How those crypto courses earn money

sneaky scheming young man
He’ll be happy to have your money

Right after a person finds out about the world of cryptocurrencies and realizes that it opens immense possibilities for acquiring financial independence, he or she obviously want to get more insight into its every aspect. However, the variety of information and its complexity could throw this person into confusion. The ones that don’t want to indulge in self-education will be looking for a simpler way and will certainly stumble upon a plethora of online courses that promise to teach the incompetent students all ins and out of investing or trading in cryptocurrencies. They offer a crash course that will “surely” get you the financial stability or even make you rich in a short period of time.

Well, the very concept of educational courses is viable because a proper course offers systematized knowledge, but most courses, especially those that deal with financial awareness or, in simple words, ways to earn money, often have certain nuances that make them a part of a scheme for draining your pockets.

The very first thing that a judicious person should ask himself is why these “financial gurus” are engaged in education in the first place, instead of being busy making tons of money from laptops somewhere on Hawaii while sipping a cocktail? Besides, the questions about the pricing of these courses (some of them may cost a few thousand dollars) and the necessity for such aggressive (an annoying) advertising should also arise.

The first everyone should remember when making a decision about whether to buy a certain “educational” course in cryptocurrency is that there are no altruistic people in the world of finance. To put it simply, no one is going to teach you how to be a successful crypto investor of crypto trader just because a real financial wizard would never share his secrets because no one wants to breed the competition, no one really wants to teach people how to make money, they just want to make money off the trusting students. That is the harsh truth, but let’s get down to the bottom of things and review all types of courses.

Free courses

Crypto coins on a mousetrap on a keyboardThe most popular forms of free courses are the ones that promise to teach you the fundamentals of crypto investment or show you how to trade on various exchanges (crypto trading courses). Such courses may be organized by certain companies or by industrious traders who are most likely to be employed by the trading companies (brokers) for customer acquisition. Certainly, there is a positive side to such courses which constitutes in the fact that they will teach you the very basics of crypto investing and trading. They could be suitable for those who feel too lazy to do some research and read a few articles about the history of blockchain and cryptocurrencies, the current market situation, the general information about ICOs (what’s their purpose, how they are organized, and how to avoid getting scammed), Bitcoin and major altcoins, and learn the basics of technical analysis and fundamental forecasting. If you don’t feel like devoting a few hours a day to self-learning or you just can’t figure out where to start, then such free courses may be of use.

So, what are the implicit threats of free courses? You should realize that these courses have only one purpose which is to foist the paid courses on you. In essence, the word “free” serves only as bait. The trainer will be giving only the basic information, for example, how to register the electronic wallet, how to make basic transactions, how to deposit funds to crypto exchanges, mining, etc., while covertly and openly promoting the paid course. They are most likely to call it “the additional course” that will give you the most “extensive knowledge of crypto investing”. The system is well-elaborated and, amazingly, there are plenty of people who believe in these marketing stunts and purchase the course instead of making an actual investment in obviously profitable cryptocurrencies.

For example, the average price of the paid course is around $1000 which equals to the price of one Ether at the current exchange rate. The price of this course alone would already have been a sizable investment in a potentially very profitable coin.

Free courses don’t actually earn money, they serve as a gateway to the entire industry of paid crypto education. Instead of trying to walk into that trap, just switch on your critical thinking, spend a few hours reading the article that contains general information and watch videos on YouTube, and you will most likely start getting the hang of things. If you do decide to opt for free courses in crypto investment and trading, make sure to read feedback from other attendees on different independent forums.

Paid courses

teacher-taking-moneyWhen it comes to paid courses, almost all of them are promoted as the ones that will teach you how to distinguish promising ICOs from maleficent schemes, how to find promising newly released altcoins, or the basics of technical analysis for crypto trading. Certainly, this information is useful but its real value doesn’t even compare to the price of the course. In reality, there is nothing complicated about ICOs or altcoins. Basically, all you have to do is read about the technology and the team of developers (the whitepaper usually contains all the necessary information), think about whether or not this technology could be applied in real life, and then just weigh all pros and cons. If the company that launches an ICO has a good reputation, promising technology, and well-written whitepaper with clearly stated mission and goals (and you are sure you can trust that info), then it may be considered as a viable investment option. Otherwise, it’s most probably a scam. These conclusions aren’t that complicated, they just require some degree of critical thinking and you can’t learn that at any paid course. These courses are making money just by selling you common sense.

As for crypto trading and technical analysis, you should know that even professional traders admit that it doesn’t really apply to cryptocurrencies because they are way too volatile and tend to be greatly affected by rumors. People at the courses are making you pay for the knowledge that is largely irrelevant to this area of finance.

There is also a feature of these courses which you may find disturbing. Some of them sell your personal data to companies that are engaged in crypto-related activities. Besides, the trainers may actively persuade you to invest in these companies or deposit funds to certain exchanges or brokers because they have entered the partnership agreement and get a cut from every customer they manage to lure. It is called covert affiliate marketing, the aim of which is not to teach you how to get rich but to beguile you into becoming a part of a certain financial organization.

Is the Above Not True?

If you think different and have encountered a good course, feel free to share it in the comments and explain why you think it matters.

Add a Comment