Finance

Is it worth buying bitcoins

Recently, bitcoins began to appear in the news again. For example, the creators of the WannaCry virus promised to restore access to blocked files, having received from the victim a ransom in bitcoins equivalent to 300 dollars. "But even modest requests did not give them the opportunity to get rich: only 302 transfers totaling 116 thousand dollars were received into the ransomware bitcoin wallet," said Oleg Yakushev, an expert at ZERICH Capital Management investment company. In his opinion, the message that at the auction on May 24, the Bitcoin exchange rate once again updated the historical maximum and exceeded the $ 2,500 mark is more interesting. Life around has learned how an ordinary person can buy bitcoins, where to store them, spend them and whether or not to do it at all.

How to buy bitcoins

Peter Darakhvelidze

WebMoney Transfer Development Director

“All methods come down, in essence, to one thing - finding an exchange service that will take your bank money and give back bitcoins (BTC). Even if you already have experience of payments on the Internet, get ready for the first feature: most of these services are nothing but he will not offer you semi-legal and semi-familiar methods of replenishment.The explanation is simple: both Visa and MasterCard, and the national financial authorities look at Bitcoin askew and did not give direct approval for this activity.

The second feature: all these exchange services are ordinary LLC, Ltd and GmbH, which do not have any financial licenses, and even permanent bank accounts. Therefore, do not be surprised that such exchangers often close with great noise from deceived customers. The long list includes Mt.Gox, Bitcurex, Flexcoin, and the largest crash claimed $ 700 million of client money.

The reasons mentioned - hacking the database, blocking accounts, mathematical error of the algorithm - may well be true, but will it make it easier for you?

What does WebMoney offer for acquiring bitcoins? You open a regular wallet (ruble, dollar, and so on, depending on where you are). Replenish it in a convenient way - from a card, bank account, cash, and so on. The second wallet you open is WMX, the future Bitcoin repository. It has two addresses: in the BTC system and in the WebMoney system.

After that, your path lies on the exchange. There you change your WebMoney WMR rubles to WMX bitcoins. There are always thousands of people with applications who are ready to enter into a countering transaction with you. "

How to store bitcoins safely?

Peter Darakhvelidze

“Smile at any person who advertises you a safe tool for storing bitcoins. This is electronic cash, and in the world of this cash there is neither the Central Bank, nor the investigation, nor the police. You can only choose one of the bitcoin applications that is equipped with the latest set of anti-hacking tools.

The classic Bitcoin-wallet (Bitcoin Core), the same age as the system itself, is protected only by login and password. Here you know for sure that there are no more vulnerable links between your username and password and the world of bitcoin. But it requires that the entire BTC database be constantly pumped to the local drive of your computer, and this is more than 120 gigabytes.

The last problem was solved by hundreds of mobile and cloud applications that store the database on their servers or in the cloud. But more importantly, they store your cryptographic keys on their servers, which sign your transactions in BTC; without these keys, you are not the owner of bitcoins, you are nobody.

This is an additional risk factor, the same as in the case of the usual money: your cash under the pillow is the subject of relations only of you and the state represented by the Central Bank. If your money is in an account with a commercial bank, then everything is fine with them only until your commercial bank is alive, healthy and free from scammers.

In WebMoney, the same security features are applied to a WMX wallet as to other wallets. You can configure any of them to any level up to the paranoid: log in with one-time passwords or with the help of a special password generator, prohibit logging into your wallet from other computers and mobile phones, limits on expenses, confirmation of identity, IP-blocking and so on. "

Where to spend them?

Peter Darakhvelidze

“It’s unlikely that a person who is used to online shopping or walking around offline shopping malls will use bitcoins. Still, it’s not so fast and not as easy as electronic wallets or bank cards. Until recently, confirmation was considered a normal delay BTC transactions within an hour, but right now the situation on the BTC network is such that 15% of transactions are not executed even during the day (they do not fall into blocks); therefore, the commission for skipping through the queue has increased sharply - even sharper, than the course of bitcoin itself.

There are a number of world brands - Dell, Steam, Virgin, Expedia, which announced the acceptance of bitcoins. Of the trading platforms where a resident of the Russian Federation can pick up something necessary and useful, one can only distinguish Plati.ru - there you can pay with bitcoins. "

Who buys them

Oleg Yakushev

expert of IC ZERICH Capital Management JSC

“Estimating the number of bitcoin owners is not just difficult, but impossible in principle. This comes from the basic characteristics of the cryptocurrency as such: decentralization, lack of control by state regulators and, what is important in our case, anonymity. It is anonymity that does not allow obtaining the correct statistical data. The number of registered bitcoins -wallets also will not help in any way, since one person can have an unlimited number of them. The only assessment that can be given is this: if today everything is cue They are divided equally, each inhabitant of the Earth will get approximately 0.002 bitcoins.

But we can sketch an approximate portrait of an investor ready to invest in cryptocurrency. With a high degree of probability, these will be people with higher education and the ability to creative (in the broad sense of the word) thinking and non-standard approach to solving the tasks. They should share the belief that the future is in an economy built on knowledge. Thus, the number of potential interested parties to a certain extent coincides with those who are usually called the creative class. "

How profitable is it to invest in them?

Oleg Yakushev

“Potential investors should understand: bitcoins are not just a risky, but a high-risk asset. On the one hand, bitcoin can be considered as a currency and at the same time as a new payment technology, which appeared during the global economy as a response to evolution in the field of modern technologies. However, there is still no understanding by what criteria Bitcoin should be evaluated and how much it should cost. that bitcoin and cryptocurrencies as a whole are not tied to any particular tangible asset, it does not allow us to make predictions about how long growth will last and when the reverse slope will come. Analysts' opinions on this subject are polar: from unbridled optimism to predictions of another very big bubble in high technology.

One bitcoin can be divided into 100 million parts, so there is no minimum threshold amount to start buying and selling bitcoins. In general, this can be an advantage: first, work out a trading strategy on a bitcoin exchange for a small amount, and then decide how much and for how long you are ready to invest.

As with any investment asset, we advise you to follow the well-known rule “Do not put all your eggs in one basket”. Since in this case we are talking about especially fragile eggs, it hardly makes sense to invest more than 10% of free cash in bitcoins. However, each investor has his own ideas about the limits of acceptable risk. "


Peter Darakhvelidze

"The creators of Bitcoin hardly thought about this side of their application, they made a means of payment, independent of the will of states and banks. Bitcoin is growing because there is growing public trust around it. But public trust until 2008 was around structured mortgage bonds in the US among experienced and professional investors, and then it evaporated during the month of the crisis along with money (an order of magnitude larger than the current capitalization of bitcoin) .Certainly, bitcoin successfully passed several vitality tests “Its current rapid growth is due to the fact that the community around it - the largest miners and coin owners - found the strength to come to an agreement and not turn into a swan, cancer and pike. But it may well happen tomorrow or at any other stage in the development of cryptocurrencies. investors should not forget Warren Buffett’s words: “Never invest in assets that you don’t understand.”

Watch the video: Should You Buy Bitcoin? (December 2019).

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