In recent months, the attention given to the cryptocurrency community has grown rapidly. Though Bitcoin has been leading the charge with its wild price swings, plenty of other altcoins—as they have come to be known—have also gained a lot of attention from people around the world. With an increasing number of people learning about the different types of cryptocurrencies out there on a daily basis, it should come as no surprise that an increasing number of people are creating online accounts and purchasing different cryptos. For many, this is an exciting endeavor, but it is one that must be approached with caution.
The reason for this is that there are plenty of hackers out there looking to take advantage of those who have recently gotten involved in the cryptocurrency world. There have always been hackers in this realm, but just as the average person is becoming more aware of the existence and functionality of cryptocurrencies, hackers are becoming more and more pervasive.
While there are many people who are exciting about the large boost being given to the cryptocurrency community, there are some who are wary when it comes to newcomers. The reason for this being, newcomers often jump the gun and begin attempting to make purchases without truly understanding what they are getting into. In essence, this is a classic case of investors not informing themselves prior to making an investment.
As such, we see criminal schemes where a would-be investor deposits cryptocurrencies into a wallet that will never be theirs. In some cases, there have been apps downloaded from the Google Play Store where criminals trick people into simply giving them Bitcoin, Litecoin, or any other type of cryptocurrency. Though most of these apps have since been removed, it goes to show the lengths people will go in order to scam others out of money. It also serves to show that you should always be well-informed as an investor and only buy when you are confident.
Another scam we have seen during the rise of cryptocurrencies is the existence of malware being loaded onto people’s computers unknowingly, allowing someone to remotely mine cryptocurrencies from your device(s).
Though mining for Bitcoin is no longer able to be done via a personal computer, Ethereum and other up and coming cryptocurrencies can be mined from personal computers. These unscrupulous hackers find a way to load malware onto an unknowing person’s computer, and from that point the unknowing person will be helping the criminal mine for crypto. This is bad not only because it compromises the security of your computer, but also because most mining operations require the use of a lot of computing power; something that could ultimately compromise your device.
When it comes down to it, those who are looking to get involved in trading and investing in cryptocurrencies will be doing themselves a favor if they ensure that they are as informed as humanly possible. Everyone makes mistakes, even in investing, but it is important that you take all the proper precautions to ensure that you will not lose large sums of money due to something that could have been avoided.
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