Steemit cryptoacademy|Season 3 week 6|Cryptoscam and how to avoid them by @yohan2on
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1 Crypto scams
Cryptocurrencies like Bitcoin, Ethereum zuga and many others are a hot value in online trading, and it is very possible for a good investor to make a hige gain. But the potential of getting rich quick can make reckless investors to risks and enable curvature to lure them into being a victim of scams.
Because cryptocurrency has turn to what is profitable now, so this is why scammers keeps attacking so as to gain money that they believe is the more easy way to make money
Scam is a word used to explain any dishonest activity that happens mostly goods from a person that didn't know. With so many technologies and internets, scams activities keeps increasing. It is hard to put end to scams since money can't be stop from circulation. It is better to be vigilant while dealing with all that concerns online especially cryptocurrency
Scam is where investors are tricked and attacked by criminals, by swindle them to believe that what they introduce to them is a way they can get rich quick. Like example that professor @yohan2on gave to us, scammers do create an exchange to take the investors' money, which can't be withdrawn by the investors after they invest.
Cryptocurrency scam has affected so many people, they have lost all their money to the scammers online and it has lead them to broke.
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Social media scam
Social media have powerful force in common society. It's rise has distance from cryptocurrency increased seen in the media. And it is not a surprise that the hackers are making use of social media's reach to target cryptocurrency holders. They have keep creating fake social media accounts to invite crytocurrency from followers or directly hacking popular social media accounts.
An instance of this happened in July 2020 when Twitter accounts that belong to famous people and companies were hacked. Some of the compromised accounts belonged to Floyd Mayweather, Elon Musk and Bill Gates, Warren Buffett, boxer, and companies like Apple and Uber.
Imposter websites
You may find yourself following a solid end from someone with a lot of knowledge they but still become a victim if scam by mistakenly visiting a false website. There are numbers of sites that have been make to look like the original, valid companies. If you find a small lock icon (look like padlock) that indicate that there is security near the URL bar and there is no "https" in the site address, be vigilant
Even if the site looks just like to the one you think you're visiting, you may be directed to another site for payment. If you click on a website link that looks like a legitimate site, but attackers have made a fake URL with figure 0 in it instead of a letter O. That site is not taking you to the cryptocurrency investment that you made researched on. Just don't go on doing anything anymore, exist the site!
Fake Application
Another way criminals trick investors is through fake noble applications, and it's usually available for download at stores, either Google Play Store or Apple App Store or any other Phone maker store. Custodians can at times find out these fake apps and get them removed, but it does not mean that the applications didn't have impact in bottom lines. Many people have already downloaded fraudulent applications
This is dangerous for Android users, because that's where it is easy to develop an apllication. All investor should be vigilant, they should note if there are misspellings that are obvious in the copy or even in the name of the applications. They should note if the branding look is authentic or not, be vigilant of the strange color before downloading or using
Scam emails
Be careful of some emails, even if it looks just like an email you received from the legit crypto company, make more research before you invest your asset in it. If the email is exactly the same, check if the logo and brand look the same. Check if that the email address is connected to the company in a legit way. If doubt an email, try and contact anyone that works there. And try not to click on any link in the mail you doubt.
There are so many ways that some Internet users use unsecure systems to mine or thief cryptocurrency. Try and stay safe and protect yourself before you start paying your money in cryptocurrency
Social engineering
Some hackers use human behavior influence and trick to gain the control of necessary information that relate to user accounts. Good example is Phishing, it commonly use social engineering scam; hackers would send an emails that links to their targets to a fraud website they have created specially to woo important details they need
Make your research on any Cryptocurrency scam.
There is a website I find any site that relates with cryptocurrency and it's called cryptochain university. In this site, fake websites are listed there, what you just need to do is just try and search and check if you find any new website that relates with cryptocurrency. In this site you would find numbers of cryptocurrency investment websites that happens to be fake. I took my time to read what many of them offer and it's all the same and some people would have been a victim of scams through those sites
I will use weku.io as an example. That site came as duplicate of steemit, no changes, just like hive.blog and steemit.com but weku is no more found now. I even thought there was a FORK on steemit then but there is no story related to that, the only FORK that happened is hive website and blurt website.
Although I didn't trust the website since it came so I didn't even bother to invest my money but I invested my time because I post too much articles everyday. I even made posts on the last day it would close up. Weku must have gone with people's investment as well
2 Extent that Crypto scams affected the Crypto space
Anywhere that is possible to make money, we would definitely find scam. On steemit at times and since cryptocurrency is all about money, we should expect scam. Even upon how much the cryptocurrency challenge, it still didn't stop being what it is, it keeps boosting and helping good investors
Cryptocurrency is fast growing, in the record of business or investment, cryptocurrency have fast and cool profit, most legal business didn't have fast gain like cryptocurrency but due to the scam that has overwhelmed the crypto world, people are scared of investing their money
Imagine how much profit cryptocurrency bring if you buy and HODL and imagine how much it would be so good and pure if there is no scammers that are making people to run from buy cryptocurrency and the more you buy, the more the price increases
Every time scams in the cryptocurrency have bring up bans and restrictions especially from private sectors. Even some country government agencies has ban cryptocurrency. Cryptocurrency systematic plan and money laundering have made some countries to ban crypocurrency from their countries. Country that I didn't expect them to band cryptocurrency is China because the first cryptocurrency developer is a Chinese man and they really help the growth of bitcoin and other cryptocurrency but due to scam and laundering, they band Cryptocurrency
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3 Regulations
My answer is Yes. Regulation is needed in the cryptocurrency space so as to help investors become be peace with their crypto and have the expansion asset class really happen. We need regulation even around cryptocurrency exchanges. The more clarity around cryptocurrencies, the better cryptocurrency future would be
Maybe the regulation should have even been there since the first cryptocurrency which is bitcoin but it's made freely for everyone to have access to it but since it's blockchain, that's how it would definitely be
Anything that has value like money should even have regulation because if there is not, problem would definitely occur and that's what is happening now, the scammers has take over the whole cryptocurrency world
Human being is the one in control of everything in this world which cryptocurrency is among, human being make use of regulation, for human being to use regulation, definitely cryptocurrency needs regulation as well
Conclusion
Upon how much cryptocurrency could change lifes, shun poverty but scammers are the problem the cryptocurrency market is facing but it still didn't stop it from exploring, it's just that people are scared of being a victim of fraud which hold them back from investing and causing cryptocurrency not to move as fast as it could be if there is more investors but with the help of Regulation, there may be changes