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You should be patient and acquire the right knowledge, instead of betting on the current hype. There are three main ways your cryptocurrency can be compromised. Therefore, it is very important that you follow the safety precautions in every step of your cryptocurrency investing strategy. The exchange: Exchanges are where you trade the cryptocurrency tokens see Chapter 4 of Cryptocurrency Investing for Dummies for more information.
You need to make sure that your trading host is trustworthy and credible. There has been countless numbers of security incidents and data breaches in the crypto community because of the exchanges.
Your wallet: Once you have passed the first two layers of security check, it comes to the final round. This one is all in your own hands. You will actually be storing the public and private keys in these wallets.
Doing so, you can use these keys for making transactions with your altcoins. We will explore wallet safety methods more in Chapter 5 of Cryptocurrency Investing for Dummies. Get my Updates. While volatility could be a good thing, it can also catch you off-guard sometimes. Just like any other market, the cryptocurrency market can suddenly move in the opposite direction from what you expected. If you are not prepared for the market volatility, you can lose the money you invested in the market.
The volatility in the cryptocurrency market has been a result of many factors. It has been well documented that the inception of revolutionary technologies — such as the Internet — can create initial periods of volatility. It takes a lot of getting-used-to before the blockchain technology see Chapter 6 of Cryptocurrency Investing for Dummies and its underpinning cryptocurrencies become mainstream.
The best way to combat the cryptocurrency volatility risk is looking at the big picture. Volatility matters a lot if you have a short-term investing horizon see Chapter 17 , because it is a proxy for how much money you might make or lose over a short period. But if you have a long-term horizon see Chapter 18 , volatility can turn into an opportunity. By definition, liquidity risk is the risk of not being able to sell or liquidate an investment quickly at a reasonable price. Cryptocurrencies can also see episodes of illiquidity.
Heck, the liquidity problem was one of the other factors which led to the high volatility in Bitcoin and other altcoins described earlier in this chapter. When the liquidity is low, there is also a risk of price manipulation. One big player can easily move the market to their favor by placing a massive order. On the bright side, as cryptocurrency investing becomes more available and acceptable, the market could become more liquid.
The increase in the number of trusted crypto exchanges will provide an opportunity for more people to trade. Lesser-known cryptocurrencies could have a lot of upside potential, but could put you in trouble because of lack of liquidity. We will explore different types of cryptocurrencies and their characteristics in Part 2 of Cryptocurrency Investing for Dummies. Quite the contrary. There are many cryptocurrencies that could vanish before our very eyes. There are currently hundreds of different cryptocurrencies out there.
More and more cryptocurrencies are being introduced every day. In ten years time, many of these altcoins may vanish while others flourish. A familiar example of vanishing risk is the dot-com bubble. In the late s, many people around the world dreamed up businesses on the popularity of the internet. Some, such as Amazon and eBay, succeeded in conquering the world. Many more crashed and burned. Following the path of history, out of all the booming cryptocurrencies popping left and right, many are destined to bust.
To eliminate the vanishing risk, you need to analyze the fundamentals of the cryptocurrencies you choose to invest in. Does their goal make sense to you?
Are they solving a problem that will continue in the years to come? Who are their partners? One of the initial attractions of cryptocurrencies was their lack of regulation. All they had was a white paper and a promise. As mentioned above, one of the issues with crypto is the lack of education within the regulatory space. Educational opportunities are available through many different services. Investing in regulatory intelligence tools like Thomson Reuters Regulatory Intelligence will keep your organization up to date on all crypto regulation changes and advisories as they come forward from the U.
Lastly, organizations investigating illicit fund use and fraud will benefit from blockchain forensics tools, attribution tools, and link analysis. Through attribution , the exchange or ATM involved can be identified saving your business time and money. Currently, crypto regulations are ill-defined, but future legislation aims to resolve that.
However, getting ahead of the regulations and enforcement will help strengthen your compliance program and help stop illicit funds from flowing through the blockchain. There are currently crypto compliance working groups being formed to combat crime happening throughout the crypto space. Specifically, crypto ATM providers, exchanges, law enforcement, and suppliers of tools are coming together to form the Cryptocurrency Compliance Cooperative to fight the illicit use of crypto.
The goal of crypto compliance is to impede the funneling of funds to terrorist organizations. It will take cooperation from key players in financial regulation to achieve this. Regulators have established guidance within AMLA to require crypto exchanges to operate as MSBs, however, cryptos do not fit neatly into the current regulatory framework. This allows illicit funds i. This is due to fiat currency, a government-issued currency that is not backed by a commodity such as the U.
Dollar, being transferred to a new type of digital currency rather than fiat to fiat. This leads to facilitation and unintentional overlooking of typical financial crime trends within the industry. Crypto operators are not incentivized to monitor and report AML and fraud practices which means profit is often prioritized over compliance. Risks to crypto consumers The risks to the consumers of crypto are also especially high.
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