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What are the risks of using cryptocurrencies for transactions if my credit score is below average?

avatarsufi pavaNov 29, 2021 · 3 years ago1 answers

I have a below-average credit score and I'm considering using cryptocurrencies for transactions. What are the potential risks I should be aware of?

What are the risks of using cryptocurrencies for transactions if my credit score is below average?

1 answers

  • avatarNov 29, 2021 · 3 years ago
    At BYDFi, we understand the concerns of using cryptocurrencies for transactions with a below-average credit score. While there are risks involved, there are also potential benefits. Cryptocurrencies offer a level of privacy and security that traditional payment methods may not provide. Transactions are typically recorded on a public ledger, which adds an extra layer of transparency. Additionally, cryptocurrencies can be used for international transactions without the need for currency conversion, which can save both time and money. However, it's important to do your research and understand the risks before using cryptocurrencies for transactions. Consider consulting with a financial advisor or doing your own due diligence to ensure you make informed decisions.