Powered by the revolutionary innovation Blockchain Technology, crypto-assets are in the process of transforming the global economy for the better. A new kind of internet was born in 2008 which facilitates the free and secure exchange of value with anyone, anywhere in the world and at any time. An internet that is collectively owned by its users, free from the control of any single government or corporation.
Bitcoin was the first cryptocurrency and though a number of its over 2,000 competitors have overtaken it in terms of utility and offer an alternative to the ravages of mining, it remains the flag bearer for the financial revolution which began over 10 years ago.
In my day to day dealings with people I see often a frantic need to make more money; so many of us are underpaid and overworked, unable to buy a home, restricted by a system we did not create and which clearly does not work. Well, not for the 99% of us.
In this desperation or maybe enthusiasm to make more money, vast numbers of folk have fallen pray to the online scammers promising riches from organisations the promoter trusts between 100 and 1,000%. It is so easy to be taken in - it's the price of inexperience.
I would love to state I have not been taken in. I really would.
The saying "you learn the hard way" is so true, especially in this particular space. The crypto world has so much to offer but you must do your homework - or engage others to do this for you.
Unregulated social media is the platform of choice for the multi level marketing brigade; often the promoters never invest but live very well on commissions generated by unsuspecting and trusting people committing hard earned money without performing the detailed checking so required.
If you are currently wrestling with an opportunity, one which appears SO tempting and which the promoter is SO convinced over, and you don't want to engage a professional to do the digging for you, please use the following as a guide:
*bonus additions - any proposition offering anything free is a clear RED FLAG - if the proposition is so good why is there a need to offer such an attractive inducement?
*fake mining pools - or websites offering to sell or rent hash power [the power a computer uses to run and solve hashing algorithms] Many offer a free deposit to "get you started" RED FLAG.
*return of your money - if the provider cannot prove the existence of a standalone fund to pay investors back regardless then this is a RED FLAG.
*the provider - many scammers move around, once they've been found out; type names into reputable search engines and it will be quickly obvious if the people behind wonder scheme 901 have ripped people off before. RED FLAG.
You would think that this is all obvious. In my earlier days I simply trusted the promoter and then lost my money.
Last week was a bad one for investors in dodgy schemes; as regulation bites and as people become more aware the cowboys are being uncovered. Their excuses should begin with those time honoured words "once upon a time..."
So. Do your homework. Thoroughly. Or engage professionals to sift through the rubbish for you. Do not be put off by a handful of cheats and greedy commission sellers. They exist in most walks of life, sadly but all are caught eventually.
Regulation is beginning to bite down hard in the US - not before time. It will become globally and what it needs to be so that all can have confidence to move into this incredible space. I have only been "in" for 2 years but the excitement this new internet is creating and its potential for change [unimaginable just a few years ago] is unlike I've witnessed in over 40 years.