Risks of investing into cryptocurrency

Status
Archived

evo

Site Admin
Joined
Apr 2017
Regarding financial investing, here is one person's personal perspective when it comes to investing into cryptocurrency:
I’ve been in the cryptocurrency space since early 2013, and I’ve made some good money on Bitcoin and other cryptocurrencies. At this point, I’m totally out of cryptocurrencies based on a few factors. First off, it’s high risk. Not only can the code be vulnerable, but the exchanges are exposed to hackers that are constantly trying to drain them. I had a lot of money in Bitstamp when they were hacked in 2015, and all accounts were frozen for a while. At that point, I thought that my money was lost (you’ve heard of Mt. Gox right?). Including the high risk of investing in cryptocurrencies, you must comply with the laws in your country. I do not want to invest in cryptocurrencies due to the high risk involved. Even though some claim that a bitcoin will be worth $500,000 in a few years.

When it comes to investing in cryptocurrency, I'm bullish, but this serves as a reminder to take precautions when it comes to holding/investing for the long term.
 
Status
Archived

Similar Threads

Top