In 2021, cryptocurrency scams had a record-breaking year. As compared to $7.8 billion taken by scammers in 2020, the amount lost by investors in cryptocurrency in 2021 increased to $14 billion. It means that the money lost in this domain to scammers by investors almost doubled.
More and more people show interest in investing in one form of cryptocurrency or another. Due to this interest shown by investors, scammers have found new opportunities for illegal activities in this domain. Even, investors presume that the high-tech nature of cryptocurrency will continue to attract more and more scammers, who are sophisticated.
ICO Scams:
Some scammers use ICOs or initial coin offerings for a corporate finance or charitable fundraising. However, they are prone to scams/frauds. You can come across this scam either as security fraud, exit fraud or pump and dump schemes.
In all these cases, scammers will make untrue claims like talking about their association with celebrities. By using these words, they will make you believe that their startup will give a higher return to investors. Once you invest, they will run away with your money. They will use this tactic not only with you but also with many investors to lure lumpsum money.
Conclusion:
Apart from these cryptocurrency scams, you can also come across other types of scams. For instance, some might offer small cryptocurrency-based job offers, while some might introduce unnecessary crypto investment schemes. The other types of fraud include fake apps and social media/website scams.
In short, not only in cryptocurrency when you wish to enter any market, it is better to be aware of the past scams and possible scams so that you can safeguard your money.
BitcoinBitcoin is the cryptocurrency that started it all.Although Satoshi Nakamoto described Bitcoin as a P2P currency system, today the narrative is a little different.The narrative has now changed, and people refer to Bitcoin as “Digital Gold.”Not surprisingly, many institutional investors have started buying into Bitcoin, making the supply scarce for the common investor.Bitcoin, The Store of ValueBitcoin is no longer a currency to it’s advocates, but rather a store of value like gold.Practically speaking, newer wallets with one whole Bitcoin are disappearing by the hour.This limited availability and mass adoption of Bitcoin, combined with huge cash flow from institutional investors has pumped prices skyhigh.Experts have predicted that Bitcoin could hit a whopping $200,000 by the time this bull run ends (Est.
September 2021).EthereumEthereum wasn’t supposed to be a currency system like Bitcoin.However, it is outperforming Bitcoin, and fast outgrowing its status as an Altcoin.Ethereum is essentially a smart contract platform, an ecosystem to build blockchain projects on.This solid use case, combined with the deflationary system that it follows for Ether (ETH), and popularity, has also caught the eyes of big investors.Ethereum — The OpportunityEthereum has outperformed Bitcoin in this bull run and is gearing up to move past it’s all time high.Experts have predicted that the price of Ether (ETH) could hit a tune of $10,000 by the time this bull run ends.This makes Ethereum the best opportunity for people looking to make big gains, as Bitcoin becomes the more expensive option.So, what happens after the Bull Market?After any Bull market, there will be a Bear market.This means that the prices could fall upto 90% after the market reaches its peak.So, it’s better to always take profits as you ride the wave and not wait till the top of the hill.
What on earth is Ethereum?
I mean, I keep hearing about it all the time, I’ve seen it’s the second-largest cryptocurrency around but I just can’t seem to wrap my head around it.
Is it as revolutionary as Bitcoin?
Can it actually change the world as we know it?
Like many other cryptocurrencies, Ethereum is also decentralized and can perform value exchanges and smart contract transactions without any interference from a third party.
It is completely autonomous and non-regulated by any centralized entity.
The Ethereum system is supported by a global system of Nodes.
These consensus rules are guided and dictated by smart contracts- a set of computer protocols and algorithms that control the verification and execution of a contract.
With these rules in place, one can perform multiple transactions via the ethereum blockchain network without necessarily trusting the other party.
Smart contracts ensure that the pre-defined rules of engagement are satisfied before the successful completion of the transaction.
Blockchain Training Institute: Bitcoin mining giant Bitmain’s co-founder Micree Zhan, says he is going take legal action to make his return to Bitmain.
However, he was removed from the company a week ago.
Jihan Wu, co-founder of Bitmain addressed his staff and conveyed a message saying that Micree Zhan was dismissed from all roles.
Also, he added that employees are prohibited from engaging with him.There was a struggle between the two to have powers which ended in the removal of Micree Zhan.
Zhan remained silent until Wednesday by not address any media questions.
Later on Wednesday, he posted on his WeChat saying he did not have prior information about the removal from roles and he would take legal actions to get back to the firm.“I have never thought that as a person focusing on technology and product, I have to start thinking from legal perspectives.
