Whether you decide to ignore it or prefer to sit back and take a note of it, Bitcoin has created enough and more buzz than one could imagine. At the start of 2017, when it was at $1000 per coin little did any anyone foresee that it would smash everyone’s expectations and surge to nearly $19,000 per coin at the end of the year registering 900 plus percent increase in its value.
Is it another evolving phenomenon or just a bubble about to burst?
For the benefit of the beginners, a little backdrop to the details of Bitcoin will help better understand the discussion. To put it simply, Bitcoin is a digital currency or a cryptocurrency with no printed notes or minted coins. It is basically a line of numbered “code” or computer programming instructions. You can purchase them and exchange them for goods and services as you would do with your real money.
There is no legal authority like a government or a bank involved to exercise control over it.
When it is the matter of earning extra money, options like playing rummy online and investing in Bitcoins, both, appear to be lucrative enough. But, playing rummy online is a safe and sane option because rummy rules is easy to understand when compare to bitcoin rules. The other reasons are listed below
- Legal status
RBI is yet to legalize Bitcoins in the country. It had cautioned the users earlier about virtual currencies including Bitcoins; however, the central bank has not made its stance clear either by banning or legalizing them. In case of rummy, the stance is very clear. The Supreme Court has made free online rummy games in India legal to play, including playing online rummy for cash. This clarity helps you to pursue the game without any inhibitions or apprehensions.
- No controlling authority
The purpose of creating these cryptocurrencies was to have a currency not controlled by any entity -government, financial institutions such as banks, or businesses. Since there is no authorized central authority regulating the payments or handle the redressals of grievances, the risk factor is very high. In case of rummy, the major rummy sites in India are licensed and registered with the concerned government and legal authorities. Players are assured of the safety and security of their online transactions as the reputed rummy sites are compliant with Payment Card Industry (PCI) Security Standards Council.
- Volatile and risky
Since these digital currencies are in electronic format, they are prone to losses due to factors like hacking or loss of password etc. Hence, it is a risky proposition to hold Bitcoins. As the financial value of Bitcoin is very volatile, sometimes swinging every hour, as an investment and currency it is very risky. In case of rummy, the risk involved is limited to the amount of deposit only that you make if you are playing cash games. Otherwise, for free rummy games which are free play rummy online, there is no risk element involved at all.
Get richer but not by being riskier
Bitcoins may be the future face of currencies, but only time can prove or disprove it. As we move head digitally, let’s be wise to choose sensible options and not something that is sensational.