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Bitcoin: definition, hacks and frauds
Despite being around for several years, Bitcoin is suddenly all over the news. You probably already know it is something to do with money, so this article will help to explain what this cyrptocurrency is, why it matters, and how to use it safely.
What is Bitcoin?
Bitcoin works pretty much like every other currency – people can buy goods and services, and money can be traded on the foreign exchange market too. Coins are held in a digital wallet – and encrypted set of files on your computer – and act just like cash when making a payment.
There are some key differences however:
- Bitcoin is entirely digital – there are no bank notes or coins – so all transactions take place electronically.
- It is not managed by a central bank like the US Federal Reserve, instead its users maintain a shared control.
- It uses heavy encryption to verify “money” is genuine, and to protect the identities of buyers and sellers making a transaction.
Why does Bitcoin matter?
Free from the control of central banks Bitcoin is, theoretically, affected less by interest rate rises, or ‘quantitative easing. This makes it very attractive to foreign currency investors.
The fact that this cryptocurrency works exactly like cash makes it very attractive to criminals. Police cannot trace a payment made with a physical £5 in a physical store – and the same is true of its transactions. This is why ransomware demands typically specify payment in Bitcoin.
Bitcoin – a valuable target for theft
Currently this digital currency is not widely used by consumers – but with the increased level of attention being given to the currency, more of us may be tempted to get on board. But there are some important security issues you need to be aware of first.
The digital wallet used to store Bitcoin acts just like your real-world wallet. So if someone steals your digital wallet from your computer, they also steal all the contents – your Bitcoins. Because it is virtually untraceable, there is little chance that the thief will be caught, which is why its theft and fraud is becoming increasingly popular.
On the 7 th December, hackers were able to steal 4700 Bitcoin (worth £56 million!) from an online exchange. The criminals were able to break into an employee’s computer and steal crucial data that allowed them to make off with the money – early indications suggest that malware installed on the PC provided the necessary access.
In November, another Bitcoin banking service, Tether, was compromised. Hackers managed to steal nearly $31 million worth of Bitcoin belonging to service users from the bank’s virtual account. The bank has not released details of how the attack was carried out, but again it appears that the issue was caused by one of their computers being compromised.
How to protect yourself
Your digital wallet is key to protecting your digital money. If cybercriminals can steal your digital wallet, or trick you into handing over user names, passwords or encryption keys, you could be robbed.
In reality the principles for staying safe when using cryptocurrency are exactly the same as shopping online. Never give a stranger your Bitcoin account details. And always ensure that your computer is properly protected against hacking and malware using a security solution like Panda Gold Protection. Ready to learn more? Check out our Bitcoin archive.
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Bitcoin BTC Panda - JM Philanthropist
MAGIGING TAPAT NA KMI.
1.5M unang latag ng team namin sa platform na ito.
Nakakatakot kc maraming involved at malaking pera ang usapan.
Last week nagGETHELP kmi (Withdraw, para madali maintindihan)
at
TRUE ENOUGH.
May 500 000PhP worth of BITCOINS KAMI. …
Bitcoin BTC Panda - JM Philanthropist
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Since 2-days nalang po bago ang 1ST BITCOIN COMMUNITY GATHERING by BTC PANDA SA PHILIPPINES.
We would like to share the EVENT PLACE @ BAYANIHAN CENTRE near GREENFIELD DISTRICT. Event start at 2PM to 9PM.
HIGHLIGHTS NG EVENT:
- BITCOIN EDUCATION
- BUILDING UP YOUR…
PHILIPPINES BITCOIN EVENT by BTC Panda
Bitcoin BTC Panda - JM Philanthropist
Want to know how BANKS can MANIPULATE the FUTURE.
Read Up what happened to Cyprus, Argentina and Greece in the past years.
Same quarter last year.
Greece was really coping with its financial woes..
This happened in Cyprus
"After the two-week closure, a 300-euro-a-day cap on cash withdrawals…
With Greece on the brink, let's remember what happened when Cyprus' banks shut down
Bitcoin BTC Panda - JM Philanthropist
ANG WORRY KO LANG.
HINDI KA NAKAPAG JOIN NGAYON. KUNG KAILAN MABABA PA SI BITCOIN.
(1BITCOIN = 400+ USD)
AT MAGJOJOIN KA KUNG KAILAN MATAAS NA SYA. (1BITCOIN = 10,000 USD)
Reference: https:// www.youtube.com/ watch?v=KVAtH-GH OQY
MALAMANG KAPAG DUMATING ANG TIME NA YUN. BUSY NA KAMI…
Bitcoin BTC Panda - JM Philanthropist добавил(-а) 4 новых фото.
