21.7 C
Kampala
Thursday, September 29, 2022

What you Need To Know To Avoid Crypto Scams

In the light of the Global Investment Crypto Currency Scam that was recently exposed by security, it is prudent we highlight a few pointers on what cryptocurrency is and what you need to know to avoid falling prey of similar exams.

Crypto Currency
this is a set of medium that is used to make financial transactions as an alternative to the current established financial and fiscal systems.

Crypto currencies are decentralized as opposed to our traditional currencies that are controlled by central entities like government and central banks.

Bitcoin, first released as open-source software in 2009, is generally considered the first decentralized cryptocurrency.[6] Since the release of bitcoin, over 6,000 altcoins (alternative variants of bitcoin, or other cryptocurrencies) have been created.

 

It is at this junction that we discuss altcoins or alternative coins as they are known. These are variants of the original bit coin system and whereas many are legitimate, many have taken advantage of the unregulated system to come up with scams.

Global Crypotcurrency Investment

Scams like global Investment are typical pyramid schemes. These get rich schemes usually target vulnerable groups of people trying to secure there hard earnings.

They are copycats of scams of old. Its is prudent that the government takes more keen interest in these crypto currency and take steps to education the masses.

Security agencies should also continue to improve their capacity to determine and intercept these schemes before they go too far.

Interest should be put in measures to regulate these currencies in which ever way possible especially by the central bank that has the mandatory to regulate financial transactions in the country.

Money launderers and terrorists have the potential to use these currencies to do their dirty work.

These currencies have also been favored by cyber criminals to make untraceable transactions and facilitate activities like hijacking people’s data and computers.

Opportunities

Just like all new technologies, there are advantages and disadvantages. The population can furnish themselves with the knowledge required to take advantage of them.

Education in the field is prudent to avoid being left behind in the global economy. Technological advancement does not wait for any one.

Crooks like Andrew Kaggwa and company are meerly soiling the reputation of legitimate technology advancement and taking advantage of naive Ugandans. That should however not deter curiosity and thirsty for knowledge.

Steve Mungereza
Steve Mungereza
Sociopolitical Analyst. Coverage of National and Regional news stories.

Related Articles

Stay Connected

0FansLike
2FollowersFollow
- Advertisement -spot_img

Latest Articles

error: Content is protected !!