It is not a grande secret, that the cryptomarket has been flooded with numerous scam projects, which are trying their best to procure your money, and after stealing it — to vanish in the void.
The only stable and trustworthy coin on the market left are the Bitcoin itself, the Ethereum, and their relative forks: Bitcoin Cash and Ethereum Classic. Those currencies were made with clear intents, and are now developing with a high pace, incorporating more and more features to help the end-user, and not to steal their funds via made up ICO or a Hedge fund.
But through the fraud and scam, a dim light flickers at the end of a tunnel that we might call ‘the future.’ Or perhaps it is more correctly the growing headlight of a bullet train aimed directly at everything financial markets know today … but that remains to be seen.
If done correctly, nowadays cryptomarket can overthrow the ubiquitous horde of untrustworthy altcoins, making the market more transparent and ease to use.
Fraud in itself is built into the currency, whatever it might be. People all around the world will always try to get rich quickly, no matter how hurtful and lowly it might appear to the other allies on the financial field.
But what exactly can be done to prevent the fraud; and why are those other, unknown to an amateur and expert alike currencies are useless, and will only bring disruptions?
Why?
That is a relatively simple question to ask, and hard to answer. There are at least three viewpoints on why do people still enable them and everyone to portray crypto-market as scammy and useless field:
VIEWPOINT ONE (1)
Their value IS NOT tied to the output of a developed economy such as the economy of USA or the Eurozone. Taking that into consideration, one can safely say, that stability is a major advantage of currencies such as USD or Euro. With Crypto, people are getting constant wave of info, stating of it’s plummeting, but never about how greatly you can earn on this.
VIEWPOINT TWO (2)
No one on the legal market accepts crypto as a valid tender. You want a cup of coffee? That will be $1. Want your monthly salary? Here you go, $3000 is on your balance. But what are the chances that your local supermarket will let you buy groceries with say Bitcoin? There are none, and frankly, the only thing they could do with your crypto-coin is to convert it back to the useful currency.
VIEWPOINT THREE (3)
MOSTLY EVERYTHING is priced by the local prices in your country, hence rendering crypto absolutely useless, if you can not convert it back to normal currency. This leads to the fact of people being afraid to take their chances, and risk losing their funds while being unable to convert them back.
How to Prevent the 99% of cryptomarket being useless?
Cryptocurrency exchanges
Cryptocurrency exchanges have become very popular methods for investors to trade with cryptocurrencies. While the majority of cryptocurrency exchanges are reliable for all investors, there are still some, which are trying to scam people by presenting them with fake exchanges.
Fake cryptocurrency exchanges are not the only problem in the world of cryptocurrencies. Cryptocurrency exchanges with poor security protocols are perhaps an even bigger problem for many investors than the fake exchanges. It is possible to detect a fake exchange by extensive research but it is almost impossible to know what security measures a certain exchange is using.
More than often there were reports of cryptocurrency exchanges being hacked by hackers from all over the world. In that process, they managed to steal huge sums of money from investors that believed it was safe for them to put their funds into a certain exchange. Besides that, some cryptocurrency exchanges include shady practices that cause a lot of investors to think about whether or not they should be doing business with exchanges like that. These are all the issues that investors need to keep in mind when deciding what cryptocurrency exchange to use when investing their funds.
Solution
The only useful tip that comes to mind is to further more agenda and information on the now existing cryptoexchange platforms, while developing a special program, that will give precise information on how does cryptoexchange behave, who are the creators and investors, and then compare it to new ones. If the data matches, it sure is a new trustworhy platform. But if they don’t, once would better avoid putting their funds there.
Minimizing the risk for newcomers
More than often, you might encounter Internet adds and articles about people who got rich very quickly by investing in cryptocurrencies. However, rarely any of those adds will say that the process is not as simple as they present it to be. Buying and selling cryptocurrencies is not a guarantee that you will become rich and successful as the price of different cryptocurrencies is everything but stable.
Investing in cryptocurrencies comes with a huge level of risk and it is never possible to claim that any investment in cryptocurrency will be safe. Because of that, investors should approach cryptocurrencies and all related fields with caution it might not end well for those investors.
Solution
for the people, who are not year familiar with crypto, let alone trading, it will be greatly recommended to try out their skill on the grounds with lower interest rates, and with more stable and easy to know about and use coins, such as BTC or ETH. If the person, who is interested in the investing can manage to overcome the obstacles of the easy-mode, they will be ready to step up their game, and move on to the brave new world.
Providing new and stunning topics to develop for the ICO creators
it is clear that to have a steady and growing base of loyal investors you are in a deep need of getting their attention stuck to your project only. the best way to do it? make the project appealing to masses, so it could gain sonority, and turn into a profitable and successful start-up.
make your own ideas, instead of copying someone else’s, and replicating it in the poorest fashion. it is best to do what you know will be the best for you, so if you are lending someone else’s idea, be sure to make it so your implementation will put the original project in the shadow.
THE CONCLUSION
If you are still assured that the market is 99% useless, and might be a scam, it is all up to you. No one will ever make someone else’s life choices. But be aware, that by not taking risk now, you might always stay disappointed since you have never tried taking it.
