Bitcoin’s existence in the cryptocurrency world is extremely remarkable. Over the last few years, cryptocurrencies have been all the rage for quite a while now. However, questions like is bitcoin safe, is it legal to buy bitcoin, or is it safe to invest in bitcoin, first, come into mind. Recently, Quartz had reported on a Standpoint Research analyst who has called a target of $5000 bitcoin by 2018. The idea raises questions whether more and more investors should put up in this digital equivalent of monetary exchange unit. On the other hand, security is still the priority. Because of this, training for ordinary investors and even retirees who want to buy bitcoins on their retirement accounts are on the rise. Check out this information to help you understand whether is bitcoin safe or not.
Is Bitcoin Safe And Legal?
Last August 2016, 119,000 BTC with a total worth of $70 million were stolen from the world’s largest bitcoin exchange, the Hongkong Exchange. Two years before that incident, in February 2014, 850,000 BTC also went missing from the Tokyo-based bitcoin exchange, Mt.Gox. During that time¸ Mt. Gox was holding 70% total of all bitcoin transactions. The two global dilemmas in bitcoin started some people to question, “is bitcoin safe for them?”
These two events are alarming, which should fully justify safety concerns not only because of the theft itself, as well as what the bitcoin exchange decided to do about it. Is bitcoin safe even if these things happen? Yes. Because both exchanges have decreed that account users do not bore any responsibilities for the loss. The account users still became subject to a 35% exchange-approved theft or “bail-in” to make up for the loss. These past events made bitcoin exchanges and cryptocurrencies very careful, so they can confidently answer the account users every time the question, “is bitcoin safe?” is raised.
Now, cryptocurrencies offer a certain amount of financial privacy wherein funds can be transferred at any point in the world. In order to make sure bitcoin is safe today, they also made bitcoin payments acceptable like in Money Metal Exchange wherein BTC holders have upside potential. However, if you are uncomfortable, and asks whether is bitcoin safe to invest in, you can keep all your liquid assets in the bank. If the bank gets into trouble even without your fault, you can give up 20-30% of your account in “bail-in.” Compared to bank’s bail-in, bitcoin has 5% more (just look at that difference).
The value of bitcoin is inevitably volatile. Along with other cryptocurrencies, the legality of bitcoin depends on which country you live and what you want to do with it. Is bitcoin safe for most developed countries? Yes, but with varying risks which governments are trying to get. In general, Western countries are using the regulation which is based on the soft touch principle. They are using this regulation to encourage innovation which covers the patchwork of different global opinions. June 2013 when the Dutch Finance Minister of Holland reported bitcoin as an item of barter wherein he specifies that it needed no specific compliance or licensing requirements. The general of taxation in Norway presented the same views at the end of 2013 and said that BTC does not fall in the most common definition of currency or money making it subject to the usual capital tax laws.
Is Bitcoin Safe To Buy or Invest?
Currently, major investors and even micro financial industries are taking bitcoin seriously making it much necessary to check whether is bitcoin safe or not. Most bitcoin experts see that you should buy bitcoin today because the price of bitcoin has become more stable today than before. This situation where most bitcoin experts have proved the stability of bitcoin today, supports the answer for the question, “is bitcoin safe?” in the last five years, BTC has unprecedented stability, but, today more and more investors increased trust in this cryptocurrency. Bitcoin is indeed growing up as a currency today and is ready for the next stage of its growth.
Bitcoin as the New Gold
Due to the unstable global economy, some sees bitcoin as the new gold. The most reason for this view is because bitcoin is uncontrolled by the government. Is bitcoin safe this way? Yes. Bitcoin asset with value can still exist even if a country is ravaged by war or its central bank prints too much money. Unlike national currencies such as the Japanese Yen, US dollar, and more, the value of bitcoin gold remains. Is bitcoin safe in authorities? Yes, because bitcoin has no Federal Reserve-like authority that can devalue its gold. It also exists in a decentralized computer network which is capable of transcending national borders. A Quartz analyst predicts the future of gold bugs into bitcoin bugs which when happens result to lots of money flowing in the digital currency. This makes buying bitcoin more practical than buying gold.
There is Only A Limited Amount of Bitcoin
Apart from the security concerns of bitcoins, this cryptocurrency has valuable assets that are limited to only 21 million. Is bitcoin safe this way? Indeed, for this would mean that there will be no fake BTC coming around in the future years unlike in national currency. Most of the 21 million bitcoins are already here and its scarcity makes it continue to drive up the demand. The number of coins created by the miners drops by half every few years. Today, almost 80% of total bitcoins are already mined and there will be no new ones to be created after the year 2040. It has been also rumored that central banks will soon start buying bitcoins as foreign currency.
Bitcoin Usage is Increasing Rapidly Worldwide
Is bitcoin safe to use in buying goods and services over the Internet? Yes. In fact, more and more goods and services are bought with bitcoin every day. Even South America and Latin America has impressive growth numbers of Bitcoin usage, while in Finland, bitcoins are also used to purchase Tesla products. India has also rapidly increasing reports of bitcoin usage, while in China, bitcoins are increasingly used to move funds in and out of the country. Compared to Ethereum and other cryptocurrencies, bitcoin is used more than any other blockchain projects. It is indeed, bitcoin is proven safe and is the first universal currency that in reality is getting more real day by day.
Is Bitcoin Safe at Bigbook?
Bigbook offers the unwavering commitment of providing clients not only the best online gaming experience but more. Getting back to the first part, is bitcoin safe and legal at Bigbook? It’s a big yes! Its because the goal of Bigbook is anchored to the goal of providing safe, legal and secure online wagering service. It even serves clients with reliable customer care and Multilanguage support system from over 140 countries all over the globe. Bigbook takes pride in its unique products and services using the latest resources today. Through meeting its goals help Bigbook provide a full capability to produce user-friendly gaming interface. Also, Bigbook provides a unique way to complement its loyal gamers through their Loyalty and Rewards system.