Saturday, October 6, 2018

Bitcoin : 5 questions to ask yourself before taking risks :


Cryptocurrencies are fashionable investments. Here are the 5 essential questions before betting.
When its share price soared at the end of 2017, this new asset appeared as the dream investment. Despite falling prices, French interest in bitcoin has not fallen. The scammers have understood and surf on this mode.

How does bitcoin work?
Created 10 years ago, it is a decentralized payment system, without a central bank, that works with its technology, the blockchain. Bitcoin is nothing more than a piece of computer code that is exchanged like a currency. To use it, you need a public key (the address to which you can send money) and a private key (the secret code that identifies that you are at the origin of a transaction). Any financial offer related to bitcoins must therefore at least mention these two points. To turn your money into a bitcoin, you have to go through an exchange.

Why is everyone talking about it?
If it started to become known thanks to its technology, the blockchain, whose industrial applications are promising, bitcoin settled in the general public with the turmoil of the foreign exchange market at the end of last year. The course was quickly mounted, before diving. In its wake, many cryptocurrencies have been created.

Is this a safe investment?
No, it's the other way around. In financial terms, there are never big potential gains without a big risk. Contrary to regulated savings books (booklet A, etc.), which yield almost nothing but guarantee capital, cryptocurrencies offer no security. When a website tells you about a "guaranteed" financial product, a rule: run away!

Where to inquire to avoid scams?
The Autorité des marchés financiers (AMF) lists websites suspected of being the melting pot of scams. Take a look before investing. But, watch out, scammers are creating new sites every day. So even if a platform is not on the AMF blacklist, that does not mean that it is serious.

How to protect yourself from the theft of bitcoin?
This is another aspect to take into account: the material risk associated with bitcoins. Computer hacking or forgetting your credentials can make you lose control of your capital. To guard against this, electronic safes have been created, notably by French companies like Ledger (and his Nano S) or Archos (Safe T mini).
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