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Bitcoin crash: what to keep in mind to avoid being a victim of scams

Bitcoin crash: what to keep in mind so as not to fall victim to scams

Cryptocurrencies.  (photo: CriptoNoticias)
Cryptocurrencies. (photo: CriptoNoticias)

The price of Bitcoin (BTC) fell almost 15% on Monday, before a massive sale that began three days earlier. On Friday, the cryptocurrency It fell from a range low of $29,000, where it has held for twelve days. Since then, it has been in freefall to hit $22,800 on the morning of June 13, its lowest point in 18 months.

As expected by analysts, the drop occurred due to a greater fear in the market after the global economic context not so positive. Bitcoin prices fell after the government of USA announced over the weekend that annual inflation rose 8.6%, the highest in 41 years.

Macroeconomic factors are contributing to the bearish trend in cryptocurrency markets as inflation shows no signs of slowing down and The Federal Reserve is expected to raise interest rates this week to control rising prices.

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But, how does it affect users? Can the variation in the value of Bitcoin make users suffer from fraud or scams these days? TechMarkup brings an analysis of the subject, from the hand of a specialist.

What should users take into account in this scenario?

An October 2021 report from the National Bureau of Economic Research (NBER) revealed that just 10,000 bitcoin investors, both individuals and entities, control about a third of the bitcoin marketand 1,000 investors own approximately 3 million tokens of bitcoin.

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This concentration limits the risks, since the impact of the fall would affect a small part of the investor world, reducing the risk for the rest of the economy.

The same way, Will HernandezDirector of Growth and Business Development for Latin America at Paxful, told TechMarkup that the key to understanding what is happening within the crypto ecosystem is the “education in the matter” and added “when the user understands what they are buying and how the investment works, we will be one step closer to being able to make a safe, effective and concrete investment”.

Also, by having an education about cryptocurrencies, you could understand what is going on in the market. So, according to Hernandez, people “don’t have to get complicated,” since it’s “the perfect opportunity that offers can be placed within the Exchange platforms to sell Bitcoin, as the price has dropped.”

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Bitcoin.  (photo: REUTERS/Dado Ruvic/Illustration)
Bitcoin. (photo: REUTERS/Dado Ruvic/Illustration)

Precautions to take to avoid falling into fraud

Scammers are always looking for ways to steal money using cryptocurrencies, and with Bitcoin’s value falling, users may become more vulnerable. Therefore, Hernández detailed some important points What to know to avoid a cryptocurrency scam:

– Scammers only demand payments with cryptocurrencies

No business that operates legitimately is going to require the user to send cryptocurrency in advance, “neither to buy something nor to protect their money. That’s always a scam.”

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– Scammers will only guarantee profits or high returns

Do not trust people who promise that you can make money quickly and easily on the cryptocurrency market. “The big truth (too good to be true) of cryptocurrency scammers make users believe that they can obtain benefits that, if one has a complete education in Bitcoin and how it works, it will be unlikely to fall into fraud,” explains Hernández. .

– Never mix online dating with investment advice

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“If you meet a person on a dating site or app”, and then they want to teach you how to invest in cryptocurrency, or ask you to send them cryptocurrency, definitely a scam.

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