Big debt problems for South African cryptocurrency investors
Bottom line is you treat "investments" in Bitcoin just like any shares investments. Don't invest money that you have borrowed, and don't try make quick profits (don't invest money that you need to use in the short term). And if you can't do this, then don't invest.
Also be careful of what institution you use to invest through. If it is not regulated and requiring FICA documents etc, you could be more easily scammed....
“To my amazement, many of them had been the victims of scams involving cryptocurrencies which promised massive returns,” he said.
“Some of them had gone as far as pawning their vehicles, taking out second bonds on their homes, and borrowing money on credit cards in order to buy cryptocurrencies,” said Roets.
|Big debt problems for South African cryptocurrency investors
Debt Rescue said many South Africans have been driven to the brink of bankruptcy.