The journey of cryptocurrency started with the introduction of Bitcoin in the early nineties of this century. It is still unknown who invented Bitcoin. Satoshi Nakamoto is thought to be the person who invented Bitcoin.
In blockchain technology, cryptocurrency is known as electronic or digital money. You can keep these digital tokens if you wish or spend as you wish without the intervention of any bank or any other authority.
Digital currencies, like cryptocurrencies, work primarily on the concept of cryptography. Blockchain technology is what this is. Tokens of digital currency are created by combining digital data blocks to create a code. How to invest in cryptocurrency
Its co-founder Fred Shabesta said :
Blockchain is an open ledger that keeps track of token transactions. What is cryptocurrency, How to invest?
Blockchain technology was invented in the 1960s. The technology gained considerable credibility among money investors in the cryptocurrency market.
Anyone can create cryptocurrencies, so there are thousands of such digital currencies in the cyber world; The most popular are Bitcoin, Etherium, Lightcoin, and Dogecoin.
In addition to online commodity trading, many people invest in digital monetary systems. What is a cryptocurrency, How to invest? If you want, you can buy cryptocurrency tokens for conventional currency. Depending on the market price, the value of the token you buy may increase or decrease. Many claims to have benefited by investing in cryptocurrencies and some even claim to be millionaires.
But can you really make a profit by investing a little in this invisible business?
According to Mr. Shabesta, investing in cryptocurrencies has the potential to be profitable. He said,, Many people I know have seen millionaires investing in cryptocurrencies.
Investing in cryptocurrency may seem attractive to new investors who want to make easy profits with little risk. However, simple investments in cryptocurrencies can increase the level of risk.
Cryptocurrency is an unregulated monetary system, meaning no one in the world controls cryptocurrency – no bank or financial institution, no one.
As a result of blockchain technology, only investors are responsible for exchanging and controlling its currency. Therefore, cryptocurrency cannot be trusted.
Dr. Adam Stein, a professor of accounting at Deakin University, says cryptocurrency is not as valuable as people think it is. It’s not money on paper, it’s nothing but computer binary code (zero and one).
According to Dr. Stein, the journey of cryptocurrency began as a unique and innovative way of investing. Like a trend at that time, it quickly gained popularity among the people.
Since there is no cryptocurrency regulatory authority, many investors become victims of scams and fraud. Due to the currency’s invisibility, fraudsters can take advantage of it. For many, this invisible exchange of money is incomprehensible and the fraudsters are using this opportunity to deceive people.
Through him, a gang snatched huge sums of money from the immigrant population here.
The owners of the Plus Gold Union Coin (GPU) called for an initial investment by buying a 7,500 token. Many have succumbed to the temptation to make a small investment.
The promoters of the currency started advertising targeting the immigrant population.
Their marketing strategy is successful. Soon their cryptocurrency business spread to the migrant community.
They used to attract future investors through lavish conferences. There was a situation where the participants could not get out without engaging in their activities.
John Doe, a participant with the pseudonym Plus Gold Union, said about the coin that someone familiar with the promise of guaranteed profits advised him to buy the cryptocurrency.
Mr. Doe explained that they learned about cryptocurrency through a very attractive marketing campaign. The investment was presented as a must-have.
Admitting that their strategy worked, he said many in the community took part in their activities.
The PGUC cryptocurrency plummeted in December 2016 and investors became aware of the company’s fraud.
It is not difficult to understand why immigrants all over the world fall prey to thugs.
Immigrants easily fall prey to fraud because of language barriers.
In addition to the general public, large companies can fall into the category of thugs, which is not uncommon. But how to identify thugs?
Dr. Stein’s advice in this regard is – to not respond to or completely ignore the unsolicited emails of someone and the investment advice of them or someone you know. What is a cryptocurrency, How to invest?
You can seek the advice of someone who is qualified to invest in this country – regardless of who he or she is or what community you belong to. Financial advisors, lawyers, and accountants across Australia will be able to offer you professional advice.
Don’t go for less than your full potential.
In the end, this is to say, if you do not want to fall into the trap of fraud, do not listen to rumors. Beware of fraudulent advertising. Seek expert advice if you are unsure.
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