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Bitcoin [BTC]: Higher BTC price brings more BTC scams?

Arijit Sarkar



Bitcoin [BTC]: Higher BTC price brings more BTC scams, warns Twitterati
Credit: Pixabay

As the cryptoverse regains its lost shine with the recent bull run and welcomes a new breed of enthusiasts, the bad players in the market have amped up their efforts into conning the naive crowd. One of the upcoming scams in this light is the “digital wallets,” that are being identified and blocked on a daily basis. Pioneering this wave of stopping fraud is @LukasStefanko, who recently highlighted two apps on Google Play. The tweet read,

“Phishing “Trezor Mobile Wallet” app found on Google Play and pops as a second search result. This fake app was phishing for credentials, but still it couldn’t affect Trezor user funds, however it could be used for email phishing.”

The tweet consisted of screenshots that warned the crypto users to download the correct “TREZOR Manager” app, instead of the [fake] “Trezor Mobile Wallet” app.

Source: @LukasStefanko

@LukasStefanko further informed Twitter that the fake app was “connected” to “Coin Wallet” service which was another cryptocurrency wallet on Google Play with over 1,000 installs using the same source code and server.” He further informed the readers that  “Trezor Mobile Wallet & Coin Wallet were bought as wallet template for $40” and added a screenshot of the source code as a proof of his findings.

Source: @LukasStefanko

While the apps are still available for download, the recent finding ought to urge users to make use of legitimate sources for indulging in cryptoverse. Currently, Crypto Twitter is spreading the information in the hopes of reducing such scams that surface with BTC hype.

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Bitcoin’s censorship resistance, freedom make it a game changer in the economic industry

Biraajmaan Tamuly



Bitcoin's censorship resistance, freedom makes it a game changer in the economic industry
Source: Pixabay

Over the years, the global economic industry has witnessed significant changes. However, no change has been more significant or essential than the one introduced by the concept of virtual assets or Bitcoin. Today, Bitcoin and other virtual currencies are almost as essential as fiat money and despite the fact that digital assets have not reached worldwide adoption, the pace of growth has been substantial.

In a recent panel discussion, Jedidiah Taylor, CEO and Founder of Decent.Bet, the smart contract-based sports betting platform, stated that the idea of Bitcoin and blockchain technology projected a perspective of freedom and honesty which allowed individuals to have direct control over their own capital, without any oversight supervision from financial institutions.

The sentiment was followed by Nico De Jonghe, Founder and CEO of NDJ Investment Group, who added that the threat of decentralized assets loomed the largest over centralized institutions like banks, who were worried of the future prospects offered by Bitcoin and its impact on the long-term financial situation.

Tone Vays, a reputable analyst and Bitcoin proponent, opined and stated that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention. The characteristic of censorship-resistant value transfer is also an absolute game-changer for Bitcoin, allowing it to competitively exist in the financial system.

The value of Bitcoin has often been criticized in the past, but its valuation has consistently proven its worth. In fact, Bitcoin has grown by more than 150 percent in 2019.

At press time, Bitcoin was priced at $11,371, with a market capitalization of over $202.18 billion. The staggering valuation of an asset that was unheard of 10 years ago, further underlines the potential of Bitcoin in the current market scenario and for the future economies.

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