28 May Martin Lewis Bitcoin warning revealed: ‘You could lose everything!’ | Personal Finance |…
Cryptocurrencies are a form of digital money that use encryption to secure transactions and control the creation of new units. As Bitcoins rise in value, so do the prospective profits of those investing in them. However, many have warned that this is not investing, but gambling, and that if the “bubble bursts”, it could see many lose their wealth. With its popularity growing, Martin Lewis warned that you shouldn’t get into it if you haven’t done your research.
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He said in 2018 on the Money Saving expert website: “If you don’t understand Bitcoin you should not be investing in it.”
His advice is that, while you might not need to be an expert in the technical details, you need a thorough understanding of what you’re getting into.
He added: “You need to understand how it works as an investment, how liquid it is (ie, can you get out when you want to), the level of risk and what can drive the price up and down.”
His advice is not to…