Consumers are looking for a way to store their purchasing power to protect themselves from getting bank account suspended for extended intervals. When the central bank In Cyprus froze bank accounts and restricted the amount of money that could be removed from bank account it created a massive uproar that was felt across the world. If consumers did not have access to cash how could they purchase and sell the things required to continue in our contemporary world the truth is they cannot so customers around the world began to search for safer alternatives to fiat currency. Fiat currency is currency which has no tangible value besides what the government assigns to it.
Lots of people began trading in Bitcoins. This is a crypto-currency so it cannot be easily counterfeited but before anybody starts buying in this new money it would be wise to comprehend the risks. Bitcoins Are not Issued by any central bank or government so there is absolutely not any accountability whatsoever. If you are coping with Dollars, Euros or Pounds you have the confidence that the government behind it is going to honor the debt while Bitcoins do not offer any guarantees in any respect. The fact that nobody really knows who made this money so there is not any means of knowing whether it may be stolen right from under our eyes.
These Bitcoins are Stored within a digital wallet which may be encrypted on your PC. While this should offer a feeling of security if your computer is lost your Bitcoins are gone also. It is not just like a credit card where you can find a replacement and continue like nothing has happened. While the security of this money is a concern by far the biggest worry is that the value of it. With the help of Bitcoin doubler you can predict the price of bitcoins and the perceived value of a Bitcoin can change at a minute and unlike fiat currencies which are backed by hard assets owned by a nation if a Bitcoin worth drops you have got nothing of worth in any respect. There are a few Exchanges around the world that sell and purchase Bitcoins, but you ought not to buy them thinking they will rise in value. They are a digital commodity which some would classify as a fad. Tomorrow it could drop all its real value rather than recover.