I am by no means an expert on crypto, bitcoin or NFTs. I am quite honestly the opposite.
But so much about crypto, bitcoin and NFTs seems to be about scams. In fact, many people’s Instagram accounts have been hacked to promote and endorse crypto and bitcoin scams and contain fake bank transaction screenshots saying that the hacked victim invested $500 with some fraudulent investor scam Instagram user and got back $10,000 in just 3 hours and claim that it’s real and legit.
Many hackers have even forced their victims to film a video of themselves saying that they invested $500 with a particular fake fraudulent investor and got back $10,000 in just 3 hours and that it’s real and legit. These hackers tell their victims that if they do this video they will get their account back but the hacker instead puts that video on the victims profile and stories and sends it to the victims followers. Some hacked Instagram accounts contain a picture of a car and/or house and say that purchasing these were only possible due to the cryptocurrency and forex investments they made.
When crypto was made I don’t know if the founders had the intention for a lot of scams to be based on crypto and bitcoin. I sure hope this was not the founders’ intention.
To some degree crypto and bitcoin disgusts me because of all of this if any of my friends, colleagues, acquaintances and even relatives on Instagram or Facebook asks me anything about crypto I will just block and assume they are hacked.
Could anybody please tell me.
Is there more to crypto and bitcoin that all of these frauds and scams?
I am asking this because whilst I have heard that in reality it is not a get rich quick scheme and that it is very risky and volatile and is not for everyone to invest and only those who know about it well, I get the impression that it is largely just a scam.