Although it has a number of advantages over currency " conventional " , Bitcoin not without risk . There are some threats that lurk the users of this virtual money . One of them relates to the issue of Bitcoin storage .
To be able to spend Bitcoin , the owner requires a specific line of code called " private key" . This line of code is stored in the " wallet" or digital wallet . When it will be used , then the owner of the access code and use it for transactions .
The private key can be stored locally on the computer and printed out by the printer . Problems arise because this line of code can be stolen or lost . If that happens , then all Bitcoin associated with the corresponding private key will disappear forever from the hands of the owner .
Cases like this happen in some recent months . For example, events that befall Inputs.io . The online wallet providers burglarized hackers last November , resulting in the " customer " Bitcoin loss of 1.2 million U.S. dollars .
The private key is stored in the " Cold Storage " ( a computer or storage media that is not connected to the internet ) also has its own vulnerabilities . A man named James Howells store in 7500 Bitcoin wallet in the computer hard disk . When the hard disk is lost , Howells was forced to give up millions of dollars worth of virtual money is .
To reduce the risk that there is little sharing of tips .
Business one of the largest Bitcoin exchange in Indonesia revealed that he make print-outs Bitcoin wallet in printed form . " Then , to be safe , we keep the mold in the safety deposit box " .
To protect your online wallet , strong passwords can be used . Can also added two - factor authentication services like Google Authenticator which is often offered by web -based purses . Backup wallet is also necessary to guard against the possibility of a server problem or a computer / hard drive is damaged .
financial risks
Another related risk is the currency Bitcoin itself is known to be very volatile. In early January 2013 , for example , Bitcoin appreciated 13 U.S. dollars per chip ( 1 BTC ) . That number skyrocketed to more than 1,100 U.S. dollars per chip in December of the same year , and then trimmed to only half ( about 500 U.S. dollars ) , just a few hours after the ban Bitcoin transactions in China .
This makes the value of Bitcoin held to be unstable and become its own problems for businesses that use the virtual currency . Prices of goods and the value of the money paid can rise or fall sharply within a very short time and thus potentially harming one of the parties involved in the sale and purchase .
One way to overcome these price fluctuations are using financial services provider Bitcoin Artabit sort . " Buyers , for example , paying the price of the goods specified in the form of Bitcoin to Artabit , the rest is handled by them so that the risk of not being in the hands of users . "
Assuming no excessive fluctuation , Bitcoin offers a distinct advantage for businesses that sell products online because there is almost no transaction costs for buyers and sellers . Likewise for the purposes of money transfers made easier and cheaper than conventional currency .
Such as currency or other commodities , hoarding or hoarding behavior also occurs with Bitcoin . In India and China , for example , the largest Bitcoin demand figures allegedly came from speculators seeking profit . There was the possibility that the price of Bitcoin could crash if a large number of virtual coins are released at a time , especially with the current condition of Bitcoin is experiencing a lot of so-called bubble .
less understood
Another risk comes from not less important among users of Bitcoin itself , namely a lack of understanding of the nature and workings of this cryptocurrency .
Be careful with the symptoms of those who dare to invest in Bitcoin without the support of adequate knowledge . Bitcoin purchase request number , but after that new buyers were asked what Bitcoin ? . In such cases , usually the service Financial reject transactions that do not are called " offers a shortcut to be rich " .
Many have suffered losses investing in Bitcoin because even though the currency is not understood . " They do not know when to buy , sell , and so forth . Prior to investing , it is the absolute knowing the ins and outs of the investment " .
Bitcoin can indeed be obtained through " mining " or mining . But the way is fairly slow generate Bitcoin for most ordinary users . Those who want to quickly gain Bitcoin can be directly purchased through the appropriate exchange rate prevailing , but given the high risk of fluctuations in value which can be quite extreme .
To be safe , Bitcoin novice investor is advised to take their money that had been prepared so as expendable . " Do not use money to spend , then dizzy , " he said .
Bitcoin itself is not the only cryptocurrency circulating in the world . Currently available digital currency dozens of similar popularity and value of each variable . Some names are often referred to , among others Litecoin , Ripple , Dogecoin , and Coinye West is being sued for trademark infringement by Hip - hop artist Kanye West .
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