Bitcoin isn’t without any pitfalls, and most of them come from the perceived growth or wide acceptance. Because bitcoin is the highly traded cryptocurrencies, has attracted the fair share of the scammers or phishing web sites, and most in a form of exchange. So, before giving out your money to the online exchange, ensure they:
- Need identity verification
- Use HTTPS and not HTTP
- Allow payments through credit cards or bank transfers (in this way you can get a little help from bank if it is the scam)
- Have some good reviews on internet from the reputable sources
Plenty of competition
Although bitcoin paved their way for other altcoins available in the market and some coins do different things. At a time of writing, even Ethereum is implementing some innovative features made on blockchain, which includes smart contracts or decentralized apps.
What is next for the bitcoin?
Bitcoin is around from 2009; however, important changes are also coming in their way. Daily, many merchants are now joining this bitcoin community. You have to decide if it can result in the BTC to USD value continuing to rise. With the wider acceptance, there also will come a few regulation from the governments across the world, however, this may not be a killing blow that a lot of bitcoin users fear. The regulation will provide a little peace of mind for organizations and businesses that are afraid to get the feet wet. Go deeper to know more about how bitcoin currency works.