One of the best ways to generate an income online in 2017 is by trading cryptocurrencies but as with any trend sooner or later the scammers come in and try to get their piece of the pie by fooling you into some scheme.
Since the huge rise in cryptocurrencies this year something known as cryptocurrency MLM’s have started to get much bigger too. In the past few months a number of these schemes have launched like Bitclub Network and iCoin Pro.
But how do these schemes work?
Well rather than investing in cryptocurrency yourself these websites claim that they can do all the heavy lifting for you. All you need to do is invest with them and they will simply trade for you and get you a huge return on investment.
They prey on the naive who are jumping on the hype train. Ultimately bitcoin has been rising at an incredible rate and they make it seem easy to make money. They say that you should invest with them because you will get an easy return on investment that will continue to grow over time but you need to be extremely careful.
The simple fact is the only way to invest in bitcoin is through legitimate websites like Bitconnect. You can read an honest Bitconnect review here. There are other alternatives too like CoinBase and others where you can buy bitcoin and then transfer it to an exchange like Bittrex.
Any website saying it can give you guaranteed returns is a huge no go and will only end with you losing money. So rather than waste your time on these stupid websites why not learn how to trade yourself and be the master of your own future?
Resources like YouTube can be useful if you follow the right people. Chris Dunn is probably the biggest cryptocurrency trader on YouTube and has some good videos about scams and how you can spot and most importantly avoid them.
Coinigy is probably the best website out there for actually following charts. Some of the trading exchanges should really invest in better charting software but fortunately Coinigy has got that covered.
It is a paid tool but you can sign up on a free plan and that will last for about 30 days. Even if you don’t continue it’s worth testing out because you can save a watch list of coins and it will even save your favourites and allow you to save lines and more.
Reasons To Invest In Cryptocurrency
The reasons should be obvious but if not here are a few reasons why you should consider investing in cryptocurrencies:
- Potential to make huge % gains in a sort time. Just today I’m personally up 40% on a coin called NEO. You can’t make these kind of gains in stocks or currency.
- Bitcoin has been going up in value all year. It has potential to be used for mainstream purchases and if it gains mass adoption the price will go through the roof.
- Something brand new that is growing day by day. Now is the time to get in and ride this huge wave over the next few years as it grows and grows.
Take Away Points
In conclusion it’s important not to fall for scams. Anything that is promising you money or guaranteed returns is most definitely a scam. If you want to make money in cryptocurrency be sure to learn the right strategies.
You can learn from people on YouTube and also learn by trading. Remember to only enter on solid research. Don’t just jump on the bandwagon and by any old coins as if you do this you are most definitely destined to fail.