Cryptocurrency beginners: Be wary of asset risks

In recent years, cryptocurrency has emerged as a transformative, intriguing, and immensely popular asset class.

Bitcoin is still the most dominant player in the cryptocurrency market. As of mid-May 2023, Bitcoin held the largest share of market capitalization with over $500 billion of the approximate $1.20 trillion global cryptocurrency market capitalization. In dollars, the price of one Bitcoin rose from about six cents in 2010 to an all-time high of $67,567 on November 8, 2021. Then, the price quickly tumbled, falling 30 percent by the end of 2021, only seven weeks later. Investors quickly shifted their focus to safer assets, and volatility has continued.Decentralization: Some cryptocurrencies operate on decentralized networks, removing the need for intermediaries like banks.

Global accessibility: Cryptocurrencies allow anyone with an internet connection to participate in the global financial system. They also provide financial services to the unbanked population, fostering financial inclusion and empowerment. Security concerns: While digital asset technology is typically secure, the surrounding infrastructure, such as cryptocurrency exchanges and digital wallets, can be vulnerable to hacks and cyber-attacks. Investors must adopt stringent security practices and choose reputable platforms to mitigate these risks.

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