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Information about risk


Information about risk

Cryptocurrencies, virtual currencies, digital currencies are not "electronic money" within the meaning of the law.

It is a digital representation of the contractual value of its users, which is not issued and guaranteed by any central bank in the world (eg the Polish zloty is issued by the National Bank of Poland). Virtual currency is used as an imitation of money if the two sides of the transaction agree with each other.

However, it is not a currency (such as the zloty). The correct term is virtual currency, pseudo-currency, nibywaluta, cryptocurrency, and in most cases, it is not known who is behind a given virtual currency because it works according to a computer program, an algorithm.

According to the definition proposed by the European Banking Authority, virtual "currencies" are a digital representation of value, not issued by a central bank or a public authority, not necessarily related to the currency of a specific country, but recognized by natural and legal persons as means of payment. stored or subject to electronic commerce.


Before you invest

Having virtual currencies involves many types of risks that users should be aware of before they decide to invest their savings.

The risk associated with the possibility of losing money due to theft. Virtual currencies may be subject to theft, eg as a result of a cyber attack on an entity exchanging virtual currencies or user's infrastructure. For example, in October 2016, one of the largest virtual currency exchange sites in Poland closed its operations in unexplained circumstances. Claims can be made and users can be recovered in this situation.

Risk associated with the lack of a guarantee. Funds maintained in "virtual" currencies are not guaranteed by the Bank Guarantee Fund, as they are not bank deposits.

The risk related to the lack of universal acceptability. Virtual currencies are not universally accepted at retail and service outlets, nor are they legal tender or currency, which means that economic operators are not required to accept payments in virtual currencies, even if they have previously accepted them.

The risk associated with the possibility of fraud. Some forms of investing in virtual currencies may have the character of a financial pyramid, which - in addition due to the specific risks described above - may quickly lead to the loss of investor's funds. protection will be criminal proceedings, because no Polish institutions protecting investor or consumers (Office of Competition and Consumer Protection, Polish Financial Supervision Authority) have no legal possibilities to help. A significant difficulty in pursuing claims is that entities that turn virtual currencies operate in different countries, with varying degrees of user protection.

The risk associated with high price volatility. So far, the prices of "virtual" currencies have been characterized by high volatility. Single transactions with "virtual currencies" can have a significant impact on the price formation.

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