Cryptocurrencies are more appealing to potential investors than any other investment asset. Cryptocurrencies are too appealing to criminals. According to estimates from 2019, crypto crimes have surged by 312% on an annual basis. Scammers and hackers stealing investors’ crypto coins to people falling for cheating or scamming related to crypto investments are all examples of crypto crimes.
Here, we’ll talk about the safety of cryptocurrency as an asset and what steps you may take to protect your crypto assets.
Are There Any Risks in Investing in Cryptocurrency?
The answer to this question is that investing in cryptocurrency carries a number of hazards, the most serious of which being fraud and hacking. Crypto crimes are becoming more common by the day, and investors must exercise extreme caution when investing in cryptocurrency.
Scammers and hackers are the most common perpetrators of cybercrime. They ask for payment in cryptocurrency or send users unwanted offers to entice them to open messages or click on links, allowing them to withdraw their funds.
Anyone who asks you to pay only in cryptocurrencies is a scam, according to the Federal Trade Commission. Make sure to stay away from unsolicited bitcoin or cryptocurrency-related offers. Make sure you do your homework and buy from a reputable crypto exchange.
What Should You Think About Before Buying Bitcoin?
With so much cryptocurrency news circulating — from Dogecoin’s meteoric surge to Bitcoin’s recent increases — many novices are keen to join. While investing in cryptocurrency can be financially rewarding, there are a few factors that novice investors should be aware of before becoming involved.
Here are five things to think about if you’re thinking about investing in cryptocurrencies. Going in blind and unprepared is the last thing you want to do. Don’t believe everything you see on social media about cryptocurrency investing; it’s everything but simple.
- Never Invest More Than You Can Afford to Lose
We always warn people that they should go into it fully conscious that they could lose everything and that they should only invest money that they are completely comfortable losing. After their first few trades, the majority of people will lose money. You may study charts and trends all you want, but nothing beats seeing what happens when real money is on the line.
2. Conduct Your Own Research
On the internet, there are a plethora of self-proclaimed cryptocurrency experts and financial gurus who all claim to know the secret to success. When it comes to investing your money, never trust anyone else, especially someone who isn’t a certified financial counselor. Before investing in a new coin, always conduct your own research and due diligence.
3. Never Act Based On FOMO
The majority of new coins are launched with a lot of fanfare. From strong public relations campaigns to celebrity endorsements, this can lead to a lot of investors jumping in without considering because of FOMO (fear of missing out.)
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