Bitcoin and Cryptocurrency Scams
That a lot of men and women are becoming wealthy on bitcoin (thus far), it's not surprising that many scams are under way to prey on that greed and excitement. The people at the Financial Industry Regulatory Authority (FINRA) have recorded many risks of all cryptocurrencies . Listed below are five of them: Digital money such as bitcoin is not legal tender. No law requires individuals or companies to accept bitcoins as a type of payment. Instead, bitcoin use is restricted to companies and individuals that are eager to take bitcoins. If nobody accepts bitcoins, bitcoins will become worthless. Platforms which buy and sell bitcoins can be hacked, and some have failed. Additionally, like the platforms themselves, electronic pockets can be hacked. As a result, consumers may [lose money] -- and possess. ... Bitcoin trades could be subject to theft and fraud. By way of instance, a fraudster might pose as a bitcoin market, bitcoin intermediary, or trader in a bid to tempt y...