Cryptocurrency or Crypto is a virtual currency that is meant to be used as a medium of exchange. Examples include Bitcoin and Ethereum. It is decentralized. Decentralization means the distribution of functions, in which there is a shift of control from one main group to several smaller ones.
Is Crypto a scam?
Crypto is a digital asset which is not inherently a scam, but it can attract scammers because of the benefit they stand to gain in terms of profit. Crypto involves high-risk and is a volatile investment, meaning that it is liable to change at a rapid pace, and could be unpredictable, leading to a downward spiral. In Crypto investment, there are no guaranteed returns. People often lose money to scams, which is never to be seen again.
It is important that you stay informed and knowledgeable about matters like this, and avoid falling into the wrong hands.
Many have been victims of Crypto scams. They thought what they were doing was good. And most times, greed comes into play.
Investments are good, but when it comes to Crypto, do your due diligence to avoid being a victim.
Are NFTs a scam?
Non-fungible tokens (NFTs) are assets like a piece of art, digital content, or video that have been tokenized via a Blockchain.
NFTs are neither a scam nor a digital bubble. But scams and bubbles are sure to manifest. All scammers need is the hype to be able to sell it so they're all-in on it.
Phishing and impersonation scams are prevalent in the NFT space.
Just like Crypto, NFTs are high risk - approach them with caution.
Finally
Do well to manage and secure your digital goods. Digital goods are commodities or products that exist in digital form, something that can be sold and used online. Stay smart, stay safe.
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