ANOTHER DAY OF BITCOIN EDUCATION.
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MERON RIN PO TAYO LATER.
10PM TO 12AM.
WEBINAR ITO PARA MAGAKATOON KA NG KNOWLEDGE ABOUT BITCOIN NG BITCOIN COMMUNITY NATIN.
AT SIMULANG KUMITA NG UP TO 1000 BTC.
PM ME FOR OUR WEBINAR LINK!
See you!
Beware of these Five Bitcoin Scams
Bitcoin’s meteoric rise in prices over the last year has awakened mainstream interest in the original cryptocurrency. With prices looking bullish once again, investing in bitcoin has never been as popular, but the rise in interest has not been without consequences. One of the downsides of new investors entering the market is the increase in the number of scams, frauds, and stories of retail investors who lose their coins to shady ventures. From ICO scandals to wallet theft and fraud, regular consumers can fall prey to crime easily.
It may seem as though it’s the wild west for investors, but it doesn't have to be. While there are certainly risks in the market, the opportunities may be irresistible for some. However, being cautious is always a must, and there are clear signs of scams that investors can look for. By avoiding these traps, users can better their chances for success and protect their investments. These are some of the most common scams, and how they can be avoided.
Hardware Wallet Theft
For users who are concerned with security and privacy, a hardware wallet—a physical device that stores their private keys—is an increasingly popular option. Usually as small as key-chain USB drives, these wallets offer an offline way to help crypto investors protect their bitcoin even further. However, there have been reports that some of them have built-in vulnerabilities which open them to hackers that could easily steal all a user’s holdings.
This is far from the only issue, however. According to Ofir Beigel, owner of 99Bitcoins.com, “one scam entails selling hardware wallets to users with a ‘pre-configured’ seed phrase hidden under a scratch card. The new user is told that he should scratch the card… and set up the wallet with the compromised seed.” This creates a back door that allows hackers to simply drain funds once a wallet is activated. These scams are becoming more common, but they can easily be avoided by only accepting wallets from trusted sources.
Exchange Scams
Despite their decentralized nature, most cryptocurrencies are still bought and sold at exchanges. While this makes it easier to find the coins investors desire, there is still no regulatory body overseeing these exchanges in many countries. Thus, many investors have been left penniless when the exchanges they signed up for turn out to be traps. In December, several South Korean exchanges were exposed, leading to promises of stiffer regulations by the country’s authorities.
These scams are not hard to spot, but can be costly if not avoided. One of the biggest red flags is the promise of unrealistic prices. Exchanges that promise heavy discounts on bitcoin use this strategy to lure in unsuspecting victims. Additionally, users can check exchanges’ URLs. Web addresses should always begin with HTTPS, a sign that traffic is encrypted. Visiting unsecured websites is a bad idea, but alert investors can avoid losing thousands by looking for the right signs.
One of the best results of the cryptocurrency boom has been the rise of the initial coin offering as a way for companies to raise capital. With thousands of new blockchain-based companies entering the market with unique ideas and exciting projects, users can now back their favorite businesses easily. However, this massive explosion of ICO opportunities has inevitably raised the specter of fraud.
There are several ways scammers can separate investors from their bitcoin. One popular method involves creating fake websites that resemble ICOs’ and instructing users to deposit coins into a compromised wallet. Other times, it’s the ICOs themselves at fault. Centra Tech, for example, a blockchain venture backed by several celebrities has been sued in the US. The company stands accused of portraying fake team members, misleading investors, and lying about their products. The best way to avoid these scams is close research that involves picking apart the white paper, reviewing the team behind the venture, and key board members or investors. Before making any investment, it’s vital to learn as much about the company as possible to avoid any unpleasant surprises.
Cloud Mining Schemes
Mining is the only way to extract new bitcoins without buying or exchanging them, but it has become an incredibly resource-intensive activity. Due to the unique way new coins are mined, it takes massive amounts of processing power and electricity, and thus money, to mine a coin. However, many companies now offer regular users the ability to rent some server space to mine coins for a set rate.
Some companies offer ‘lifetime contracts’, which keep costs the same and supposedly offer outstanding returns. However, as the difficulty of mining increases, the same investment will return smaller amounts each time. Moreover, some companies make bold claims regarding their returns without being transparent about the true costs and diminishing returns. Others simply operate Ponzi schemes that can lead to massive losses. It’s vital to look into opportunities and understand the risks and costs associated with mining before investing.
