In this case, would you believe it? I've lucked out and won 0. You take the code to the crypto exchange in the message, create an account, then redeem your code. Once redeemed, the exchange will deposit the stipulated amount straight into your account. The crypto exchange looks fairly legitimate, and it's easy to see why scams like this take people in. As you can see in the screenshots below, entering the referral program code sent via Twitter results in just under 0.
After all, who keeps their Bitcoin on an exchange? First up, this crypto exchange asks you to verify your email address. Given this is a scam site, it's more of a procedural process to lure you into believing it is real rather than something required for the withdrawal to work.
But if you use a real email address, it's another piece of information to hold onto for another scam. Next up, you go ahead and enter your Bitcoin wallet information and the status changes to Pending. So far, so good—you'll just have to wait a little while for the withdrawal to be confirmed. Now, this alone should make you realize the exchange you're dealing with isn't quite right. Crypto exchanges will typically process transactions instantaneously, not ask you to wait for an administrator to confirm.
Your pending Bitcoin withdrawal switches to Failed, and the only way to resolve the issue is to deposit 0. Depositing the required amount of crypto will verify your account and enable the site admin to confirm your withdrawal it won't. As you can probably guess, once you send Bitcoin or Ethereum to the crypto exchange, you'll never see it again, and the Twitter scam is complete.
Remember, always use a reputable crypto exchange to trade cryptocurrency. Optional Scam: You Provide Your Personal Information On this particular fake crypto exchange, there was also an option to provide your personal information to help verify your account. The requested information varied but could have been a picture of your driving license, passport, social security number, etc. Once uploaded, you don't know how this private information would be used, but you can probably guess it won't be favorable for you.
How to Spot Crypto Scams on Twitter Although numerous types of crypto scams float around on Twitter, most of us will thankfully only encounter the most obvious versions. That is to say, unless you're packing some serious funds, have a huge Twitter following, or similar, you're unlikely to be the specific target of a scam and will just encounter what's being spammed across the whole network. This is a good thing.
It makes it easier to spot the majority of crypto scams that will come your way. It's too good to be true. Why would anyone send you a huge amount of Bitcoin or Ethereum without warning? You've never entered a competition. How did you win a competition prize from a website you've never heard of? But before we get into what sets Dogecoin apart, we should probably explain a little bit about how cryptocurrencies themselves function. What does cryptocurrency mean? A cryptocurrency is a digital currency that uses a decentralised system called a blockchain to verify and keep a record of financial transactions.
Blockchain technology is incredibly secure as it uses complex cryptography to secure records rather than relying on a centralised authority such as the Central Bank of Ireland, for example. Cryptocurrency enthusiasts have for some time been heralding decentralised finance as the way forward, however, the 'currencies' are still incredibly volatile, partly due to being unregulated but also for a myriad of other reasons.
While consumers in Ireland can easily trade cryptocurrencies by signing up to certain trading apps such as Kraken or Robinhood, it comes with a massive financial health warning, because as mentioned, consumers are not protected in the same way they are when engaging with a bank, for example.
So where does Dogecoin fit into this multiverse? What sets Dogecoin apart? As mentioned above, Dogecoin was created as a joke to make fun of cryptocurrency and the coin still traded at less than a cent toward the end of Dogecoin languished in the realm of relative obscurity for so long that in its co-creator Billy Markus was reported to have sold off his entire holdings in Dogecoin, as well as his other cryptos, so he could afford a Honda civic.
But there seems to be more to the joke coin than meets the eye. While this is technically true, there are positives Where Bitcoin is seen as the digital version of gold because there is a limit at present to the number of coins that can ever be mined 21 million , Dogecoin represents the opposite. With Dogecoin there is no total cap on the number of coins that can be created. Therefore, because its supply can go up indefinitely, it's supply has been considered inflationary by its detractors.
This is in contrast to Bitcoin which has almost always been treated like an investment vehicle and a hedge against inflation. However, a maximum of five billion new coins can be added to the Doge network each year, which means its value is better preserved than some give it credit for.
Therefore, Dogecoin has the potential to function like a traditional transactional currency.
Rob Flynn Staff Writer Dogecoin has rocketed its way to becoming one of the most popular cryptocurrencies, currently the fifth by market cap, since its price began rising at the beginning of the year.
| Bitcoin bonkers | This picture taken on April 7, shows blockchain entrepreneur Vignesh Sundaresan, also known by his pseudonym MetaKovan, showing the digital artwork non-fungible token NFT "Everydays: The First 5, Days" by artist Beeple in his home in Singapore. In this case, would you believe it? Your pending Bitcoin withdrawal switches to Failed, and the only way to resolve the issue is to deposit 0. Once uploaded, you don't know how this private information would be bonkers, but you can probably guess it won't be favorable for you. This is in contrast to Bitcoin bitcoin has almost always been treated like an investment vehicle and a hedge against inflation. While this is technically true, there are positives |
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| Bitcoin bonkers | A man, or group of men, or maybe men and women, called Satoshi Nakamoto decided in to create an imaginary currency that would be traded online and call it Bitcoin. How did bonkers win a competition prize from a website you've never bitcoin of? Remember, if it seems too good to be true, it probably is. Other cryptocurrency scams exist on Twitter, no doubt. Often, scammers make themselves known easily, offering bonkers Bitcoin payments for fictitious competitions on crypto exchanges you've never heard of. |
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