The Experience

It's a Friday evening ,you just arrived home from work,worn-out to the core from the week's activities.You decided to go clubbing with your friends since you're nothing close to sleepy and tomorrow is a Saturday.After downing several bottles with your pals at the club you get reminded that it was your turn to pay the bills.Half-heartedly you give your card to the waiter. You head home wasted and feeling useless,to clear your mind,you decide to watch TV.First thing on your screen is a journalist talking about a cryptocurrency which is not only making the headlines but making people rich. You're skeptical so you look up their website and after watching a few explanatory videos you begin to give it a thought.On their website you see the currency rising like vapor from boiling water.You get back to your TV and it shows a video of a conference in which the founder of the cryprocurrency gives a speech,being an Oxford graduate and a multiple degree holder with the 'Dr' title, she sounded so optimistic she could convince a giraffe to buy those coins.Now there seems to be no room for doubt but still you don't budge.After a couple of days you receive a call from a friend telling you how he made over $30,000 after investing just a few hundred dollars. You consider it as a sign and you invest over half your savings without batting an eye. In less than a week the $ 8,000 you invested is now $ 87,000.Life is good. You start planning vacations and feeling accomplished.Everything is going smoothly,you're only waiting for the set date on which you will be able to exchange your coins for real money.You look forward to the day with hopeful expectation.You can't wait to go on that much needed vacation.The day finally comes and you're bursting with euphoria, but everything takes a 180° turn as the date ends up getting post-poned.You barely have any patience left but you become optimistic at the thought of your now $126,000 sitting in your "cryotowallet".On the D-day however the date gets postponed yet again.You start having dark thoughts of doubt but you see a glimmer of hope when the founder organises a conference to explain the situation.The scheduled date for the conference arrives and she doesn't show up. All attempts to reach her proved futile and reports from the FBI say she last landed at Athens after which she completely went off the radar. She didn't go alone though,your money kept her company.You've been scammed!

For you this may be fiction but it was the real experience of a man who fell victim to the One coin Scam. Many other millions have similar stories and I'm here to ensure you don't go through that experience.

So... How Do You Spot A Fake Cryptocurrency ?I'll point out a few loopholes in them to help you spot one with ease.

Red flag 1:Too Good To Be True

You've probably heard it countess times but it's too relevant to be neglected.As with every other scam,one very common characteristic of fake cryptocurrencies is that they make unrealistically great promises.At Onecoin conferences the founder made very audacious and near impossible promises.She vowed to dethrone bitcoin in less than 2 years,she vowed to make investors rich in a matter days.There is this old and rapidly dying scam in which the scammer contacts you, promising to pay you $600 in less than 30 minutes if you make a payment of $ 100.To good to be true,yeah,it runs through them all.

Red Flag 2-It Rises Only In Value

Come on, a cryptocurrencies that only rise in value ?Among all the red flags that I will be mentioning today, this is the redest of them all.Scammers like to keep you in that state of euphoria achieved from seeing your money tripling and doubling. And you eagerly invest more of your money to see it rise in value and reward you with that same pleasurable feeling of euphoria. But that is all you'd ever get, a good feeling of euphoria and probably a 'millionaire status' if you were even more benevolent to the scammers. There is no cryptocurrency that does not fall in value none at all ;even the sun rises and set,it doesn’t hang high all day; this was one of the strategies used by one coin to cash in on all that money from the 'cheerful givers'

Red Flag 3-Withdrawal Is Impossible

Any cryptocurrency which makes it impossible to withdraw your funds is a .......well you can take your chance, but if you read my introduction you very well know how that ends :it ends in tears.If you cannot withdraw that fat check of 2million you made after investing in that new cryptocurrency you might as well call yourself a virtual millionaire I don’t know about you but if I wanna be a virtual millionaire I would photoshop my account and add a few zeros rather than buying that status from that 'concerned and promising scammer'. I will entreat all of you investors to do thorough background research before investing a cent into any cryptocurrency because as sunshine and rain continue to exist, so will scammers.