Cryptocurrency trading is technology-based, which leaves this investment open to cyberattacks. Hacking is a serious risk, since there is no way to retrieve your lost or stolen bitcoins. Many reports suggest that many buyers lose their investments on exchanges and mining losses.
Exchanges are more likely to be hacked — even if you have taken up the protection of a smart wallet. Additionally, if you do have a wallet and you forget or misplace your key, there is rarely a way to retrieve your coins. Carefully research your cryptocurrency wallets to be sure you have the most reliable option.
In addition to hacking, there is a fair amount of fraud in the bitcoin market. Buyers and sellers are looking to trade bitcoins online, but since their rise in popularity, some of these exchanges can be fake.
Risk and Volatility
The risk and volatility of cryptocurrencies, Bitcoin in particular, have always been one of its biggest issues. Some say that volatility is an advantage and disadvantage of trading bitcoin and cryptocurrencies. The bitcoin market is constantly rippling back and forth. It is usually what scares people away from investing in Bitcoin. With such an unpredictable market, there’s no telling if you will get a return on your investment. The chances for financial loss are quite on the high side.
Little Regulation
Currently, the bitcoin market is operating without any major regulations. The government doesn’t have a clear stance on binary options cryptocurrency Ghana; the market is just too new. It is not taxed, which can make it enticing as an investment opportunity. However, this lack of regulation can serve a major issue for you. If you are scammed of your hard-earned money in Bitcoin, you really cannot report to a government authority, because they do not have the powers over them. As of now, cryptocurrency is not a widely accepted currency, but the future is ever-changing. There’s no telling what the state of the bitcoin market could be in a few years’ time.
Limited Use and Application
Bitcoin may be a step toward a new monetary exchange; however, there are few companies that accept it as a viable form of currency. Currently, a few online stores globally allow cryptocurrency exchanges. Additionally, bitcoin owners can use their funds for some travel companies and to fund your trading account – Forex and CFDs.. Unfortunately, many companies do not recognize bitcoin as a legitimate exchange. Another factor that significantly helps your trading in Bitcoin is the concept of leverage.
Bitcoin Mining
New Bitcoins are still being created; and the process of their creation is called mining. This “mining” is done by complex computer systems scattered all over the world. If your computer system gets some mathematical calculations correctly, you get paid 6.25 Bitcoins. We have to say that the chances of you getting money from mining is really rare.
Crypto Trading Bot Investments
Exponential Returns can be achieved from Bitcoin investing and trading. And there are crypto trading bots that can help you achieve that relatively easily. They operate in the form of software developed to help you achieve profits from Bitcoin Trading/investing without you being involved.
We have described the level of a revolution that Cryptocurrencies have brought on the world in general and to Ghanian Bitcoin participants in particular.
There are other channels through which Bitcoin is churning out millionaires – Crypto Trading Bots. Just as binary options robot Ghana, Crypto Trading Bot is the growing channel through which persons are making money out of Bitcoin and cryptocurrencies in general. In trading, rather than you purchasing your coins and watch it grow over time, you are only interested in the price movements. Typically, Bitcoin traders only hold their coins for some few hours or days, or rarely, weeks.
Earlier, we started to talk about the ways through which you can make money from Bitcoin. We have described the first method which is via investing in Bitcoin and waiting patiently for it to rise so as to profit from it. However, there are some downsides to purely investing in Bitcoin and expecting it to experience price increases before you can bag profits. These include the following.
You can only make money if the price increases. One big downside that you experience from Bitcoin investing is that you really can only make any returns if the price of Bitcoin goes up; otherwise you lose money. And these losses can be quite massive. As such if you invest some $10,000 into Bitcoin now and the price crashes to say $8,000, you are not in for any profits whatsoever. You can only hope for the prices to climb back and move up above $10,000 to get any returns.
The Likelihood of Massive Price increases is low. It is not far-fetched to say that the era of massive volatility in Bitcoin prices is over. In the past, we saw Bitcoin move from just $900 to as high as $19,000 in just one calendar year. After that, it crashed heavily to reach $4,000 and has slowly climbed back. Today, it typically fluctuates between $10,000 and $12,500, as it has had much difficulty crossing that threshold.
Going forward, it may be quite hard to see those massive price boosts of over 100%. As such, if you invest in Bitcoin in hope of such exponential returns, you may end up being disappointed.
Can be Comparatively Quite Slow. Following from the point above, returns from Bitcoin today can be quite slow, as it may take months to eke out a reasonable percentage in returns.
These crypto trading bots are spread everywhere, and they come in fancy names. But we must note that the majority of them are scams. Popular examples include Crypto Revolution, Bitcoin Loophole and Bitcoin Revolution.