Multi-Level Marketing
Even in the digital spheres, many multi-level marketing schemes have emerged that offer naïve investors excellent ‘opportunities’ for progressively larger sums of bitcoin. MLMs, as they’re known, are predicated on offering quick returns, but actually involve taking more money for the promise of even higher profits.
One major company that has been repeatedly outed is OneCoin, whose owners were implicated in several other shady operations. The company offered investors massive earnings, and even luxury goods and perks for paying more. However, there is little information on the company outside of their own site, and users have left scathing reviews online. It’s important to always pay attention to a company’s fine print and ensure that their claims are feasible and real. Avoiding these scams early can protect investors’ wallets.
With the current craze, being vigilant and doing one’s due diligence are a must before investing in bitcoin. The market is also showing signs of maturing, leading to better transparency and clearer rules. Regardless, any smart investor’s first step should always be careful research to ensure their investments are always winners.
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How does Bitcoin work?
This is a question that often causes confusion. Here's a quick explanation!
The basics for a new user
As a new user, you can get started with Bitcoin without understanding the technical details. Once you have installed a Bitcoin wallet on your computer or mobile phone, it will generate your first Bitcoin address and you can create more whenever you need one. You can disclose your addresses to your friends so that they can pay you or vice versa. In fact, this is pretty similar to how email works, except that Bitcoin addresses should only be used once.
Balances - block chain
The block chain is a shared public ledger on which the entire Bitcoin network relies. All confirmed transactions are included in the block chain. This way, Bitcoin wallets can calculate their spendable balance and new transactions can be verified to be spending bitcoins that are actually owned by the spender. The integrity and the chronological order of the block chain are enforced with cryptography.
Transactions - private keys
A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet. The signature also prevents the transaction from being altered by anybody once it has been issued. All transactions are broadcast between users and usually begin to be confirmed by the network in the following 10 minutes, through a process called mining.
Processing - mining
Mining is a distributed consensus system that is used to confirm waiting transactions by including them in the block chain. It enforces a chronological order in the block chain, protects the neutrality of the network, and allows different computers to agree on the state of the system. To be confirmed, transactions must be packed in a block that fits very strict cryptographic rules that will be verified by the network. These rules prevent previous blocks from being modified because doing so would invalidate all following blocks. Mining also creates the equivalent of a competitive lottery that prevents any individual from easily adding new blocks consecutively in the block chain. This way, no individuals can control what is included in the block chain or replace parts of the block chain to roll back their own spends.
Going down the rabbit hole
This is only a very short and concise summary of the system. If you want to get into the details, you can read the original paper that describes the system's design, read the developer documentation, and explore the Bitcoin wiki.
BitPanda Review
Provides a simple buying and selling platform for bitcoin and ethereum, with instant transactions and free wallet. Offers various payment options that give more comfort in your transactions.
Not suitable for those who want to trade their bitcoins instead of buying and selling them, since it doesn’t provide any type of bitcoin trading platform.
Allows you to buy and sell bitcoin and ethereum within seconds, with various payment options that you can use for your transaction. Provides advanced security features for the best protection.
Detailed Review
BitPanda, formerly Coinimal, is a buying and selling platform for bitcoin and ethereum provided by Coinimal GmbH, a startup company founded in 2014 and based in Vienna, Austria. The company was started by bitcoin enthusiasts who recognized the problem that it was very difficult to acquire bitcoins in the EU. The company provides this platform to accommodate those who want to acquire or sell bitcoin and ethereum quickly, without any hassle in the transaction process.
Buy And Sell Bitcoin And Ethereum Within Seconds
The main highlight of BitPanda is that you can conduct bitcoin transactions quickly with this platform. It is very straightforward. If you want to buy some bitcoins or ethereum, you just need to click on Buy, and you can do it quickly. It’s the same if you want to sell bitcoin or ethereum. You just need to click Sell and follow the process. You can sell or buy bitcoin and ethereum within seconds after you process the transaction. The cash or bitcoin is immediately available in your wallet, and you can simply withdraw it to your bank account. The wallet is free, and you don’t need to pay any monthly payment just to use the service.
