This article only intends to assist waking up some of us who put blindcurtains in front of their eyesight and fail to distinguish real from scam. Cryptocurrency trading almost feels like gambling...
I won't even dive deep into the market trends and values of coins. I am only going to mention what happens most of the time. People are investing in liquid assets, people with limited knowledge who are always at a disadvantageous position compared to the capital holders or experienced investors and traders who are trained for this job and are doing it full time. The result is that people are losing money.
That is not the worst part of it! Knowing that part of your fortune might be lost at any time is causing unnecessary anxiety. You probably have felt that when you see a crypto asset you have in your possession bearing down. Trust me, there are better things to do than check every 5-10 minutes whether the price of your favourite currency went up or down.
What even is a currency? Just a program's feature that at some point has been decided it should have real world value like fiat currency. The fact that it is rather new just draws more and more attention and people want to try it. Maybe it is just that the word "digital" sounds fancy. You can't even touch it, simply put it is a bunch of numbers and symbols.
People are still supporting those coins while they don't even work as intended by their developers. Look at the Bitcoin Blockchain for example. Each transaction (except for Lightning Wallet ones that use side chain) are subject to a 10$ fee while Bitcoin was originally designed to make transactions less costly given that banks also charge fees to process each transaction.
One could say that history repeats itself. Hasn't something similar happened before and the stock exchange market eventually collapsed? I am not saying that the entire economy is going to fall apart when people decide that cryptocurrency no longer holds any value and that is probably gonna be years after, just urging you to think reasonably and not invest a big percentage of your savings on fake assets.
