India’s Cryptocurrency: people faced scams once again due to the emergence of nefarious cases of cryptocurrency
Cryptocurrency has now been generated as a confusing platform for the people investing in it. This has been occurring for several years and it made people believe that cryptocurrency is going under scams for which iniquitous things are happening in crypto.
Cryptocurrency: The investment platform has become a matter of concern now
Ponzi schemes have attracted the investors by offering a reward in cryptocurrency for several times. They also have promised that the return amount will be higher based on the amount of the investment. But they have only fooled people and have not done anything sophisticated like what they have promised to do. As a result, the Indian investors were trapped under all kinds of scams. The Bitcoin bull run has brought many investors in cryptocurrency platform lately. The Bitcoin has managed to acquire nineteen thousand US Dollar that has led them to stand out to be the leading cryptocurrency. This record is of 2020, December 25th. in the month of August 2020, the total trading of Bitcoin was about eleven thousand seven hundred sixty-seven. Comparing that amount with the trading amount of December 15, 2020, the raise is almost sixty per cent.
Bitcoin is an Indian investor’s new topic of the asset since they have been gambling about the emergence of Bitcoin frequently. Bitcoin has managed to pick up one hundred sixty per cent returns since the month of April, as in the comparison of gold who has fetched only thirty per cent. The gold cryp tocurrency is also proving itself as a quite expensive one as in comparison to the young investors working under it.
But in spite of these, India’s cryptocurrency is facing major scams. The investors are becoming confused because of the iniquitous behaviour of the cryptocurrency. For example, most of these scams are coming from Ponzi schemes. They are attracting the investors by talking about offering them a new investment platform in which investors will receive a higher amount of return in exchange for investment. But in the end, they are basically robbing people investment money that they have perhaps earned by working very hard.
So, the most intellectual and easy way to identify false investment platform is when they are offering something and assuring to give higher returns in such an impression that that is too good to believe. That is a must and easy way to catch false alarms.
Cryptocurrency is a kind of digital currency. It is a new type of virtual benefits that are based on a network system distributed among a number of companies. It is a decentralized organization that allows these company to do their business from staying outside the central government. Cryptocurrency means encrypted techniques that are used to keep networks secure. Blockchains is a must needed component in the field of cryptocurrency as it is used to ensure the integrity of the transactional data. But many experts believe that blockchains result in disruption of finance. Cryptocurrency is criticised for its’ illegal activities, unsatisfactory infrastructure. But they have also collected praises and applauds for their portability and transparency.
Clip: Scams by Ponzi Schemes