Have you ever wondered just how interesting it can be to use cryptocurrency? From its versatility to security, it’s revolutionised how we handle our finances, bank, pay money and buy just about anything. However, has it ever occurred to you how this can also have a negative impact on our lives? Cryptocurrency is almost a double-edged sword – read on to discover more. From pleasant accounts to utter horror stories, we explore them all in this modern world of the cryptocurrency exchanges.
BEST STORIES
1) A man managed to purchase a luxury sports car merely by shrewdly buying and investing in Bitcoin. Saving these up as the price was lower back in 2020, enabled him to achieve this feat. A teenager then replicated this process, spanning a decade. He ended up buying himself a supercar, thanks to the historic nominal price at the time of investing.
2) Another man kept investing in Bitcoin for 8 years, which amassed half of his home’s deposit. Having paid this off, he then was able to own a sizable share of his own house – wonderful! Now imagine becoming a millionaire by the age of 30. Well, that is exactly what Jeremy Gardner achieved by simply converting his stock shares into crypto investments. What a way to go! If you thought that these were adventurous enough, then get this -Kingsley Advani sold his entire assets and used the proceeds to buy crypto. It paid off, as he yielded millions!
3) Try investing in Bitcoin for your future pension – as at least one woman has been doing, already boosting it fivefold! On the other end of the scale, a child managed to reinvest Bitcoin twice to build an educational empire and sell it off for a major profit. He became a millionaire and fulfilled his vow to never attend college! Another guy quit his IT job and kept reaping the profits of his Bitcoin investments. Over the years, its appreciation has allowed him to become a full-time traveller. Yay!
4) James Saye managed to fund a lavish vacation to scenic Iceland after investing 500 GBP in crypto and then selling the shares which increased by five-fold.
5) Ever considered spending a mere $26 in Bitcoin to only discover that it is now worth hundreds of thousands? Well, that is what Kristoffer Kroch managed to do – only that he even forgot having done so! He only sold a fifth of the amount, keeping the rest invested. Smart choice.
NIGHTMARES
1) Many people have invested in Bitcoin over zealously, meaning that they have put their entire life savings, pension or even borrowed money from others to maximise it.
2) Expired tokens, scams and unclaimed prizes have all resulted in major losses for unfortunate investors. Failed auctions or even crypto bans in India for instance have sent shockwaves across the digital world. Let us not even consider the collapsing platforms.
3) Hackers (AKA ‘virtual vampires’) have targeted various DeFi platforms, resulting in major losses. This has also caused many investors to lose their investments too – not good. Moreover, digital ghouls and goblins deploy ransomware attacks to fleece unsuspecting users of their money – simply by misleading and cornering them into a trap, leeching the funds. As if that wasn’t enough, consider crypto hauntings. Imagine forgetting your login credentials and password. Although a common issue across the digital world, such as oversight can prove to be costly.
4) Stringent financial regulations imposed and enforced by government institutions. This compelled crypto exchanges to adopt the ‘Information Security Management System’ (ISMS) certification to validate their compliance with the rules and authenticity as well. Safeguarding user data is of paramount importance too. Yet these somewhat draconian measures ended up eradicating many existing crypto platforms.
5) Flash depreciation – Bitcoin has suffered some massive drops in its value, wiping billions off the market, to the detriment and chagrin of its owners. Rightly so! Collateral based investments have also plunged in value, owing to poor industrial output.
6) Deceptive free airdropped NFTs can promote stealing of wallets and tokens, using malicious software. It stems from gaining access to people’s crypto accounts and then simply emptying them. How sad. Even disappearing NFTs are menacing – upon closing the window. These are deceptively located elsewhere on the internet but are rendered useless once accessed – akin to a disappearing message!
SUMMARY:
Cryptocurrency will always remain a contested topic, for its volatility and continual record-breaking streaks make it so. Nevertheless, this wacky nature of crypto brings with it a myriad of pros and cons, leading to some of the best – and worst stories ever narrated in financial history.
Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect those of Geek Vibes Nation. This article is for educational purposes only.
Robert Griffith is a content and essay writer. He is collaborating with local magazines and newspapers. Robert is interested in topics such as marketing and history.