Cryptocurrencies have carved a niche for themselves in the financial world because of two things: their digital nature and their apparent ability to revalue enormously. It is the latter that has undoubtedly caused them to gain traction with the public. The promise of quick and easy money has attracted millions and millions of people. But is it possible to get rich with cryptocurrencies? That’s what we’ll talk about in today’s video.
The truth is that many people will say that yes, not only is it possible to get rich buying cryptocurrencies, but it is simple. And much simpler if you follow their tips, tutorials and advice…or if you join their private Telegram channel, or if you directly lend them your money for them to move it All, of course, in exchange for a small commission.
One should reject implausible promises about cryptocurrency profits and conduct one’s own research before investing
But the truth is that cryptogurus or crypto-experts who promise you assured profits…are lying. In a market as volatile and unpredictable as cryptos, no one has absolute certainty of future movements. There is always risk in investing, and if the “experts” do not make this clear from the beginning, you should be wary, especially in uncertain economic times.
Whether they promise that a cryptocurrency is going to be the revolution (see the recent disastrous case of Luna Terra) or claim that through chart analysis you can predict upcoming movements, you should always approach this information as if it were a bear trap: with care.
Of course cryptogurus sometimes get it right, it’s purely statistical, but hwe must remember that luck is not clairvoyance. Always do your own research before investing money in cryptocurrencies and assume that you can always lose all the money invested. Prudence and distrust are the best weapons to be able to profit from cryptocurrencies.
