Looking at the vast population of 1.3 billion, we can quite confidently say that cryptocurrencies have a long way to go in India. The number of cryptocurrency holders in India is not even 10% of the entire population. This itself speaks volume about how serious Indians are about cryptocurrency. For most of the holders, it is nothing but a betting scheme. The moment they read some news or article talking about any particular token or cryptocurrency, they start pouring their money into that token. They don’t even think of researching a bit about the past, present and future of that token. They are easily duped by sponsored articles/news written in favour of a particular token.
Not only this, we have seen in recent times how big celebrities have misused their fame and lured people into buying many tokens and NFTs which were irrelevant. These big ticket celebrities take the lion’s share and the moment that token vanishes from the market, they don’t even consider apologising to their followers. In fact, there are incidents when such celebrities have sponsored such tokens/NFTs on more than one occasion. Out of fandom, innocent holders trust everything their favourite celebrity has to say about a token/NFT. What’s unfortunate is that it doesn’t seem to stop; such scams continue to happen one after the other.
We at CryptoShrypto would like our readers to do their research before putting their hard-earned money into such tokens. You need to take into consideration the time period, relevance and solution that a particular token has to offer rather than being lured by the short-term returns that a token seems to be offering. To conclude, I would like to say that not every token or NFT is a scam. There are a lot of trustworthy tokens/NFTs that you can put your money into which have stood the test of time.
