin is still in a existence, upward and downward price movement makes people to believe the bitcoin is real and it has come to stay, I have checked very well know market that has good potential that does not fluctuate in price, despite the disadvantages you listed the merit of bitcoin that even attracted me to it is the decentralized nature of it.

[CageMabok]

I totally agree with you, When it comes to cryptocurrencies like Bitcoin, the responsibility lies with us as users to ensure the security of our assets. It's all about being accurate, thorough, and taking the necessary steps to store and send Bitcoin correctly. Unlike traditional banks, where the responsibility lies with them, with Bitcoin, we become our own bank. This means that any errors in sending or storing Bitcoin are solely our responsibility. It's crucial to be diligent and well-informed to minimize the risks and keep our assets safe. Thanks!

This is not wrong because keeping the Bitcoins we own safely is almost the same as keeping our own money safe when we don't store it in any bank. Apart from that, I also thought that saving money in the bank would not be completely safe and could even be said to be not very safe, so for now I also mostly keep it to myself and only put what is necessary into the bank. The rest I just keep Bitcoin as my savings by keeping it safe and don't use it if I don't need something very urgent like needing money and so on.

[Latviand]

There is a saying that what ever had an advantage also had a disadvantage, why am saying this is because most people especially the newbie's thinks when having Bitcoin the situation is always win win win. So I will be listing a few of the advantages and disadvantages of having it.
disadvantage of having it

*The high volatility attach to it can be very risky.

* It's not generally accepted by all.

* It can be stolen if your system is hacked.

* It's almost near impossible to retrieve if sent to the wrong address.

Argument to disadvantage 1: Volatility can be to your advantage, volatility means that you can get in because the price is going down sometimes and then going up sometimes which means that you can afford it if you can wait and you also don't need to worry about the risk of volatility if you're in bitcoin for the long-term hodling, you're always going to win in the long-term with bitcoin.

Argument to disadvantage 2: It's not really a disadvantage because that's what makes it sought after because it's prohibited sometimes. The best analogy I can think of is drugs, the more we restrict the supply the more the demand will pay for a higher price.

Argument to disadvantage 3: It's not the fault of bitcoin, it's a me problem. If you're careless about your security, you're likely to be vulnerable to attacks.

Argument to disadvantage 4: Near impossible isn't the word and even with that word, that means that you can still get it back unless it's sent to a burn address which is impossible.

advantages of having it

* It can make you filthy rich during the bull run.

* It decentralized, no third party like banks and financial institution.

* It's a self custodian asset, the privacy is priceless.

* It's very accessible at any given point in time.
 
I don't know if I missed some that I didn't mention.

Clarification to advantage 1: It will depend on how much you've invested, it will definitely make you filthy rich if you've invested hundreds of thousands and the price gone up to about a 1000% but if you've invested only in satoshis but a constant one, it's not going to make you that rich.

Clarification to advantage 3: It's pseudonymous, not that anonymous as many like to think. But still it's enough to keep your privacy.

Clarification to advantage 4: In a technology oriented world it is definitely but in a desert or a mountain with no electricity, not really.

[Lorence.xD]

disadvantage of having it

*The high volatility attach to it can be very risky.
* It's not generally accepted by all.
* It can be stolen if your system is hacked.
* It's almost near impossible to retrieve if sent to the wrong address.

Well, from this disadvantages could be reduced if you know the crypto industry. The volatility of Bitcoin is the reason why people love it since it is one of the reasons why we could profit from investing in Bitcoin. Many people are used to the fiat system which is why when they found out about Bitcoin, it was pretty complicated for them since there are a lot of things you would have to consider starting from familiarization. The last two can be easily avoided if you are smart in using your gadgets and the internet. Not clicking any fishing links, have your pop-up ads turned on in your settings, etc.

  advantages of having it

* It can make you filthy rich during the bull run.
* It decentralized, no third party like banks and financial institution.
* It's a self custodian asset, the privacy is priceless.
* It's very accessible at any given point in time.
I don't know if I missed some that I didn't mention.

I couldn't say that it could make you rich at bullrun unless you have been holding Bitcoin for many years, but of course, you could profit depending on the holdings of Bitcoin you have. Bitcoin also gives people convenience in that they can even use it anywhere as long as they are connected to the internet but would be better to not use it in public for safety purposes.

[synchronym]

We must be careful when we trade Bitcoin. When we do business in anything we must take risk and move forward with the fear of losing money. How safe I keep my tokens or how safe I keep my wallet is up to me. Of course we have to keep in mind that Bitcoin is risky. Knowing that we need to trade in Bitcoin. We will definitely succeed in Bitcoin trading if we are careful and have a long-term plan and trade patiently.

[Natalim]

Indeed, volatility can be a great way to make money for people who understand how markets work and are willing to take on risk. You're right; acceptance is growing, and online transfers can be used in places where offline acceptance is still low.

When it comes to safety, your focus on being alert is very important. Yes, hacks are a problem, but as you said, they can be lessened by being careful and using strong security measures. Also, your measured view on how decentralized Bitcoin is is right on the mark. Even though not all sites that work with Bitcoin are decentralized, that doesnt change the good things that Bitcoin can do. You said it right—knowing and understanding the world of cryptocurrencies is key.

