How safe is cryptocurrencies?

[eLdavis]

I tell you, the human factor is what is destroying the government, many humans just think about their selfish gains irrespective of how it would affect others, which is what would happen if the government controls crypto there would be more loss for commoners.

Its indeed painful, the government are placing ban just because they have no control or say on anything related to crypto currency, so if they can't have their way, they would end it.

 

[Dagm1]

depending upon exactly how you spend or even sell cryptocurrency., it is actually much a lot better to have actually understood purses to protect your cryptocurrency.. just like binance which is actually legitimate trading as well as buying cryptocurrencies.

 

[Good-Person]

I believe that crypto coins are much safer than many payment gateways and many payment processsors that can be found on the internet. This is because there are many crypto coins that are actually decentralized and not controlled or even regulated by any single entity.

 

[Shigobad2020]

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.

There are many definition for the word safe in crypto currency, but it depend on our own personal definition, I never get weary or scared when I hear about any coin falling, I always keep my coin safe in my wallet and wait for the right time.

 

[jeff87]

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.

Thanks for this reminder. I hope the government will find a way to protect the money of those traders in cryptocurrency just like they have protected the money of bank depositors. Now that cryptocurrency is booming, I hope the government has good plan for cryptocurrency.

 

[Grandeur]

Its indeed painful, the government are placing ban just because they have no control or say on anything related to crypto currency, so if they can't have their way, they would end it.

But luckily for us this is not a movement that can be stopped by the government, its way bigger than the government, the crypto market is decentralized to have no external intervention.

 

[Sotherefore]

Cryptocurrency is very safe based on what we call cryptography, if you really want to have better and deep understanding of cryptocurrency you have to read deep to understand what blockchain technology is all about and the function of cryptography in the crypto space.

 

[HayKay]

Even though they never started or aren't backed by any financial institution. The blockchain alone that has been created has shown overtime that it's a very safe place for transactions to be made and quickly too.

 

[Thinker009]

I think cryptocurrency is actually safe , inorder to make gains from the market you have invest properly ,I think it's the most recommended thing when it comes to investing in cryptocurrency in any case tho

 

[greenie]

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.