Intro to Scams

Is bitcoin safe? The true villain...

30 Jun

Crypto often gets a bad rep because bitcoin is commonly used for scammers to receive money. So, let’s clear up that stereotype and educate you on three types of scams!

₿ Why do scammers use bitcoin?

  • 🚫 No take backs once it is sent, the transactions cannot be canceled or reversed.

  • 🥸 You can create a crypto wallet with no personal info, so authorities cannot identify who the scammers are.

  • 😵‍💫 The relatively new nature of digital assets makes it easier to exploit people’s lack of knowledge surrounding bitcoin.

  • 😩 Its volatility is frequently covered in the news which can incite FOMO (especially in greed scams).

🔒 So, is bitcoin safe?

  • 👀 Bitcoin is an asset that fluctuates at a large price range, so if you are looking for a steady investment that is predictable, bitcoin will not be the one for you.

  • ✅ There are benefits to bitcoin such as greater liquidity and security (if you can use it properly).

  • You can keep your bitcoin safe. For example, hot and cold wallets for your crypto.

  • 🗞️ Safety also includes staying updated with the latest news to know where you stand. The Weekly Rallie recently covered several crypto stories that could endanger your assets.

  • However, you should do your own research (DYOR) for specific steps to keep your bitcoin safe.

Three scams you should be looking out for:

DISCLAIMER: Rallie Finance does not support the use of bitcoin for fraud and we are always finding new ways to educate and warn our customers in hopes of preventing them from falling for these scams.

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