First Published: 12th of August, 2020Last updated: August 12, 2020 at 17:50 pm
We take note of the increasing number of ads about Forex trading and Bitcoin mining being spewed into Guyanese Facebook groups as well as Facebook Groups and other forms of media around the world. You are told that you can make 3000 USD in 2 weeks by investing 300 USD in an automated system, etc.
We wish to advise all Guyanese, and all people around the world as well, that these are scams. Do not be duped by them. Further, we advise all group admins to block and delete persons posting such ads.
These programs have several mechanisms for scamming unsuspecting victims, such as:
- They entice you with several successful trades to the point where you invest in bulk then they disappear with your money.
- They disappear with your first investment.
- They use their programs, websites and software to hack your Facebook, email etc and gain access to sensitive personal data and information on your devices.
- They drag you into a Ponzi Scheme where the only way to survive is to recruit others and build a downline – a system that is bound to collapse at some point.
It takes simple reasoning to understand that if something sounds too good to be true, it probably is. I was recently contacted by several persons residing in the USA or Canada (or claim to be) who have said that they can show me how to invest 300 USD and rake in 3000 USD within 2 weeks doing nothing.
Needless to say, it takes simple common sense to figure out that there are too many holes to that story. First of all, if someone can just plug 300 dollars into a system and make 3000 USD every week, why not do it over and over until you become a billionaire? Why are you so interested in bringing someone you have never met into such a program? Secondly, why not give me the 300 USD to start since you should be a billionaire by now and you want to help me?
Further, if the whole world could make 3000 USD by investing 300 USD every week, then money would have no value since no one would need to work for it.
It Is Possible to Make Money from Forex Trading and Bitcoin Mining
It is possible to make money from Bitcoin Mining and Forex Trading. Let’s start by explaining that Bitcoin is an emerging form of money. It’s an example of a Cryptocurrency. That means that it does not physically exist. You cannot see, hold or touch a bitcoin. The bitcoin only exists in your “virtual wallet” when you purchase it online.
There are a number of platforms on the internet that allow persons to purchase bitcoins. For example, you can trade in 100 USD for the same value of bitcoin. You can in turn use your bitcoin to purchase real products and services. More and more merchants on the internet are accepting Bitcoin as a form of currency.
People have made money and even became rich from investing in Bitcoin in the past. But it’s a risky business. For example, 10 years ago, when bitcoin was just starting to emerge, someone bought 20 USD dollars of bitcoin. About 8 years later, that bitcoin multiplied in value to be worth about 100,000 USD. The individual then traded back the bitcoin for US dollars and made a profit of nearly 100,000 USD.
But this is not an everyday story. Bitcoin can decrease in value in the same way that it increases. It depends on a lot of factors, and one of these factors is the amount of bitcoin being purchased on a daily basis. The more bitcoin is being purchased, the more its value increases, but there are many other factors which determine whether the value of a cryptocurrency will rise or fall.
Aside from bitcoin, there are dozens of other cryptocurrencies, and money can be made by trading between these crytos. For example, if you have 100 USD of bitcoin, and you notice that the value of Litecoin has dropped significantly, you can trade in your bitcoin for Litecoin in the hopes that the value of the Litecoin will go up back and then you will cash in for a profit.
In the same way that you can make money from buying and selling cryptocurrencies, you can make money from buying and selling real currency, example USD/CND etc. But you have to observe the trends and there is also risk of loss. And once again, there are a lot of unsafe platforms, hacking and scams.
In conclusion, if you are not well educated on how cryptocurrency investments and FOREX trading work, do not fall for any of the thousand-and-one scams that are being perpetuated in the name of bitcoin mining and Forex Trading.