Over the weekend, a client of mine called to inquire and seek my opinion with regards to whether it is okay for him to give his account details and also his Bank Verification Number. He affirms that he doesn’t feel comfortable revealing details of his account because his account is well funded.
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Given my experience in finance and having lectured many people on the dangers of virtual currency. I explained to the customer that his revelation of the details of his account is based on how comfortable he is as an individual with the transaction. That I am not in the position to avoid him on what he needs to do. I explained the riskiness of the business and also explained the huge gains that could be made. The man insisted I advice on which route he should take and i insisted that the entire business is a risk and his investment and revelation or otherwise is based on his comfort and his risk appetite. I affirmed to him that so far I have not heard of any person that has invested in Bitcoin and lost funds explaining further that Bitcoin is one of the
foremost digital currencies. I cautioned further that the Central Bank cautions against the use of virtual currencies because of the risk involved and the anonymity of many of the founding fathers of the business.
The man thanked me for my advice and we parted on a good note without me committing myself to advise him on a particular stand. I advised him to study the business, terms, and conditions and make more inquiries. And then weigh all his options.
Have you ever invested in a virtual currency? What type of virtual currency have you invested in before? Has it been successful?
Please share your experiences and comments below.
Thanks and see you next time