The Digital Age
Cryptocurrencies are replacing digital wallets in the same way that email replaced the postal service. How are cryptocurrencies changing our lives? Let's look at how and why people are adopting the cryptocurrency.
In 2009, Satoshi Nakamoto released bitcoin, the first decentralized, decentralized cryptocurrency. It was decentralized because unlike regular fiat currencies, a cryptocurrency can be transferred anywhere without the need of a third party. On Dec. 1, 2017, bitcoin traded at $9,200 USD, and in November 2018, the value of a single bitcoin jumped to almost $20,000 USD, according to Coindesk. Bitcoin is similar to cash. You can store it in a digital wallet or accept it in exchange for goods or services.
The Rise of Bitcoin
The Bitcoin craze began around 2011, and since then it's been on a meteoric rise in terms of exchange value. Today, you can exchange Bitcoin for almost any currency and store it on the Internet, giving people a way to make everyday purchases, pay for overseas travel or even create a bank account. The value of Bitcoin has fluctuated from day to day, but in early September 2018, it crossed the $6,000 mark for the first time. In September 2018, a single Bitcoin was worth nearly $6,200, up from $530.
One of the largest Bitcoin exchanges, Coinbase, is based in San Francisco, a city well known for its experimental, funky tech scene.
How to avoid the bitcoin scam sites
Because online cryptocurrency scams tend to target new users, it's possible that you'll end up on a scam site by mistake. To avoid falling victim to a scam, the EFF recommends avoiding overly broad terms, like “bitcoin exchange.” If a website doesn’t list more than one service, it’s a good sign that it’s a scam. Do your research and confirm the authenticity of any site you plan to visit with reliable sources like customer reviews, court documents, or other information available to you. In addition, be cautious of terms like “new,” “experience,” and “free” when you see them on company websites, as these are terms used by scammers to disguise free trial offers. The most effective way to avoid getting scammed is to do your homework.