It is a very famous incident when the central bank restricted the amount of the money that can be withdrawn from the bank accounts as well as frozen some of the accounts for an indefinite period of time which resulted in a huge chaos among the consumers. And thus they decided to save some of their money elsewhere too.
If the consumers are not accessible to their money, they will not be able to spend it whenever it is required for them. Everybody earns money for themselves and for their family, not for the bank. Thus the consumers started trading with the bitcoins, being afraid of getting their bank accounts frozen for an indefinite period of time. This is a crypto currency that means it is not easily counterfeited. Litecoin calculator is much similar to the bitcoins, but still having much difference.
Risks associated with the bitcoins
Before start buying the bitcoins you should first be aware of the risks associated with it. These risks are discussed below:
-
As the bitcoins are not issued by any central government so it doesn’t give any accountability. If you are dealing with Euros, Dollars or Pounds, you are sure of being debt as the government is behind these, whereas in the case of bitcoins you have no such guarantee.
-
As you all might be aware that the bitcoins are stored in a digital wallet which can be encrypted on your computer. But if your computer is being lost or being formatted, you tends to lose all your bitcoins, which can’t be replaced, as in the case of credit card loss take place.
- The biggest problem associated with the bitcoins is that the value assigned to it is not definite. That is if the value of the bitcoins decreases then you have no chance of getting or saving a good amount of money, and as a result you will lose everything.
-
There are various exchanges that sell and buy bitcoins. The most important thing you should remember is that you should never rely on them as they will never ensure that they will always result in the rise of the values, it can also happen that you faces a big loss by a decrement of the value.
-
So, recalling the risks mentioned above you should not take much interest in bitcoins as it is a new method and is also not yet proven to be reliable as well as it does not comes with any guarantee or security as it is not issued by any government.
So if you want to save your money anywhere else other than banks, then the most popular way of investing it is in some of the precious stones such as gold, silver, diamond, etc. bitcoins doesn’t come with any guarantee of saving your valuable money. Litecoin calculator is an improvement over the bitcoins. Litecoin is the second largest crypto currency. It has many key differences from the bitcoins.
