Cryptocurrencies have become a real phenomenon in the financial world, attracting the attention of both large investors and newcomers. With the growing interest in this area, the number of scams has also increased. Dmitry Makarovsky, an expert in the field of cryptocurrencies and blockchain, an expert in analytics and detection of fraudulent schemes, told socialbites.ca that scammers actively use myths to mislead people.
Myth number one: cryptocurrencies are a risk-free future.
“Scammers like to present cryptocurrencies as an absolutely safe financial future, free from risks. They promise that cryptocurrency will replace all traditional money and that investing in it is a “guaranteed future”. The fact is that cryptocurrencies remain highly volatile assets. Their value can change significantly depending on various factors, and no one can predict their future with certainty. This makes them a risky tool, especially for those who do not understand the market,” he said.
Myth Two: You can get rich quickly and easily with cryptocurrencies.
“Promises of ‘easy money’ are one of the most popular ways to lure people into scam schemes. They convince you to invest all your savings by promising incredible returns in a short time. Cryptocurrencies, like any other asset, require in-depth analysis and knowledge. The expert noted that getting rich quickly with cryptocurrencies is rare and is always associated with high risks.
Myth number three: Cryptocurrency is safe from inflation and economic crises.
“Some scammers claim that cryptocurrencies are a ‘safe haven’ from inflation and crises. Cryptocurrencies are subject to the same economic risks as traditional assets. Their prices often fluctuate more dramatically than fiat money. If you invest all your savings in cryptocurrencies in the hope of avoiding inflation, you may face huge losses,” Makarovsky warned.
Myth number four: The less they know about the project, the better their chances of making money.
“Scammers can say that the less known a project is or the less information there is about it, the higher its ‘potential’. They claim that ‘insider’ projects that receive little media coverage can bring huge profits – this is a classic scam scheme. In fact, transparent and reliable projects are always accompanied by detailed information, public reports and expert attention. Investing in unknown, non-transparent projects is one of the riskiest ways and is often a trap for scammers,” the expert emphasized.
Myth number five: You don’t need special knowledge to work with cryptocurrencies.
“People are often told that they don’t need to understand the technology to successfully invest in cryptocurrencies. In fact, understanding the basics of blockchain technology, how the market works, and the risks are the minimum required to work with cryptocurrencies. Without this knowledge, a person becomes an easy victim of scammers or loses money due to ignorance,” Makarovsky concluded.
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Source: Gazeta
Barbara Dickson is a seasoned writer for “Social Bites”. She keeps readers informed on the latest news and trends, providing in-depth coverage and analysis on a variety of topics.