Tuesday, December 19, 2017

Bitcoin.com founder and cryptocurrency pioneer dumps his bitcoin and calls it a 'risky investment'

Within the past month, two pioneers in the cryptocurrency space have suddenly backtracked on the 'buy and hold' philosophy when it comes to Bitcoin, and instead have been advocating to take your profits while you can.

The first was Jeff Berwick of The Dollar Vigilante, who suggested holders of Bitcoin sell at least a part of their investment and move their profits into undervalued assets such as gold and silver.

And now the latest to suddenly see Bitcoin as an 'extremely risky' investment is one of the co-founders of the Bitcoin.com website, who reported that he has sold all of his Bitcoin and is advocating that people stay away from it for better alternatives such as Bitcoin Cash.

The co-founder of Bitcoin.com, one of the world’s largest sites devoted to the leading virtual currency, has sold all his bitcoins and recommends people stay away from it for the moment and look for alternatives. 
“I would say an investment in bitcoin is right now the riskiest investment you can make. There’s an extremely high risk,”Emil Oldenburg said in an interview with Swedish tech site Breakit. 
“I have in fact sold all my bitcoins recently and switched to bitcoin cash,” he added.
Oldenburg complains about long transactions with high fees. According to some estimates, bitcoin transaction fees are doubling every three months, and an average bitcoin transaction is takes four and a half hours to be confirmed. The average trading fee peaked at $26 recently. 
The reason why bitcoin users don’t understand its cons is that they only buy it and don’t sell or trade it, according to Oldenburg. 
“As soon as people realize that this is how it works, they will start to sell. The old bitcoin network is as good as unusable,” he said. – Russia Today


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