Let’s get this clear: all investments have risks. Of course, there will always be ‘safer’ routes to take – like putting your money in the bank, for example. But if you are looking to grow your wealth faster and you have the disposable income to burn – it’s good to look at diversifying your income stream with investments that can double your money in a shorter period. High risk = high rewards, right?
So – yes, you can double, triple, or quadruple your money in cryptocurrency – with some high risks. Just the very concept of crypto may seem questionable to some. The simplest explanation of crypto is digital currency – i.e. it exists only in the digital universe. If you think about it, they’re merely numbers and symbols on the screen. The first question that comes to mind is – how sure are you that your digital money is safe and stored in a secure place where it won’t just vanish one day? You may have already heard of crypto scams – or may have even encountered them yourself. Some scammers even go through the lengths of creating software or apps that seem legit at first – they would get people to spend their money and see their money grow on the screen – until someone pulls the rug off of the system and the coins disappear. One example of a devastating crypto scam that made headlines late last year is the infamous Squid Coin scam.
The truth is – we can’t stop scammers – not for now, at least. Cyberspace is such a vast universe that we haven’t found a way to police everything going on within its realm. But we can avoid getting scammed. How? By armoring ourselves with as much knowledge as we can muster.
Remember that anything too good to be true probably is. Perhaps if the victims of Squid Coin had dug a little deeper to find out how the value of the coins had risen magically overnight – they would stumble upon some questions that had no sensible answers, and they’d see the red flags. But it’s no use beating a dead horse. If you’ve been victimized by these scammers, we feel for you. And it’s time you protect yourself. Remember, knowledge is power.
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Don’t get us wrong – we’re not against cryptocurrencies. Crypto is the future. Amy Wees, our very own CEO always mentions that she has invested in some bitcoin herself. Did you know that the value of bitcoin has grown from a fraction of a penny to over $20k within the last 10-12 years? So, if you were one of those who invested in bitcoin 10 years ago, you would have grown your money by 20,000x by now. That is not a scam. That is absolutely real.
If you’re here to start a crypto journey – there are two things you can do: 1 – Join our Facebook group Amazing at Crypto where members discuss or ask their crypto questions, and 2 – Watch Amy talk about crypto in the video below: