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As of Nov. 22, Bitcoins value had reached an all-time high of over $99,000.
Yet some financial experts still caution about going all in on cryptocurrencies.
The value could continue to go up, but it could also fall all the way to zero.
Prices can rise or fall enormously within minutes or even seconds.
In this way, investing in crypto is very much like betting in a casino, Lawrence continued.
She also noted that buying crypto requires investors to be extra savvy.
Its easy to fall for get-rich-quick schemes involving cryptocurrencies.
Be wary of fake reviews!
Theres also the risk that you wont be able to sell the crypto you buy.
It could also be discontinued at any time.
Another risk is related to the platform you use to obtain crypto.
It can be hard to tell wheresome crypto service providersare located, Lawrence said.
This makes it risky to use those companies.
There are few if any legal protections forcryptocurrency holders and payments, Lawrence said.
Theres nothing similar for crypto.
Always use a reputable company to hold your crypto, Lawrence said.
This is called a custodian.
Or use a hardware wallet.
Its also important to verify you are protected if you forget your password.
She also recommended investing in more well-known and established cryptocurrencies.
Lawrence also recommended buying crypto in recurring chunks.
This is called dollar cost averaging.
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