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Why when changing computers you can lose all your Bitcoins

Keys of the Criptomonedas fever, to which it is recommended the utmost caution for its high volatility

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Why when changing computers you can lose all your Bitcoins

Felix Hear has already been made to idea that he will never recover 6,630 dollars he lost does not know very well where. Actually, he never had that money in his pocket. What this computer possessed five years ago was 39 cents of bitcoins, something that was not worth more than two dollars, but in recent months has been shot. Hear n decided to protect key with which to access its minimum portion of Criptomoneda. But after so many years he has forgotten password he chose. And, in world of digital currencies, no password, no money. More serious is case of James Howells, a Welsh who in 2013 lost his hard drive where he had recorded key to access his 7,500 bitcoins. They are, to current change, 127 million of dollars thrown by sump. Howells has offered a reward to whoever helps him find old computer that mistakenly ended up in a landfill. For now without success.

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These are two examples of risks inherent to Bitcoin fever, which has grown in second half of year as fast as price of a currency that was worth 1,000 dollars in February, in August 4,000, in October 6,000 and now exceeds 17,000. As passion for this new gold of digital age grows, doubts about its use and alarms around its security increase. Here are some answers for those who want to start in world of Criptomonedas... and not run too many risks.

How do I buy a bitcoin? First of all you have to get a digital purse. To do this, just a few seconds to download an application. Among best known are Mycelium or Downloading se apps is equivalent to gateway in Bitcoin. You can also buy digital currencies directly by opening an account in exchange houses like Coinbase.

I have five bitcoins. Where do I get 85,000 dollars (about 72,000 euros) that correspond to me? In Spain, one can address more than 10,000 ATMs using Halcash technology, which allows to send cash to mobile phone. Once in cashier, amount is withdrawn through a code received via SMS. It is technique used by Bit2Me, largest exchange platform of bitcoins in Spain. Its founders have also created Tikebit tool, through which it is possible to manage purchase of Bitcoins in more than 11,000 stores.

bitcoin has been shot. Should I invest too? All experts agree to ask for maximum caution. The bitcoin is an extremely volatile digital currency and can both climb out of way and plummet. It is true that until now it has only been upwards, but no one guarantees that this will continue. A good advice would be to invest in bitcoins just money that one is willing to lose. Among many or experts, it has just been recommended by Blackrock, world's largest fund manager. "Whoever invests in Bitcoins must be prepared to lose everything," said company's global strategist. News as increase of profit-hungry investors who are hipotecándose to buy Criptodivisas make you think of a bubble that can only end badly. "What we live reminds me of period before bubble of dotcom. It is very possible that it ends up exploding. But blockchain, technology underpinning Bitcoin, will continue later, just as Internet continued after bursting of dotcom bubble, "says José Luis Cáceres, CEO of NWC10 Digital Transformation Ideas Laboratory.

What are risks? The investor who is considering buying bitcoins must know that it enters an extremely volatile market on which very few investors can influence. Bloomberg estimates that only 1,000 people control 40% of market. It is so-called whales, investors with lots of bitcoins. Bulgaria has become one of se whales. This country, poorest of EU, treasures 210,000 bitcoins. If you sold se currencies to current change, you would automatically enter more than 3.5 billion euros, equivalent of 13% of your public debt. A step that would have significant effects on market. "One of se big investors can sink prices. A risk of bitcoin is that it is completely deregulated, "says Hear, ElevenPaths security analyst, Telefónica Company. The SEC, U.S. stock Exchange regulator, has just alerted small investors that level of protection in this market is much lower than in traditional ones, which generates "great opportunities for fraud and manipulation."

will it continue to go up or explode soon? Everyone would like to know answer. In front of those who warn of a next burst of bubble, ir defenders believe that virtual currency still has much margin of ascent. "The Bitcoin has already had moments of descent, but I think its evolution can only go to more. The currency has more and more uses and many governments are making strong investments in bitcoins. All this is still a lot of growth, "says Leif Ferreira, founder of Bit2Me Exchange house.

A for record of 7.5 million euros in purchases per month

Earlier this year, Bit2Me, Spain's largest bitcoin change house, moved about 100,000 euros per month. Following current trend, in December figure will be around 7.5 million. This fact gives an idea of Fury for new digital gold that invades investors. "Almost no one is selling. 95% of our customers want to buy, in large part by speculative side. They trust that price has not yet touched ceiling, "says Leif Ferreira, founder three years ago of this trading platform with an initial capital of 300 euros and now has more than 40,000 customers.

The fever of Bitcoin and blockchain — technology on which digital currency is based — generates a growing interest not only among investors eager for a quick benefit, but also among entrepreneurs. Proof of this is NWC10, a laboratory of digital transformation ideas specializing in blockchain that was born two years ago Bit2Me. "Those of us who are dedicated to this do not look so much at price of currency, which seems less relevant to us, but about possibilities of transformation behind entire Bitcoin project," says José Luis Cáceres, CEO of NWC10, from Offices of this project accelerator in heart of Madrid.


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