Welcome To The First Edition Of Crypto and Tech Crimes Weekly.
The negative impacts of technology and cryptocurrency and how to stay safe.
The information age is the one of the most significant era human history. Individuals engage in different online activities either to learn, connect or for security reasons.
These days one doesn’t have to present for anything in order to scale through. You only need to be able access the earth and get your job done.
In Nigeria the benefits offered by technology and cryptocurrency is overwhelming. This is significant in education sector. Most universities in the country offer e-learning opportunities for its students making the learning process convenient and acesssible.
On the other hand, it has more or less caused more harm than good. Let’s take a look at the most successful means people got to know about cryptocurrency in Nigeria. MMM came in to Nigeria around 2015 and this went viral as it happened to be the most popular long lived Ponzi scheme Nigeria has seen. Bitcoin was used in this platform which made people to get to know about cryptocurrency.
Cryptocurrency is the soft copy of Fiat Currency known has hard money (hard copy).
Also, the activities of internet fraudsters known as Yahoo Boys had given people the thinking that making money online is possible. But here the means used is more or less negative. The use of cryptocurrency in Nigeria is overwhelming. Nigeria tops the chart as the top African country trading cryptocurrency. Over $2 million have been traded so far on Localbitcoins by Nigerians.
Some precautions are note worthy in order to avoid being a victim of cryptocurrency fraud. These precautions will help cryptocurrency newbies to stay safe in the cryptocurrency community in Nigeria.
Avoid clicking malicious links as this can result to account hack by fraudsters.
Avoid using public Wi-Fi without enabling protection guard depending on the antivirus software in use. Kaspersky is advised. This will protect you from malicious links and prevent access to your device.
Always use two-factor authenticator on any of your cryptocurrency exchange accounts, wallets etc.
Always make sure you set up a strong password for all accounts. This is very important as it will protect you from hack.
Before you engage in any project or platform make you it’s visibility is 100 safe. Also make sure to check the legitimacy of any website you visit using scamadviser.com
Avoid engaging in any project promising quick returns. They include cryptocurrency Hyips, mining activities, Ponzi etc.
Some notable dead sites and projects have been identified by the cryptocurrency community. These sites includes;
The activities of cryptocurrency was intended to make the way we use money easier, convenient and faster. Some cryptocurrency activities had helped to make the sending of funds easy and fast without having to go through regulators or banks. You can easily send money to your loved ones in seconds and they receive it immediately. With the era of cryptocurrency you can be trader of these cryptocurrencies using cryptocurrency exchanges around.
Our next edition of cryptocurrency and tech crimes will be on some notable crimes recorded in this field in 2019. Do have a nice weekend.