How safe is cryptocurrencies?

[Yaqoob Habib]

Cryptocurrency are not backed by a government.
Cryptocurrencies are not insured by the government like U.S bank deposit are, This means that cryptocurrencies stored online does not have the same protections as money in a Bank account.

 

[Caali]

Depends on what you mean.
Cryptocurrencies are volatile. Their price fluctuates significantly, and that can be good or bad depending on point of view. For day traders they can be profitable. For investors that know what they do while investing in risky things too. They are not suitable as a safe investment for short term though. Crypto can gain or lose value quite fast, and that might be a problem for some.

 

[Chumzy]

From the best of my knowledge I can say it is as safe as your fiat currency. The only risk in it is the lack of regulation in the market and that allows many things. But it has the most important feature of money which is general acceptability.

 

[iCesarkevin]

Crypto currency exchanges have been prone to hacks and other criminal activity. These security breaches have led to sizable losses for investors who have had their digital currencies stolen, never to be seen again. Frauds and scams are also rampant in the crypto industry.
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Crypto currency exchanges have been prone to hacks and other criminal activity. These security breaches have led to sizable losses for investors who have had their digital currencies stolen, never to be seen again. Frauds and scams are also rampant in the crypto industry.

 

[iori23]

depending on how you invest or trade in cryptocurrency., it is better to have known wallets to secure your cryptocurrency. . similar to binance which is legit trading and investing in cryptocurrencies.

 

[Tariq Shehzad]

From the most amazing aspect my insight I can say it is just about as protected as your fiat cash. The solitary danger in it is the absence of guideline on the lookout and that permits numerous things. Be that as it may, it has the main component of cash which is general agreeableness.

 

[Zubair]

Cryptocurrency are not backed by a government.
Cryptocurrencies are not insured by the government like U.S bank deposit are, This means that cryptocurrencies stored online does not have the same protections as money in a Bank account.

I don't think cryptocurrency is safe but it is a good source to earn money in shorter times with less investment. Long term investment shouldn't be done in it because it can crash any time and all of your doings can lost with in seconds. So keep these points in mind before making investment it cryptocurrency.

 

[Sake]

Yes it's not safe, so you need to choose how to protect your coins. You can choose to use a hardware wallet so you don't have to worry about hacking. Don't store your coins in exchangers for too long.
It's true that it's not backed by any government and every transaction is not reversible. So be careful.

 

[Jimmie150]

Cryptocurrencies are not really save because it has no regulatory body controlling it as of today. But one needs to be careful when dealing with it at the moment. It worth place to invest in. You can consider it.

 

[ELCOIN]

Of course saving cryptocurrency to an online wallet is a big mistake. If you want to store cryptocurrency for a long time always use a paper wallet or cold wallet this is a good method to store cryptocurrency. Any device connected to the Internet is not protected

 

[tuna89]

Cryptocurrencies have their advantages and disadvantages as well. You can make lots of money from cryptos by buying them at low values and holding till the values rise thereby making some good percentage of profits, one disadvantage is like you have said, they are not backed by some governments and central banks thereby making them easy to be used for fraud since the transactions may not be traced.

 

[Sunnytee]

Cryptocurrencies aren't backed by a government.
Cryptocurrencies are not insured by the government like U.S. bank deposits are. This means that cryptocurrency stored online does not have the same protections as money in a bank account.

 

[Nicklas22]

Cryptocurrency are not backed my governments regulations
So you have to secure your wallet very well because if you loose your Bitcoin to thief and hackers you don't have anyone to hold responsible, you just have to secure your wallet
Don't login your wallet on different devices.

 

[Sunnytee]

Cryptocurrencies aren't backed by a government.
Cryptocurrencies are not insured by the government like U.S. bank deposits are. This means that cryptocurrency stored online does not have the same protections as money in a bank account.

 

[Bkoks]

Depends on what you mean.
Cryptocurrencies are volatile. Their price fluctuates significantly, and that can be good or bad depending on point of view. For day traders they can be profitable. For investors that know what they do while investing in risky things too. They are not suitable as a safe investment for short term though. Crypto can gain or lose value quite fast, and that might be a problem for some

 

[mizzzlotam]

They are few things you should know about crypto currency. Cryptocurrency is not backed by any country government. And given to the fact that it is used strictly for online market it is prone to hacks. There is no insurance company that insured cryptocurrency.

 

[KvngMurphy]

Crypto currencies are very safe to invest in but while trying to invest make sure you do a proper verification of the crypto currency wallet and their exchange policy before investing in it as they are many fake wallets now available as some legit apps can also be cloned.

 

[Ralphjoe]

You are right to some extent cryptocurrencies may not have the insurance that our Fiat currency in the bank has, they may not have the same protection that is guaranteed on our saved currency but that does not mean that they are not safe.

Cryptocurrencies are very safe to use and to operate. We all know that cryptocurrency are currencies for online transactions so they cannot be physical but in digital format that doesn't mean that they are not safe they are safe just that they are not in a physical form.

 

[Kelly5]

Cryptocurrency are not backed by a government.
Cryptocurrencies are not insured by the government like U.S bank deposit are, This means that cryptocurrencies stored online does not have the same protections as money in a Bank account.

Yes it does not have the protection like the government backed Fiat currencies. But the cryptocurrency have give us a means by which we can still carry seamless transaction without being felt like we don't own our own money anymore

 

[Damscooguns73]

Concerning how safe is cryptocurrency. well, cryptocurrency is a digital currency which is volatile in nature and doesn't have any governmental backing. though I do hear of hacking of people's or investors account to steal their cryptocurrency but I have never experienced any of this since I have been investing and trading on my cryptocurrency wallet