5 Things that no one might have told you about bitcoins!

No doubt, the bitcoin is most desired currency nowadays. It is a crypto currency which exist over the internet world and therefore called as virtual currency. There is barely any physical existence of it because it exists only over the internet in your laptops and internet portal.Well, if you pay attention to the past years, you might discover that bitcoins have made a very significant rise in its demand and also value. However, the demand of bitcoin is directly related to the value it has because as the value has increased the demand of bitcoin has also increased.

There are several places in this world where the bitcoin trading is also banned but the good thing is, they are not at all regulated by government in any country of this world. You might be thinking that how non-regulation could be a benefit. Well, the answer this question is the prices are not going to take a hike or downfall because of the government. It will definitely be depending on demand and supply of a bitcoin and all the market forces will stay in the game every time. There are several facts and things about the bitcoins that you might not be knowing yet and we are going to tell you about them in the forthcoming information. You can get bitcoin updates at bitcoin up official website.

Cryptocurrency trading could be addictive

There is no doubt in the fact that crypto currency trading is very beneficial thing. If you trade in the bitcoins, you are going to make a lot of profits out of it but do you even know that it is highly addictive? Well, bitcoin trading can be very addictive for you because every time you invest money into something, you are going to be excited to see what the profits it is going to be at. When it is going to earn your money, you will be amazed and thrilled and you will keep on doing it again and again until you are left with nothing to invest in bitcoin.

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Risk of volatility plus theft

Over the internet, you are going to come across a lot of wallets. Wallet is the place where you’re going to store your bitcoins in order to keep them safe and secure from theft and any type of misconduct. Well, let us tell you that along with the risk of volatility which exist in the market, there are also high chances of your bitcoins being stolen.Yes, you heard that right, your bitcoins can get stolen as well. Therefore, it is very necessary for you to examine the security of wallet before you choose it and make sure that you are bitcoins are going to Steve safe at the off-line cold storage of the wallet.

Taxes can be your nightmare

Till date, there is no news update regarding the fact that bitcoins are free of tax. Yes, the profits that you make out of bitcoins or non-taxable and therefore, it is completely your profit. However, there are several organisations in several countries which are thinking to impose taxes on the profits made out of bitcoins as well. This could be your worst nightmare because you will have to share your profit with the government and therefore, you should know about it.

It is all on the internet

Bitcoin trading is also a very good thing to do as there are a lot of profits in it. If you think that you can store your bitcoins in some pen drive and it is going to be free of theft and anything else then you are a little misled. Even though you are storing your bitcoins in some hardware wallet, you will have to get access to it using a active internet device. At that very moment, you are subjected to the internet connection and there are chances of your bitcoins being lost. So make sure to keep high security measures while trading in your bitcoins even when they are stored in hardware wallets which are off-line.

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Not completely anonymous

Another most important thing about the bitcoin is that they are not completely anonymous. You need to know that even though your identity is not supposed to be revealed with the bitcoin trading, there are some places where you have to show your personal details. Make sure to provide only those details which could not be used against you so that you can stay safe.


About the author

Venkatesan Prabu

Venkatesan Prabu

Wikitechy Founder, Author, International Speaker, and Job Consultant. My role as the CEO of Wikitechy, I help businesses build their next generation digital platforms and help with their product innovation and growth strategy. I'm a frequent speaker at tech conferences and events.