Is it Safe to Invest in Crypto? What Are the Benefits?

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Disclaimer: The text below is a press release that was not written by Cryptonews.com. 

Investing in cryptocurrencies seems like an inviting prospect in 2022, due to the gradual mass adoption of blockchain tech and decentralised finance. If you’re one of the many who are contemplating getting into crypto as an investment or trading opportunity, you may be feeling uncertain regarding the safety of crypto, and whether it’s a good thing to invest in the first place.

Sadly, newcomers into the space can become disillusioned if they fall into the trap of false hype. Hype plays massively into FOMO, and there are those who want to take advantage of this when they promote tokens that are not a good investment. Known as “pump and dump” schemes, extremely wealthy “whales” use social media to inflate the value of a token, only to sell their load once the price reaches a desired high - sending its value plummeting downwards. Although, if you are interested in a token which has a lot of backing on social media, this doesn’t necessarily mean it's part of a pump and dump scheme. But rather than investing in a token based on its social media status, it’s worth it to do your own research about the project and owners behind a token and smart contract.

When trading, crypto is typically stored short-term on exchanges such as Binance or Coinbase, in custodial wallets. Although such exchanges are high security custodians, some diligence is due to secure the funds you’ve entrusted to be accessed via the exchange. Here’s a few best practices for increasing the security of a custodial wallet -

For larger and more long term holdings, a non-custodial wallet is recommended (refer to this guidefor more detailed info on types of crypto wallets). These