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Are cryptocurrencies a scam?


Linah
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Hello, I have a strong interest in cryptocurrencies. I want to make a huge investment in bitcoin and Etherium. I'm hoping to make a profit out of the investment. However, I am having second thoughts about the investment because the world is full of scams nowadays. I'm not sure if cryptocurrencies are legit or not. Advise me on this, please. Are cryptocurrencies a scam?

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Hello Linah,
Cryptocurrencies are the digitization of value. However, this value is not promoted by the government of a state or its central bank. Cryptocurrencies can be used to purchase various products, and they can be converted to other currencies. 
Bitcoin, for example, being one of the most used cryptocurrency can help a smart investor make a good profit. But the urge to become rich so fast can blind you to some of the risks involved in it and therefore fall into scams.
So the answer is yes, most of these cryptocurrencies are scams. Like any other field which allures a significant amount of money, it will also attract a good number of fraudsters.
For example, you may receive a message that a well-known business tycoon is minting some good amount of money into some cybercash. Once you are attracted to such and end up committing the amount of money required then, these scammers sell what they have, and the currency falls in value.
Others run nonexistent platforms where you are lured into investing in these cryptocurrencies, convincing you that you will get a significant amount of returns, which is all a lie.
Therefore be careful with who and where you are investing your digital money.
 

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