What is crypto?

July 13, 2022

Digital currencies such as crypto are becoming increasingly popular. A recent international study found that over half a million people in Ireland own some form of crypto-currency.

Crypto-currency is a type of electronic money or digital currency. It can be used to pay for goods and services but only in limited situations. Some well-known crypto-currencies include Bitcoin, Ripple, Litecoin and Ethereum.

As crypto has grown in popularity, so too have the scams associated with it. These scams often rely on people’s poor understanding of what crypto-currency is and often leave victims tens of thousands of euro out of pocket. It is very important that before you consider any kind of investment you fully understand it and any risk to your money.

Before making an investment, you should always ask yourself

  • Can you afford to lose all of the money you invest?
  • Does the exchange, website and/or broker you are buying from have a good reputation?
  • Do you understand the features of what you are buying?

You should also ask yourself if the promised returns seem realistic. If something seems too good to be true, it probably is.

We have lots of information to help you understand what crypto is, the risks, potential scams, and what fees and charges there may be. Read our full crypto information in our Money Hub.

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