Bitcoin Forum

My first experience with Cryptocurrency made me zero my mind of it, which I later realised was a very terrible mistake. Some years ago a friend spoke to me about Cryptocurrency, how we can invest in it and make profit, he had the idea about Cryptocurrency, I have the money to invest it. I was shocked when he later came to me that we have been scammed, the he had trusted to teach him and put him through have duped him.

From then, whenever I hear about Cryptocurrency, I always say it's a scam and I was really angry with my friend.

Despite all we both experienced, my friend didn't give up, he still went ahead to invest again in Cryptocurrency (Bitcoin). Luckily this time he had a different experience because he started to make it in Cryptcurrency, he had start making profit on his investment. He came to tell of his new experience how he his now making it in Cryptcurrency (both in Bitcoin and others), I didn't listen to him until recently when he was able to calm me down and made me see reasons why I needed to invest in Cryptcurrency with these words "if there is no risk in business there might be no reward" and I concur!

But this time I'm learning it myself and know how it works.

It's only half true the no risk = no reward because you have to learn how to take managed risks in investing so you don't just lose money (especially to scams).

If you don't learn the risks or how to manage and limit then then you'll end up with less of a reward than if you did full research.

You're sounding like one of those get rich quick investors we get in the network every now and then, you and your friend should understand that Bitcoin is not like gambling were you ride your luck, how can you invest in something without doing your own research; cause if you did you would understand that Bitcoin is a long term project, and as an investor you have to be patient and not expect quick returns.

Yeah, you can say no risk, no reward, but mind you that there is what is called stupid risk, for example when you invest without doing your own research, or you invest more than you can afford to lose, or you invest cause your 'friend' did invest, etc, all of the following does not make you a risk taker, it only keeps you open to avoidable loss of funds.

Investing is always a risk, but what separates good investor from bad investor is that good investors knows how to make investments where potential profits are far bigger than the risks. And bad investors are on the contrary taking huge risks with little potential reward. Simply taking risks is not enough to succeed, and not taking risks with things you don't understand is actually a rational thing to do.

Bitcoin is a good investment, because it's less risky than alts and it has demonstrated a strong long-term growth. But people get greedy, they want big profits fast, which turns their attention towards high risk, low reward "investments".

Actually, I also have friends thinking about Bitcoins before and most of them told me it was a scam or a pyramid scheme.
I never invested in Bitcoin the first time that I heard about bitcoin but because of greediness and want to earn more from faucets I decided to invest in investment sites and cloud mining sites. Which end up both of them becoming scams because all of my deposited Bitcoin is stuck and can't be able to withdrawn.
 
I never think that Bitcoin is a scam but there are businesses out there like Cloud mining and investing sites 99% of them are scams.

Buying Bitcoin and investing are totally different be careful if you are dealing with someone telling you to invest in Bitcoin.

The only risk of having and holding Bitcoin is the price movement but the price of Bitcoin keeps increasing every 4 years.

Every newbies experienced this especially if you don't have any knowledge about how crypto currency work and when there's a money involved always expect that there's a risk not just by losing in trading but also losing it when scammed. I myself was a newbie in the past and having the same mindset as yours but we didn't stop though after we did some research with my friend when we are scammed by someone. And you did the right choice, no one can earn profit if they don't risk something.

Also, while you decide to risk, make sure you care out due diligence first, to cut the risk of losing your money to pointless scams. There are many scams surround cryptocurrencies, so one has to have some knowledge about how to identify scams and avoid them.
Had your friend been good at research, maybe he would have not been scammed at first.

inside crypto or outside crypto. Everything has a risk and also has a reward according to the risk taken. The higher the risk, the greater the benefits offered. like participating in pumping up the price of coins.

and usually a low risk then the rewards offered are low. but not all like that.

some are low risk but can get big profits. well that's for those who are mature in crypto science. they are good at analyzing and researching situations.


but you do not believe if someone offers an opportunity that gives very large rewards with low risk or no risk. That's a clear indication of fraud. because the characteristics of people who will cheat are like to talk and lure profits first and sometimes don't explain the risks behind them.

