Don't Trust Blindly Seeing Big Names In Crypto
When you trust something, do you use the logic or do you trust that because that's popular and people know about that? It seems you take the decision logically but sometimes you take decisions based on emotions. When something is related to emotions, you may get biased even making financial decisions.
Seeing big names in crypto, it feels that you know them. And since they are big guys, they will do things more efficiently and effectively. You tend to accept that they will manage your money in a better way, so you feel comfortable accepting their offers.
They know it very well, and that's why you set a marketing strategy to create brand awareness. Last year we saw that Staples Center changed its name to Crypto.com Arena. When you see the name over and over, that comes to your mind first when you want to buy cryptocurrency, trade, or invest in crypto.
Crypto.com transferred $10.5 million dollars to a customer in May 2021 when they intended to send a $100 refund. What's most surprising is that they discovered this mistake in December 2021. It took seven months to find out the mistake. They were supposed to see an imbalance in their account. So what took them so long to identify this mistake?
You think they handle things effectively and efficiently, sometimes they make serious mistakes. Guess what, who has to pay for this? You, the customers.
You want to make some profit in crypto without taking risks. Lending platforms provide interest and it is advertised as risk-free. To get the interest and earn money passively, all you have to do is to send your cryptocurrency to their platforms. As soon as you send it to them, they are in control of your crypto. It is up to them what they would do with that.
We see what happened to those lending platforms like Celsius. There is no easy money in crypto. Whether you do trading, investment, or make content on Hive blockchain, you have to work for it.
To make a change in your financial situation, there is no alternative to putting in your effort and time. You just buy some random cryptos and become rich, that's unlikely to happen. What is most common to happen is, you will get rekt. I think educating yourself, improving your skills, and working to improve your finances is the way to go. Don't trust big names in crypto blindly.
So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
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Posted Using LeoFinance Beta
I think the blind trust is an issue everywhere and not just crypto. In a way, they have an incentive to push out their content, whether it be for money or whatever and these goals might not align with yours.
Posted Using LeoFinance Beta
People lose their hard-earned money for that. When it comes to taking financial decisions, make decisions without being biased.
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