The important thing is not to buy Bitcoins, it's what you do with them

[OyaYansa]

Is it worth buying Bitcoins? Certainly no one knows, and if someone tells you to be sure of it, they are probably trying to cheat you. The BTC is a complex investment product with which you can earn money or lose it, depending on how your price evolves and other factors that have to do with management.

The decision to invest in Bitcoins is key, but even more important is what to do once you have your tokens in your portfolio. If not, ask them to those who decided to get into the BitConnect platform, which has just announced its definitive closure. Accused of pyramid scam, the most po[CENSORED]r BTC "loan" platform thus closes.

Basically, BitConnect illustrates one of the dangers of Bitcoins and cryptocurrencies: the galloping ignorance of its operation, something that puts it on a platter to those who want to take advantage of the ignorance of many investors. This platform was based on the so-called Ponzi Scheme, known in Spain as Pyramid Timo.

Their operation was as follows: they borrowed your Bitcoins for a period of time in which they invested them as they pleased. After that time, you transferred part of the benefits obtained, but be careful! Not in BTC, but in tokens of another cryptocurrency created by themselves.

 

Where is the problem? This cryptocurrency, called BCC, may have value or not, as has been demonstrated now. In recent weeks, its price in relation to Bitcoin has plummeted and now each token is worth less than 50 dollars.

The result is that the owners of the platform have gained a lot of money moving your Bitcoins but you have won tokens of a virtual currency that is now worthless.

 

Things you should know before moving your Bitcoins
We mentioned the previous case because it just happened and because it is a perfect example of how you should not act, the danger of Bitcoin, or rather of the wolves that move around it. It is not the only problem that can lurk in your digital cryptocurrency portfolio, there are many more, some of them totally unknown.

Here is a selection of the most important ones.

Without central bank

To begin with, and probably this you already know, cryptocurrencies are totally decentralized products, that is, there is no government or central bank behind. This may seem positive, but it depends on what you want to achieve and how much you are willing to risk.

A central bank is responsible - among other things - to keep the price of its currency stable. Otherwise it could be worth half of a day for another and cause great problems to the citizens.

Since cryptocurrencies are totally virtual and do not exist as such in any country, they do not need a central bank. That's good if you want to make money with them and you know how to do it, but it also means that you can lose your investment in a matter of hours. There is no regulatory mechanism to prevent the accelerated devaluation of your tokens.

You can go out to dinner being a millionaire in Bitcoins and go home having lost everything.

 

No deposit guarantee

This problem of Bitcoin and virtual currencies links directly with the previous one. Everything is unofficial and promising, but at the same time dangerous. A wallet or an exchange platform is not like having your money in the bank, for the good and for the bad.

If a bank closes and takes away your savings, governments have a mechanism called deposit guarantee that allows savers to recover part of their money or even all of it, unless they have invested it in stocks or other financial products. The liquidity of your account is recoverable.

If your BTC exchange closes, prepare to never have news of your investment in it.