Why cryptocurrency is dangerous?

[Yewande]

It's a very volatile market and the risk is very high. Is the profit massive? Definitely. But so also is the loss. You can lose your asset in a wrong trade. Outside this, I think cryptocurrency is just fine

 

[Abbeyola]

Trading cryptocurrency is very risky.the industry is not regulated and the currency is not backed up by any kind of government or central bank.Even through cryptocurrencirs are designed to be theft -proof,there's still a considerable risk for fraud and cyber-crime.

I will say that crypto currency is not dangerous when you don't borrow money to invest in crypto currency and also do not use your life savings to invest.
Invest wisely and choose the best coins that will profit you, when you trade with it.

 

[KURTAULI]

Cryptocurrency is not a stable investment and we all know it but it is still interesting to me. Why did I choose Bitcoin and not Gold or Silver? I have more simplicity and freedom. Also I do not have to pay taxes when trading cryptocurrencies

 

[Emma Aneni]

The risks of trading cryptocurrencies are mainly related to its volatility. They are high-risk and speculative, and it is important that you understand the risks before you start trading. Learning how these coins can be traded is the first step to making it.

 

[ahmedo24]

The volatile nature and the risk of been attacked by the hackers remain the dangers in Crypto currencies now and these two factors are inevitable in the Crypto currency world they can only be managed.

 

[Veetos12]

Trading cryptocurrency is very risky.the industry is not regulated and the currency is not backed up by any kind of government or central bank.Even through cryptocurrencirs are designed to be theft -proof,there's still a considerable risk for fraud and cyber-crime.

The risk associated with trading and investing in crytocurrency is not limited to the unregulated issues and no correct back up system as stated here. The volatility of the coin is also another problem of unprecedented failure associated with it.

 

[Kelvin7656]

The risks of trading cryptocurrencies are mainly related to its volatility. They are high-risk and speculative, and it is important that you understand the risks before you start trading. They are volatile: unexpected changes in market sentiment can lead to sharp and sudden moves in price.
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The risks of trading cryptocurrencies are mainly related to its volatility. They are high-risk and speculative, and it is important that you understand the risks before you start trading. They are volatile: unexpected changes in market sentiment can lead to sharp and sudden moves in price.

 

[jimmann247]

I don't understand your trend when you stated cryptocurrency is very dengerouse because is not back by the government, if cryto were introduced by the government, so many poor people who got rich through cryptocurrency will not have made it.

 

[Davis]

Well, I'd like to address the word "dangerous". Preferably ctyptocurrency trading is risky. It's better to learn the trade due to its volatility to reduce risk.

 

[idhans]

Trading cryptocurrency is very risky.the industry is not regulated and the currency is not backed up by any kind of government or central bank.Even through cryptocurrencirs are designed to be theft -proof,there's still a considerable risk for fraud and cyber-crime.

For me cryptocurrency is only risky when you don't know how to trade and when to trade. If you take your time to learn about cryptocurrencies I don't think it will be a difficult thing. cryptocurrency is risky just like every other business is risky.

 

[Milz]

And I think this should be classified as the greatest risk in crypto currency and part of the reason the government of any country is still reluctant on taking crypto currency to the next level, there seriously needs to be a way to checkmate things like this

That's true. Do you realize the amount of money laundering that goes on in the cryptocurrency world. No one regulates it, it just flows freely. The government must be having a hard time keeping things in check.

 

[WhiteHouse]

Bitcoin alongside the Blockchain is changing the universe of data processing and with it the improvement of Digital money hence in that sense it is surely not risky.

The criminal world will utilize any road and hence Bitcoin has no intrinsic power over this utilization thus one should acknowledge that this is a certain however lamentable component of wrongdoing as you attempt to separate the great from the awful.

 

[Sammyesx]

Fraud and cyber crime has been in existence long before the invention of crypto currency, so it is normal if criminals use it as a means of exchange, normal currency are also use for crime. So no big deal.

 

[GIFTMICHAEL]

You are talking about the danger if cryptocurrency that one of the danger is that it is devoid of government interference.
As if that is not enough you said even central bank has no power to regulate it.
You have to understand that private sector do well in business more than government.
Whether government intervene or not it doesn't change anything government is even our problem.

 

[Oche Diligence]

Crypto currency are highly risky , speculatative and very volatile, the price and fall at any time it chooses to, so it will be very helpful if you understand the trading well .
One of the most fundamental skills that you absolutely must possess is the ability to identify cryptocurrencies that are in backed by solid fundamentals.

There are hundreds of coins available, and there is a tendency for most to overlook the fundamentals of the coin and make investment decisions based on hype.

This is especially common since many don't understand the mechanics of the coins they invest in. They tend to just follow the hyped crowd. It is very risky and dangerous if you don't have any of these things listed.

 

[Ayokex]

Well, the OP might be right to some extent due some of the fact stated. The most dangerous part of cryptocurrency is because it's not traceable to any bank, everything about it ends in the cloud. If it's use to carry out any criminal act there is not way to trace it's source or origination. I this is part of the reason many countries of the world find it difficult to embrace it.

 

[tuna89]

You have made a very good point, the major danger is the fact that since it has not been integrated into various central banks, the transactions involving the crypto cannot be traced and can be easily be used for fraudulent purposes, some politicians who steal money tend to convert them to btc instead of depositing in banks to prevent the transactions from being traced and exposed.

 

[Sheyemanu]

This is a good question but honestly every cryptocurrency is dangerous to invest in as cryptocurrencies are very volatile, a small percentage increase or decrease in a cryptocurrency you have invested in could make you lose or gain money, so it goes both ways. It's best to be informed before investing

 

[Ebuka Stephen]

I think what you are saying is very wrong, over the years crypto currency has shown that it is a legit means of making money, to the extent that most countries uses it as another form of payment and way of carrying out transaction. So I don't get why you said so but you are very wrong.

 

[Tundeoguns1]

Why is crypto currency dangerous. Hm well to me I think crypto currency is dangerous due to is unstable price. Crypto currency price go high and also go low. Due to this alot of people invested alot of money and when it's time to withdraw their money they withdraw less than what they invested.