What is virtual currency?
Virtual Currencies are values which are represented digitally and are not issued or controlled by any central bank. It means this type of currency has direct transaction and does not require any middleman (bank). Virtual currency can be either centralized or decentralized.
Virtual Currencies are untraceable that’s why many people prefer doing virtual currency scam.
Virtual Currency: Bitcoin
Bitcoin is the hottest thing in the world of money today. It is a virtual currency that has captured the attention of so many people who are very interested to know more about it.
It’s basically a new way of acquiring money with no central authority. No country or financial institution acts as a middleman in this process which makes this currency unsecure and easy to use. All you need to do is store your Bitcoins on your computer and generate them using software with a process called “mining”.
Advantages of using Bitcoins
The first advantage of using Bitcoins is the low cost of transaction fees. They are less than a penny per transaction making it easy for anyone to start mining some extra money. Another benefit is how easy it is to keep track of your earnings and expenditures through online accounts.
In addition to, with this currency it’s possible to transfer funds without ever leaving the comfort of your home.
Limitations of using Bitcoins
One of the biggest disadvantage is the speed at which the coins are created and circulated within the networks.
If you want to make transactions for lump sum amounts, this can become a big problem. Also one must make sure to keep one’s own private keys safe to avoid losing all of one’s coins.
Bitcoins are untraceable so one should do these transactions after knowing everything about the person or company with whom they are transacting with this.
Bitcoins in India
As we all know that earlier RBI has banned crypto industry but supreme court has lifted up this ban as RBI bans on crypt industry is unconstitutional.
The Price of bitcoins in India is comparably high because of which it’s rarity in India.
1 bitcoin = 8,01,916.34 Indian Rupee
We all know that virtual currencies are untraceable as they are not authorized by any central bank, so this makes it easy for hackers and scammers to fraud people.
They mainly hack famous personalities social media accounts and scam people to pay bitcoins, in return of which they will get paid doubled. And people fall into the trap of this fraud and get scammed.
In 2020, Some hackers hacked Twitter and YouTube’s account of many famous celebrities and some great personalities like Bill Gates, Barak Obama and Narendra Modi.
Many hackers use phishing attacks to steal bitcoins.
Say no to this scam
How can we save us from this types of scam?
One should collect every possible information about person whom they are making Bitcoins transactions.
we should never share our personal data with others and should keep our system secure by encrypting password, and also by keeping our mining data encrypted so that hackers can’t access our mining data.
Social engineering is the most dangerous attack which causes these types of hacks and fraud.
About founder :~
In 2009 Satoshi Nakamoto has created first ever cryptocurrency based on blockchain.
Amazing fact is that the identity of the person or group of people who created this technology is still mystery.
For more details: Bitcoin wikipedia
Today’s technology is growing rapidly and we can say that these new technologies are our friends as well as enemies too. If we use the growing technology by keeping safety measures in our mind and in a proper way, they can be boon to us. But if we Are incautious about the safety measures, it would directly lead to a huge loss for us.
In the same way while using virtual currency bitcoin, safety is the most important thing that we’ve to keep in our mind and before performing any transaction, we must Know everything about the person or company with whom we are interacting so that our transactions will be done successfully without having any type of scam or fraud.