Risk Disclosure
The investment in cryptocurrencies and its usage involves a significant amount of risk. Prices can fluctuate on any given day. Because of such price fluctuations, you may gain or lose fiat value of your assets at any given moment. Any currency may be subject to large swings in value and may even become worthless. There is always an inherent risk that losses will occur as a result of buying, selling, or trading anything on the market.
Cryptocurrency investments have specific risks that are not shared with other official currencies, goods, or commodities in a market.
Unlike most currencies, which are supported by government reserves or other legal entities, as well as commodities such as silver and gold, Bitcoin and other cryptocurrencies are a “flat” currencies that are only backed by mathematics, technology, and trust. The currency is decentralized, which means no authority can take corrective measures to protect the cryptocurrency value in a crisis or issue more currency. Thereby Official GenesisBankCoin Wallet or its representatives will never recommend you invest, sell, store, exchange, or trade any specific cryptocurrency. In the case of unprepared investing, you can lose your funds. Every cryptocurrency investor should understand the volatility of crypto assets and make only his/her own decision on what to buy, sell, store, exchange, and trade. Official GenesisBankCoin Wallet provides a cryptocurrency wallet to manage your assets and doesn’t take any responsibility for how you use it.
Cryptocurrency is an autonomous and mostly unregulated worldwide payment system. When using cryptocurrency – investors put their trust in the digital, decentralized, and mostly anonymous system, which relies on p2p networking and cryptography to maintain its integrity.
Cryptocurrency usage is susceptible to irrational or rational bubbles or total loss of confidence, which could collapse demand/supply. Any actions, even remotely connected to Cryptocurrency can crash confidence in this currency, such as unexpected changes imposed by the currency developers, a government crackdown, a superior competing Bitcoin alternative, or even a deflation or inflation spiral. Confidence might also collapse because of various technical problems: if the anonymity of the system can be compromised, funds lost or stolen, or if hackers or governments become able to prevent cryptocurrency transactions from settling.
Every user has to carefully assess whether his/her financial situation and tolerance for risk is suitable for buying/selling/trading cryptocurrency.