For a currency that is still relatively new and not understood by most, scammers find cryptocurrency to be an easy tool to use in defrauding people of their money.
And now, in the wake of the CBN directive to banks, fraudulent people are leveraging the situation to spread false information and promote black market offers in a bid to rob unsuspecting users of their money.
This however, should not be so, because despite the recent CBN announcement, legit cryptocurrency transactions have not changed. You can still trade with other cryptocurrency users on safe, publicly certified and trusted platforms like Patricia.
In this article, Patricia debunks many of the cryptocurrency fraud schemes being used by scammers and offers a guide on how the best ways to securely trade cryptocurrency in the country.
- Stay informed and educated
The first and most important step to take in avoiding cryptocurrency scams is educating yourself properly about the current cryptocurrency regulations in Nigeria. This is because there are many misleading news stories concerning the CBN directive on social media and other internet platforms, and it is important for you to be able to identify what is true and what is fake news. A good way to do this is to follow trusted online platforms that offer proper information on cryptocurrency related news. For example Coin Desk, a digital currency news platform and Patricia Instagram page which consistently updated with educati content on bitcoin.
- Avoid anything that looks like a Ponzi Scheme
Cryptocurrency is not a get-rich-quick scheme. Instead it is a proper investment tool that has as many risks as there are opportunities. This means that any offer that promises you outrageous rewards like; “we’ll triple your crypto-wallet in three days,” is probably one of the many ponzi schemes currently being used to defraud people online and should be avoided. Ponzi schemes are a delusional short-term investment program that steal from one investor to give another, without any real profit value being gained on the actual investment sum.
- Don’t fall for a fake cryptocurrency
A commonly used fraud technique is advertising a new unpopular cryptocurrency with false claims of being a super kind of digital currency. You should avoid such. In many instances, claims of newly found digital currency end up as a ruse and these currencies disappear in a short while. It is safer to trade with a publicly verified and globally recognised digital currency like Bitcoin.
- Only trade through a safe and recognised platform
Finally, a major way to cut out the risks of being scammed when trading bitcoin is to trade on a sure platform. For instance the Patricia app has a peer-to-peer feature that connects verified bitcoin users looking to trade bitcoin. The app not only has strong security policies and safe payments systems, but you are also able to keep track of your communications as well as transactions with the other party, protecting you from unsafe transactions.
Want to trade bitcoin with no sweat? Visit mypatricia.co and set up your account today.
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