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cryptocurrency scam detection

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Knowing the signs of frauds is one of the best ways to stay safe

Just as people got accustomed to using the internet in the 2000s, in spite of the dangers, cryptocurrency users will become more astute at spotting potential bitcoin scams.

Becoming familiar with types of crypto scams as well as applying tips to stay secure are the best ways to avoid having your digital currency stolen on the blockchain.

There are as many cryptocurrency skeptics as there are fans. Given the number of crypto scams, many people may ask, “Is crypto a scam.” However, in spite of the problems and the controversy surrounding digital currencies, it’s clear that cryptocurrencies and the blockchain are here to stay. 

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how to detect a scam

Crypto scams have increased dramatically in the past few years. The has been identified that  crypto scams as the leading type of online financial fraud. In 2021, $14 billion was lost in digital currency schemes, an increase of 79% over the previous year. 

Taking steps to stay safe on the blockchain is essential. The following are ways to detect a scam involving cryptocurrency. 

Not Licensed

The blockchain, at least as of now, isn’t regulated. That is the appeal of cryptocurrencies, at least for some people. A lot of crypto fans love the freedom and the lack of interference by regulators. However, the dark side to this lack of regulation is the proliferation of bitcoin scams.

If you are trading cryptocurrency, do so only with a licensed exchange. Also, make sure the company you are dealing with has a license.