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By Brenda

Why Bitcoins Are Not a Get Cash Fast Scheme

Dec 05 2013 Parent Category I

The popularity of Bitcoin has skyrocketed, as more and more people are becoming enticed by the virtual currency. However, Bitcoin is not a good way to earn some quick cash. Bitcoin is a very unique type of currency. It is essentially a form of digital money that claims to solve various problems that our own currencies suffer from. However, it also introduces a large amount of other uncertainties that traditional currencies do not have to deal with. Here are a few reasons why you should not turn to Bitcoin if you are interested in making a fast buck.

Bitcoin is Untraceable

Due to Bitcoin being completely untraceable, it tends to attract a substantial amount of crime. People can sell and buy illegal items such as drugs with much less risk of being discovered by the authorities. Although this may not directly effect you, the attention that Bitcoin is now receiving by the government because of its use by criminals may lead it to get shut down in the future, which means an unreliable currency for you.

Bitcoin is Easy to Lose 

If someone steals your credit card or hacks into your checking account chances are you won’t lose any of your money, as banks tend to fix your balance when this occurs. Even cold hard cash can sometimes be recovered if the police discover the perpetrators fast enough. With Bitcoin on the other hand, if you lose you currency it is as good as gone. This is because there is no way to recover lost or stolen Bitcoins. If someone is able to hack into your wallet where you keep your Bitcoins they are gone forever. Due to this, the best way to store your Bitcoins is on a hard drive that is not connected to the Internet.

Bitcoins are Difficult to Trade

You can’t just use a debit card to purchase Bitcoins online, and so there is no simple way to sell or buy them. There are various exchanges that offer the service of trading them in various way, however it’s not as easy as simply transferring money from your bank account. However, this will probably improve as more convenient solutions are created.

Bitcoin is Still Too New

Bitcoin was only created a couple years ago. Due to this, it is quite possible for a competing virtual currency to pop up and become more effective than Bitcoin or that Bitcoin may be seen as majorly flawed in the future. Simply put, there is not enough data to back up the reliability of Bitcoin yet.  Although within the past month more and more business are starting to accept them.

You Can’t Use Bitcoin to Purchase Items 

There are very few places that Bitcoins are accepted as a form of payment. Although this may change in the future, for now the only use for Bitcoins is as an investment.

Bitcoin is too Volatile

Right now Bitcoin prices are increasing drastically, which may make them seem like a good investment, however this just proves their volatility. It is more than likely that the price of Bitcoins will stabilize at $10 US from what it is right now (US $200). Right now the price is increasing so quickly that a web shop would be forced to adjust their prices almost everyday if they wanted to start accepting Bitcoins as a legitimate form of payment. This makes it quite inconvenient to the average user.

You may be still questioning whether or not to get involved in the new phenomenon that is Bitcoin, however for the reasons stated above this is not a good idea. At this point in time Bitcoin is not a good get cas

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