LANSING, Mich. (WILX) – Michigan Legal professional Common Dana Nessel, Michigan Division of Licensing and Regulatory Affairs (LARA) Director Orlene Hawks, and Michigan Division of Insurance coverage and Monetary Companies (DIFS) Director Anita Fox are issuing a shopper alert to assist Michiganders defend themselves when utilizing (or investing in) cryptocurrency as an alternative of forex issued by the U.S. Treasury.

“As cryptocurrency reputation grows, so will the prevalence of scams,” Nessel stated.

The alert explains basics about digital currency, virtual currency and cryptocurrency.

In keeping with a recent article from the Wall Street Journal, the worth of the entire cryptocurrency market is greater than $2 trillion, up from $260 billion a 12 months in the past.

Some standard cash embrace:

  • Bitcoin
  • Polygon
  • Ethereum
  • 1inch
  • Cardano

Listed here are some suggestions in case you are curious about investing in cryptocurrency:

  • Analysis earlier than you make investments and search on-line utilizing the corporate title in addition to the cryptocurrency title; add “overview”, “rip-off”, or “criticism” to your search.
  • By no means wire or present any bank card or checking account info till you take a look at the funding first.
  • Earlier than utilizing a digital fee app, akin to Venmo, be sure you perceive the phrases and circumstances of utilizing and transferring totally different currencies by the app. 
  • Watch out while you see a star endorsement.

“As with all kind of potential funding, if a promoter ensures returns, if a chance sounds too good to be true, or in case you are pressured to behave rapidly, please train excessive warning and concentrate on the danger that your funding could also be misplaced,” Hawks stated.

Copyright 2021 WILX. All rights reserved.

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