WHAT IS CRYPTOCURRENCY AND BITCOIN?

Cryptocurrency is a digital or virtual currency. It is a novel form of the digital asset derived from and secured by cryptography. It is built upon block chain technology in which Bitcoin is coined. Aside from being accessed online, the most outstanding feature is its decentralized structure. It means that it is absolutely independent. It doesn’t depend on banks or any government interference.

This system is very flexible. It can accommodate savings and be used for spending. Payments can be made online with cryptocurrencies.

The vulnerability of this type of currency is high. Provided that it is decentralized, there is a vast array of scammers around.

HOW TO SCAM BITCOINS?

There are so many different investments out there that you can consider when you are looking to make some extra money. Cryptocurrency is one of these investment options. This is a great and easy way to make use of this currency to make some extra money.

However, the problem is that fraudsters are finding it easy to scam people with cryptocurrency fraud. This is because of the lack of experience and knowledge about this currency before they are investing in it.

The other thing that is important to know is the different types of cryptocurrency frauds.

These are the different most common ways of crypto scams:

• fraudulent ICOs
• shady exchanges
• fake wallets
• phishing scams

Because of fraud variety from cryptocurrencies, there are so many people making the mistake to invest in fraud projects where they are losing a lot of money.

Bitcoin users must be confused about how it is done.