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Author Topic: How can I trust cryptocurrencies?  (Read 243 times)
shield132
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November 17, 2020, 03:23:16 PM
 #21

Honestly, it seems to me that are some big players that control this industry. I think they mine whenever they want to manipulate the prices. Can you please explain how can I trust crypto more? Thank you
Do you mean Bitmain? They mine coins at first and then sell their equipment once they've mined a lot. For example, let's imagine there is X10 miner that just entered the market. In reality, they have X20 miner and mine with it while telling you that X10 is the latest one, very shady behaviour.
Cryptocurrencies were truly the best at the begining, right now, without doubt it turned into a commercial business and no one cares about the philosophy behind it.

But what do you mean in trust? You can look at bitcoin in two ways:
1. As a currency
2. As a payment method

Price is very changeable, so, no one can tell you whether it will rise tomorrow or not and it's not a stable thing, no, very unstable.
And as a payment method, yeah, you can trust it. You are your own bank and don't depend on 3rd parties, no one can freeze your wallet and leave you empty if you don't make mistakes.

But I have one question for you: Can you tell me why we have to trust fiat and not crypto? Let's take USD for example. USA prints it, leaves debt that we have to pay. Imagine, you lend $100 to a person and instead of getting this $100, you are going to give him $200 for the honor of taking loan from you and leaving you in a debt. That's abuse...

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November 17, 2020, 03:48:38 PM
 #22

Honestly, it seems to me that are some big players that control this industry. I think they mine whenever they want to manipulate the prices. Can you please explain how can I trust crypto more? Thank you
You better trust cryptocurrencies better than bank, because they can close your account anytime they want and still your money, while in crypto you can see it as centralize where you have full control in your money you can see it whenever it go, you can easily make profit when you have knowledge already on how to. Second thing is even you say they can manipulate crypto you can still have a chance to make it on top.
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November 17, 2020, 04:19:39 PM
 #23

why do you doubt crypto?  it is clear that crypto provides huge profits, just look at the price of bitcoin now reaching $ 17200, do you not enjoy it all. There is no reason not to believe crypto is already a lot of evidence and results. I myself have benefited a lot from crypto.

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November 17, 2020, 04:25:12 PM
 #24

Honestly, it seems to me that are some big players that control this industry. I think they mine whenever they want to manipulate the prices. Can you please explain how can I trust crypto more? Thank you
Trusting crypto is easy, put suggestions into your mind about the bright future of cryptocurrency,
and also you have to buy crypto currency for analysis at a low price,
because it will affect your psychology when investing, good luck.

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November 17, 2020, 04:33:23 PM
Last edit: November 17, 2020, 04:51:34 PM by Kupid002
 #25

Honestly, it seems to me that are some big players that control this industry. I think they mine whenever they want to manipulate the prices. Can you please explain how can I trust crypto more? Thank you

I don't think some one can give you insight to invest in crypto currency . Investing in crypto currency is a self decision you need to know by your self why you should invest in crypto if you find that it's not worth of your money it's your decision. But if you find the potential of crypto currency that can be use to many option then you should invest now before the price will increase more ,and it's too late for you to decide to buy it.
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November 17, 2020, 04:53:35 PM
 #26

Honestly, it seems to me that are some big players that control this industry. I think they mine whenever they want to manipulate the prices. Can you please explain how can I trust crypto more? Thank you

Just like what most of the users here say the cryptocurrency like bitcoin is decentralized so the market price of the bitcoin and most of the crypto are depending on what is the supply and demand of it in the market.

Honestly, cryptocurrency is a great tech and can be trusted in my experience, but it's your own decision if your gonna trust it, something like price manipulation is possible but it's difficult to be done because it needs a group of people and with a high supply its serious funds needed to totally control the market, it only happened in a centralized system.

I suggest just make your own research on how cryptocurrency or bitcoin works and then try to experience it.

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November 17, 2020, 05:05:01 PM
 #27

Honestly, it seems to me that are some big players that control this industry. I think they mine whenever they want to manipulate the prices. Can you please explain how can I trust crypto more? Thank you
If you understand how it will work, you definitely don't ask this doubtful question.

Trust is like faith you don't see it physically but you believe in it.  If you would ask anyone in this forum how they trust cryptocurrencies it is the same as they have faith in it.  Regarding who controls the price of Bitcoin and other cryptocurrencies, it is us who make changes on the demand as well as with the supply though the supply is fixed if an investor, especially the whales, sell it in the market then the availability of it will be higher than of demand so there will be changes on the price yet nevertheless trusting cryptocurrency because of it's volatility depends on your outlook.

I suggest you understand it well and invest at your own risk.





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November 17, 2020, 06:03:24 PM
 #28

Just simply trust your instinct and be willing to take all the risks. If you want to gain a good profit in the future then don't doubt it. As long as you're investing with potential coins like Bitcoin then you have to put your faith in it. Any investment has risks and things will depend on how you're going to deal with it. If you're still not comfortable with cryptocurrency then take the opportunity to learn more about it so you'll understand its value and importance as a currency.

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November 17, 2020, 06:04:17 PM
 #29

Honestly, it seems to me that are some big players that control this industry. I think they mine whenever they want to manipulate the prices. Can you please explain how can I trust crypto more? Thank you
I think it is very hard to convince people like you to understand how bitcoin and other cryptocurrencies works. No industry or organization can manipulate the bitcoin market due to it's decentralized. People who buys and sell cryptocurrencies are the one's who make changes with the supply and demand just like gold and oil prices. It's up to you if you would trust cryptocurrency because the only thing that keeps people away from investing in cryptocurrency is fear that there is no guarantee they will definitely earn profit from their investments.

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November 17, 2020, 07:05:18 PM
 #30

You should first understand how the market works before trusting any crypto currency. Do a lot of researches for you to benefit from it.

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November 17, 2020, 07:27:01 PM
 #31

Honestly, it seems to me that are some big players that control this industry. I think they mine whenever they want to manipulate the prices. Can you please explain how can I trust crypto more? Thank you
Mining has nothing to do about manipulation yet miners are just rewarded with bitcoin on what theyve been doing its neither they do accumulate the bitcoin that they had mined or
would tend to sell and included into the circulation.When it comes to those big player talks then its not something new that these people are really having the advantage on accumulating
more coins than or compared into those typical joes.Its part of reality that they do have the edge but doesnt mean that bitcoin is highly manipulative yet this is a free market
where coins had been distributed - maybe not equally but you can sure that it has a big community or to those people who had adopted it.

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November 17, 2020, 09:27:13 PM
 #32

Depends on Decentralized or not. If this is. Decentralized then here is nothing to do and for your information  mining is not the thing responsible for the increase of value.it depends on the demand actually as much the thing is demandful  the price will increase.

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November 17, 2020, 10:05:20 PM
 #33

It's quite natural that people who don't have such experience have doubt in crypto.
Today the situation is much more clear and cryptocurrencies are much more developed and have better infrastructure than it was case about 10 years ago when early adopters started. However, it seems that for some today is even harder to get involved with crypto.
No one can't give you any guarantees but you can get some information and make decisjy to try advantages and disadvantages of crypto on your own. That is the best way to find out if crypto is for you or not.

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November 17, 2020, 10:16:26 PM
 #34

You won't believe it until you understand the movement of crypto charts on the market.  You need a lot of communication with the crypto community in your country.  And after that, you have to accept all the risks in the crypto world.  because the crypto market world is moving very fast, it is difficult to predict, but if your prediction is correct, it can make you rich quickly, but if you are wrong, you will become poor.  and you have to follow the crypto market cycle again.  and it takes a lot of time.
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