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Opinion: Banning of Crytocurrency is the Best, See Why

Das22
By Das22 | self meida writer
Published 21 days ago - 18906 views

Nigerians have reacted on the internet as well as the social media on the decision taken by the Central Bank of Nigeria (CBN). Majority against the motive of CBN while few are in support.

To be honest, scammers on the trading platform of crytocurrencies. The two methods are used for fraudulent activities in crypto currency trading which is uncontrollable by any regulatory body. The fraudulent transactions on this platform is enough for banning the digital coin in Nigeria.

The two methods of scamming in crytocurrency are given below:

Exchange Scams

Despite decentralized nature of crypocurrencies, most cryptocurrencies are still purchased and sold in the market at exchanges. This eventually makes it easier to look for the coins investors desire, it is unbelievable that there is no regulatory body overseeing these exchanges in many countries all over the world. Thus, many investors have been left penniless when the exchanges they signed up for turn out to be traps. In December of 2017, several South Korean exchanges were exposed, leading to promises of stiffer regulations by the country’s authorities.

These scams are not hard to spot but can be costly if not avoided. One of the biggest red flags is the promise of unrealistic prices. Exchanges that promise heavy discounts on bitcoin use this strategy to lure in unsuspecting victims.

Additionally, users can check exchanges’ URLs. Web addresses should always begin with HTTPS, a sign that traffic is encrypted. Visiting unsecured websites is a bad idea, but alert investors can avoid losing thousands by looking for the right signs.

Fake ICOs

One of the best results of the cryptocurrency boom has been the rise of the initial coin offering as a way for companies to raise capital. With thousands of new blockchain-based companies entering the market with unique ideas and exciting projects, users can now back their favorite businesses easily. However, this massive explosion of ICO opportunities has inevitably raised the specter of fraud.

Scammers have different methods of separating their investors from their bitcoin. Creating of fake websites that resemble ICOs and instructing users to deposit coins into a compromised wallet is one of the popular methods used by these fraudsters. Other times, it’s the ICOs that are always at fault.

Content created and supplied by: Das22 (via Opera News )

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