The Rise of Bitcoin Scam in Cameroon (Africa)
So lately, I have been having sessions with my clients who are subscribed to my business & personal productivity Coaching services showing the trends of crypto currencies especially bitcoins.
The discussion has been circulating around how they can use crypto currencies especially bitcoin as a store of value and or as a functional business tool. The legitimacy and how not to lose money into fake platforms that will start rising or are already on the rise.
Truth is crypto currencies will disrupt a lot of things in almost every industry and at this early stage, a lot of people are also confused and this is the stage where smart guys (in a negative way) will create platforms (scams) that are not sustainable (rich quick schemes) to make money from the confused and the greedy ones.
Fake Network marketing Companies around crypto currencies will also be on the rise in the next couple of months and even few years. Crypto currencies will raise a lot of millionaires as well as will get many middle and low income earners into poverty because they will be scammed off their life savings.
In many countries, including Cameroon Cryptocurrencies are unregulated which means they fall outside the remit of the Financial Conduct Authority (FCA). It means that if people end up losing money through cryptocurrency, there’s not much they can do to get their money back.
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Basic Signs of Bitcoin Scams
- You’re pressurized into making a decision with no time to consider the investment
- You’re offered a high return on your investment with apparently little or no risk. Like they promising 100% returns
- You’re told the investment opportunity is exclusive to you and not to tell anyone.
Crypto currencies scammers are difficult to catch and money lost on crypto currencies like #bitcoin scams can be difficult to recover, especially when offenders operate outside of Cameroon and all contact has been online.
Don’t increase your chances of losing money and growing poorer. My strong advice before you put #money into anything always talk to someone who has more experience, exposure and knowledge. Don’t be afraid to pay little consultation fee and go lose hundreds of thousands and even millions. You will only cry ultra booster premium tears you one 😀.
Business Speaker, Trainer, Consultant