Is Cryptocurrency a Scam?

You’ve read so much about cryptocurrency. Seen it on the news, the good and the bad. You’ve watched a ton of videos trying to understand what cryptocurrency really is.

You’re still unsure if you should add your card to your Coinbase account.

The market has been bearish, kinda. But two days ago, the sudden spike in BTC prices got you curious once again. So, where is cryptocurrency headed?

So what if it is a bubble?

If you’ve invested in the right coins, it still reaps you reward. During my first crypto event, the speaker actually said that in China, there are a lot of scam coins around. Scams in cryptocurrency are a concern, and this is why we need regulations.

Scam sites of fake ICOs and token sales are so well-made today that it only makes it even more difficult to believe in cryptocurrencies. But in the same speech, he also mentioned that a friend of his actually invested in a scam coin, but still managed to get returns out of it.

Why?

It is all about speculations.

This is why you need to read, read and read. You need to be on Telegram. You need to be in crypto channels on Telegram. You need to be connected to crypto people. You do not function alone.

As you may read here, buying cryptocurrencies, liquidating them, isn’t an investment by his definitions, but a speculation. The writer mentions that bitcoin isn’t safe. But my question again is, how are any investments truly safe?

It is always the question of moderation and extent. To what degree can you afford to do without? How much are you willing to risk? Like in any investing industries, you need to educate yourself about what you’re investing in.

When it comes to investing in ICOs, read the white papers, join their Telegram, google them, get to know the team, check the team’s LinkedIn if they are really on that project. These are just some of the many things you can do to prevent yourself from investing in the wrong altcoins.

The rule is to act fast. If I may quote another writer, “buy the rumour, sell the news.”

Have you started buying cryptocurrencies yet? Leave your comments below, or drop me an email at cryptocokes@gmail.com, follow me on my new Twitter account!

I would love to write more and go into details, let me know what you’d like to read.

 

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