Bitcoins and Cryptocurrency
What is Bitcoin? Is It A Safe Investment?
By now, the entire world has heard of the new international currency that has been flooding all of the markets. There are so many different kinds of currency out there with varying degrees of volatility and value. It is so important to be educated when it comes to investing and researching into the cryptocurrency markets. Thankfully, we have done the research as a courtesy to our customers because we value everyone’s safety. Remember, knowledge is power!
Helpful hint: if there is anything that you feel poses a threat to your computer please give us a call immediately @ 844-880-7874
What is Bitcoin?
Bitcoin was the very first currency created and released with open sourced software in 2009. What makes it so unique is the fact that is is strictly peer to peer. There are no financial institutions or regulatory commissions that affect the market. As of February 2015, over 100k merchants/vendors are now accepting bitcoin as a form of payment. Bitcoin still makes up half of the market shares of all total cryptocurrencies.
Bitcoin is monitored/regulated by blockchain. Blockchain is basically a network that runs bitcoin software and the transactions are calculated with communications nodes. It’s not a centrally regulated currency by any means and that has been why is has performed so well. The lack of regulation has also contributed to some spouts of volatility. It can be a very profitable investment, but it can also lead to a number of dangers. With the proper tools, you can ensure that your computer stays unaffected and your wallet stays full.
How Safe is the Investment in Bitcoin?
We have long been accustomed to all of our investments having some sort of reassurance that our money shouldn’t just disappear into the air overnight. Typically, when it comes to market research and predictability, the stock market has been the place to put you money. When there is a direct correlation in the market it’s way easier to be confident in your investment. If you read in the New York Times that Sears is having a bad couple of quarters and losing money, you should easily deduce that that stock might be on its way down. Unlike stocks, there is not a ton of market research out there to determine where bitcoin will be going.
In 2017 is has recorded astounding gains but has also had some very significant losses respectively. Within a span of only 5 months, there have been 3 major bear-market-like crashes of 38%, 40%, and 29%. Conversely it has had an amazing overall gain for the year going from $970 per bitcoin to over $11k. It goes without saying that this is a seemingly attractive looking investment.
What to look out for:
Earlier this year as many cryptocurrencies were skyrocketing and being bought up like hotcakes, there was a company called Onecoin that popped up. They were pitching themselves as the next big CC (cryptocurrency) that was going to have a hugely successful initial offering. Just before they were able to fully launch, they were raided by enforcement officers. They were able to run over $350 million in scammed funds through a payment processor in Germany before they were taken down. It is so essential to be mindful of all these new CC’s that keep popping up all over the place.
Find the right wallet to keep your money secure
Digital wallets are very similar to stock trading accounts such as Etrade. You have to make sure to diligently research any company before you decide to put your money somewhere. One of the most reputable companies to use is Coinbase.com. Be wary of reviews on the internet so that you can rest assured that your money is well kept.
Other CC’s that are secure
One of the safer alternatives that has been gaining popularity is Ethereum. It has a secure way of keeping everything in check by not allowing any changes unless all users across all networks agree to the requests. Even if a hacker gets into one part of the network, they won’t be able to make changes to corrupt any information. A great rule of thumb to follow is if it sounds too good to be true, it absolutely is 100% of the time.
How to Keep Your Computer Safe
Being that some of the primary investors in the CC markets are illegitimate (to put it lightly), there are a ton of dangers lurking on the internet that are sticking around the CC scene.Just like in life, if there is opportunity, there are going to be opportunists that will stop at nothing to get a piece of your pie. With that being said, it is so important to have the right protection in place.
What measures should be taken:
- Invest in a VPN software – When browsing through the internet and various CC platforms, you HAVE to make sure that you remain untraceable. More so than losing just your investment, if the government ever decided to shut a CC down, you might be putting your own freedom at risk. It’s always best to use a VPN when browsing so that your location is mirrored to a completely separate location. Any financial information or sensitive data should only be accessed online if you are 100% confident that it can’t be accessed by a 3rd party.
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- If your computer is compromised – If you get a popup on the computer that won’t go away or someone takes control of your machine, it is best to have a virus protection software on your computer to combat against hackers. We see it every day where a customer calls in because someone from a foreign company got onto their computer and locked them out completely. When our customers take preventative measures, it helps to mitigate disasters.
Stay safe and happy investing! Give us a call if you want to know more about having the right tools to navigate this crazy cryptocurrency chaos!