A fortune for some, but a loss to others

If so far the use of cryptocurrencies was mostly speculative, associated with the expectation of quick profits or even an image of status and modernity, in recent years and it seems that in the future, these digital coins have been gaining a new role, to protect users’ privacy. As physical money, notes and coins, becomes increasingly scarce, cryptocurrencies emerge as an alternative form of more discreet and decentralized payment, especially useful in contexts where informal payments become more difficult, ”Paulo Monteiro Rosa, economist at Banco Carregosa.

This evolution has been accompanied by the increasingly cross use of digital currencies, already covering different geographies and social classes, with different motivations according to the economic and social context.

It is true that its volatile nature remains one of the main risks. « Strong declines in the shareholders’ markets and the value of various cryptocurrencies have once again confirmed that cryptocurrencies are risky assets, far from replacing the dollar as a time-time in crisis, as the US currency continues to play a fundamental role as liquidity currency in times of instability in financial markets, » says the official.

And nods with advantages and disadvantages, opportunities, risks and challenges. “Among the main ones stands out Bitcoin, the oldest and most known, all others generally referred to as altcoins. Bitcoin has been increasingly used in transactions and as a value reserve, especially in countries with fragile and destructed economies, such as in various regions of Africa and Latin America, where local currencies lose value quickly, delegating the purchasing power of populations, adding that Bitcoin emerges « as a plausible alternative, as much of the population has an internet access, But it does not always fulfill the requirements to open or maintain a bank account.

The truth is that the appearance of Cryptocurrency ATM machines is becoming increasingly common. They are similar to a traditional crowd box, but only allow the use of digital currencies. This means that instead of being connected to your bank account are connected with the user’s digital wallet.

Successful transactions, bad luck and false cases

One of the most famous cases was from Laszlo Hanyecz in 201, which used 10,000 Bitcoin to buy two pizzas – the $ 40 equivalent at the time, but today would correspond to millions. The American programmer has entered history and, since then, May 22 of each year is celebrated in the Cryptian community as ‘The Bitcoin Pizza Day’. And over the years he has not revealed regrets: « It was exciting to be part of the story of something so great. »

Another successful case concerns Cameron and Tyler Winklevoss twins who became known to ‘war’ with Mark Zuckerberg about Facebook creation and were the first multimillionaires to win a Bitcoin fortune.

These are some examples that add cases of anonyms. But there is no shortage of stories in the opposite direction. « It was basically everything we had and money that was side to the house. » The confession was from Raquel January who, together with Miguel Mimoso, form the well -known couple of influencers, Explorersaurus. They invested everything they had in cryptocurrencies and lost everything. It is said to have been about one million euros.

« I realize zero of investments, I blindly trust Michael and one of the things I’ve told you, I don’t know if it’s hurt, but it’s a topic that I know is not yet solved inside me, » lamented Rachel, remembering the case that happened in 2022. « He had said ‘look here, we can lose or we can win’, and what we knew we could miss For the house, and that’s not the one that affects me so much because this one I knew. «It was all we had. I always said I will reform myself at 30. I’m now 29. I’ve been giving 150% of myself, I’m very close to a burnout, because I thought ‘I’m almost out of the way,’ ”he said.

This is one of the risks of cryptocurrencies, especially when so investing money. The Portuguese case is not unique.

Influencer APE, owner of the Apemp5 profile, revolted earlier this year after losing millions with what he says was the Cryptocurrency $ Libra coup, nominated by Argentine president Javier Milei. The influencer, which is dedicated to the purchase of Meme Coins, which are cryptocurrency inspired by memes or internet trends, has invested money. But these virtual coins are usually highly volatile and gain popularity through online influencers and communities. In his X profile, Ape published a video where he says Milei made him lose everything with the cryptocurrency he released.

«I am completely bankrupt! I have nothing! I have to sell my Rolex, I had to sell everything! I was stolen, you all stole me! ”He shouted.

Risking may always not be a good idea and many factors need to be taken when investing in cryptocurrencies.

BURLAS AND COMPLAINS

It is also necessary to pay attention to the fraud. In summer last year, a cryptocurrency pyramid scheme made more than three million injured, 156 in Portugal. The average investment would surround the 120 thousand euros.

Last month, the prosecutor released a document where he warns that they have been very often received in the prosecutor reports of burlas on online platforms that claim to be business intermediaries in the cryptocurrency market.

« These platforms are demonstrations of an organized criminal activity, of large dimension and international nature, » he warns.

The Public Prosecution Service warns that they are active on the Internet multiple pages that advertise investments in cryptocurrencies: “They say they capture investments in these assets and promise great profitability, without any associated financial risk. Many of them are fraudulent pages and do not belong or are managed by any legitimate and authorized financial intermediary, ”it reads in the note.

And it adds that they usually ask those who visit them the name, an email address and a phone number. « From that moment on, they resort to very aggressive methods of approach, through telephone contact. » In this contact, they add, ‘alleged traders, representing these alleged financial platforms, use very insidious methods of persuasion in order to convince victims to transfer monetary amounts to alleged cryptocurrency investments.’

To more easily convince victims, ‘always suggest a first low value investment (in the order of 250 euros). Then, after the victim makes this first investment, they provide you with access codes to a reserved page on the Internet where your alleged account is being managed. In it, the victim is confronted with graphics and paintings from which his supposed investment has valued a lot – and therefore, who has had a great financial gain.

Incidentally, Banco de Portugal has been making alert to remember that cryptors are not true coins, as they have no legal course or comply with the functions of the coin: “No one is required to accept crypto payments, so they are not a widespread means of payment. It is not possible to use cryptors to set prices due to the instability of its value. They are not suitable for preserving wealth or saving as they are not regulated and their value is unstable.