Cryptocurrency rushes to make up for losses
In light of the economic crisis that Lebanon is going through and the collapse of the national currency, the rush to trade in digital currencies has increased as a means of obtaining (fresh dollars).
There is no doubt that the risks associated with investing in digital currencies are great, as many Lebanese have recently been subjected to fraud, so how can this matter be avoided? Will investment in foreign currencies remain a safe haven for the Lebanese who resort to this world as compensation for the loss of their currency and their purchasing power with the continuous rise in the exchange rate of the dollar?
In this context, Nader Dirani, a cryptocurrency consultant and founder of BuyBitcoinLeb, said in an interview with Al Diyar that lack of knowledge and lack of seeking to learn and increase knowledge about investing in digital currencies is one of the most important reasons for the success of fraud and fraud that occur in Lebanon and the world, in addition to greed.
Since the most famous scam that took place in Lebanon on the Binances Fund website, nothing has happened close to it or equal in size, despite the emergence of some similar sites from time to time that apply the “Ponzi Scheme” process.
Al-Dirani says: We frequently see in our office many victims who are contacted via social media by fraudsters telling them about the large profits they can obtain and sharing with them false witnesses and evidence to show the large sums of money, until the victim sends digital currencies to the fraudster’s wallet with the aim of investment on his behalf.
In response to a question about avoiding scams, Al-Dirani indicated that investment is loss and profit, and a world needs knowledge and talent, staying informed, and the most important thing is to use the right techniques, for example, investing the surplus money “Extra Cash” only and in stages and determining the desired percentage of profit or loss that can be incurred prior to exiting the market.
As for avoiding fraud and fraud, he added, the answer is simple and direct. There is no free money, and there is no person who wants to give you a million dollars, but needs a thousand dollars to pay the costs of shipping the amount.
Anyone who asks you to send them money is a fraud for whatever reason. And money and wealth are achieved through work, knowledge and experience only.
Al-Dirani also stressed the need to legislate and enact a law to regulate the world of digital currencies, which is one of the most important pillars of protecting investors and the public. Providing services related to digital currencies must be through institutions that apply laws that protect the rights and duties of all parties, and then profit and loss become beneficial for the accumulation of experiences.
Regarding the extent to which investing in these currencies is considered a safe haven for the Lebanese, Al-Dirani says: The world of digital currencies is very wide, and trading takes place in it in different forms. Whoever wants to invest and does not know the basics and does not have sufficient experience, the sure answer is that his investment is not safe and will not achieve profits except with absolute luck.
According to Al-Dirani, digital currencies are more than one group. There is Bitcoin, which is “hard money”, the first digital currency in the world, which was programmed by a person under the pseudonym “Satoshi Nakamoto” in 2008 immediately after the global financial crisis and owns approximately 50% of the market value of all currencies. Digital currencies.
And there are “stable currencies” whose value is directly linked to the dollar, the euro or gold, for example “USDT, BUSD, etc.” There are other digital currencies, some of which are related to a project, such as “ETH, BNB, LTC”, and others are just a joke “meme”, such as “SHIBA DOGE”.
Al-Dirani believed that digital currencies in general and Bitcoin in particular are among the most important tools for liberating people from existing capitalist tools such as banks, transfer companies, and insurance companies that can confiscate people’s money or control it and lose its value at any moment, considering that if half of the depositors with banks kept their money years ago in their wallets When the bank robbers were able to confiscate their money and when the economy collapsed, they would have made profits that are dozens of times greater than the benefits they received and did not taste them.