In today’s world, all people want to have a Bitcoin share. I want to trade in Bitcoin because the value of Bitcoin is very high at present time. Numerous things can be bought through the trading of bitcoins and other cryptocurrencies if the decentralized form of the crypt to currency does not include the interference or the sport of the government of the country or any other banking system. There never are applications of Bitcoin trading and one can earn profit through it and there are various advantages of being a crypto trader but easy as it is said very wisely that the things which have a positive side also have a dark side. It depends upon the person which side he wants to consider and wants to take the actions accordingly. Just like other things cryptocurrency trading also has disadvantages and this article will bring the disadvantages of Bitcoin into the consideration of the reader.
Although various countries have enabled the trading of Bitcoin and given it legal freedom, there are still various parts of the world that do not allow the trading of Bitcoin or other cryptocurrencies. Just like in India the government has not allowed the person to pay in bitcoins Because various reports in the world say that if a person uses the Bitcoin trading exchange as a medium of payment the transaction history can be tracked by someone or a hacker. So, the person cannot depend fully on cryptocurrency for payments.
Losing of wallet
The main problem or the demand of the Bitcoin is the Bitcoin world because if a person loses his Bitcoin bullet which can be the outcome of various things like if the file of the wallet gets corrupted due to the virus or someone has hacked the wallet then there is no chance of getting back the bitcoins because they cannot be recovered once they are lost. The person has to be extra careful with the wallet and if somehow, he loses all the bitcoins due to the loss of wallet, then there is no way of getting back the coins he has earned and this can even make the investor bankrupt easily. If required, you can refer to the information on this website Crypto Revolt to get a better insight into it.
No fixed value
The value of Bitcoin is unpredictable just like the market shares. The value of Bitcoin fluctuating these days due to the influence of various things what the main question is that brother one should invest all his money in Bitcoin or should fix the amount. This also creates confusion in the head of the investors because if they buy something which is paid with the current valuation of the Bitcoin then in case, they return it after some days and the price of the Bitcoin is decreased then how much amount of money should be returned to the person. These are some questions that are unanswered yet and the Bitcoin community is trying to solve these issues by fixing or tying Bitcoin with other currency.
Also, the red coin does not have any physical appearance or presence so it cannot be used as cash on the general stores and there are various merchant websites which of Bitcoin card but there are various places which do not allow all the Bitcoin cards to perform the transaction so it is not advisable to rely on the Bitcoin card or Bitcoin as a payment method. Also, the Bitcoin does not have a fixed valuation which creates a sense of confusion in the mind of the investor because if shortly the value of the Bitcoin decrease is and he loses all his money then he cannot get a refund because there is no involvement of government or any banking system.