Cryptos: Nigerian financial experts talk risks associated with trading digital
In today’s world, it’s no longer news to say cryptos are now the game changers in today’ss financial system.
There are now ATMs for transacting in cryptos globally, including one in Nigeria showing its importance in today’s society.
At the time of writing this, the crypto market is worth over $365 billion and has a trading volume of about $49 billion. These metrics reveal how much capital global investors are pumping into a market less than two decades old.
That said, it is important to note that crypto carries certain risks, like other financial assets. Hence, it’s advisable for readers to understand such risks before venturing into the world’s arguably most interesting financial asset.
What you should know
A good number of exchanges have been hacked and large amounts of money lost due to crypto-related hacking incidents. In 2020, over $1.4billion has been stolen so far. Recently, the Kucoin exchange was hacked and over $150m worth of tokens were taken.
Note that when exchanges are hacked, traders and investors’ assets are safe. Although, not a good remark for the new industry.
What they are saying