BEWARE the risks of Cryptocurrency Investment

Suthep Chaviwan/ 21.Jan.22

In recent weeks, I have had conducted a random survey with some of my colleagues in Myanmar, Laos and Northeast India, to find out their general viewpoints on investment and trade in the digital business of cryptocurrency, and the survey is done by telephone and other social media.

Over 15 years ago, it is difficult to get in touch with people in the remote areas of Myanmar and Northeast India. It was too difficult to access them in many places to cover news about them, but it is easy nowadays to contact them if you already have the connections.

You may live in Bangkok, using a smartphone to talk with those living in the hilly areas of Bhutan, Nagaland, Manipur, Naga Self-Autonomous Zone (NAGA-SAZ) Kachin State, and also with the members of the Karen National Union in their Kawtoolei State (Kayin State) opposite Thailand of Tak Province.

The people in the mentioned regions are much advanced nowadays in their technologies, having high morality and the outsiders can learn many valued things from them; honesty, integrity and faithfulness.

It's reported that some representatives of cryptocurrencies from the outside world are also trying to propagate their cryptocurrency business among populations in the mentioned areas, some have concentrated at the border areas of Myanmar and Northeast India which is next to China.

Crypto business persons cannot enter China but want to work with the Chinese people, not only via social media but also want to create the personnel contact.

As we know, China has banned many cryptocurrencies, but we believe that several million Chinese populations are the holders of e-wallets of cryptocurrencies and it has the trend that the number of crypto holders in China will grow.

China's government, the People's Bank of China, issued a joint statement vowing to crack down on cryptocurrencies and the country is now pushing their digital yuan currency and trying to make it more widely available to consumers.

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From my random survey in the areas of NE India and Myanmar, many of them are crypto enthusiasts, but just only want to hold the crypto e-wallets, not ready to engage with trade and investment with these digital currencies. They had heard that it is possible to make money with crypto and become a millionaire overnight.

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Before you invest, you should know the volatile nature of various cryptocurrencies and also beware of scammers. It is a risky investment, so don't rush to buy simply because it's more affordable right now. Anyhow, if you have a higher tolerance for volatility and can afford to invest, now might be the right opportunity to buy.

You must also know the greatest form of cryptocurrency-based crimes, followed by theft — most of which occurred through hacking of cryptocurrency businesses, including their volatility, susceptibility to hacking, and the costs of human error.

It is important to educate yourself on the potential dangers involved in buying and trading cryptocurrencies and beware of "Crypto Risks", one of the greatest risks is from scammers

I am an optimist, looking at the world on the good side, but I try to avoid encouraging others to invest or trade at cryptocurrency when realizing that it is high risk and speculative, and your entire investment can be lost.

Therefore, there will be no investment advice from me or recommendation that they should buy any cryptocurrency, sold, or held by you.

Please conduct your due diligence and consult your financial advisor before making any investment decisions in cryptocurrencies. Suthep Chaviwan/ Jan 21, 22.

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WARNING: The cryptocurrency market is volatile and risky. Trading and investing are risky, do so at your own risk, and I would like to advise you that never use more money than you can afford to lose. Anyone looking to invest in cryptocurrencies should consult a fully qualified independent professional financial adviser. But the whole thing depends on your choice of investment. Your capital can be at risk and you may get back less than originally paid in.

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WARNING: The cryptocurrency market is volatile and risky. Trading and investing are risky, do so at your own risk, and I would like to advise you that never use more money than you can afford to lose. Anyone looking to invest in cryptocurrencies should consult a fully qualified independent professional financial adviser. But the whole thing depends on your choice of investment. Your capital can be at risk and you may get back less than originally paid in.

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