Investing in cryptocurrency may be the most daring move of your life. Whether you’re looking for a once-in-a-lifetime investment or just trying to earn some side income, bitcoin, ethereum, and other cryptocurrencies may provide you with unprecedented opportunities for wealth. But many potential investors are hesitant because of the claims that it’s all a scam for crypto promotion.
1. Computer crashes / lost hard drive
Theft happens in the real world, and it happens online. If you don’t take precautions to ensure the safety of your digital currency, the only person you can blame is yourself if you lose it all.
2. Mining is a waste of electricity
If you are an investor like me, then you know that mining is not a waste of electricity. Mining keeps each transaction on the blockchain secure and safe from hackers who might want to alter and exploit it. The process of mining also secures each bitcoin on the network by making sure that we all follow a set of rules mutually agreed upon by everyone who uses the bitcoin network.
3. Crypto coin market is unstable
Crypto coins are always facing a threat from hackers who want to hack and steal your crypto coins. However, the traders of crypto coins always have the ability to choose which blockchain is the riskiest and guess which is not. If you take intelligent decisions about which coins you invest in that you really trust, then it will be very stable for you.
4. You can’t make money with it
There are a lot of ways that you can benefit from investing in cryptocurrency like trading them on multiple exchanges, buying and holding them, mining or even earning some extra income from trading or being an affiliate of one of the respected crypto coin platforms such as Binance or Bitconnect. Website list is here.
5. You won’t get rich
Crypto coins are primarily investment vehicles, they can certainly be appreciated as a hobby. Some of the greatest opportunities in crypto coins will come around once more people become aware of them and open their minds to the possibility that there are real ways for them to make money.
6. Hackers can steal your digital currency
This is actually a major concern when you start thinking about working on your own computer with cryptocurrency wallets installed. You could be opening yourself up to potential information theft if one of your computers is compromised or if you send some very sensitive data elsewhere from a different location on the internet, then hackers could potentially use it against you to harm or even steal assets from your account.
7. There’s no value in it
This is a common misconception about cryptos. The fact that it can’t be seen or held does not make it any less valuable than the coins and notes in your wallet. It simply means that you don’t need to physically hold it! As long as you have the cryptocurrency key on your device (or back up), then you have access to the currency and are able to spend it at any time.
8. There’s no proof that they’re legit
There’s plenty of proof, especially if you look at the price of bitcoin for manual backlinks. From the early days of bitcoin when it was worth a fraction of a penny, to today when it’s around $15,000 per coin – that’s what I call growth. It was worth about $0.30 USD in 2010 and it’s now over $7,300 USD per coin.
9. No one uses it
Some people do use cryptocurrency. That may be because they bought bitcoin or some other popular coin early on and are now reaping the benefits of their investment as prices rise, or they’ve bought a small amount to try out the technology and see if they can get anything back from it – like me!
10. There’s nothing you can use it for
This could be a problem if you’re wanting to buy something that requires a cryptocurrency payment method such as an Android App, book or computer game. It’s possible to use your crypto coins to buy items in some online marketplaces but there are no other real-world applications that make it practical for most people.
11. No one will accept it
Some people do accept crypto coins as payment for their goods and services but generally speaking, the reality is that few businesses actually want to accept them in exchange for goods and services. For example, the move from credit card payments and cash was a massive one that had roughly ten years to transition over before we were all accepting plastic cards instead of paper money.
Cryptocurrency is still a very new thing and it’s not really as easy to understand as some would like you to believe. With so many new crypto coins coming out every day, how do you know which ones to invest in? How can you find out if they’re legitimate or just a scam that will eventually crash. It’s a lot of information and not enough people are taking the time to research it properly.
Fortunately, I created the site Crypto Coin Promotion which helps with all the latest news, reviews and analysis that’s needed to know before you decide on which crypto coin investment is best for you – whether it’s bitcoin, Ethereum or whatever else is hot at the moment.