Hello guys just want to start out be saying im new to steemit and i love the community already, cryptocurrency can be exciting and fun because its the new age money but i want you to keep in mind that cryptocurrency is also really dangerous because of a few reasons but before i get in to that you have to know that cryptocurrency "aka" crypto is still new to the world and will take same time for the world to accept it 100% ok now for the reason why crypto is dangerous
1. Crypto is not owned or controlled by the banks so its up to others like you and myself to put are trust into it and hope it exceeds
2. Crypto scams- their is alot of scams of there trying to get your bitcoin and other coins, one of the scams are lending platforms.... lending platforms say if you give us btc we will give you back more btc over time like 1-5 % daily on your investment other words scam
Another scam is cloud mining, cloud mining will let you buy hash power off of them for a price and then pay you out a little everyday it sounds good but its not really when you take the price they want for a certain amount of hashes its twices as much as it would be you could just buy or own mining rig for half of the price and youll have the same amount of hash power, not to mention alot of the cloud mining site go down before a year is over.
Another one is Bitcoin generators they just want your btc , they tell you its free to generate btc with us and youll get .5 btc in just two minutes then at the end they want you to pay a miners fee like come on i thought it was free, you can not mine as much bitcoin as they say in two minutes like get real they are just scams do not trust them. This is just a few of the scams just be smart and do some research before you invest into anything that involves crypto
3. Hackers yes i said hackers you know them people that hide in the dark and you never met, hackers can and will steal your crypto just ask Trevon and crypto nick they will tell you all about it. Hackers are very smart they will get your email and phone number then its over your crypto is gone. They also you send you a link to click on and if you do it will be some sort of malware that runs in the background and take all your passwords and then your crypto just a few ways they will get your money there are more ways too
4. Wallets- if you have multiple wallets and you would like to send some crypto to one of them and you pick the wrong wallet its never going to get to that wallet, let just say you send 1 bitcoin to a litecoin wallet is over you just lost that 1 bitcoin and so on with othet crypto, also some app wallets will steal your money and say it never got sent to the wallet ive been their and lost a little that way already just be smart and use a wallet that is rated high and has alot of good reviews
5. Ico- some ico's seem to be a good investment because they are cheap like 50 cents a coin so you'll buy a ton of coins thinking man im going to get rich off of this one but then the coin never gets passed the ico stage and never to the coinmarket then you're out of all that money you just spent. Im not saying all ico are bad but watch out if the seem to good to be true then they are.
5. All crypto is a risk- Even bitcoin is risky yes the granddaddy bitcoin what happens when all the governments ban crypto or when the Internet go's down for some reason or maybe Satoshi is just waiting for it to hit 1 million dollars a coin then sells all of his 1 million coins and shut the blockchain down after hes the first trillionaire on the plante. Im just saying you never know with cryptocurrency its all a risk. There is more reason why crypto is dangerous but these are just a few to think about. Thank you for reading and until next time spread your love and be kind to each other bye
