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Why cryptocurrency is dangerous?

  • Thread starter Thread starter Yaqoob Habib
  • Start date Start date
Well, I'm not really interested in cryptocurrency but I feel that it is the future of currencies, although some countries may not accept it now, but they must come to terms with it in few years time
 
The OP said that crypto coin is not backed up by anything unlike stocks and forex. I agree because stocks are owned by the corporation so it has a tangible value since the stock certificate is proof of ownership of the corporation. With crypto coin you are just buying a commodity in the hope that the price increases so you can sell for a profit.
 
Crypto is known to be volatile so poses a great risk to investors. The price can go up and down at will so you can earn much money and lose much money in minutes. That's why governments are sceptical about it.
 
Yaqoob Habib said:
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.
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Personally, in my opinion I would say that cryptocurrency is good as well as is bad because you'd actually be given the opportunity to make a very decent amount of money in a very short period of time and it can also make you to become bankrupt in a blink of an eye.
 
There are always advantages and disadvantages of almost everything in life and cryptocurrency is not excluded ,so as crypto is profitable it's also risky.
 
I don't see it as been dangerous because of that , because even with flat currency I think cyber crimes have been existing and without the existence of cryptocurrency then there have been cyber crimes
 
That is the reason why anyone who has to get involved in cryptocurrency he must be very careful because there are a lot of scammers out there.
 
I don't think it is the entirety of cryptocurrency that is risky but the trading aspect of it. And this is because most people just indulge in with a mindset of making profit
 
Cryptocurrencies never dangerous at all, is just that we are afraid of taking a risk due to how volatile it can be at times but that does not mean it is dangerous
 
First and foremost I would like to state that the danger that comes with cryptocurrency lies in the fact that we are afraid to take risks.
 
Cryptocurrency is dangerous in the sense that if you hold an asset that is all I decline there is possibility of losing all your money in the wallet. you are also risk of arrest if you operate cryptocurrency wallet in a country where it is ban.
 
Crypto currency exchange Business is very dangerous just because of the fact that there are some kind of manipulatuon going on in the market and it seems very possible for some big Investors to cash out to make retails Investor to lose
 
I don't really think cryptocurrency is dangerous but our inability to take risk is what is the main danger with regards to cryptocurrency
 
Yaqoob Habib said:
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.
Click to expand...
Concerning the concerns you raised about the trading of cryptocurency,did you know that blockchain can be used to store date for save keeping.It can serve as a ledger for storing of documents.Govt agencies and individuals can explore these avenue apart from trading.
 
To my own basic knowledge, the risks of trading cryptocurrencies are mainly related to its volatility.They are volatile: unexpected changes in market sentiment can lead to sharp and sudden moves in price. It is not uncommon for the value of cryptocurrencies to quickly drop by hundreds, if not thousands of dollars.
 
Actually most dangers are due to the falling and rising of a coin and also online scarmers makes it even more dangerous so to go into crypto currency you have to know what you are doing.
 
Crypto currency can only be dangerous in the aspect of gambling because when investing on a coin and you don't know what the price might be in the next one hour.
 
Yaqoob Habib said:
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.
Click to expand...

Crypto currencies are dangerous because people do not know that an investment can go bankrupt at any time and you should only invest when you can lose. they believe that if they have invested in a currency they get rich overnight, when it can fall at any time.
 
It will be dangerous when you have no basis on it because even in real businesses there are losses too.
 
The only danger associated with cryptocurrency is it's somewhat "untraceability" when it's being used in commiting a crime or any other evil scheme. Besides there are even ways to trace activities in a blockchain.
Crpyto has opened the internet riches for all to partake in.
 
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