What is Bitcoin Currency?
Bitcoin is a cryptocurrency or a digital currency. This currency is decidedly decentralized and does not have either any central bank or any single administrator. Transactions are done from a single person to another, without the need for any middlemen or intermediaries. Bitcoin currency was founded in 2008 by an unknown person or group of people called Satoshi Nakamoto. The use of this digital currency started in 2009.
There are almost equal numbers of supporters and critics of the Bitcoin currency. Merchants, investors, and businesses are in favor of cryptocurrency as it has helped them in earning profits. But international institutions have criticized it due to the lack of stability of its prices, quite high transaction costs, unsecure transactions, extremely high number of fraud cases, and lack of overlooking authority.
There has been a sharp rise in its value recently, which generated people’s interests, attention, and attraction to its potential growth, and the profit that can be earned by investing in it.
Martin Lewis, the reputed English financial journalist, and broadcaster, has presented some rather important points in regards to Bitcoin and another cryptocurrency.
Who is Martin Lewis?
As mentioned above, Martin Steven Lewis is a financial expert. He is a journalist, television broadcast, author, as well as entrepreneur. He has also worked as a columnist for famous newspapers like The Guardian, The Sunday Times, Sunday Express, and many more. He is also the founder of the famous website MoneySavingExpert.com. On his website, he provides his views on a variety of topics like how to save money, how to manage money, how to manage credit cards, how to earn profits, safe and unsafe financial practices, and many more. These tips and tricks on money issues have proven to be highly helpful and useful for his readers.
Martin Lewis has expressed his views on Bitcoin currency, as well as another cryptocurrency, quite clearly on his live ITV Show, podcasts, videos, and website.
The Worth of Bitcoin Currency
First of all, Bitcoin is a non-fiat and non-governmental currency. It only has value if one is willing and able to pay for it. People generally consider it as an investment, and not something that can be spent properly, like normal currency. It is a ‘store of value’ and does not have any intrinsic value of its own. He compared Bitcoin and other cryptocurrencies with gold, saying that gold is also a ‘store of value’ of what people can put in it and that Bitcoin can be stolen just like gold. Its worth will forever remain ever-changing, with no one being able to predict any prospective changes in cryptocurrencies.
Are Bitcoin or other Cryptocurrencies Safe?
It is not entirely safe either. Many people, who had invested in Bitcoin currency, became victims of fraud and lost substantial amounts of money. It is extremely essential to be and stay careful while using or investing in Bitcoin, or any other cryptocurrency. Since there is no authority or organization controlling, handling, and checking the transactions in Bitcoin currency, there can be no set safeguarding methods to prevent losses for investors or other incidents which may affect the overall status of one’s financial condition.
The Continuously Changing Value of Bitcoin and the Chances of Making Profit
Bitcoin and other digital currency witnessed a boom in the last few months. As mentioned above, the value of Bitcoin currency went up to as much as £30,000. Such a rise in its value increased people’s interest in the cryptocurrency field as a whole. More and more people have expressed their wishes and interests in investing in Bitcoins as well as other digital currencies. But Lewis drew these people’s attention to an essential aspect of investments – their value will always keep changing. There will never be a time when its value is stable and investing in cryptocurrency is completely safe and without any risks. While the current value of Bitcoins may be around £30,000, it can also drop to a price as low as £300. There is no guarantee when the price will rise or drop. There could be a massive rise or an even massive drop. One can never expect when they will gain large profits or suffer from huge losses. Lewis continues by saying that he generally “doesn’t talk about investing” and if one could not afford to lose the money they are investing, then they should not invest it in cryptocurrency at all. Quantum AI is one of the best places to create an account and start investing in Bitcoins.
The Danger From Spam-Mails, Advertisements, and Frauds
Another danger to the use and investments in cryptocurrency is the number of fraud cases that occur on a regular basis. People also receive emails, asking them to invest in Bitcoin currency or other similar digital currency. But more often than not, these emails turn out to be spam mails for nefarious purposes. Most people end up getting tricked by such fraud emails and losing their money. There have even been many advertisements and spams with Martin Lewis’ name, face, or both attached to them. He has clearly stated that these are spam since he never does any advertisements. He had even sued Facebook for displaying similar ads with his face and only settled for £3 million, which he proceeded to donate to charity.
While Bitcoin currency as well as other digital currencies has been profitable to a lot of people, they have also caused heavy losses and damages to others. People like to mention that these cryptocurrencies have now revolutionized marketing and investments and that large corporations and firms are also investing in them and making huge profits. But it is necessary to keep in mind that the things that have happened with some organizations might not happen with others as well. According to Martin Lewis, Bitcoin Wallets and cryptocurrencies are extremely risky ventures, and there are no assurances or warranties that they would be profitable. One should always remember to proceed at their own risks as they themselves would be the ones bearing fruits of their actions and investments.