Finance

Different ways your cryptocurrency could be lost

With the rise of cryptocurrency, there is also the risk of losing your digital currency because of its decentralized model.

USA (Next Media) – With the rise of cryptocurrency, there is also the risk of losing your digital currency because of its decentralized model.

Fraud is on the rise for cryptocurrency as anonymous accounts are usually used and there is no way of noticing suspicious transactions, reports Entrepreneur Asia Pacific.

Password recovery can also be a problem because of the complex structure put in to supposedly prevent fraud, denying people access to their own account.

Hacking is another issue for cryptocurrency. There are a large amount of crypto wallets out there which once hacked, won’t ever be able to recover the digital money because of a weak security system.

Virtual currency scams is another reason why some end up losing their cryptocurrency, with some on social media offering to send you a 100 Ether coins, or any other digital currency, if you send them just one, reports Bloomberg.

As the number of cryptocurrencies available online keep on growing, sooner or later it may have to regulated because of the amounts of problems caused by deregulation of crypto.


Associated Links

  • Bloomberg
  • Cryptocurrencies
  • Economy
  • Money
  • Cryptography
  • Digital currency
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