Beware of being a victim in the world of fraud

Since Bitcoin was launched and the opening of a new market, the cryptocurrency market, many stories have appeared about the lives of people who, in a short period, have turned into rich.

By virtue of the cryptocurrency's anonymity in transactions and camouflaging the identity of its owners, it made it a destination for fraudsters who exploited successful stories and riches of some individuals, taking them as a trap that hunted and preyed on the beginners category, especially since government regulations and laws are still not in effect in many different regions.

Mr. Ashish Agarwal, founder of Bitbuddy, a startup in the Bitcoin market, stated:

Governments themselves have a lot of complexity in regulating Bitcoin but they can regulate trading platforms and other cryptocurrency providers.

Regarding bitcoin scams, one should always stay away from any kind of profitable scheme.

Before giving any money to a website or mobile app, get to know the company and the founders beforehand, prepare for them and verify their identity.

Mr. Agarwal added:

Never fall victim to profitable mining schemes, as many of them are fraudulent.

There are more than 5000 digital currencies around the world, 99% of them are scams, and these currencies are still hunting their victims because people say that bitcoin is too expensive. Let's invest in some cheap digital currencies.

Fake Bitcoin Trading Platforms Pose a Real Threat!

In 2017, there was a trading platform in South Korea operating under the name “BitKRK” that while it appeared legitimate and presented itself as part of the cryptocurrency trading community, it deceived investors and buyers by millions of dollars before it was intercepted by the South Korean financial authorities.

There are several stories similar to this platform, and therefore trading platforms that are submerged or that have negative feedback from their users should be avoided, and to find out about this, you can visit forums and sites where users present their experiences with trading platforms.

Posted Using LeoFinance ^Beta