What are the risks and benefits of investing in cryptocurrencies and how to minimize

[deucher]

There are a lot of risks in cryptocurrency, starting from the fact that your assets can simply lose value due to a drop in market prices, ending with a cyber attack on the exchange or coins and they will simply be stolen. There is no way you can be safe from token data hacking, because it is up to its owners to protect the token from this, but if they are trying to hack your wallet, you can protect it with multi-level authentication to prevent this hacking.

 

[Grant]

I think the major risks with crypto is how volatile it can be. Sometimes you can make good money, other times you lose money. It's really not easy to predict from what I see.

I think the benefits is the possibility of winning big. And with patience and strategy, you could stand to make some money. But it comes down to taking it slow, researching the crypto you want to invest in and all that fun stuff.

 

[Nomad]

One of the greatest risks with crypto is getting scammed. You never know when a certain coin is shut down or a certain wallet or exchange will collapse. The major benefit is the massive profits. There is no other asset that has grown as big as crypto in a short time.