Cryptocurrency scams: motivation to earn more money can ruin dreams

Another term associated with cryptocurrency is Blockchain. It stores information electronically in a digital format. To begin with, let’s first understand what cryptocurrency really is, and the reason behind its popularity. By definition, it is decentralized digital money that’s based on blockchain technology. Most people may be familiar with Bitcoin and Ethereum — the most popular versions of cryptocurrency — but you may be surprised to know that there exist over 6,000 different forms in circulation.

It is the fact that there is no regulatory body that maintains and manages the value of a cryptocurrency. The dealings largely happen through crypto exchanges, which are unregulated. So why is it that people are drawn to this asset class, even if it is so risky? The answer is greed and instant money.

What really makes cryptocurrency different from physical currency?

Most of the Ponzi schemes target the middle-class population, who want to live the dream of a luxurious life. These scams crash their dreams and aspirations, and instead dupe them of their hard-earned money. In the bargain, the losers are these people, while the kingpins make all the moolah.

A case that also came to the forefront was that of Amit Bhardwaj, Founder of GainBitcoin. If reports are to be believed, over 8,000 people have been found to have invested in his scheme that is allegedly Ponzi.

Who is Amit Bhardwaj?

A former IT professional, Bhardwaj had quit his cushy job to launch India’s first online…

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