Bitcoin Awareness, know and be aware

BITCOIN AWARENESS should be read before buying Bitcoin

Bitcoin is a cryptocurrency, we cannot see and touch this currency but we can see this currency in any smart device like laptop, smartphone, etc, the first Bitcoin protocol and proof of concept were published on a whitepaper in 2009 by a shadow individual or group under the pseudonym Satoshi Nakamoto, we can buy this Bitcoin currency only through online, you can but it easily through app or website, In the beginning, the value of Bitcoin is very low but slowly the value of Bitcoin increased, now 1 Bitcoin is equal to 25,63,569.14 Indian rupee.

BITCOIN AWARENESS, should read before buying Bitcoin


regarding Bitcoin 

Ever since its introduction more than a decade ago, Bitcoin has attracted the attention of investors and hucksters alike, more the latter than the former. The cryptocurrency ecosystem is characterized by thin liquidity and few institutional investors. But it is also rife with criminals and scammers.

Bitcoin scams have followed the ebb and flow of the cryptocurrency’s price patterns. As Bitcoin prices are crested, the number and frequency of such scams increased and more criminals used it for transactions. Their numbers fell as prices cratered, the number of transactions on its network declined, and it became an unattractive investment option. 

The nature of scams occurring on Bitcoin’s network has also paralleled the development of its infrastructure. Bitcoin’s earlier blockchain infrastructure was primitive; it frequently broke down as the number of transactions on its network multiplied. At that time, illicit activities in Bitcoin’s ecosystem reflected its use cases, with the cryptocurrency mostly used for transactions such as drug purchases on the dark web.

BITCOIN AWARENESS, should read before buying Bitcoin

Social Media

Social media has become a powerful force in mainstream society. Its rise has paralleled Bitcoin’s increased visibility in the media. And so, it is not surprising that hackers are using social media's reach to target Bitcoin holders. They have taken to creating fake social media accounts to solicit Bitcoin from followers or directly hacking popular Twitter accounts.

Exchange and Wallet Hacks

Previously, cryptocurrency exchanges were the main sources of crypto wealth for hackers. Now, hackers have directed their attention to other areas, such as online crypto-wallets. One of the biggest such hacks occurred in June 2020, when hackers stole 1 million customer email addresses by breaching Ledger's email and marketing databases, a France-based crypto wallet company. They also stole personal details for 9,500 customers and published 242,000 of the customer email addresses on a website for hacked databases. At the end of 2019, cryptocurrency exchange Poloniex suffered a similar breach and had to email its customers asking them to reset their passwords.

Social Engineering

Social engineering scams are scams in which hackers use psychological manipulation and deceit to gain control of vital information relating to user accounts. Phishing, for example, is a widely used social engineering scam by which hackers send emails linking their targets to a fraudulent website specially created to solicit important details, such as bank account information and other personal details.


ICO scams proliferated at the height of cryptocurrency mania in 2017 and 2018. After an intense SEC crackdown, the frequency of such scams has decreased. However, they refuse to die out completely. As recently as late 2019, the federal agency was continuing its crackdown against such scams.

I suggest you beware of this kind of Bitcoin scam, it could happen to anyone.

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My name is Govind Borman and I am a college student blogging is my part time work and I love to do it

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