Saving Bitcoin | LogEditor #9


Recently, Bitcoin has been brought to the agenda with various developments, but first, let’s briefly revisit what has been going on.

  • According to a survey conducted in the United States and Europe, around one-third of large-scale corporate investors make Bitcoin and altcoin investments. More than one-quarter of the participants stated that they invested in Bitcoin. The results of the survey indicated that cryptocurrencies were one of the most preferred options for corporate investments as well as individual investments.
  • An interesting development about Bitcoin becoming a payment method was covered in the news. 1200 Coca Cola vending machines in Australia and New Zealand were designed to accept payment by Bitcoin. The system makes it possible to convert Bitcoin into Australian and New Zealand dollars, and this is how the payment is made.
  • Another development is about mining… Some miners ended their mining activities following Bitcoin block reward halving. However, Bitcoin network difficulty was automatically adjusted and the difficulty rate has been reduced by about 10%. Following this move, some of the miners who have just ended their activities have restarted mining.
  • Microsoft proceeds with beta testing of ION, a Bitcoin blockchain-based identification system. The network will offer a decentralized identifier to replace the user name.

Such developments show that more and more people are using Bitcoin and that its advantages are increasing day by day. Corporate investments favor Bitcoin, which is now used as a payment method. This signals a new phase. Setbacks in mining activities have been eliminated and  blockchain technology has proven itself in terms of ensuring data privacy.

All these developments indicate the strength of the tendency towards Bitcoin. However, there is a problem. Those who want to enjoy the advantages of decentralized finance are not alone in this journey. Swindlers want to accompany them.

  • A hacker in the United States copied the SIM cards of two investors into his smartphone to access their personal data. The identity of the hacker, who captured the cryptocurrencies and asked for 100 Bitcoin as ransom in exchange for personal data, was revealed and it was reported that his trial would soon take place.
  • Another fraudulent attempt took place under the name of Elon Musk and his space program called SpaceX. Frauds had stolen some official YouTube channels and changed their names into SpaceX Live or SpaceX to post a previous conference video of Elon Musk and collect “donations” for space research. News media reported that the frauds had collected $150,000 within 2 days.
  • Another “bizarre” attempt came from a false “obituary”. There appeared fake news about the so-called death of an English money saving expert named Martin Lewis.  Those who click on the news were redirected to a fake Bitcoin investment web page. The ultimate goal appears to be an attempt to capture the personal data of the users.

In fact, though fraudulent attempts take various forms, precautionary methods and requirements remain the same. When it comes to secure storage of your digital assets, i.e. protecting your Bitcoin against malicious attempts, the fulfillment of such requirements is not that difficult. Do you want to know what to do?

  • Do not share any information about your digital assets or wallets with anyone.
  • Only use reliable and secure digital assets trading platforms.
  • Do not make any payments for any donation campaigns that have not been announced through official channels.
  • Disregard any promises for unrealistic financial gain.
  • Do not click on any URL link unless you are sure of its origin/source.

Proactive and prudent investment management is essential to carry your digital assets into the future and increase their value.  Hasty decisions made “for fear of missing out an opportunity” are of no use. Preventing Bitcoin from falling into the clutches of malicious attempts is the only way to provide a basis for investment appraisal. You might want to buy Bitcoin and wait for it to gain value or you might buy a can of Coca-Cola with it. It is totally up to you. So is saving Bitcoin in your account.

Bu içerik en son 26 October 2022 tarihinde güncellenmiştir.


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