Unpopular opinion though, I think if you are in the crypto space, learning how to efficiently use the google searchbar could potentially save you from this shitty scams lurking on the internet.

Using a simple search like <name of project/company + scam:reddit/quora/bitcointalk.org>, will give you enough hints to know if the project has growth or exit scam potential. I mean, you're entrusting your money to a platform, and it's your job as an investor to conduct a thorough background investigation on the company/services you'll be using.

Lastly, bitcoin itself is not a scam, it's just that there a large number of bad actors existing in a decentralised financial system.

In general, yea. But also take note that the cryptocurrency space shouldn't necessarily be the place for everyone to take risks. Some people are simply better off starting a typical brick and mortar business because not everyone is technical enough to take cryptocurrency bets.

Its less risky with BTC as long as you are advised to hold. Worrying that the value will continuously drop to zero is not possible so an newbie investor will just have to wait which is also the hard part. Its the altcoins that you will have to worry much but like you said NO RISK, NO REWARDS.

You might often read it here in the forum because they always say this, "Never invest money that you can't afford to lose."
Blaming a friend for the loss will make you lose a friend so if you follow the advise, just relax.

Maybe the way he wanted to earn the past few years ago was not the right way to earn, like how they plan to make it, maybe like doublers or something that makes it feel like you will profit a lot without doing anything much.

But that's just the problem when getting into cryptocurrencies without much knowledge or learning what you could do with it in general. Imagine being able to transfer to anyone in the world, and you only need a string of texts/numbers, and you would be able to do it P2P, with no middlemen. I started to understand that this would revolutionize financing, and it did.

So with that in mind, you would be able to see its as a "non-scam" thing; it's the people who have that "intent" on scamming people with their hard-earned money. It's not because of the technology, but because of the people using it for evil things.

When you are researching a thing and make sure that it's from credible sources, you will be able to capitalize on what is in front of you.

It's good you haven't given up even after the first failure, now that you have personally developed an interest in crypto it's better to relax and take your time to study it yourself, I don't like the idea of someone investing for me when we both have a single head, stand up and fall was how life began when you fall just stand again.

This is a typical statement of no risk no reward. Everyone is quite familiar with it but taking risk must also be accompanied with smart move or action. There are plenty of risk takers on degen, and somehow they lose some money cause they arent aware how it works or didnt review carefully. If you gonna take a risk make sure you are at least confident with the investment or project your betting with.

Risk in investing and being scammed are separate things. Although both of you have learned that scam is also existing in crypto but the second time both of you continued. This made both of you aware of these scams and now you have the idea on how to avoid them. It's true that there's no gain if you won't risk anything. But in crypto, it's risky to have no idea of what you've been doing. You're attracting not just the risk of the market's volatility but as well as the risk from scammers if they've seen and known you that you have no knowledge and understanding about it.

This is so disheartening that you both fall on the wrong hand, we many occasions where this was trace to people trusting who they are that familiar with, someone that just meet on an occasional basis and believe in whatsoever thing they said and no where to trace and find them, possibly you just have their contact which can cease to function after you're being scammed, i also dislike this category of people who don't know it and will give you all the go ahead to help them do it without them interested in seeking to know how its been done.

Why must you limit yourself to a particular skill you could just learn and help your career, my advice is to always get someone you're acquainted to and confined your trust with, who can put you through for you to be independent and while doing that, you also have to help yourself in making more research in attestation to what you're learning is accurate.


