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Home»Crypto»What is Get-Rich-Quick Scam & How to Avoid It?
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What is Get-Rich-Quick Scam & How to Avoid It?

Crypto ShoreBy Crypto ShoreNovember 20, 2022Updated:November 20, 2022No Comments3 Mins Read
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What are Get-Rich-Quick Schemes?

Before explaining how the scams are done over Get-Rich-Quick, let’s look at the term “Get-Rich-Quick”. Get-Rich-Quick Schemes provide easy money within a short period of time while spending the least amount of money. However, there are usually some catches in those kinds of projects. Usually, people who are organizing these kinds of projects as if it has a bright future ahead will tell you things that you want to hear. Such as, “the coin/token will make 10x to 50x within a month or maybe in days.” When one takes a look into this, they might think it looks very good, and they think they will make money out of it, but that’s not what usually happens. Most of the time, the things that look too good typically do not end well for the investor/consumer. Get-Rich-Quick Schemes do not need any skill or attribute even time, all you have to do is invest little. But when a lot of people invest little, it sums up to a significant amount of money for the creator of a coin/token, and if the project is shady you will make the creator rich.

How are Get-Rich-Quick Scams done?

Usually, the project offers you 10x or more gain from the coin/token as soon as it is released. But, unfortunately, in the crypto-verse, we can see a lot of coins getting dumped/delisted from the first day they are released, some of which are Get-Rich-Quick scams that people fall into. Couple of days ago, a Get-Rich-Quick scam was revealed by the audience of IShowSpeed, he is a popular streamer and was tricked into promoting one of those Get-Rich-Quick scams called Paradox Metaverse, they are an example of these kinds of scams. They promised at least 10x right after the launch, but it did not happen, and some people lost money.

How can you avoid Get-Rich-Quick Scams?

Before investing in a project, there are things that you must be careful about; let’s list four rules for this.

  1. Take a look at the structure of the project.
  2. Check when it was or will be launched.
  3. Be suspicious if it sounds too utopic or too good to be true.
  4. Be always Suspicious!

Never fully trust a project right after you see it. If they usually start by saying it will make 10-50x in a day, avoid that project asap because that is most likely a scam. Try to consider projects with good & not too utopic ideas, and always keep in mind that earning money fast does not end well for most people, try to consider top coins/tokens in crypto markets. Never expect fast money too easily but be bothered with the time you are going to spend in the project you believe in. If you find the right project, you will eventually earn money.

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