Digital currency! When the entire world is shifting towards some kind of digital solution to almost anything and everything, digital currency is another innovation of technological advancement.
Bitcoin is the most talked-about thing now. Especially after the amazing market performance during the global pandemic, when the global economy was struggling hard to maintain its graph.
With a number of organizational adaptations, Bitcoin got a separate identity. People have started to trust it. As a result, more and more people are investing in Bitcoin.
At the same time, social media platforms have become much more than just social media platforms. They have become the information engine and marketing solutions. In the increasing popularity of Bitcoin, social media is also playing a huge part.
At the same time, social media also plays a negative role in the Crypto space. This space is full of scammers and a lot of wrong information about the Crypto space.
So, just the way you ensure that you are opting for one of the best crypto wallets in canada, you also need to be very careful about whatever social media is offering you regarding the Crypto space.
Here in this article, we will offer you an insight into Bitcoin scams on social media. But before that, let’s have an understanding of the most common Bitcoin scams.
Most Common Bitcoin Scams
- Fake Bitcoin wallets are hiding malware downloads.
- Bitcoin phishing impersonators.
- Bitcoin flipping scams.
- Bitcoin pyramid schemes.
The Reach Of Bitcoin Scams On Social Media
You might have remembered the days and weeks of 2017 when the news was circulating in the market that a single Bitcoin was worth more than its own worth in gold. After that, it was also found out that several Bitcoin scams were being spread across several social media platforms.
There are thousands of Bitcoin scam URLs.
The major threat is not at all only these. Along with containing Bitcoin scams, all those scam URLs also asked for direct contact via phone or DM.
You might have seen a lot of Youtube videos on Cryptocurrency and Bitcoin. One day you might find a Youtube channel that has more than 50K subscribers, and the owner of the Youtube channel is like a Bitcoin guru.
The person has years of experience in Bitcoin investment and is sharing his or her tips and tricks about Bitcoin investment. Using them, he or she might have made millions of dollars and is also getting a huge ROI.
Now somewhere in the comment section or description box, you find a link that asks you to join any WhatsApp or Telegram group to make your Bitcoin double. Without a second thought, you click on the link and join the group.
Now the owner of the website asks you to transfer some funds, and he or she will make it double the Bitcoin you actually might own within 24 hours. You transfer some considerable amount thinking that it will increase your Bitcoin earnings.
After 24 hours, when you did not get the Bitcoin, you were promised you would obviously reach the owner through DM or email, only to find out that the owner is declining the fund. Your entire world will get upside down.
Gradually you will understand that the owner is nothing but a scammer.
There are a bunch of scammers present in the social media space. You will find several social media posts as well, which are being shared a lot without even verifying their authenticity.
So, it is best not to fall for the trap. Do your Bitcoin investment research only from the authentic platforms and sites. Always remember Bitcoin is not anything like a scam, but you might come across a lot of platforms and individuals on the social media space that is only there to scam you.
Make A Safe Investment!
Now you know about the Bitcoin scams on social media. It is not like everything that you are seeing on social media is fake or false. What we want to tell you is that social media is not the place to make your investment decisions.
Rather than it is beneficial to invest your time in going through news channels, what famous investors and business personnel are saying about Bitcoin, always remember if it seems too good to be true, it can’t be good.
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