Let me assume that thks time you didn't invest in shitcoins possibly as you have done in the past because you specifically bracket bitcoin in front of the cryptocurrency, i also want to believe that your friend is back on track after he had acquired a certain level of knowledge in bitcoin and cryptocurrency at large before deciding by going with bitcoin and this time as well, he goes all by himself and not through the first person he used.
Lesson: what you don't know will cost you more than it will pay you.

obviously, you got something mixed up here. If an "investment opportunity" accepts Bitcoin as a method of payment and payment of potential profits, it is not a necessary investment in crypto. you will certainly not blame the US dollar and the US government if you were deceived by a prince from Nigeria.
you don't even know what exactly you invested it in, but you put a barrier in front of cryptocurrencies. You are starting to learn on your own and that is a good step, I hope you now understand the previous mistakes better.

You have a relationship that does not have good project analysis skills, he needs financial support from you to invest in a low-reputation project until it ends up being a scam. The second attempt, your friend tries his luck on Bitcoin investment then increases until he reaches a profit to tell you. If you met me from the start, then I advise you to invest in BTC over top altcoins even for new altcoins.

So that's not the point of all this discussion, no one is risking investing in risky projects especially if you don't have any fundamental knowledge about crypto investing. You must have investment knowledge beforehand and be wiser in deciding to invest in the right coins.

The terms is familiar to everyone " yes i concord on that" but the problem is that some of use misunderstood the fact, no risk no reaward is making some people to lose their finance in the name of taking risk, but it's very obvious that a risk taker who propagate during investment, has already microscopic and make an intelligent research of the project before venturing into it, is not every project you can take risk of, because it has become obvious that before someone achieve success in cryptocurrency sphere you most take risk...the newbies who are new into cryptocurrency investment take such languages as a priority or constant scenario.

Better late than never so even today is good for long term investment on Bitcoin.

Even I have the story which made me a billionaire now because I had opportunity to buy few hundred thousands of bitcoin in 2014 if I am not wrong but I made wrong investment on other business which completely went bankrupt. :)

people who enter crypto are people who must be prepared with all the risks. so indeed if someone is not ready to take the risk then do not enter. and enter into other fields that are at least less risky. but all fields still have risks. and the risk becomes low if we are proficient in that field. for example, we are proficient in the field of crypto, so crypto becomes minimal risk.

The no risk, no gain syndrome is not totally wrong and should be more correct. You take risk and the risk turns out to be a good risk, it is OK. Just to buy bitcoin at dip is already a risk because there could be more dip. Just to sign in the internet to scout for job is already a risk already.
Then there is q calculated risk according to you. Someone buying bitcoin at 35,000 with $10k is taking a calculated risk than someone buying bitcoin at 44,000 with same $10k.

I have also seen someone who has not lost money in cryptocurrency and he has gained and still gaining in crypto. Maybe saying he has not lost money could be wrong, it can be that he has gained more than he lost.

Risk taking really determines the level of profit you will expect, because of the say which state they "the higher your risk, the better your reward" but that is not the case always. You need basic knowledge about cryptocurrency trading and Bitcoin first before you come to think of investing in cryptocurrency. What has happened to you and your friend comes as a result of lack of proper understanding in cryptocurrency, but as it is now, try and learn more before investing.

Risk in terms of unexpected external factors because bitcoin fluctuates, so yes it can be juxtaposed with rewards as returns. However, stupid investment management decisions will not have any return such as being attracted to hand over your investment to a scam service. It's closer to the term, "no research, no money back)

In as much as I would want to agree with you on this statement above, I still believe there are few(if not actually many) exceptions to this.
There is what we call Risk management.
And under risk management, we have three major risk levels, and they are - :

• Low level Risk
• Medium level Risk
• High level Risk

And as a sensible person, you shouldn't just go out there and start investing in all sort just because somebody or some persons told you that "without risk, there's no reward", this is a very wrong idealogy, you have to learn risk management, there's what we term as "taking calculated risk", you have to know how to calculate your risk.
Knowing the above will help you to know how to "invest only what you can afford to loose" (one of the mighty rules in crypto investment), this also means knowing exactly how much money to invest in a particular project, that won't affect you physically or mentally incase everything goes down the drain.

