What are the risks to using cryptocurrency?

What are the risks to using cryptocurrency?

 Cryptocurrencies are still relatively new, and the market for these digital currencies is very volatile. Since cryptocurrencies don’t need banks or any other third party to regulate them.

They tend to be uninsured and are hard to convert into a form of tangible currency (such as US dollars or euros.) In addition, since cryptocurrencies are technology-based intangible assets, they can be hacked like any other intangible technology asset.

Finally, since you store your cryptocurrencies in a digital wallet, if you lose your wallet (or access to it or to wallet backups), you have lost your entire cryptocurrency investment