4 Crypto Risks That You Should Be Aware Of

With the growth of the crypto market and the rumors that cryptocurrencies can surpass 1 trillion dollars, it’s clear why investing in some of these coins is considered a way to get rich. When investing in cryptocurrencies or on the stock market, there are always risks involved. In order to be successful at it, of course, you need luck but you also need some skills, knowledge, and patience.

1. Phishing Scams

A phishing scam is when an attacker easily clones the website of a popular wallet or exchange so it can steal users’ passwords. Since cryptocurrencies don’t have an insurance option for its users, customers’ funds can’t be protected.

2. Compromised Payment Gateway

A compromised payment gateway can bring a lot of stress for investors. Investors can lose their portfolios and the bad part is that this has happened before in 2017.
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Hackers succeeded to intercept transactions. However, hackers made some mistakes and only managed to steal $300.000.

3. Error Address

One big mistake that users do is transferring funds to a wrong address or type the name of the address wrong. Bitcoin, for example, makes sure to double check the native address, but this doesn’t mean that users can’t still do a mistake when typing.

4. Losing Your Private Key

As you know cryptocurrencies are all stored in a digital wallet. The digital wallet can be used and controlled by the person who owns the private and the public key. Both of these keys are unique and cannot be copied or used by other people. This is great for protection and safety but there is one problem too. Imagine losing your private key or destroying it unintentionally, you won’t be able to access the cryptocurrencies stored on your digital wallet. Also if your private key is stolen and falls in the hands of somebody else, they can easily gain access to your cryptocurrencies.