Alot of people in the past have made life threatening mistakes(some even ended up commiting suicide) due to ignorance of risk management, going "all in" in a wrong time or on a wrong project, all in the name of taking risk - they paid dearly for their mistake, no one want to have an experience of what this feels like.

Investing in crypto is profitable but not all the time. You should learn about risk management and have much knowledge about any project before investing.
Then you may take risk for the reward.

There are alot more stories like this in this forum, where Many get scammed because they want to learn about or invest in crypto, to me that not really the risk in crypto. To me the real risk in crypto is to be a be to face the bull and bear time of a particular project, knowing when to buy a coin, trusting your instinct and so many more but All the same in the end NO RISK NO PROFIT

There is no investment without risk even if you agree to fiat investments (bank deposits). I'm sure people know what investment risk is, but they're too optimistic about returns that it seems right for them to ignore the risk.

The higher the risk you take, the higher the return, it's actually not always justified especially when you get random investment offers like Ponzi and other scam investments. The risk must be commensurate with the return you want, so it's a good idea to really understand what the great potential of each asset option you want to invest is.

For you to be successful in live ,it involves a lot of risks, Not looseguarded risk taking but as an entrepreneur it should be moderate risk taking. Because the worst risk is not taking a risk .we should not think of its negative or positive outcome, so just try ,if you fail you learn but if you win, you gain. Generally no risk in taking a risk .

Mistakes aren't a failure, it somehow gives us the benefits of being aware of what we doing.
Investing requires knowledge that you and your friend have missed out. Experience whether bad or good literally change our mindset and most of the time once we suffer losses (or get scammed) we generally then think this is not a good investment.

For me, I don't invest in something I do not know. Of course, we need assurance and that is really what we need to secure first before making a step. Partially I believe in "No Risk, No Reward", it can be changed if we do something.

Unfortunately, I also have lots of friends who branded cryptocurrencies as "scam" projects. The problem with the latter is that they invested on the time where the price boomed during the last quarter of 2017. They invested when the price was at its ATH; then the price dropped during the first quarter of 2018 in which these people pulled out their investments. Though some profited, mostly all lost their investments which lead to this conclusion and branding.


Experience is the best teacher. No matter how hard we try reading books about a certain topic, the only way to fully immerse and adapt is to personally experience it. While your situation may be unfortunate, this will build the foundation of your character which would help you in your investments in the future.

And the reason why people are afraid to invest knowing that they can possibly lose their money if they will fail.
That was last year as the pandemic hits us but I'd presume it slightly increases during this time. Might it become 45% (more or less)?

It is definitely hard to encourage people to invest in crypto for in their minds was full of negativity and worries. Their substantial information coming from fake news made them close-minded.  

It is everything risky but we can manage the risk if we are knowledgeable to what we do.

Moral of your Brief Story is too not be fast to get something, definitely you'll face setbacks and drawbacks while trying to do this, and I'm sure you'll end up in a bastardized situation.
I feel this is a bit fabrication, I might be wrong though, having yourself in that state will .Ake you depressed, loss hope, but are you ready to rise up with a proud head ? Read learn from the best and push yourself to the limit, staying comfortable is a big sin for me.

Yeah,life will continue with or without you, why not take risks ? Take calculated once if I should advice.
Thanks

Taking risk is not bad but the problem is if you have not analysed the circumstances properly.Like in your case you have invested in the projects (taking risk) but without any prior investigation about the project and only under some influence of the market (not analysing the market conditions) which has put you in state of losing the funds.

The next big mistake was investing in normal hyped coins which have no long term future so the prices will stuck in same barrier not giving you any returns.But learn from your mistakes and avoid them in future and tell others also to be safe.

