Cryptocurrencies Are Causing Many Individuals Financial Problems
Due to the unfortunate downfall of cryptocurrency, many individuals are seeking financial help, after investing thousands of Rands into this promising investment, money-making trend. Even though many people experienced a lot of success with Bitcoin, Ethereum, Ripple and many other coins, a lot of people suffered because they didn’t know what they were getting themselves into, to begin with.
These individuals have either invested in the wrong coins or didn’t know anything about reading algorithms, which lead to them losing everything. Some individuals also invested in the wrong coins, such as Bit connect, which turned out to be a scam, costing many people a lot of money worldwide, including a lot of residents in South Africa. Some have even had to declare bankruptcy because of it.
Cryptocurrency: A shocking reveal amongst debt counselors
When the first individuals started applying for debt counseling, many debt counselors were left in shock, because they hadn’t experienced such extensive debt problems from so many individuals all at once, ever before.
These individuals were referred to as cryptocurrency victims and were all caught in “get-rich-quick” schemes, which lead to their downfall very quickly.
Some individuals have even pawned their vehicles to add to the amounts they were outing into cryptocurrency, with the hope that they would wake up a millionaire the next day, which left them without a single penny,
It was, however the big losses endured by those who invested in cryptocurrencies, that learned a lot of lessons, which at the end of the day, was thought to be necessary.
Perhaps it placed a lot of people in financial ruin, and it left some individuals paying off their debt anywhere between months to years. In fact, some are still paying off their debt.
Another major problem with cryptocurrency is its accessibility. You can access it from anywhere, on nearly any digital device, and without still having to log onto the internet, you can now even access it from your phone, via the Luno application, which is just one example.
It is estimated that South Africa has R1,71 trillion in debt. With the entire initiative that cryptocurrency is falling, there might be some home to recover the somewhat-trillion number. There are a lot of people that need help, especially after investing in cryptocurrency.