Cryptocurrency Trading: 10 Trends in the Asia Pacific Region and Tips to Avoid Crypto Scams
Cryptocurrency is becoming an increasingly popular way to trade money online.[0] It is a digital method of trading money that is decentralized, meaning it does not have any governing institutions like banks or other third parties.[0] It is moved from your personal wallet to the secure escrow of the trade, and the transfer is secure because of blockchain technology.[1]
Cryptocurrency trading is popular in various regions, including the Asia Pacific region, where 10 major cryptocurrency trends have been identified. Step 3 trading involves making the payment for the trade, and then there are several steps to follow in order to complete the trade.[2] These include selecting the payment method, pricing the trade, and providing trade instructions.
However, scammers are taking advantage of the lack of a unified regulatory framework by targeting unsuspecting victims. According to the FBI, about 46,000 people have reported losses totaling more than $1 billion due to cryptocurrency scams. People in Colorado alone have reported losses of $25 million. Application-Specific Integrated Circuits (ASICs) are one popular way to mine virtual currencies and are becoming increasingly popular.[3] ASICs use less energy and need less maintenance than graphics processing units (GPUs).[4]
The FBI is urging people to be vigilant when trading cryptocurrency, as well as to be aware of the warning signs of fraud. They advise people to not fall victim to crypto scams in the first place, and to be alert to the ways fraudsters try to reel them in.[5]
0. “FBI: More than $1 billion lost in cryptocurrency scams as popularity …” denvergazette.com, 4 Feb. 2023, https://denvergazette.com/news/local/fbi-more-than-1-billion-lost-in-cryptocurrency-scams-as-popularity-increases/article_5807978c-a32b-11ed-a7f4-c313b881fb62.html
1. “UK cryptocurrency tax guide: everything you need to know” www.unbiased.co.uk, 4 Feb. 2023, https://www.unbiased.co.uk/discover/personal-finance/savings-investing/uk-cryptocurrency-tax-guide-everything-you-need-to-know
2. “Buying Cryptocurrency with Digital Currencies (Altcoins) – Paxful …” paxful.zendesk.com, 4 Feb. 2023, https://paxful.zendesk.com/hc/en-us/articles/360013668993-Buying-Cryptocurrency-with-Digital-Currencies-Altcoins-
3. “Cryptocurrency: An insider’s guide (free PDF) | TechRepublic” www.techrepublic.com, 4 Feb. 2023, https://www.techrepublic.com/resource-library/whitepapers/cryptocurrency-an-insider-s-guide-free-pdf-copy1/
4. “Cryptocurrency Market Is Expected To Reach around USD 4.25” www.globenewswire.com, 4 Feb. 2023, https://www.globenewswire.com/en/news-release/2023/01/24/2594075/0/en/Cryptocurrency-Market-Is-Expected-To-Reach-around-USD-4-25-Billion-by-2022-Grow-at-a-CAGR-Of-12-2-during-Forecast-Period-2023-To-2030-Data-By-Contrive-Datum-Insights-Pvt-Ltd.html
5. “Coloradans lose about $25M in cryptocurrency scams, FBI says …” insurancenewsnet.com, 4 Feb. 2023, https://insurancenewsnet.com/oarticle/coloradans-lose-about-25m-in-cryptocurrency-scams-fbi-says
