Scammers are one of the main problem for crypto currency market.

rupok (80)in Steem Alliance • 3 years ago

Hi all my friends of this wonderful community. How are you all? I am fine by the grace of Almighty Allah. I hope you are also well.

Ever since I started working on Steemit in 2018, I've been trying to learn a little bit about cryptocurrency. After learning a bit, I became interested in trading. That's why I bought $700 worth of cryptocurrency to trade. For the first few days I traded quite a bit. But then suddenly the exchange where I used to trade my cryptocurrency was shutdown because of scam. As a result I lost all my money.

Since then i am scared about cryptocurrencies. But I still have some cryptocurrency deposited in Binance. Although it is very little amount of money. But still I have to worry all the time. I think the biggest problem behind the spread of cryptocurrency is these scammers. Because of this, the negative perception of people towards cryptocurrencies is increasing. Not being popular within people. A few days ago, the owner of an exchange named FTX declared himself bankrupt. As a result, it had a massive negative impact on the cryptocurrency market.

Everyone is holding that this is also a scam. There are many who have invested in Binance. But now they want to exit the market by selling all their assets. One after another such problems are going on. Cryptocurrencies will never make much headway unless these issues are overcome. A concerted effort is needed now. But in this case, the greatest advantage of cryptocurrencies is turning out to be a disadvantage. Because there is no central leadership here. If there were, they could all have taken a decision to solve this problem.

Since cryptocurrencies rely on peer-to-peer transactions. So there is no need for any central control in this case. But my question is how can the decision be taken collectively? In this case, those who have a large investment in cryptocurrency whom we called whales can take some decisions together. Otherwise if this kind of scamming continues then at some point everyone will turn away from cryptocurrency. And if these problems can be solved. Then people will be more interested to invest in crypto currency. And the more people invest, the faster the crypto currency market will increase.

That's all from me. Hope to see you in the next post. Till then it’s good bye.

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