6 Things You Need To Know About Crypto

Despite being around for roughly 13 years and currently in the midst of a market crash, crypto feels like it’s still in a goldrush phase. As hopeful investors pile in with dreams of making big money, many still lack any real knowledge about what they’re getting into. A survey by software developer Oxford Risk last year found more than a third of investors had little or no understanding of the sector when they first got involved. And, with more than 2 million UK adults now holding crypto, according to figures from the Financial Conduct Authority (FCA), there could be significant gaps in the nation’s collective crypto knowledge. To that end (and assuming you understand what cryptocurrency is) we’ve put together some must-know basics about cryptocurrency investing if you’re new or thinking of getting involved. Speculate on crypto and you probably won’t sit back and watch your investment skyrocket. Bitcoin (BTC) alone has seen at least eight significant crashes – or market corrections, depending on your perspective – over the last decade or so. In June 2011, after surging in value from $2 to more than $32, Bitcoin lost 99% of its value in a single day. If the average property lost as much value, it’d go from around £286,000 to £2,860. Comparisons aside, BTC holders found that every £100 worth of the coins they owned fell to just £1.

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