Cryptocurrency Trading in the APAC Region: How to Avoid Scams and Stay Informed
Cryptocurrency has become a popular way to trade money online without the need for a third-party, such as a bank or credit card company. Decentralized crypto makes it simpler and more secure to transfer money peer-to-peer. Both Bitcoin and Bitcoin Cash are two of the most well-known cryptocurrencies, and blockchain technology is used to record and store data as an intelligence source.
In the APAC region, there are several trends that are driving cryptocurrency adoption.[0] Application-specific integrated circuits (ASICs) are being used to mine virtual currencies and require less energy and maintenance.[1] In addition, cryptocurrency scams are becoming more and more prevalent, with the FBI Denver office warning of over 46,000 victims losing more than $1 billion in 2021 alone.[2]
For those interested in trading cryptocurrency, there are several steps to take. Step 1 is to choose a payment method, such as PayPal, credit card, or bank transfer.[3] Step 2 is to select the pricing for the trade, and step 3 is to follow the instructions to make the payment and transfer the crypto from your wallet to the trade’s secure escrow.
The FBI Denver office is urging people not to fall victim to cryptocurrency scams, and to be aware of the warning signs and how fraudsters try to reel them in.[2] To stay informed, following cryptocurrency experts on Twitter and watching related videos can be helpful.
0. “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
1. “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
2. “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
3. “Creating an Offer to Buy Cryptocurrency – Paxful Help Center” paxful.zendesk.com, 4 Feb. 2023, https://paxful.zendesk.com/hc/en-us/articles/360009858360-Creating-an-Offer-to-Buy-Cryptocurrency
