Cryptocurrency appeared in the lives of many people in the world some years ago but it was enough to start thinking that it has a lot of potentials.
Now many developed countries start using it and people can pay with it for different online purchases.
But why is it so popular?
At first, it doesn’t have geographical limits. I mean, you can send crypto to another part of the world and receive it as well just in 30 minutes.
You can say “But there are wire transfers!”.
Yes, there are, but, believe me, crypto fees are lower.
Then, crypto is unregulated by the government. Still, in some countries, there are limits for people who want to keep it but in most countries, you can store any amount you wish.
The best bitcoin wallet is safer than banks! Yes, really. The safest ones are hardware, paper, and wallets with cold storage.
But, behind the popularity of cryptocurrency we see a lot of risks.
You know, that crypto is not only the method of payment but the source of income as well.
Now there are a lot of crypto channels that offer the crypto trading signals for newcomers willing to earn on crypto.
The market offers about 500 such channels or even more but only 10%-15% of them are legit.
As you can see, all the other channels are made to steal money and people call them scammers. They have a lot of different schemes:
- you pay for the subscription and then the “admin” stops answering you, and this situation is actually the best you can have;
- You pay for the subscription and they add you to the channel. You invest money in trading because you think their signals are legit, but in some weeks you understand they are fake and you don’t have the profit – only loss.
Those are the most popular scam strategies.
But remember that there are pump and dump groups that offer you that you will get the profit from their signals but to do this you need to send X BTC to them and they will send you your investment + profit back. In reality, you will lose this money and even the best software development company can’t do anything to return it.
As you see, crypto is very popular, on the one hand.
But on the other hand, you should be aware of all the risks if you want to trade it.
That is why you should always do your own research before you start working with this or that trader.
Good luck with cryptocurrency trading!