When Paul Davidson heard that one Bitcoin was selling at a whopping $9000 per coin back in fourth quarter 2017 he wanted to invest so bad because he heard it has the potential to reach $100 000 per coin in the near future.
Due to lack of knowledge and poor research, Paul did not know that Bitcoin was not actually a coin so when he visited an online cryptocurrency forum for help on how to buy the coins, a scammer offering to mail them to him and he can only make the cash payment when he received the coins.
The scammer asked Paul how many coins he wanted and he said a hundred USD worth of it. When Paul received the coins in a nice box the scammer called a hard wallet AKA cold storage Paul was thrilled and paid the scammer via a PayPal account that no longer exists.
“I thought I was going to be a billionaire because by the end of 2017 my Bitcoins had doubled my investment and I was not going to cash out until one Bitcoin hit $100 000. I was living in a fantasy because, in reality, I was not even Hodling any Bitcoin. At least I thought I was until my nephew asked me if I know anything about Bitcoin and I wanted to show off my hoard to the little man”
When Paul’s nephew told him he was scammed and that Bitcoin is not a physical thing Paul did not believe him until more than 10 people explain to him all about Bitcoin. It was too late for Paul to get his money back and he was hospitalized for two weeks.
“My nephew said I should accept my loss and reinvest in crypto again and now I am a proud owner of 2.5 Bitcoins and I am waiting for them to reach $100k per coin.