Welcome to everyone interested in the crypto currency and trading. All my conscious life I’ve been trading stock’s and futures, but now, probably as many of us I was attracted by bitcoin, altcoins and other stuff in that industry. What happened in the last year and what happens now, through events that took place daily, created a disruption in my worldview. These events change rules of the game, respectively, change the world. It was my duty as trader to join this game.
Searching for information.
Beginning to study I found that there is a lot of information, but it is very little at the same time. In most cases, when you are searching for information, you’re going over scam ICO’s, mining or other useless stuff ad where again, as in most cases, you are most likely to lose money. There is no centralized source of qualitative information and you also can’t go to WSJ, MarketWatch or Bloomberg to find it. In most cases, like a miner looking for gold, you are looking for qualitative information from multiple sources, then string it together and only then make a conclusion based on a whole picture. When you are starting to study it’s very hard to find:
- What is blockchain?
- How to trade?
- On which platforms/brokers we can trade?
- What is a ICO, how to trade?
- Who we have to listen?
Even sources that exist contradict themselves on their own. For the sake of interest, I even went for trading on “crypto currency” theme and I was very disappointed about that because speaker was saying a lot of wrong information and to my questions about basics, he could not give me an exact answer.
Cryptocurrency is a HYIP? I did not come here too late?
If you say that cryptocurrency is a HYIP based on the fact that it’s very popular and everyone is interested in, you need to know that every technology goes through this procedure and that’s right. Growth is conditioned by the fact that people do not know how much this can cost, don’t know how to use it but they are stuck of money, desire to win as much as possible and they invest here being uninformed, meaning they invest more, and then they start to learn. That’s not something I’ve got now, but it’s based on a lot of real cases. I am in many chats where people invest in different platforms or coins and people can not elementary count how much coins they will receive, how much money they paid and how to do this. It is believed that cryptocurrency market is wild west and in some sense it’s right. Yes, there are no laws or regulators. Imagine that when you get into this world, you will find yourself in a jungle where everyone wants to eat, steal or kill you and that’s why you have to be very carefully in these communities or on the websites where you read all this information because scammers quickly realized that people do not understand anything and usually try to get your money. Always be careful and keep a healthy dose of skepticism, even at the things I will tell you. Based on the above, we decided to write a series of articles to help you not only to get into this world, but at the same time, to be prepared and to make money. These articles will have a general character, but I will try to give real examples based on current events. Also I will try to answer to questions like:
- Where I can see charts?
- How to invest/buy how to sell?
- What are my risks?
- How it works?
If you want to get into this game it is necessary to know that a high level of profits at the same time implies a high level of risk. You also need to know that the profit on the cryptocurrency is not measured in percent but in x what means your investment multiplied x times. A crypto trader or investor is expecting minimum to double his investment in a period of one, two or three months. There are such assets that generates even x ten or even x fifty in several months and if we generally look at the months when this strong growth began, well then in the middle, people have won x30. That is, if you, without any training, investing 6 months ago in the top 10, you would earn x30 from your initial capital. The purpose of these articles is to teach you to earn consciously because if you win a lot in a short time without understanding it is most likely that it will happen like in casino, you will lose all money you have earned.
Scams with cryptocurrencies
Yes indeed, there are scams as well. Bitconnect is the latest and most popular example. Bitconnect claimed to have a secret trading bot that can give you a small percentage of profit every day. All you had to do was depositing Bitcoin which were locked for a couple of weeks. The more you deposited the higher your return. The more people you brought in through your link or as referral the higher your return. They even had a pyramid on their website showing that principle and yet there were still people who did not recognize it as Ponzi scheme. Youtubers warned about it – others were promoting it to make a lot of money like Trevon James (who moved on to other scams now he promotes through his Youtube channel). It’s time to grow up and take steps against these scammers. Because this is what cryptocurrencies need the least. Sites such as CryptoGuardDog are rising trying to warn users in advance. This includes shady ICOs, currencies without a clear product, reliable team, etc. and of course platforms such as Bitconnect that only exist to make money with novice and naive investors.