While cryptocurrencies are getting more attention worldwide and a lot of people getting on board every day which is good for the global community. The growth is good in the crypto market but at the same time there has been an increase in the number of scams and Ponzi schemes in the crypto space and certainly, this is not good. Recently in India media has reported a couple of cases in which people are cheated by some of the companies that are selling their token which is worthless. Some companies are operating in the country and they are selling their token by saying that they will be providing a fixed income to whoever is holding their token.
Passive income is one of the best metre to earning crypto market but this is not sustainable because no company can offer a fixed income just by holding their tokens. Multiple companies are offering such products with different names but the mode of operation is almost the same where they have appointed some executives who go on the field to sell the tokens. Even if they pay a certain amount in the beginning but since this is not a sustainable model of business so after sometimes they disappear and people lose their hard-earned money.
The fundamentals are simple we should not buy any crypto token which is not reliable and if any company is selling by saying that they are going to offer a fixed income then for sure it is a scam. In the ideal scenario, we need to buy Bitcoin or any other cryptocurrencies from the market and there should be no third person involved in the transactions. Crypto is also not like a multi-level marketing where people earn money by referring others and due to the lack of knowledge many people get stuck in such Ponzi schemes.
This is why I believe that education in crypto is very important and through this, we can make people aware of the blockchain and cryptocurrencies. The basic information is certainly required for everyone to understand whoever is in crypto or planning to so that how this ecosystem works so at least they do not get trapped in such Ponzi schemes where these scam companies are trying to cheat people by selling their worthless tokens. Being a part of the crypto space we know that it is not difficult to create our token and we can manage it the way we want but the important thing is that the community and with any fake token there would be no community. If there is a community then for sure they are the only people in the company and this is like a setup that has been created to attract more investors so that they can make a good amount of money by cheating them.
Luckily I have never been part of such scams in the past and now I will not be because I know and understand this thing better. Because my journey was started on the blockchain through this wonderful family and by the time I realized that crypto is something that has huge potential so I had enough knowledge and now nobody can scam me just by selling their work fewer tokens by offering something which is not practical. I am glad that I am part of this wonderful community where I have learned a lot and I also try to educate other people around me so that they also keep themselves safe.
It's good that with a hive we need not deal with such things because we know that we can earn a decent income just by holding the hive in our wallet. Also, the passive income that we generate through curation or delegation is automated mostly so no one can play with us. I have completed 4 years on this platform and I am about to complete 20,000 high power in total soon. I anticipate that by the end of this month, I will be able to achieve it, and if not then for sure I will hit it in June month. I can say that whatever tokens I'm holding in my wallet are generating A passive income and there is no requirement for any third person to get it facilitated because everything is executed by the blockchain and technology-driven.
Thank you so much
Stay Safe