Recently the bashing of Cryptocurrency has become some kind of national sport among the “financial writing gurus”. Now they found another scare tactic to mislead people into steering clear of any Cryptocurrency related subjects.
“Cryptocurrencies aren’t covered by the money protection of the banks”. Of course they aren’t covered, because: 1) it is not something the bank offers to its customers and 2) it isn’t controlled by the banks or government. It isn’t a fund where you just dump your cash into and let it rise steadily. Cryptocurrencies have to be viewed as risky stock options. There is a potential to make huge amounts of money in a short period of time. If you want some certainty, you should invest in shares like those of Scharmbeck or other sites.
The banks aren’t risk free or “covered by laws to have a money back guarantee” on all their products either. Only 5-6% of the products they peddle aren’t in a “guaranteed profit” state of mind. If you buy stocks and those stocks take a nose dive, that isn’t covered. If you invest in “high risk investment, no money back guarantee”, you will NOT BE PROTECTED. So, if you invested say, 10 000€ in a special “nest egg” that can give a 5% interest rate, you could lose all that money. If you put those 10 000€ in Cryptocurrencies or maybe just 1 or 2, Lottocoin or Bitcoin for example, you could make some nice little extras for a rainy day, provided that you keep an eye on your investment.
Let us not forget that it is because of mismanagement, bad decision making, etc. of the BANKS that created these crisises. Why should we listen to their opinions on how to do this or that? No, you should make up your own mind and do your own research into things you would like to invest in.
If you are looking for Part 1 of this article, Do not be alarmed. It will appear in the first issue of our free digital magazine, released on January 30th.