Is the Royal Mint a rip off?

Is the Royal Mint a rip off?

Bitlq fraud

A cryptocurrency is a type of digital currency and payment system that does not rely on the traditional payment networks we have become accustomed to. Cryptocurrencies are decentralized. They are not issued by a central authority, such as a bank or a government.

Cryptocurrencies are based on blockchain technology, a network of computers completely independent of centralized control that keeps a record of all transactions in the past and those that will take place in the future.

Investing in cryptocurrencies is becoming increasingly popular. It is a global investment opportunity available to anyone anywhere in the world. They are a highly profitable instrument, very volatile and with a certain risk factor.

No other technology allows sending money from one part of the world to another without an intermediary to carry out the transaction. It is the cheapest means of sending money from point A to point B known today.

Speed is what sets cryptocurrencies apart from traditional banking. While a bank transfer can sometimes take up to 2-3 days, a cryptocurrency transaction settles in minutes. Some are confirmed in seconds.

Bitcoin fraud 2021

Between the lack of regulation, the rapid price rises that have been seen, the media pull or the hoaxes that run through the networks falling into these traps is easy, warn from the cybersecurity company ESET. These are the most common scams that have been detected.

‘Pump and dump’With this system, the scammer encourages investment by buying a particular cryptocurrency, usually little known or with a residual capitalization, using false information that promises that it will skyrocket.

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With the influx of more demand the value inflates (pump) and the scammer takes advantage to sell (dump) at a huge profit, without anything really having happened to argue for the rise. “The scammer sells for a good profit and leaves the victim with worthless shares,” it is commented, because when the scam is uncovered everyone tries to get rid of their portfolios.

Phishing involves impersonating official websites in emails, text messages or social networks. It is used to make them appear to be sent from a legitimate and trusted source.

Bitcoin scammed

The world seems to have gone “crypto-crazy”. Digital currencies like Bitcoin, Monero, Ethereum and Dogecoin are all over the Internet. Their rising value promises huge returns for investors (that is, if they invest before coin prices plummet). And the “fortunes” to be made by mining cryptocurrencies have echoes of the gold rush of the 1850s. Or, at least, that’s what many, including a long list of scammers, would have you believe.

In reality, if you’re dabbling in cryptoassets, the risk of becoming a victim of fraud today is very high. This is the new “Wild West”; a lawless, unregulated world where the bad guys often have the upper hand. However, the common rules for fraud prevention apply here as well. Everything you read on the Internet should be carefully vetted and verified. Don’t believe the hype and you have a great chance of staying safe.

Fraudsters encourage investors to buy cryptoassets in obscure cryptocurrency projects based on false information. The price of the assets subsequently increases and the scammer sells his own shares, making a nice profit and leaving the victim with worthless shares.

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Daily currency comments

Ponzi schemes and financial pyramids are scams. They are mechanisms in which the profits obtained by the first investors come from the resources that are contributed by new clients. Therefore, in order for a system of this nature to be sustained, it is necessary to capture increasing flows of money from new investors.

The story began with Charles Ponzi, who in 1920 swindled more than 10,000 residents of New England, U.S.A., by offering them to invest in a business with considerable returns. The promised returns were around 50% in just 90 days; at the time, the annual interest rate on bank accounts was around 5%. Tempting, isn’t it?

One of the advantages of formal savings or of using financial institutions such as Banks, Savings Banks and Sofipos or any other authorized and supervised instrument, is that you have access to other financial services such as credit and insurance, plus you can earn interest, but, above all, your money is protected by deposit insurance.

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