Use Caution When Dealing With Unknown Cryptocurrency Services

The Blockchain and Web3 space is exciting to be a part of. Cryptocurrency has made millionaires and even billionaires. With that excitement comes the negative players as well. As long as there is an opportunity, there will always be certain players who try to beat the system and take advantage of others. With each technical revolution that has evolved, scammers have always had a platform and an opportunity.

Over the past couple years, I have researched and tried many new services in the Cryptocurrency space. Over that time, I have gathered a lot of knowledge that I plan on sharing with my audience. Many have been amazing, and outside of the normal learning curve for each technology or service, they have produced well for me. Others however have been lessons learned that I will definitely share to encourage you to use caution.

One such service, I tested a few months ago, and I am certainly glad that I listened to my own intuition, and proceeded with caution. I began looking for cloud based bitcoin mining services and found one called SmartHashes. When I visited the website, it looked like exactly what I was looking for. They had different level payment packages, as well as several lengths of time to choose from, with estimates of how much I would earn for each. I calculated how much I would earn in 30 days, and then planned to take what I earned and reinvest into a larger plan. 

Before I jumped in, I thought about it and decide that since I did not know much about SmartHashes, I would start with their lowest package and only invest $11 in Bitcoin, then see how the first month turned out. I sent them $11 in Bitcoin and began the service. Each day, I would log in and see how the mining was going, and for the first three weeks, it appeared that their estimate for my earnings from mining were accurate. I was planning that at the end of the month, I would definitely reinvest the Bitcoin into a larger package for the next month, and continue building for at least a year.

That was until about the 28th day, when all of a sudden I could no longer access the website. Faster than I signed up and mined on their cloud service (If that was even what they were doing on their end), the service was gone, and the website was no longer accessible. 

For me this was not much of a loss. $11 in Bitcoin can be overcome and easily looked at as a paid learning experience on the journey of gaining as much knowledge as I can in the space. This however would have been a much bigger deal for me, and was most likely for others that invested hundreds, even thousands of dollars worth of Bitcoin, only to have it disappear as fast as the website being shut down. 

There are some people that jump into new spaces like Cryptocurrency and go all in, sometimes even putting up life savings in the hopes to gain fast wealth. Though this space is exciting and it can be tempting to go all in, be sure to use caution and don't risk more than you can afford to lose. 

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