Bitcoin is one the most talked about cryptocurrency in the financial world nowadays as its price has surged exponentially in the past few months and even years. However, if you’re thinking about getting into the game and purchasing this particular cryptocurrency, you might want to read this first.
Just recently, the co-founder and CTO of bitcoin.com, Emil Oldenburg shockingly revealed that he has sold all his bitcoins because it is “as good as useless”, according to Business Insider Singapore.
In fact, he strongly believes that other traders would follow suit once they realise just how illiquid the cryptocurrency market is. The high fees and transaction lead times are also reasons that have prompted Emil to sell all his bitcoins.
FYI, the bitcoin transaction fees are doubling every three months, and it requires 4.5 hours just to confirm a transaction, as reported by the article.
“I would say an investment in bitcoin is right now the riskiest investment you can make. There’s an extremely high risk.”
“I have in fact sold all my bitcoins recently and switched to bitcoin cash,” Emil said during an interview with a Swedish tech site.
Another issue that led Emil to sell off all his bitcoins is the limited transactions per second that one is able to make in the bitcoin network. He said, “the old bitcoin network is as good as unusable”.
According to the bitcoin guru, many bitcoin holders failed to understand these risks because they have only bought the cryptocurrency, but have yet to sell or trade any of them.
“As soon as people realise that this is how it works, they will start to sell,” Emil added.
He also made it clear that he has very little faith in bitcoin as a tradable currency in the future. That’s why he has shifted his focus altogether to bitcoin cash, which is a currency that had split from bitcoin in August 2017. Recently, bitcoin cash has also reportedly overtook another cryptocurrency called Ethereum, to be the second largest globally.
Well, this is certainly an unexpected announcement from the co-founder of one of the world’s largest bitcoin websites. Let us know what you think in the comment section!
Govt: Misleading Ads Are Prohibited, Action Can Be Taken Against Advertisers
Have you ever saw a food ad, got tempted by it how awesome it looks, went to buy the food...
Malaysian Couple Who Rescues Injured Animals Seeks To Get Rid Of Social Stigma Surrounding Dogs
For the past eight years, 28-year-old Nurul Ain Abdul Hamid and her husband, Muhammad Razeef Che Samah, have been rescuing...
Malaysian Exposed By UK Tabloid For Intl Human Organ Trading Arrested in Kuching
The man who was recently exposed by The Sun in the UK for illegally selling human organs in the international...
Limit on Hiring Foreign Workers In Malaysia To Be Lifted, But Local Workers Should Be Prioritised
On 29 July, it was made official that foreign workers are limited to working in only three sectors which are...
“I Thought It Was A Doll!” Shocked Passerby Finds Body Of Baby With Umbilical Cord Still Intact In Sabah
Disclaimer: Graphic images, viewer discretion is advised. The body of a poor little baby boy was found after he was...
- Current Affairs23 hours ago
4-year-old Kedah Girl Dies After Father Forgets and Leaves Her In The Car For 10 Hours
- News23 hours ago
M’sian Reveals How He Got Kicked Out Of Rented Subang Unit Once Owner Found Out He Was Indian
- News19 hours ago
Woman Denied Entrance Into Kuala Lumpur Library For Wearing A “Revealing Blouse”
- Current Affairs21 hours ago
Pharmaceutical Company, Pfizer, Is Reported To Have Successfully Produced A Vaccine for Covid-19