Are cryptocurrencies safe?
It is hard to believe that cryptocurrencies have been with us for over ten years - on January 3, 2009, the first bitcoin was excavated, which gave rise to a completely new payment method, which was virtual money. For many years of its operation, a lot has changed, and BTC itself has recorded both spectacular increases in value and its dramatic drops.
Today, the cryptocurrency market is much larger and more complex than the one that existed ten years ago. Alternative currencies such as Litecoin, Ethereum and Ripple appeared. Their values, popularity and sourcing methods differ, but they are still based on blockchain technology.
Many people who want to start their adventure with cryptocurrencies ask themselves whether it is safe. Therefore, we decided to collect for you the most important facts and myths about this topic and formulate the answer.
Cryptocurrencies - threats - facts and myths
Due to the intense increase in the popularity of cryptocurrencies, many myths have appeared about them. Many of them were created simply out of the ignorance of users, but they became so famous that many people considered them facts.
The first myth is that bitcoin is viewed as an illegal activity and a fraudulent tool. This is, of course, untrue, and has already been explained many times. Cryptocurrencies remain completely legal, which is confirmed by the judgment issued by the CJEU, under which they are considered legal tender. What's more - the very characteristics of virtual currencies mean that trading on legally operating exchanges, "mining" or paying with BTC and other cryptocurrencies have a very low susceptibility to fraud. This is because, thanks to blockchain and how they work, each individual bitcoin can only be sold by one person once.
It is true, however, that among people dealing with cryptocurrencies there are scammers who try to gain access to the virtual wallets of their owners using various techniques. However, their percentage is much smaller than, for example, pickpockets, which clearly shows the scale of the problem. Bitcoin thefts happen very rarely, most often when using the services of suspicious exchange offices, exchanges or shops.
Another untrue is that the cryptocurrency market is "under the boot" of hackers. Of course, as with any computer technology, cyber attacks also occur in cryptocurrencies, on their exchanges and at points of sale. The more so as the value of bitcoin, when translated into physical means of payment, is very high. Criminals try very different methods, but gaining access to users' wallets or carrying out a massive attack on the stock exchange is very complicated. It is true that such events are not uncommon, but they often end in a fiasco for the attackers.
Cryptocurrencies - is it safe?
There are quite a few people who insist that cryptocurrencies are only a bubble or a financial pyramid. Neither one nor the other is true. Although there are many speculators on the market who artificially raise prices to quickly sell their bitcoins at a profit, users are becoming more and more resistant to this practice. Such situations also take place on the largest exchanges in the world, so cryptocurrencies are not the only ones.
The real threat for people trading BTC is its instability. It can cost a small fortune one day, and it will regularly drop by hundreds of percent a day over the next few weeks. This is because the value of a cryptocurrency is based on two basic factors - its popularity and the number of transactions made with it. For example, at the end of last year, we saw a significant jump in the value of BTC, which was caused by the fact that large companies decided to invest in it. For many people it was also a sign of the growing credibility of virtual currencies, as well as increasing trust and interest in means of payment.
There is also another problem directly related to the methods of storing cryptocurrencies. Access to the wallet is obtained on the basis of a special private key that only we have access to. The disadvantage of this solution, however, is that it cannot be recovered or restored in any way, so if we forget this string, our bitcoin will be irretrievably lost. It is currently estimated that about 3 million bitcoins have been lost to the market in this way.
Are cryptocurrencies safe?
Despite the risks associated with investing in cryptocurrencies and other threats awaiting us, scammers, it must be admitted that the chance of losing our money is small, and certainly much smaller than the possibility of being a victim of a robbery or common theft. If we properly take care of security and use only trusted and proven exchange offices, exchanges and wallets - such as ours, we can be sure that our savings are safe.
Why is it worth investing in cryptocurrencies?
Cryptocurrencies are a serious contender to become the main tender in the future. Although the era of printed money will last a long time, more and more countries are starting to be interested in creating their own virtual currency. In addition, cryptocurrencies have a lot of advantages: they are decentralized, resistant to inflation and generally available to everyone. The execution of even large transactions through them is very quick.
If you're interested in an investment but don't know where to start, you've come to the right place. We are a modern cryptocurrency exchange office and thanks to our services you have the opportunity to enter their market immediately. With us, you can convert zlotys and euros to the most popular virtual currencies, including BTC, ETH and XRP. In addition, we can also take care of storing your savings in a private wallet that only you will have access to. We guarantee safety and attractive prices. You're welcome!
Attention! The above article neither in whole nor in part constitutes a "recommendation" within the meaning of the provisions of the Act of July 29, 2005 on trading in financial instruments or the Regulation of the European Parliament and of the Council (EU) No. 596/2014 of April 16, 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6 / EC of the European Parliament and of the Council and Commission Directives 2003/124 / EC, 2003/125 / EC and 2004/72 / EC and Commission Delegated Regulations (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65 / EU of the European Parliament and of the Council as regards organizational requirements and operating conditions for investment firms and defined terms for the purposes of this directive. The content contained on the website does not meet the requirements for recommendations within the meaning of the above-mentioned act, incl. do not contain a specific valuation of any financial instrument, do not rely on any valuation method, and do not identify investment risk.