It’s undeniable that cryptocurrencies have taken the world by storm. At first, crypto was only known in niche groups with a tech-centric background and a curiosity for algorithmic equations that produced a private, digital currency. Today, Bitcoin is a household name, and even has an ETF, with a reputation unsurpassed by any other coins and a low barrier to entry. However, thousands of coins exist, and billions of dollars are tied up in these currencies. Cryptocurrency scams seem to be around every corner, just waiting for their next victim.
Scammers love crypto as it’s typically difficult to track the people behind the wallets and next to impossible to recover. Scammers will hide behind the complexities to take advantage of your emotions and lack of understanding. Anytime someone asks you to make ACH or Wire transfers you may be putting your money at risk. Cryptocurrencies are extremely volatile and not a wise decision for inexperienced investors. Additionally, very few legitimate businesses will take crypto as payment, and they will never require it. So, before you dip your toe in, do some research and never make an uneducated decision with hard earned money.