Many people are afraid because they don't understand it properly. They don't read much but they have a lot of opinions and their opinions are wrong. In addition, many people in my country do not know technology, this causes them to only be limited to knowing people's mouths about the bad news. I think that's one of the reasons a lot of people think badly about cryptocurency.
Maybe if they knew crypto could change the economy, it would entice them to learn more deeply. Nowadays there is a lot of bad news about trading in my country because of the actions of affiliates and app makers. And this makes crypto in my country a bit of a scam by people who don't understand.

One of the mistakes people make when investing in any financial market is rushing to trust someone without first having access to the necessary knowledge. I've been in similar situations to the OP, but I can't blame anyone when the biggest mistake is still my own. Perhaps big profits make many people mistakenly think that the market is easy to profit from, but in fact, if you only look at money without upgrading your knowledge of the field you intend to work in, it will lead to a lot of problems. There are problems attracting investment participation, and not everyone is good at sharing knowledge and interests with others. So it's better to invest time in knowledge. It may be slower than desired, but it ensures basic risks that we can completely avoid.

Although the word ricks may seem a little dangerous, we can't expect anything good without this ricks, so we need to have a good knowledge of crypto and master it well. When, where and how to invest in a project will be profitable. Of course, if you want to get or do something good, you must take ricks. Then something good will happen. But you can't take a ricks without listening and understanding.

To be honest, I was like that when I was still trying to get a peek on what crypto is all about. I also thought that cryptos were like something to be used by hackers considering that I learned that people from the deep web use that as a currency.
Good thing I was corrected by 2017, and I bought my first one in that year as well and yes it was a price boom, ngl.

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Experience could also be a reality slap for one. It was me when I realize that day trading is not for me. :D

Any investment certainly has risks, just like crypto investments, especially with these ups and downs in crypto market conditions. Not all investors experience profits, there are also those who experience losses. so it really depends on how we manage the crypto assets that we have. no reward is obtained for free, it takes hard work in it in order to get profitable results. our job is to learn to accept the risks that exist and deal with them with knowledge and experience that is owned as a provision to face the unpredictable crypto market. all of that does need a process and sometimes the process is a little harder to train our mentality before moving forward.

This is the reason why it becomes really difficult for one to ask a friend or another individual to venture into any form of cryptocurrency investment. Its the sole reason why a disclaimer on some through strategies to an investment package or trading even comes with a DYOR statement.

There is always a risk factor in every field of human endeavor and not cryptocurrency alone. The system is a highly plagued one by scammers because of its decentralized and anonymous nature so, one has to be very careful.

It wasn't wasn't smart move on your friends part at OP to have talked you into investing, the best option should have been to teach you about crypto and live you to it. Perhaps it was his lack of financial capacity like you mentioned. Good one, your both getting it now.

Perhaps, we are aware of what we are trying to and it was already understood that investing is risky. They surely know that before they start and they are experiencing losses, it wasn't the market to be blamed, it is literally our fault.

Ideally, this investment is only for the risk-takers and those who are not afraid to lose their money just like how these gamblers do gambling.
NO RISK = No Reward- kinda be obvious.

"No risk no reward" does not apply to all businesses. You don't need to take an heavy risk before you will have great rewards or profits. What that means is that we need to be ready to do everything necessary before we can have rewards especially in businesses that needs time for grow. Everything things should not be that risky so we don't go extra miles to do the contrary thing and get hooked on it. Everything we are doing is worth doing well so we don't end up missing out or having no reward.

Majority had the same experience. The technology came up when ponzi was almost every where and this made me in particular take the project as a scam. My first question back then was how will a decentralized currency every exist in an anonymous setting when the centralized financial system still struggle to keep up to their database. But I am still glad I ended up embracing the innovation even though I took th decision late

The first thing is to keep in mind is that crypto trading is not a gambling site that will either gain or lose. Here you have to do research. You have to take risks but not to lose all at once. Remember that the more you learn here, the less likely you are to take the risks. Yes, you will take the risk but that would be in constructive way.

