One of the biggest issues for those looking into cryptocurrencies is the risk factor, and the vast amount of scams involving these untraceable currencies. David Woodward, Managing Director of Woodward Financials, explained to Express.co.uk in an exclusive comment everything investors need to know before putting their money forward.
What is cryptocurrency?
Mr Woodward began: “Cryptocurrency is a digital or virtual currency that is secured by cryptography, this makes it near impossible to counterfeit or use more than once.
“Many cryptocurrencies are based on blockchain technology and a decentralised network.
“A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government manipulation or interference.”
This is a big risk factor as well as an ethical issue for some investors, but alongside this is the risk that crypto investing is nothing more than a…