Promoting Cryptocurrency in a Wrong Way.
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Social media is a great tool to promote the crypto market to the public, but in the Philippines, people promote crypto the wrong way. I browsed video content on TikTok when I came across someone encouraging people to invest in bitcoin and other altcoins. It prompted me to see other videos related to cryptocurrencies. I am delighted that over TikTok, there is a lot of Filipino content about the crypto market. I fell off with some content because it promotes a quick scheme to riches from bitcoin.
Most video content backed claims that he or she earns this amount over a few weeks. I think nothing wrong with promoting how much you gained from the crypto market, but we need to emphasize how much risk there is. The problem of failing to tell the risk is disastrous to new Filipino investors. It gives Filipino a false sense of earning too much without losing. As I go over some TikTok videos, I saw content creators, who are new to crypto investing, posting their earnings and tried to convince others to invest.
Some content creators showcase what assets they bought using their crypto earnings. It is a good marketing strategy because it gives people a sense of success, but it is disastrous for a new investor. These videos gain a lot of views, likes, and comments. Most comments are asking on how to start investing in bitcoin.
I believe we can earn from the crypto market, but we need to be well-informed about the risk and rewards of investing in cryptocurrency. We invest in what we can afford to lose, similar to the traditional financial market like stocks and forex. Cryptocurrencies are too volatile that anytime you can lose a lot of money.
In the Philippines, some people promote cryptocurrency as a network marketing business. It causes Filipino to lose money because some are a fraud. Cryptocurrency earned a bad reputation due to these fraudulent activities. It is also the reason why a lot of Filipinos are hesitant to try investing in crypto.
I appreciate some content creator who emphasizes the risk of investing in the crypto market. It allows Filipino to evaluate how much money they can invest given the set of risks. A better way to promote the crypto market is to explain the risk and rewards of investing.
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It is like as if they want to show that if I can do it then you can too.
Understanding risk vs reward is important I agree. Nothing is really risk free.
It is a good thing to show to people what crypto can bring to them financial. I think some creators want us viewers to emulate them. I do hope more content in the social media discussing risk and rewards about crypto, especially with the Filipino crypto vloggers.