Beware of those Bitcoin scams in 2019
It is apparent that technology is taking over various aspects of our lives. From everyday tasks such as cooking and shopping to an assortment of extracurricular activities, new tech is everywhere.
One of the major technological developments in recent years was the appearance of cryptocurrencies and their integration in our society. There are dozens, if not hundreds, of different cryptocurrencies, but the most popular of all is Bitcoin.
By the end of 2018, there were at least 7.1 million active Bitcoin accounts, with over 32 million Bitcoin wallets set up around the globe.
With that many people turning to cryptocurrencies to perform basic tasks, companies, and businesses around the globe had to adjust to the new state of things. Nowadays, there are platforms like the bitcoin system app facilitating bitcoin trading, online stores, and brick-and-mortar establishments that accept Bitcoin, even in Exeter.
You can always buy bitcoin with Neteller to shop online or enjoy various sources of entertainment - a big plus when you think about it. However, with the great things come the bad, which in this case represent the potential Bitcoin scams.
There are always people that try to take advantage of others, especially when it comes to technology not many understand completely. So if you plan on using Bitcoin, you need to learn what this cryptocurrency is all about and what kind of scams you can avoid.
Once you do that, you will be able to use this advanced technology without worrying too much!
What You Need to Know About Bitcoin and Cryptocurrencies
Before you can properly use Bitcoin as a payment method, you should figure out how it works to avoid misunderstandings and confusion.
Cryptocurrency tech is designed to allow you to transfer money without going through a third-party representative such as a bank.
Every money transaction is logged onto a digital ledger, which serves to keep the integrity of the process. The ledger is public, which means that everyone has access to it and it reduces the chances of fraud and dishonesty.
To use Bitcoin, you need to create a personal wallet and purchase Bitcoin by using your credit card or wire transfers. Once you do that, you can use the cryptocurrency on various platforms, by following the instruction at every website or online store.
Scams You Should be Aware of
Now you know how Bitcoin works and how to use it, you should learn what kind of related scams await you out there so you will be able to watch out for them.
In the past few months, dozens of people around Australia and the US got an email claiming that hackers got hold of their private information and some compromising photos. The email states that the recipient has to pay $7,000 via Bitcoin within 36 hours, or else…!
Those emails seem to spread like fire, and it shouldn’t be long before they hit the UK as well. However, you shouldn't start worrying just yet. Even though the scam looks real enough, thousands of people around the globe got the same email, and there is nothing behind the threats.
Apart from the most recent email scare, there are also various scams you might encounter on social media. In the past few years, Facebook ads promised a big payout if you invest a small sum into buying cryptocurrencies from shady companies. Those were not real ads, but they managed to slip through the filtering algorithms nonetheless.
To avoid potential risk, make sure that you buy Bitcoin from trusted sources, and don’t fall for vague promises of grand fortune.
In Conclusion
Nowadays, you can use Bitcoin to purchase items online and even pay for service at various locations around Exeter. When you use this cryptocurrency as a payment method pay attention to potential scams.
There is no such thing as being too careful!
