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Kelvin

Why should I not invest in cryptocurrencies?

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Hello, I have been thinking about investing in cryptocurrency for a while now. As with any other investment, I'm hoping to gain a large sum of profit from the profit. However, I have second thoughts about since some say investing in cryptocurrency isn't a good idea. Advise me accordingly, please.
 

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Hello Kelvin,
Bitcoin is one of the most used cryptocurrency. It is open for usage in most countries across the globe, and many people are investing in it. As usual, before you decide to invest in any cryptocurrency, it is important for you to take time and understand how it works and the risks you are prone to for investing in it.
Other than volatility, these digital currencies will always give you a reason why you should not deal with them.
While dealing in cryptos, you speculate whether its price will rise or fall. Consequently, this will affect its supply or demand. Your speculation may turn out to be incorrect, and therefore you end up making losses.
In any case, you fall for a trap to make any cryptocurrency exchange, and the transaction turns out to be fraud, then you end up losing both the currency and the cash. In such a situation, it will be hard for you to get them back since there are no central systems in most countries that regulate these transactions.
Most of these cryptocurrencies have limited use, and most counties do not recognize them as a means of exchange
Cryptocurrencies also solely depend on technology, right from mining them to transacting them. Therefore, without digital platforms, these currencies are worth nothing.

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