People may be involved in cryptocurrencies across all the opportunities it offers. Some people use cryptocurrency as a way of making money, while others want a safe and reliable way to store their wealth; profits are a secondary benefit of using cryptocurrency. For the group of people who want to make cryptocurrency to be one of their main sources of income, there are groups of people that exist and are causing challenges or hindrances to their ability to make money. Some of the groups have huge impacts on the field and the value of cryptocurrency in the market. The most common of this bodies are:
Crypto Shill.
There are many types of cryptocurrency investors. Some investors are focused on their work and their life. At the same time, there are others who want everybody to know about the investment they just made and push others to make the same investment. Crypto shills are people who take it to social media and other platforms to talk about the investment they made before they are sure they will earn from their investment. These people can be very misleading, considering that most crypto shills do not know the technology behind their investment. In most cases, these are people who want to show off that they are good at investing in cryptocurrency.
The funny thing about crypto shills is their reaction when people want technical details about their investment. In most cases where people have had a running with a crypto shill, they get verbally abusive and harass the potential investor, telling them they are beginners and should do as the crypto shill did without questions.The best thing to avoid such issues with crypto shills is to hear them out and do your own research before investing in the same thing since most of the information they offer is biased.
Moon Boys.
Crypto shills are people who talk too much about their investment, but moon boys are the opposite of crypto shills. Moon boys can be referred to as the category of people who do not have the power to know the best investment to make. Moon boys are people who nag other traders for information on the best trade to make and do not do their own research. In most cases, moon boys make the best crypto shill. After they know the best crypto project to invest in, they go around announcing how their investment is a good opportunity for the rest without knowing details why this is the reason. At the same time, moon boys are the best listeners to crypto shills as they seek cryptocurrency investment opportunities without doing their due diligence.
Moon boys have the potential to affect the crypto market negatively. Moon boys are the main reason why cryptocurrency value is so vulnerable, and the value changes in the short term. Some of the reasons why this is the case are because they sell crypto. Every time a token gains value and sells immediately, it starts losing value. The other thing they do that affects cryptocurrency value is leverage trading. This is where they use borrowed tokens to trade. When they lose, the borrowed money gets burnt.
Crypto Influencers
The third group of people who might have either a good or bad effect on cryptocurrency is influencers involved in cryptocurrency. Influencers are famous people or people who have created a following from people who want to see what they do. Influencers might be paid by organizations who want to reach the influencers’ followers. This might be both good and bad, depending on what services the organizations are offering to the public. The influencer might be paid to market good and positively impactful cryptocurrency services such as a new trading platform or any other good investment opportunity. The influencer might be marketing a product developed by scammers who want to harm cryptocurrency investors. Since the influencers are not financial advisers, they should make sure to indicate that on their posts to help avoid any problem that may occur as their followers invest in the things they market.
Scammers
Scammers have caused a lot of problems for many cryptocurrency investors in the world. Scammers are people whose main goal is to steal money from people, cryptocurrency in this particular scenario. There are many types of cryptocurrency scammers, but the most recent reports have been on impersonation scams affecting many investors across the globe. The best example of an impersonation scammer happened earlier this year, the day the Grimace coin was launched. After the announcement that the grimace coin was being launched, many cryptocurrency investors wanted to buy the coin. Due to the high demand for Grimace coin, some scammers plotted to develop their own version of the Grimace coin and sell it to unsuspecting investors. Before the Grimace coin was launched, over five versions of different Grimace coins were on the market, and people spent thousands of dollars on fake Grimace coins. Apart from impersonating crypto tokens, some scammers have impersonated entire cryptocurrency projects and made millions from investors. If first-time investors suffer from such practices, they might develop fear against cryptocurrency and turn into anti-crypto people.
Anti-crypto People and Organizations
The other group of people who can affect cryptocurrency users is anti-crypto supporters. These are people who do not believe in cryptocurrency and spend most of their time and effort speaking against cryptocurrency in one way or the other. It is common to see articles and shows in the media of these people going public and stating why cryptocurrency will fail. Although some of the reasons they give as to why cryptocurrency will gain have been criticized and proven wrong by cryptocurrency experts, many have not given up and still cause challenges for users. There are private organizations developed and funded to act against cryptocurrency. These organizations are helping develop policies and actions that will cause more challenges for cryptocurrency users. They develop unreasonable regulations with the aim of causing problems in a market they do not want to be involved in the first place. The best thing to do is fund cryptocurrency organizations out there, helping to increase cryptocurrency adoption and just regulation in the world.
