Economics, Commerce & Finance: Consumer Centers Warn: Cryptographic Currencies Remain Risky



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According to a survey of consumer centers, Internet users are generally more skeptical about digital currencies that are not legal tender. Thus, 77% of respondents who know cryptocurrency can not imagine an investment. 70% think it's rather risky or very risky. Even in the case of serious offers, investors should be aware of the risks badociated with strong fluctuations, warn consumer advocates.

"Investors need to know: Cryptographic currencies are a gray market," said Brandes, head of financial market supervision at Consumer Hesse. "There is no regulation and investor protection."

For every tenth, a purchase is an option, another eleven percent are undecided. The greatest desire to invest concerns 18 to 29 year olds (28%). About 1,000 Internet users were interviewed. A good half said they knew cryptocurrencies.

The main argument in favor of an acquisition is that potential buyers have called for speculation and high profits (26%). In fact, digital currencies have only made rapid gains in the past, but this year has been marked by a sharp decline. The badessment that Bitcoin & Co. is "the money of the future" revealed only 17% of respondents.

Even with crypto-currencies as a means of payment, the information goes beyond skepticism. "In addition, we are currently accepting some crypto-currency vendors as a means of payment." Whether it is a marginal phenomenon or a genuine alternative payment for consumers, remains fully open, "said Kerstin Schultz, market surveillance manager at Consumer Consumer Finance, Central Saxony.

The most well-known digital currency, Bitcoin, has been in circulation since 2009. It allows largely anonymous payments, operates independently of governments or banks, and is mainly used for Internet payments. In the meantime, there are also many other crypto-currencies.

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