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Why you shouldn’t invest in Bitcoins – Should I invest in Bitcoins? – What is a bitcoin

New York Computer Help tech tips, support, help
New York Computer Help tech tips, support, help

Bitcoins has been the new buzz word in the tech support world.  If you’re not familiar, bitcoins is a tech currency or a way to exchange money or value via a computer, smartphone, or another device without a bank.  Instead, the currency is secured by bitcoin miners, or a pseudo-bank that counts your money.  Currently, it is set that 21 million bitcoins will be the limit, estimated to be reached in 2140.

Should you invest in bitcoins?  Here are the reasons not to invest in bitcoins:

  1. Winklevoss twins –  Yes, these are the guys that messed with Mark Zuckerberg for Facebook stock.  I just don’t trust them.  They are now attempting to have any ol’ layman with no tech IT experience add Bitcoins to their portfolios from the Winklevoss Bitcoin Trust.  Just hearing Trust and Winklevoss in the same sentence is a paradox.
  2. Lost Keys.  If you don’t remember your password, you lose your bitcoins.
  3. A fad.  When it dies, so does the need for others to trade bitcoins with you.
  4. No real regulation.  The admin support of the Bitcoin Network may propose amendments at any time, driving price spikes and plunges.
  5. Hacker-friendly.  Where there is money on the Internet, you can be sure hackers will soon follow to steal your money.  Just a direct hit.  No identity theft to access credit cards.  Just a direct hack to your bitcoin currency here.

Currently, it’s way to early to invest or jump into the Bitcoin network.  To me, it is a black market that is way to risky to be a part of.

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