Without the volatility of the market, Bitcoin would never have gained such fame and attention. In fact, nobody had seen its potential before until the time that it booms after hitting the ATH and people started to talk about it.

No risk, No gain...
Understanding the risk is a part of investment which is why we should not force ourselves to invest if we can't do it. Despite the risk, people made a decision to invest in Bitcoin because there is a bigger earning potential than the other forms of investment and this drives people to accept and deal with it. Nothing is safe but hacking can be avoided if we secure our funds properly...

[danadc]

I wouldn't consider taking the risk of Bitcoin, I rather think about what it can Generate and give me reliable money, it's something that I fear I have to consider if this is something trivial , I would like that one day Bitcon would be like a way to be able to pay for Everything I refer to the best way to have a self-sustainable economy where there is no type of inflation regarding it, that is why when we are anywhere in the world they can accept bitcoin because it has become a very alternative and very beautiful economy, That's why we will always see that it is the best option for everything and those who still don't believe, because they don't know what they are missing, may open their eyes too late.

In this aspect we can say that bitcoin is the best Investment in the world , for me above gold itself what many are looking to do is that , make it above gold to see if they React with that.
?

[qwertyup23]

Your risk points are based either on investing recklessly or on not knowing how to protect your coins. If you created your wallet in an AirGap system and the entropy was truly random, and you stored your seeds correctly, then the chance of losing your money is almost non-existent.
The investment must be long-term, for two halving cycles on average, to avoid any real loss. It is true that it may not be the ideal investment, but adding Bitcoin to your investment portfolio is considered a smart move.

I think OP may add that there is a huge risk if you keep your BTCs inside an exchange since you do not have entire access to your private keys. The longer you keep your BTCs in an exchange, the bigger the risk that your coins may be compromised due to security reasons, like what happened to several exchanges years ago.

This is the reason on why people recommend having a non-custodial wallet so you have complete control over your funds rather than entrusting to a third-party your private keys.

Another thing to point out is that the pros overwhelm the cons of having BTC. I also think that majority of the cons are not because of the BTC itself but rather on what you do to your BTCs (e.g. keeping in exchanges, investing in ponzi-schemes, visiting random/phishing websites, etc.).

[someone703]

Here's the thing: the risk isn't built into Bitcoin itself, it's all about how you approach it. Jumping in blind is a surefire way to get your pants ripped off, but with some smarts and a healthy dose of caution, it can be a rewarding adventure. Doing your research "DYOR" understanding the tech and the market, and only investing what you can afford to lose – those are the golden rules that separate the thrill-seekers from the face-planting fools.

And let's not forget the FUD squad, the fear-mongering vultures whispering doom and gloom in your ear. They're the naysayers, the manipulators trying to sow panic and drive prices down. Don't let them get to you, man. FUD is like background noise in any volatile market, just another voice in the crowd. Listen, analyze, but don't let it drown out your own research and gut instinct.

[fredericktaylor]

Bitcoin gained popularity for its price volatility. It also offers the possibility of financial freedom and the ability to transact without intermediaries. And it's imperative to approach bitcoin or any cryptocurrency investment with caution and be aware of the inherent uncertainty in the market. There are also security concerns, as hackers and scammers can track bitcoin users.
From the above discussion it can be said that BTC is decentralized but some platforms are not related to it. There are still people who don't care. But what is important, it is absolutely true that they can still benefit with BTC. To those who are new to this platform but interested in investing, learn about BTC, understand and be careful about storing BTC and then invest.

[EarnOnVictor]

In my opinion, crypto cannot be hacked as long as we understand and know how to store Bitcoin assets correctly. Most hack cases are due to the user's own negligence.

Bitcoin is about accuracy, thoroughness and our own management of it. We are the bank itself. So, sending and storing errors are borne by ourselves, unlike the bank, if something goes wrong with the customer's funds, it is the bank's fault and the bank is responsible for it.

I totally agree with you, When it comes to cryptocurrencies like Bitcoin, the responsibility lies with us as users to ensure the security of our assets. It's all about being accurate, thorough, and taking the necessary steps to store and send Bitcoin correctly. Unlike traditional banks, where the responsibility lies with them, with Bitcoin, we become our own bank. This means that any errors in sending or storing Bitcoin are solely our responsibility. It's crucial to be diligent and well-informed to minimize the risks and keep our assets safe. Thanks!

Be careless with your Bitcoin and you lose everything. One can be careless with their passcodes being seen by another or stolen by another entirely, and by losing it entirely. If it is a custodial arrangement, that ends it all, which is why we must know that we have a core responsibility to safeguard our wallet as it is not a custodial approach that we can be recovered for us or a bank account that is always being looked after for us. I love it when people duplicate their passcodes in paper and put them away where no one can see them, especially among our vital documents, but well-coded in case someone still gets to see them one way or the other. Also, all the 2FAs must be done on different gadgets if it is the custodial approach we are talking about.

But all that is in one category, the other which you guys didn't talk about and that I fear so much about is the way the market fluctuates in value. I fear this so much when it comes to the bearish season. Once everyone knows this bearish time, I think it will be safer for them to keep the value of their Bitcoin as they will know the time to opt-in and opt-out. This is what I call a smart investment, it will not let your coins amount to less when you actually need them.