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Should you be wary of Dentacoin?

With more and more dental professionals (and accountants!) increasing their interest in cryptocurrency, specifically in this case the dental sector’s own ‘Dentacoin’, Dentistry.co.uk has urged caution and listed seven reasons you should also be wary of investing in such a high risk concept.

We've highlighted some of the main points below, but for more detail, you can read the full article here

EXTREME VOLATILITY

Since mid-December, the stock price rose by around 900%, only to then fall by half. Could the cryptocurrency bubble finally be bursting?

NEITHER COMMODITY, NOR CURRENCY

Though its proponents claim that cryptocurrency is ‘mined’ using complex mathematical formulae, they are reluctant to call it a commodity. Combined with its lack of control by any Government,  this means it doesn’t fall into the category of currency and doesnt hold value in a note or coin.

IT'S UNREGULATED SPACE

If you purchase something with a credit card, only to later realise you've been ripped off, you can call the bank and be reimbursed and compensated. But if you're victim to a 'rip off' dentacoin or any crypto currency, then you've no way of getting the money back.

LEGALITY

Dentacoin isn’t recognised by banks, or any other form of authority as currency. Despite this any transactions made using Dentacoin aren’t illegal. However, experts are suggesting users exercise caution when using cryptocurrencies in general.

DODGY CURRENCIES

There is a high risk of fraud amongst cryptocurrencies, largely due to the fact they're relatively easy to mine and they're unregulated. Skilled fraudsters could easily set up 'rip-off' cryptocurrencies with very few hurdles.

Computers can also be hacked and cryptocurrencies easily extracted if they aren’t stored safely.