Bitcoin Mania 'Are You The Next Victim?

By Furqan

THE END OF THIS bitcoin became the most interesting topic discussed by some people. Bitcoin began to attack the community with a deadly stance and able to attract a lot of public interest, especially youth to invest in this crypto currency.

This phenomenon can not be ignored just because it concerns the fate of economy, politics, security, and the sustainability of life later. Moreover, bitcoin one currency crypto staying digadang as a valid means of exchange, parallel to the rupiah currency that we use. Naturally the Minister of Finance, Bank Indonesia, and the Financial Services Authority (OJK) are so uneasy with the presence of Blockchain systems and technologies. As reported, "Government: Bitcoin haram in Indonesia" under the pretext of easy money laundering, financing of terrorism, lack of regulators and supervision overseeing bitcoin transactions (Serambi, 23/1/2018).

Many world economic experts also gave their views on the rise of investment crypto currency. Call it Robert Shiller, Nobel laureate and author of Irrational Exuberrance and also a successful predictor of Housing Bubble, the soaring price of the house because of the euphoria of society will be the future profit and eventually even decreased sharply too. Therefore, I invite the readers to see further the phenomenon of bitcoin mania is deeper. So every decision that we will take later on, at least has undergone several processes of careful consideration.

Crypto currency
Bitcoin itself is a crypto currency (virtual currency) created by Satoshi Nakamoto has decentralized properties, limited in number, not regulated by the government so that its value purely from demand and supply in the crypto money market. To buy or invest in bitcoin is easy just a matter of minutes from creating a bitcoin account or wallet and then linking an account to the process of transferring money to a bitcoin wallet.

Ease of access, personal data security also uses a peer to peer system without an intermediary party such as a bank, or other government overseer and transaction speed becomes another positive side that makes bitcoin favored by investors. The other most recent way of making transactions in bitcoin is by investing money into a bitcoin trading management company, that is, by the sale of bitcoin to profit from the difference between the buy and sell price.

Now many are hooking through this second way because it is easier. Each member who joins simply hands the money as determined and every 10 days the company will promise a fixed income in the form of money transfer into account, this will be done until the contract expires. The question is, is it true that interest in bitcoin from this factor alone or because of other factors, such as the desire to earn fixed income money without working enough to invest some money?

The security of investing with bitcoin is also much questioned after the tragedy of Nicehash and Youbit companies. Nicehash one service provider for the purchase of bitcoin ever hacked and suffered a loss of about US $ 4,700 BTC or about 60 million US dollars (close to the price of Rp 1,000 trillion). Imagine if we include one bitcoin owner who uses Nicehash services, maybe you include a person who suffered a financial loss. While Youbit who also moves in the same field even fared worse, must fold out after hacked by hackers. The vulnerability of hacking and theft should make us more alert.

South Korea, the world's third largest bitcoin transactions also held a massive raid against six banks including NHK Bank, Industrial Bank of Korea, Shinhan Bank, Kookmin Bank, Woori Bank and Korea Development Bank to ensure no one serves crypto currency bitcoin and other types). In fact, the Chairman of the Financial Services Commission (FSC) Choi Jong-Ku is very afraid of the existence of crypto money will bring adverse effects to his country such as money laundering, and unreasonable speculation.

After I observed there are some things that cause the price movement bitcoin so uphill: First, the high hopes of society to get passive income, in other words we simply invest some money to the company managing bitcoin then every 10 days will earn profits transferred into the account of each member . Second, bitcoin is the money of the future, all the countries in the future will use bitcoin like virtual money to make transactions. Well, before that happens we should have it first. The advantage is, we buy with cheaper price and can sell it with expensive price