Ten Payment Options With Free Wallet For All Users
This platform is not only a platform that you can use for buying and selling bitcoins, but it is also a platform that you can use to store your assets. With the secure wallet, you can store your cash or bitcoin in a secure wallet system, which you can use completely for free. All users can use the free wallet feature without having to pay any additional fees. There are lots of payment options available for this platform, such as Neteller, bank transfer, Skrill, and more. You can choose the payment option that you want and get your bitcoin or cash right away.
High-tech Security Features To Keep Your Assets Secure
There are some instances where users might lose their funds in their wallet if they are not careful enough. This is because the platform that they use usually don’t offer the kind of security that they need. It’s different with BitPanda. When you use this platform, even with the free wallet, you get the best security features that give you the advantage of keeping your assets secure. If you want to keep your bitcoins or cash in your wallet, you can do so without being afraid of losing it later.
Fully Automated Order System
Another advantage of this platform is that it has fully automated order system that makes it possible for you to complete the transaction within seconds. There is no need for you to wait for days or weeks just to verify and confirm the transaction manually. You simply decide whether you want to buy or sell bitcoin with this platform, follow the transaction process, and you get what you need in just a moment. The API system that governs the automated order is available 24/7, so you can always do any transaction any time you want. If you need bitcoins urgently, this is the platform that you can use.
Conclusion
If you want to cash your bitcoins or get some bitcoins immediately, BitPanda is the platform that you can rely on anytime. It is simple, yet it gives the users the advantage of getting the cryptocurrency that they need in a matter of seconds. There are lots of payment options available, so you can use your preferred payment method anytime you want. Also, it gives you free wallet with full security features that ensure the best protection for your account and funds. Moreover, the fully automated order system is available all day, meaning that you can have instant transaction for your bitcoins even when you need it in the middle of the night.
Top Features
- Buy & Sell Bitcoin
- Buy & Sell Ethereum
- Free Bitcoin Wallet
- Multiple Payment Options
- High-level Security
- API Access
- Instant Transactions
- Automated Order System
- Less Transaction Fees
Bitcoin BTC Panda - JM Philanthropist
MAGIGING TAPAT NA KMI.
1.5M unang latag ng team namin sa platform na ito.
Nakakatakot kc maraming involved at malaking pera ang usapan.
Last week nagGETHELP kmi (Withdraw, para madali maintindihan)
at
TRUE ENOUGH.
May 500 000PhP worth of BITCOINS KAMI. …
Bitcoin BTC Panda - JM Philanthropist
GOODNEWS! GOODNEWS! GOODNEWS!
Since 2-days nalang po bago ang 1ST BITCOIN COMMUNITY GATHERING by BTC PANDA SA PHILIPPINES.
We would like to share the EVENT PLACE @ BAYANIHAN CENTRE near GREENFIELD DISTRICT. Event start at 2PM to 9PM.
HIGHLIGHTS NG EVENT:
- BITCOIN EDUCATION
- BUILDING UP YOUR…
PHILIPPINES BITCOIN EVENT by BTC Panda
Bitcoin BTC Panda - JM Philanthropist
Want to know how BANKS can MANIPULATE the FUTURE.
Read Up what happened to Cyprus, Argentina and Greece in the past years.
Same quarter last year.
Greece was really coping with its financial woes..
This happened in Cyprus
"After the two-week closure, a 300-euro-a-day cap on cash withdrawals…
With Greece on the brink, let's remember what happened when Cyprus' banks shut down
Bitcoin BTC Panda - JM Philanthropist
ANG WORRY KO LANG.
HINDI KA NAKAPAG JOIN NGAYON. KUNG KAILAN MABABA PA SI BITCOIN.
(1BITCOIN = 400+ USD)
AT MAGJOJOIN KA KUNG KAILAN MATAAS NA SYA. (1BITCOIN = 10,000 USD)
Reference: https:// www.youtube.com/ watch?v=KVAtH-GH OQY
MALAMANG KAPAG DUMATING ANG TIME NA YUN. BUSY NA KAMI…
Bitcoin BTC Panda - JM Philanthropist добавил(-а) 4 новых фото.
ANOTHER DAY OF BITCOIN EDUCATION.
Grabeeeeee! Nagsisimula palang yan!
MERON RIN PO TAYO LATER.
10PM TO 12AM.
WEBINAR ITO PARA MAGAKATOON KA NG KNOWLEDGE ABOUT BITCOIN NG BITCOIN COMMUNITY NATIN.
AT SIMULANG KUMITA NG UP TO 1000 BTC.
PM ME FOR OUR WEBINAR LINK!
See you!
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