Coinbase warns users to invest in cryptocurrencies responsibly
Just last week we told our readers that Coinbase has become the most downloaded application in US store of Apple surpassing the big giants like Facebook and SnapChat. Now the billion dollar valuated platform has sent out a personal note to its users for investing responsibly in cryptocurrencies.
In the past 3 months, Bitcoin has seen the huge interest of public owing to its skyrocketing value with each passing day. People are taking Bitcoin as a get rich quick scheme and are investing heavily in hopes of high returns if the price of Bitcoin continues to rise.
Bitcoin has seen unprecedented demand in the past few weeks. Owing to this, Coinbase recently crashed as well. It also secured the top position in Apple app store beating the likes of Facebook and SnapChat. Just a few months ago, Coinbase was ranked 400th application in the same store.
The increase in downloads is the testimony of users interest in Bitcoin. In order to help their users, Coinbase has sent out the following note to its users.
“We at Coinbase couldn’t be more excited by the explosion of interest in digital currencies. The last few weeks has seen an unprecedented increase in the price of digital currencies. More people are engaging with our platform than ever and that bodes well for the future of the digital currency. At the same time, it does create extreme volatility and stress on our systems. We take this very seriously and wanted to share some important thoughts.”
The message further says,
“Be an educated investor
We also wanted to remind customers of some of the risks associated with trading digital currency. Digital currencies are volatile and the prices can go up and down. Due to the rapidly changing price of digital currencies, some customers may not have sell limits that are sufficient relative to the value of total digital currency they are storing on Coinbase. Sell limits are one of the many measures Coinbase takes to protect client accounts and assets.”
Cryptocurrencies are highly volatile. In the past, we have witnessed Bitcoin gaining 1000 dollar in a single night and then losing more than 1000 dollars in the day. This is why cryptocurrency is a highrisk investment and people should invest responsibly.
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