Although the above are all popular names, we can say that they are scams due to the following reasons:
Bitcoin Revolution is a crypto robot that claims to specialise in automated trading. Just like you find with Bitcoin Loophole review above, you need to commit some funds with Bitcoin Revolution after which it should start trading and making passive income on your behalf. But not so fast. There are a number of things we’ve noted about Bitcoin Revolution, based on some checks conducted online. They are summarised below:
Bitcoin Revolution adorns its website pages with videos of finance, business and investment celebrities talking about and endorsing bitcoin and cryptocurrencies. The celebrities include former Microsoft CEO, Bill Gates, Virgin Group chairman Richard Branson and Eric Schmidt of Alphabet (Google). These investors were however not endorsing Bitcoin Revolution in itself. We see this as a marketing ploy to lure unsuspecting investors into associating these billionaires with Bitcoin Revolution so that it can look legit.
It seems it is a common playbook among these kinds of schemes to pay for content on credible platforms.
In this case, a review of Bitcoin Revolution was published on MarketWatch on June 30, 2020, with the headline: “Bitcoin Revolution Review [Tested] – Scam App or Legit? Proof of Results”. Just below the headline, you see the disclaimer, “The MarketWatch News Department was not involved in the creation of this content.”
And of course, when you read the article, you don’t find any “proof of results.” That’s however not all: you remember the article paid for by Bitcoin Loophole to get published on Associated Press (AP)? Well, we have something of that exact sort here. A paid article on AP about Bitcoin Revolution with the title, “Bitcoin Revolution Review — Is it a Profitable Investment?” was published on May 21, 2020 – just a day before that of Bitcoin Loophole was published.
Bitcoin Revolution requires you to put up a minimum amount of $250, the same amount as Bitcoin Loophole. They urge you that you can also put up more if you so desire. Similarly, they promise that you will make at least $1,000 daily, with returns as high as 300% of initial capital daily. This translates to become a whopping 9,000% on a monthly basis – and this is recurring.
With the above system, Bitcoin Revolution claims that you can become a millionaire in 61 days, exactly the same promises made by Bitcoin Loophole as seen above.
Don’t get us wrong, we are definitely not blacklisting Bitcoin Revolution or naming them an outright scam, but there are just too many evident warning signs that they are not really legit.
Some notable cryptocurrency trading brokers that accept Ghanaians include IQ Option Ghana, Olymp Trade Ghana, Deriv.com Ghana, Binary.com Ghana, amongst others.
Bitcoin Loophole claims to be a Bitcoin/cryptocurrencies automated trading software, that promises to generate as much as $13,000 for traders per day. We didn’t pay for Bitcoin Loophole but we did some thorough search online and made some observations. Outlined below are some of those observations:
The promoters of Bitcoin Loophole claim it is an “award-winning” software but there is no evidence to back that claim up. In fact, Bitcoin Loophole was created very recently and could not have bagged any awards.
In various marketing materials for Bitcoin Loophole, those behind it claim that there is no way you can make losses with it. That is utterly impossible, as Bitcoin and crypto prices are ever volatile and could move against one. However what is more instructive is that upon signing up, you start to see messages like:
“Bitcoin Loophole does not accept any liability for loss or damage as a result of reliance on the information contained within this website.”
Then there was the message stating: “You may lose some or all of your invested capital, therefore you should not speculate with capital that you cannot afford to lose.” Before signing up, the representation was that you can make no losses at all.
Upon opening the well-designed website of Bitcoin Loophole, you find this message:
“Profit of the bitcoin with Bitcoin Loophole. Bitcoin Loophole is a cryptocurrency auto-trader and manual trader.” For one, let’s accept it is a “cryptocurrencies auto-trader”, but what then is “manual trader?” If there is anything like a manual trader, it should mean a human trader and not a software. This is too much of an evident red flag.
Bitcoin Loophole makes the bogus claim that you can make $13,000 per day when you trade with it. It also adds that there are lots of its users that have become millionaires in just about 61 days. This is a very spurious claim. $13,000 per day on what initial investment? That is not answered. Then there is no assurance of any consistent daily income in the crypto world, even if you are doing leveraged margin trading.
A casual Google search on Bitcoin Loophole will reveal an article by Associated Press (apnews.com). Don’t fall for this. Right above the title, “Bitcoin Loophole Review 2020 – Is it really a Scam?” published on May 22 is a banner message stating: “PRESS RELEASE: Paid content. Press release content. The AP news staff was not involved in its creation.”
With the above and more, you might better stay away from Bitcoin Loophole. If unsure whether cryptocurrency trading fits your budget well, take a read into binary options trading Ghana instead. Binary options brokers Ghana provide the famous binary options demo account Ghana and usually offer all of their services as binary trading mobile Ghana.
