Cryptocurrencies are not backed by a government.
Cryptocurrencies are not insured by the government like bank deposits are in the US That means that cryptocurrencies stored online do not have the same protections as money deposited in a bank account. If you store a crypto-currency in a wallet or digital wallet provided by a company, and the company ceases operations or suffers a cyber attack, the government may not be able to act and help you recover the money as it could with the money. that is kept in banks or credit unions.
The value of a crypto-currency is constantly changing.
The value of a cryptocurrency can change every hour. An investment that today may be worth thousands of dollars tomorrow could be worth only hundreds of dollars. If the value goes down, there is no guarantee that it will go up again.
Are you about to invest in cryptocurrencies?
As with any other investment, before investing in a cryptocurrency, know what the risks are and learn how to spot a scam. Here is a list of some of the things to watch out for when considering your options.
No one can guarantee that you will earn money.
Anyone who promises you a guaranteed yield or dividend is likely a scammer. Just because an investment is well known or endorsed by a celebrity doesn't make it a good or safe thing to do. That applies to cryptocurrencies as well as more traditional investments. Don't invest money that you can't afford to lose.
Not all cryptocurrencies - or companies promoting cryptocurrencies - are the same.
Take a look at the statements that companies promoting cryptocurrencies are making. Search the internet by entering the name of the company and the cryptocurrency and add words like "review", "scam" or "complaint", if you search in Spanish, add words like "comment", "scam" or "complaint" .
Cryptocurrencies are not insured by the government like bank deposits are in the US That means that cryptocurrencies stored online do not have the same protections as money deposited in a bank account. If you store a crypto-currency in a wallet or digital wallet provided by a company, and the company ceases operations or suffers a cyber attack, the government may not be able to act and help you recover the money as it could with the money. that is kept in banks or credit unions.
The value of a crypto-currency is constantly changing.
The value of a cryptocurrency can change every hour. An investment that today may be worth thousands of dollars tomorrow could be worth only hundreds of dollars. If the value goes down, there is no guarantee that it will go up again.
Are you about to invest in cryptocurrencies?
As with any other investment, before investing in a cryptocurrency, know what the risks are and learn how to spot a scam. Here is a list of some of the things to watch out for when considering your options.
No one can guarantee that you will earn money.
Anyone who promises you a guaranteed yield or dividend is likely a scammer. Just because an investment is well known or endorsed by a celebrity doesn't make it a good or safe thing to do. That applies to cryptocurrencies as well as more traditional investments. Don't invest money that you can't afford to lose.
Not all cryptocurrencies - or companies promoting cryptocurrencies - are the same.
Take a look at the statements that companies promoting cryptocurrencies are making. Search the internet by entering the name of the company and the cryptocurrency and add words like "review", "scam" or "complaint", if you search in Spanish, add words like "comment", "scam" or "complaint" .
