Bitcoin: 7 reasons why you should not invest ter bitcoins, cryptocurrencies – The Economic Times

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His bitcoin practice: Invested Rs 11,000 ter bitcoins and Rs 15,000 te ATC Coin. The value of the latter grew to around Rs 1.82 lakh but when he attempted to sell part of his holdings, he faced a number of challenges. He sold his bitcoin holdings instantaneously afterwards for Rs Nineteen,000 and determined to stay away from such investments.

But prices fell 30% ter latest weeks following reports from China and the ensuing uncertainty

Investing ter cryptocurrencies involves very high risk, spil prices have bot utterly volatile. Many experts are sceptical about bitcoin spil an investment primarily because there is nothing for them to analyseren. Vivek Belgavi, Fucking partner and Fintech Leader, PwC says, &ldquo,There isn&rsquo,t enough of an ecosystem surrounding bitcoins to permit fundamental analysts to examine it spil an investment. People are therefore investing with imperfect information and joining the herd of speculators.&rdquo, Since thesis cryptocurrency prices are not regulated, spil more people come in the market lured by the high prices, the prices climb everzwijn higher. This might lead to formation of a bubble that will eventually burst and cause widespread losses.

The lack of clarity about its origin is another big kwestie related to bitcoin. Te olden days, very priced metals like gold, silver, etc. were used spil currencies. Then came currencies printed by governments (or central banks) and thesis are called &lsquo,fiat currencies&rsquo,. Tho’ its proponents rechtsvordering that cryptocurrency is &lsquo,mined&rsquo, using sophisticated mathematical formulae, they are reluctant to call it a commodity. They also voorkoop that it is not managed by any government and so, it is &lsquo,democratic&rsquo,. Therefore, cryptocurrencies don&rsquo,t fall into the &lsquo,currency&rsquo, category either. &ldquo,It can be very risky for businesses, industry and people to trade or invest ter bitcoins spil it is just a formula, not backed by any tangible asset, but by sheer request,&rdquo, says S.P. Sharma, Chief Economist, PHD Chamber of Commerce and Industry.

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Ter Pic: Anshula Agnihotri 27, Chandigarh

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Hier bitcoin practice: Invested Rs 1.08 lakh to buy two bitcoins ter June 2018. Sold one after a year at Rs 1.Five lakh and booked partial profit to play it safe. She is now waiting and watching since the RBI has not legalised bitcoins.

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Some total bankers and experts have warned investors against investing ter cryptocurrencies, because they are of the opinion that it is nothing but a bubble that is just about ready to burst. Jamie Dimon, CEO, JP Morgan, for example, has recently voiced his doubts about the value of bitcoins, telling &ldquo,It&rsquo,s worse than tulip bulbs. It won&rsquo,t end well. Someone is going to get killed.&rdquo, However, owners and operators of bitcoin exchanges are of an entirely different opinion. Sandeep Goenka, Co- Founder and COO, Zebpay, says, &ldquo,The comment from JP Morgan&rsquo,s CEO wasgoed his individual view, and there is a possibility that he doesn&rsquo,t understand the evolution of bitcoins. On the other palm, wij have former Citigroup CEO Vikram Pandit investing ter bitcoins.&rdquo,

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Hier bitcoin practice: She had bot investing Rs Five,000 ter bitcoins every month, because she wasgoed cautious.The value of hier investment has grown to around Rs 1 lakh. But she has now stopped the monthly investments and just monitors the vertoning.

Unlike other investment avenues, cryptocurrencies are not regulated by government entities or banks. &ldquo,There is no authority like Sebi that you can treatment for grievance redressal,&rdquo, says Vikram Pandya, Director, Fintech, S.P. Jain Schoolgebouw of Mundial Management. Sharma concurs, &ldquo,If wij buy something with a credit card and get ripped off, wij can call the bankgebouw and ask to be compensated. But if wij get ripped off ter a bitcoin transaction, it is unlikely to get the money back.&rdquo, Spil Pethe has realised a little too late, therein lies the anguish of investing through unregulated schemes.

One major hurdle te the path of Indian investors who are interested te investing ter cryptocurrency, is the confusion about its lícito status. While they toevluchthaven&rsquo,t bot announced illegal, cryptocurrencies are not recognised by the Reserve Handelsbank of India (RBI) or any other authority te India, spil a &lsquo,currency&rsquo,. Ter December 2013, the RBI issued a press release cautioning users, holders and traders of potencial currencies, including bitcoins, about the potential financial, operational, permitido, customer protection and security related risks. Ter its latest press release dated 1 February, 2018, the regulator has further stated that it has not issued licences to companies for trading te any posible or digital currencies. RBI also added, that the user, holder, investor, trader, etc. dealing with posible or digital currencies will be doing so at their own risk.

His bitcoin practice: He invested Rs 15,000 te bitcoins spil an proef ter May 2018. The investment value has grown to around Rs 26,000 now. He doesn&rsquo,t project to invest a yam-sized amount ter them spil the market is volatile.

Aside from the operational issues of trading ter cryptocurrencies, there is also a high risk of fraud. There is still a good overeenkomst of misinformation and lack of clarity regarding bitcoin trading, and fraudsters have taken advantage of this to launch Ponzi schemes, which promise &lsquo,assured high comebacks&rsquo,. Some companies keuze to dual the initial investment within a very brief period of time. &ldquo,The growing use of imaginario currencies ter the general marketplace makes it effortless for miscreants to lure investors into Ponzi schemes. Investors should be careful to steer clear of such unrealistic promises,&rdquo, says Rajendra K. Sinha, Professor and Chairperson, Centre of Excellence te Banking, IFIM Business Schoolgebouw. &ldquo,Keep te mind that bitcoins are very volatile, so it&rsquo,s not possible to opoffering assured comes back,&rdquo, says Hesham Rehman, Co-founder and CEO, Bitxoxo.

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His bitcoin practice: Invested Rs Five lakh ter a bitcoin trading company which turned out to be fraudulent. From his investment amount and reference toeslag schemes, he had accumulated 6.Five bitcoins but has got back only Rs Three lakh by selling one bitcoin so far.

Due to the lack of government control, terrorists and extortionists are also utilising the cryptocurrency space to their advantage. &ldquo,Bitcoins users on either end of a transaction can remain relatively anonymous and cybercriminals have found ways to mask their addresses, so it can be difficult for government authorities and companies to trace such illegal activities,&rdquo, says Reshmi Khurana MD and Head of South Asia, Krollsays, a cyber security and risk consultation rock-hard. Kishore Jeswani, 50, fell victim to such hacking ter September 2018. Jeswani&rsquo,s pc wasgoed remotely accessed and locked by hackers, who demanded a payment of three bitcoins. However, albeit Jeswani met their requests, they did not unlock his pc and he ended up losing his gegevens anyway.

3 Comments

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