How to Spot Cryptocurrency Scams (Infographic)

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(Last Updated On: May 9, 2018)

We’ve seen different kinds of disruption take place across industries in this digital era. Over at the finances and investment sectors, cryptocurrencies seem to have overtaken the stock market based on the number of virtual currency investors, which is now estimated to be tens of millions. That happens barely a decade after the first decentralized cryptocurrency called Bitcoin was introduced in 2009. The tremendous popularity of cryptocurrencies may be attributed to the blockchain technology.

Under this decentralized ecosystem, records of digital transactions are kept not in one particular data center, but in multiple computer servers across the globe. Because of this, investors are convinced that their virtual money can be kept safe from cryptocurrency scams. Does it mean that blockchain is a perfect technology? Granting that it is, cryptocurrency-related services offered by third parties might not be as secure. And this could be something that cyber predators may be quick to prey upon. In this featured infographic, we break down how cryptocurrency scams could happen in a decentralized market.

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