Bitcoin and other cryptocurrencies have soared in popularity across the past year. A large part of the appeal of bitcoin is that it allows for transactions to occur quickly and in a completely pseudonymous fashion. However, this is also a drawback in a certain sense. There is the potential for evildoers to take advantage of the fact that bitcoin transactions are pseudonymous. It can be said in confidence that bitcoin transactions are more secure and private than others. However, there are some dishonest scheme artists out there looking to take advantage of those who are unfamiliar with the nuances of bitcoin and other cryptocurrencies.
How Bitcoin Users Can be Tricked
If your digital wallet containing your bitcoin is hacked and pilfered, it will be difficult to trace the culprit. However, such an attack is quite rare. Furthermore, its chances of success are minimal. Bitcoin owners should be more concerned with the blackmail operation in which wealthy individuals are targeted. Dishonest schemers demand bitcoin ransoms from these targets in order to keep his or her personal information, such as an affair, private.
In many instances, bitcoin ransom letters are sent by snail mail. These letters have been traced back to an array of addresses across the United States. In some cases, upwards of $8,000 bitcoin ransoms are demanded. Though the claims of infidelity are often phony, some will pay the ransom simply to prevent the allegation from becoming public. Furthermore, those who have dirt to hide will be inclined to pony up the money in the form of bitcoin. FBI representatives state targets of such bitcoin ransom dishonest schemes should not pay the ransom. Rather, they should contact the police right away.
Why Bitcoin Will Continue to be Used in Dishonest Scheme Efforts
Hackers and dishonest scheme artists are drawn to bitcoin primarily because it is not governed by a central bank and can’t be traced. This is an pseudonymous means of exchanging value in the form of cryptocurrency. Even the police can’t trace bitcoin transactions. This is precisely why dishonest schemers have been and will continue to be drawn to bitcoin and other cryptocurrencies.
It appears as though bitcoin is drawing the attention of some regulatory authorities in nations scattered across the world. There might be a push to track and tax bitcoin transactions at some point in the future. If such a development occurs, hackers will be less likely to attempt to manipulate and capitalize on this emerging cryptocurrency. However, you should remain hyper aware of bitcoin dishonest schemes and other attempts to steal your hard-earned money, whether it is in the form of bitcoin, another cryptocurrency, gold, silver or cash.
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