Cryptocurrencies
The successes that some people have had with trading cryptocurrencies based on blockchain technology, such as Bitcoin and Etherum, are actually the exception rather than the rule. In the early days of digital change, there is often a kind of legal “wild west”. Because digital innovations often progress so quickly, national and international regulatory authorities do not keep up as quickly as is sometimes necessary due to bureaucratic hurdles. This can quickly prove fatal for inexperienced people, especially in the financial sector. Fraudsters like to use legal loopholes and legal gray areas to their advantage. Although decentralized currencies offer opportunities, there are also some risks to be aware of. When trading cryptocurrencies online, you should always be careful and obtain sufficient information in advance to avoid becoming a victim of fraud yourself.
Dangers when trading cryptocurrencies online include, for example
- Price fluctuations
- Security risks (especially data protection)
- fraud
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