31 Jan 2022 20:28

Joined:	02/06/2009
Level:	Platinum
Points:	120063

Points:	5

Is it safe to invest in Bitcoins?

Of late, we are hearing a lot about cryptocurrency. It has become very attractive to many people in this decade. The cryptocurrency value is increasing and reached a level of more than $49000 as of September 2021across the world.

Bitcoin is a digital currency. This is becoming an alternative to traditional money. It will use an online ledger that is known as the blockchain. Many financial analysts are predicting that Bitcoin will be a very important asset in the coming future. These days many people are showing interest in investing in this area and the cost of these coins is increasing,

Is it safe to invest some money in these Bitcoins? I like to know the opinions of learned members on this subject.

#750466

31 Jan 2022 20:44

Joined:	10/12/2016
Level:	Platinum
Points:	88513

Points:	5

Bitcoin is an online currency and anyone can buy it or sell it in the online Bitcoin trading exchanges. There was a good demand of these in the beginning and that was the reason why their prices shout up but then there wee some problems and prices came down and now again gone up. There are many Bitcoins in the online virtual space with different names. They were first produced through complex mathematical algorithms and that was known as mining and once a person mines them that becomes his property and he can trade it in the exchange. The interesting thing about this is that only a limited number of Bitcoins can be mined in that complex system and with time it becomes moe and more difficult to mine the fresh ones and then one has no choice except to buy them from the market. It is said that Bitcoins are traded in a safe and secure environment but the most strange thing in this matter is that no Govt or private company takes their responsibility and they are not backed by any Govt in the world still people are trading them. Some people had made good money during the last Bitcoin boom.
Internet is a place where many frauds happen and the evil experts devise newer and newer means of cheating and fraud. So from that perspective it is a risky endeavour to buy these Bitcoins and trade them for profit.
It is said that some very rich people have bought a good quantity of these Bitcoins and if the price increases significantly as they believe that it would happen then they can make a large fortune. They are so rich that even if they lose their investment there is no problem for them. Middle class and lower middle class people should think twice before going for it.

Knowledge is power.

#750491

01 Feb 2022 13:34

Joined:	12/10/2009
Level:	Platinum
Points:	250432

Points:	5

The present budget envisaged for govt own crypto currency or the digital currency and therefore India is not ready for any other private players in the field. What I feel that black money is being traded through this online and there is no sanctity and guarantee of the returns and who is manning the same and what is the credit worthiness of the organization behind it. For any business whenever started new they tend to offer big gains so that they would lure and they would be lured to invest more. That is the reason being so those who have invested earlier have made money. But there seems to be benefit of doubt for the common man as hard earned money cannot be invested on unknown sources which cannot guarantee hassle free return of money with profit. Just wait for our own crypto currency to take off.

K Mohan
'Idhuvum Kadandhu Pogum "
Even this challenging situation would ease

#750498

01 Feb 2022 16:12

Joined:	02/01/2012
Level:	Gold
Points:	46459

Points:	4

As on date, there is no ban on bitcoins but it not legalised either. The government nor any authority under it regulates the same and hence buying or selling bitcoins will be at your sole risk only. The Union Budget presented today does envisage cryptocurrency but we will have to wait and see whether it will materialise and if at all it materialises, when (?), will be a question that we need to be worried about. Don't know whether we will have to wait for another 25 years because the budget, as always, has presented long-term projects.

"In three words I can sum up everything I've learned about life: it goes on." -Robert Frost

#750513

01 Feb 2022 18:12

Joined:	02/06/2009
Level:	Platinum
Points:	120063

Points:	1

Yes. For the first time the issue is mentioned in the Union budget and how it is going to be introduced and how long it will take to materialise the issue is question mark only.

drrao
always confident

#750614

03 Feb 2022 05:47

Joined:	07/08/2011
Level:	Platinum
Points:	123879

Points:	2

Bitcoins are a digital currency that operates by Blockchain and products through mining. It is also called cryptocurrency. Presently we have a large number of websites and mobile apps through which we can you can Sell, Buy and Exchange directly to Bitcoins. But The problem with this currency is that it operates without any physical records.

Phagu Mahato
Success occurs when opportunity and preparation meet.

#750625

03 Feb 2022 11:13

Joined:	18/07/2020
Level:	Diamond
Points:	19482

Points:	4

Risk is always there in any investment, and when we invest in virtual currency is we increase our risk a little bit more. But it is not that there is no benefit in this. Many people are making huge amount of profit by investing in bitcoin, it cannot be said for sure what will happen in the coming time. It can be a wise decision to invest at least the minimum amount in the initial stage. As budget of this session also include this matter, we can not predict any thing for upcoming situations, take some time before investment and wait for the implementation should be right.

#750652

03 Feb 2022 15:39

Joined:	03/02/2022
Level:	Bronze
Points:	0

Points:	2

Yes!! Risk is always there in any investment, choose Prestige City Sarjapur a biggest launch in East Bangalore region from Prestige Builders Homes for Generations theprestigecitygenin

#755927

27 Apr 2022 02:42

Joined:	27/04/2022
Level:	Bronze
Points:	0

Points:	0

Ok, thank you guys...

Is it safe to invest in Bitcoins?

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