The Risks of BitCoin

The Risks of BitCoin

It’s an unfortunate truth that as BitCoin continues to grow in popularity, so too do scams associated with the famed cryptocurrency. One of BitCoin’s biggest issues is that it lacks any sort of central authority to review transactions before they’re completed, which opens up users to all manner of abuse, including phishing attempts and other related scams.

Scammers Targeting BitCoin

Bit CoinAs evidence of BitCoin’s current flaws, a digital security firm recently studied the cryptocurrency and found that, over just a three week period, there were thousands of links spread across social media to sites known for committing fraud. Each of these links prominently featured

BitCoin’s logo and appeared to be legitimate, which helped make them spread quickly among people who simply didn’t recognize it as a scam. With BitCoin’s value reaching an all-time high, and discussions concerning potential stock integration, it has become a prime target for cyberscammers who specialize in using fraud to get what they want.

BitCoin’s Weaknesses

Although many popular apps have been the target of fraudsters and hackers, BitCoin presents a few unique problems. One of BitCoin’s biggest philosophical selling points has been its resistance to any sort of centralized authority. Since no one oversees transactions, BitCoin users are able to remain fairly anonymous.

While this sounds good in theory, in practice it means that users have no protection against scam attempts. Since a blockchain is irreversible, there isn’t really anything that can be done after someone discovers that a fraudulent transaction has occurred.

A Safer Alternative

Luckily, BitCoin isn’t the only cryptocurrency available. OneCoin presents itself as a much safer, and more reliable, cryptocurrency that is built on trust above all else. While BitCoin champions anonymity, and all of the potential for fraud that it brings, OneCoin instead wants to help people “know their customers.” Through this framework, businesses and consumers can develop a transparent relationship, much like in the real world, and avoid any potential for abuse or fraud.

Unlike BitCoin, OneCoin’s rapid growth is not affected by the attention of scammers, since its development is specifically designed to counteract their attempts to take advantage of users. For those who haven’t had much experience with a cryptocurrency in the past, OneCoin can help ensure that they don’t lose their money on a bad investment, or find that their entire account has been hijacked by a particularly adept scammer.

BitCoin scams may be on the rise, but that doesn’t mean other cryptocurrencies haven’t developed a solution to the problem.

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