old con games<\/a>. <\/p>\n\n\n\nThe casual investor need only be concerned about\nprotecting his or her digital wallet that contains their cryptographic key and\nidentifier and only needs to know how much crypto they own and where to trade\nit. <\/p>\n\n\n\n
In other words, it\u2019s like any other form of\ncurrency or holding and the simplest scams to target potential marks might be\nthe boiler room scam or the good old \u2018pump and dump\u2019, which I\u2019ll discuss in my\nnext article.<\/p>\n\n\n\n
The key factor in all of this is that many\npeople are curious about cryptocurrency, yet few understand it. <\/p>\n\n\n\n
If you\u2019ve read this far and you\u2019ve struggled to\nunderstand what \u2018peer-to-peer\u2019 means or how \u2018proof of work\u2019 somehow \u2018mines\u2019\nBitcoin you are absolutely not alone.<\/p>\n\n\n\n
In fact, the vast majority of owners and buyers\nof Bitcoin, Dogecoin, Etherium and countless other digital currencies are just\nas in the dark as you or I!<\/p>\n\n\n\n
Meanwhile, those with a better understanding of\nhow blockchain works might see into the matrix and like 21st century safe\ncrackers, formulate the next great heist with just a few lines of code.<\/p>\n\n\n\n
Get Used To It<\/h2>\n\n\n\n
Cryptocurrencies like Bitcoin are paving the way\nfor future forms of money that employ similar methods based on what works today\nand can be improved tomorrow.<\/p>\n\n\n\n
I personally expect Apple and Tesla to create\ntheir own digital currencies with the former using its entire range of devices\nto share the workload of a fluid verification system that could quickly become\nthe dominant financial force on the planet.<\/p>\n\n\n\n
As technology advances, batteries last longer\nand communications become faster and more widely available, Apple devices could\ninclude a dedicated processor to quietly perform calculations that serve a\nworld-wide network that exists purely to verify transactions in the background\n(patent pending).<\/p>\n\n\n\n
And if they haven\u2019t or aren\u2019t considering this,\nI\u2019ll eat my hat.<\/p>\n\n\n\n
Nothing New<\/h2>\n\n\n\n
Any scenario where a large number of people are\ntempted to take risks and commit resources to something so new is fertile\nterritory for scams and scammers. <\/p>\n\n\n\n
Equally, whenever people commit financial\nresources to something they don\u2019t fully understand, they must rely on the\nhonesty and accuracy of others or information researched or received but\nremember that both people and data can be easily corrupted in these days of\ndigital deception.<\/p>\n\n\n\n
The lesson here is the same as it has been for\nall investors entering a market they do not fully understand: Be careful who\nyou trust, verify sources and be aware that the value of your investment can go\ndown as well as up.<\/p>\n\n\n\n
As I\u2019ve said, I\u2019ve allowed multiple\nopportunities to slide, some of which would have been highly profitable but ultimately,\nI based those decisions on one simple fact:<\/p>\n\n\n\n
I know next to nothing about crypto currency.<\/p>\n","protected":false},"excerpt":{"rendered":"
I know next to nothing about cryptocurrency. Like any investment, crypto offers varying degrees of risk and can return profits …<\/p>\n","protected":false},"author":47,"featured_media":28188,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3644],"tags":[],"acf":[],"yoast_head":"\n
Cryptocurrency Scams To Be Aware Of Before Investing<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\n\n\t\n\t\n\t\n