Cryptocurrency is a virtual or digital currencythat works as a medium of exchange. The purchase of coins is stored in computerized data. There is no physical coin it’s all electronically done. A person can exchange the coin with another person online without the interference of any intermediary like an agent or bank. The crypto news helps people to know the fluctuations in the prices of the coin.
People hold cryptocurrency as an investment. People buy the coin when the rate of the coin is lower and, sell them to the other person when the price of the coin increases. People make a profit like this process. Some lose money when the value of the coin goes down. Covid-19 had a great impact on the crypto market. The crypto market has occurred much loss during the pandemic. The lockdown has stopped the work of the people and, they were unable to buy the coins. At the end of May 2020, the market recovered steadily and make a profit.
Where does the cryptocurrency store?
Cryptocurrencies have always been stored in digital wallets. If something wrong happens with the wallet like sending crypto to the wrong person, forgetting the wallet password, a wallet is stolen, etc. Nobody will come in front to recover the lost funds. No intermediary such as a bank is involved in the exchange of digital currency. Therefore, no one will come for help.
How to avoid crypto scam
If someone asks to make the payment by cryptocurrency is a scammer. If a person makes the payment through cryptocurrency, then there is no way to get them back. Some scammers will promise the person to increase the money if, the person gives them the cryptocurrency. But it’s all scam and the person will neither get their money nor cryptocurrency.
How to report the scam
- A person can contact the Federal Trade Commission at ReportFraud.ftc.gov.
- The U.S. Securities and Exchange Commission at sec.gov/tcr.
- The crypto company which the person used to sense the money to the scammer
The crypto news helps people to get updated with the scams and fraud happening in the market. The cryptocurrency deal with people online. It is a virtual currency that a person buys when the value of the coin is low and, sells it to the other person when the value of it rises. There is no bank and government interference involved in the trading of cryptocurrency. The people should remain safe from the scammers. The growing need for crypto currency also increases the number of scammers and hackers in the market.