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From wallets to blockchain, miners, exchanges, and missing funds, the cryptocurrency industry is beginning to look like an organized crime ring. I am hesitant every time I initiate a transaction because about 75% of the time, I lose money. I don’t purchase cryptocurrency unless I absolutely have to for the sake of making a payment. I also notice a common lack of genuine customer support among these companies. When the mention of loss of funds is brought to their attention, they manage to divert the blame on you, phishing, or other hacking. But they are not accountable and I am 100% convinced they are stealing our funds. Coindesk just published a post about the Rise of Complaints Against Cryptocurrency Exchanges. Coinbase topped the list.
How I Use Cryptocurrency
I have become so deterred and mistrustful of the industry that I don’t invest in cryptocurrency or allow it to linger in wallets or exchanges. I’ve lost count of how many times cryptocurrency has been stolen from me by various big name “trusted” exchanges and by wallet companies when I have left the currency sit in their custody. The industry is riddled with scandal. If the plan was to switch from regular currency to cryptocurrency, either the driving force is too greedy to control itself or just plain arrogant. Perhaps it’s more mockery by the government. People will only be taken advantage of so many times before they turn their backs on such endeavors as investing in cryptocurrency.
Reviews: Most Cryptocurrency Companies Have Horrible Reviews
Relying on paid reviews on cryptocurrency websites is inaccurate. If you check on Trustpilot and other review websites that aren’t connected to the industry, most of the exchanges and wallets have bad ratings; and most of the negative reviews describe theft of the customer’s funds by the company.
I’ve been pulling together lists of wallets, exchanges, trading firms, etc., and the majority of these companies have negative reviews that consist of devastating financial loss. These losses aren’t just hundreds of dollars but tens of thousands of dollars worth of cryptocurrency. Even if I were wealthy enough to drop that kind of money into cryptocurrency, I couldn’t see myself doing it.
Dishonest and crooked financial advisors are slick and skilled at persuading people where to store their money, assuring them a very nice return on their investment. As the saying goes, “When it sounds too good to be true, it usually is.”
Many of the Wallets Touted as Being Safe are Anything But...
Wallet companies are just as bad. LEDGER is put on a pedestal, assuring consumers that their cryptocurrency is secure and often people believe it is secure, not only because it is a hardware device but they assume that if it costs so much, it must be valuable in keeping your funds secure. This couldn't be further from the truth. Take a look at the Ledger reviews on TrustPilot. Even with having been swindled by so many exchanges, I was shocked to see this. The reviews for other hardware devices that cost money are about the same. Decrypt published an article on April 8, 2021, Crypto Wallet Maker Ledger Faces Lawsuit Over Data Breach 'Cover Up'.
Play it Safe When Dealing With Cryptocurrency Companies
My outlook on earning cryptocurrency is to sell it as quickly as possible. The market is too unpredictable and crooked to rely on for day to day transactions. When you hear these investment “experts” advise you to keep your cryptocurrency stored when the market is plummeting, think twice and follow your intuition. There may be more to their agenda than you realize.
Do Your Research on Cryptocurrency Companies Before Taking Any Risks
Reviews that you see on cryptocurrency websites are unreliable. They are being compensated for the reviews. Companies are known to add paid reviews. Refer to review websites that are not connected to the cryptocurrency industry. TrustPilot has helped me see the common practices discussed earlier in this post; customers losing money, high fees, and transactions that don’t go through but don’t make it back to the sender either. This can often be a scam by the receiver when they deny receiving funds but there are also a lot of crooked miners, along with the wallet companies, exchanges, trading companies, and financial advisors.
Conclusion
There are a multitude of lawsuits increasing. All you have to do is search "cryptocurrency lawsuits" in your browser. What corporations in this industry are doing to people is appalling. There are elders who have invested their life savings into this cesspool only to be swindled. They have worked their entire life to ensure that they are taken care of only to be left in despair. This rising frequency of fraud and theft leads me to believe that the cryptocurrency industry was never about privacy, but quite the opposite. Acquiring and using standard currency is more private than cryptocurrency. Banks do not require the invasion of privacy that many of the exchanges require. Over and out! Stay safe and practice discernment.