It's risky to give someone money to run cryptocurrency for you, that what a mistake you made that is why you felt like giving up. It is always advisable to learn cryptocurrency to have knowledge before starting cryptocurrency,  when it is done this way you can give account and manage your money well than giving it to someone else.

"No Risk No Profit" is just a fable with completely true. But if we have to take risk in the right place then profit. Finding a place to take risks is also a matter of experience. Otherthan If we take a risk in the wrong place, we will be big loss.

There are some who are afraid of losing money in an investment every day, while others are not. Investing has its own language , much like every other industry. Because they don't know how to build an ideal investment portfolio, many people are hesitant about where they put their money. You won't be afraid of market fluctuations if you know how to invest and build your investing portfolio. You're wise enough to realize that you don't need to earn more money in order to save more money, because saving isn't the solution. Saving money may help you avoid future obligations, but it will not get you to financial independence. To increase your money, you must invest it.
Do you want to achieve financial freedom?
You need to develop a proper investment plan. And then make the right investments.
No risk, no gain.

No risk no reward a nice word to be heard by certain individual since this give us a huge confidence on every investment done on each platform we put some interest. But we also need to do smart action because if we just take those risk without even thinking that we may fall unto those scams offering some appealing returns to us investors. That's why for this we need to take precaution by studying each platform we go so that we can enjoy the risk on crypto investments.

Well, we all know that if you don't try, you won't succeed. You have to keep trying. Yes, there will be obstacles, but you have to get over them, that's what's gonna separate you from the people in the shadows. You don't want to be in the shadows, you want to shine. You have to get out of the shadows, take a stand, and make a difference.  And with constant pushing and trying, you will eventually see results. It may not be exactly what you want, but that's why we take baby steps and make small goals to keep ourselves motivated. So, put one foot in front of the other, and do something today that makes a difference in your life.

Even the act of not taking risk is risky itself. Our experiences towards any business might be different , for some at the beginning it was rosy without loss others it might be several loss to another, but in them all I believe the one with several losses earns much knowledge in it that he whose start was rosy, especially if he never quited.

In today's businesses it's either you take risk or remain poor by not taking one at all.

This is true. Investing is very risky and if you don't know what you're doing then you are losing so much rather than winning.. But it's part of life there is no luck, you will start from the beginning. Taking a risk is part of the circle of life. Knowledge and skills will surely less the risk since you know how the flow of the game.

You have said it all, No Risk, No Reward, in the kingdom of cryptocurrency, you have to take bold steps, either in trading or investments, at the end what counts is profits returns, therefor is good to take a step, and try again, and keep records of your weak points and the area have strength to earn more by winning.

Basically many new users are fascinated about overall economic and financial activities involved with bitcoin as well as other altcoins. But due to improper knowledge and lack of proper information about bitcoin and its environment many are losing their money but few of having right information and right action have earned smart earnings by investing in crypto. But as mentioned in OP there is always high-risk in crypto investment but at the same time there are higher returns also.

We can search for some answers regarding those questions we would like to ask, we already have this forum where people can search the discussion about this and many talks about how they lose their money and how they became greedy then lose their money, from this we can insert the idea and learn from it. Although its hard sometimes to apply all the information we read but learning to digest it slowly will help us minimize all possible risk we encounter.

In every profitable business, they most be a risk involved, which some years back, i encounter a seminar experience when i was in University, during my first degree program 2017, which a friends of mine told me about bitcoin, buy and hold, after i have graduated i can sell it off, and is going to yield profits after 4years of graduation, and it sound me so funny, because of lack of knowledge and by then i have the money, when i could release and went for knowledge about bitcoin i was so angry on my self, because of time Lost. As You Have Said All NO RISK, NO REWARD.

every investment is risk but a calculated risk is important. its like a game where you fail and try again. but dont forget that games have instructions. endeavor to read the instructions carefully. invest with what you know that wont cause you that much. know that life is a two way street. sometimes you take the risk but the reward might come later or might not be as high as the risk. it is a longterm investment. invest wisely