Bitcoin: From buying a Bentley to losing it all.
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More on this story. Published 9 February.
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Published 24 February. I don't know. With all the hype, many people are wondering if they should invest in bitcoin. But the cryptocurrency also creates a wide array of concerns: Some worry that bitcoin is a bubble , too risky to invest in or susceptible to fraud , to name a few.
CNBC Make It spoke to bitcoin and fintech experts about the common concerns surrounding the cryptocurrency. That's why some, like investor Mark Cuban , liken bitcoin to gambling and advise investing only as much money as you can afford to lose. It could happen tomorrow," Ledbetter says.
Bitcoin might be a good investment but Bitcoin mining stocks aren't - The Economic Times
If you do decide to invest, Pompliano supports holding bitcoin long-term. By design, there is a limited supply of bitcoin , so bitcoin bull Pompliano believes as demand increases, the price will as well. As a result, hundreds of thousands of dollars in bitcoin had been transferred under false pretenses. I think those are legitimate fears," Ledbetter says.
And why you should learn more about it before you do
But he also finds them "overblown. Because while bitcoin allows for users to transact without revealing personal information or identity potentially making fraud easier , it's not totally anonymous.
Each bitcoin transaction is documented on a digital ledger called the blockchain, where a user's cryptocurrency "wallet" is represented as a unique series of random numbers and letters. Through this, a scammer could potentially be traced after the fact. Ledbetter also points out that a traditional stock account with a brokerage could be compromised too. The safest bet is to use a trusted brokerage, experts say — "these established places have a good security protocol and a quick application to protect," Ledbetter says. All in all, "things happen," he says, "but when you look at the big stories of theft, they tend to be institutional and kind of on the fringes.
According to the Federal Trade Commission FTC website , cryptocurrency scams are "a popular way for scammers to trick people into sending money," and most scams can "appear as emails trying to blackmail someone, online chain referral schemes , or bogus investment and business opportunities. Currently, most mainstream bitcoin transactions are done by converting bitcoin to fiat currency, like the U. For instance, PayPal announced that in , consumers will be able to use cryptocurrency as a "funding source for purchases.
And as of now, that process of transferring bitcoin to other accounts and converting it to different currencies, whether the U. Plus, if you're using bitcoin for transactions, "you really need to read the fine print — there are usually fees associated with those transactions, but some of that will probably ease up a little bit over time," Ledbetter says.
I still believe in Bitcoin
In the future, Pompliano predicts innovation will result in technology that "makes it easier to spend bitcoin with quicker transactions that are cheaper, more efficient, more usable. Those weary of bitcoin are concerned that the cryptocurrency's current rally is reminiscent of the bubble.
Rosenberg considers bitcoin "the biggest market bubble right now," CNBC reported.
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