Business

Bitcoin Price: Cryptocurrency Scams Steal Australians from $ 328 Million

Bitcoin is skyrocketing again, with thousands of Australians investing in the hope of making a fortune, but this one factor has cost them more than $ 328 million.

Bitcoin is everywhere if you are paying attention. It’s flooded with news, television, and our social feeds.

And why not? Bitcoin is widely regarded as the king of cryptocurrencies and accounts for about half of the market capitalization of all cryptocurrencies available worldwide.

The fact that few people really understand how Bitcoin works and what drives its value means that it is ripe for scammers and scammers.

In 2020, Bitcoin investment fraud caused a spectacular loss of $ 328 million for Australians alone. This is the only scam we know of.

Despite the fact that almost one in five Australians owns some kind of cryptocurrency, there is no formal regulation of cryptocurrencies in Australia, so it is important to investigate before committing. ..

“Anyone can accept Bitcoin payments from anyone, anytime, anywhere in the world. This offers great opportunities for investors, but it is also a fertile land for fraudsters. Means, “said Adrian Prezlozny, CEO of. Independent reserve, One of Australia’s largest cryptocurrency exchanges.

“Like any other financial product, spending time protecting yourself and your investment costs money. The best way to do this is to know what to avoid and who to trust. That is.

“The most important thing to remember is that just because Bitcoin is a digital currency doesn’t mean you’ll get rich right away. There’s no such thing as free money-the offer is true. If it sounds too good for you, it’s generally the case, “he says.

How to Find Bitcoin Scams

There are many types of cryptocurrency scams – what to watch out for and what to avoid.

•• Ponzi scheme or rat lecture: They often sound attractive because they promise regular rewards for your investment. You may be told that money is generated by Bitcoin trading activities, but in reality there is no real investment.

•• Bitcoin flipping: It usually includes the claim that paying the initial initial cost to exchange Bitcoin for money doubles the money overnight. If it sounds too good to be true, it is.

•• Offshore broker / investment site: Cryptocurrency is an unstable asset. Companies that promise big returns with small, low-risk deposits are lying. It’s very easy.

•• Large account release: After the initial investment, fraudulent sites may display large balances that are missing due to “investment” or “transaction” of deposits. Then they give you a reason to deposit more money before you “release” your money.

•• Anydesk: The broker or advisor who asks you to install screen sharing software, especially AnyDesk, is arguably a scammer. Real companies don’t have to look at their desktop screens. Obtaining account information is usually a trick.

•• Blockchain scam: Don’t trust anyone who claims to have “found” a large number of cryptocurrencies belonging to you on the blockchain. They usually require a “release fee” to withdraw your funds, but you can guarantee that they will escape with your cash.

•• Recovery service: Cryptocurrency transfers are irreversible. Recovery services that require money in advance are almost certainly fraudulent and should be avoided.

Protect yourself and your investment

“The best way to protect yourself and your investment is to choose a reliable and established online trading platform,” says Adrian.

“Reputable exchanges should be able to easily answer your questions about how they manage your transactions and store your Bitcoins. Security, data integrity, It’s important to ask questions about cold storage, fees, consumer protection, available coins, and more.

“Cryptographic exchange, which is trusted by many customers and has a proven track record of proper checking and balance, is your safest bet,” he says.

Initially published as follows Big Bitcoin Scam Australians Fall Over And Over Again

Bitcoin Price: Cryptocurrency Scams Steal Australians from $ 328 Million

Source link Bitcoin Price: Cryptocurrency Scams Steal Australians from $ 328 Million

Related Articles

Back to top button