What is Cryptocurrency? Is it wise to invest in Cryptocurrency in 2019?

What is Cryptocurrency? Is it wise to invest in Cryptocurrency in 2019?

There was a time when bitcoin was very popular as it had achieved a value of $19783 which is around ₹ 14 lakh. But what is bitcoin? It's a cryptocurrency. Basically cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses blockchain technology and cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. There are many other cryptocurrencies except bitcoin i.e Litecoin, Etherum, Ripple etc. What made their price so high? Actually it was the demand of these Cryptocurrencies. More is the demand more is the price. As the quantity is limited prices was increasing exponentially.

Is it wise to invest in these Cryptocurrencies in 2019?   

Answer is big NO. There are many reasons for that:

1. Many Banks have stopped purchase of cryptocurrencies with their cards

Recently, Citibank said that their credit and debit cards cannot be used to  purchase cryptocurrencies. Following SBI cards has also cautioned and is in discussions with VISA and Mastercard to put a ban on transactions related to Bitcoin.

2. Crypto exchanges halt trading, ask investors to take back money

Two cryptocurrency exchanges- BTCXIndia and ETHEXIndia had stopped the trading on March 5 2018.

3. Value of cryptocurrencies has decreased exponentially in past few months

The value of bitcoin has decreased from $19783 to $3410 in just few months and same is the case with others like litecoin, Bitcoin etc.

4. Banned in many Countries

Many countries like china banned these cryptocurrencies use and transactions in their country.

So, my advice to all is that please Don't Buy cryptocurrencies and rather than buying these, invest in some good Mutual Funds and get good returns of your hard earned money. 

For any questions regarding this, Please Comment below.