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Twitter – the Crypto scam preventor

Social media networks are the one which plays a vital role in many aspects of our modern lives. Social media users increase day-by-day in all age groups. People use Social media for all purposes which include chatting, sharing image/video/audio and posting stories etc. Apart from all, nowadays Cryptocurrency has also its fair share of interactions with social media.

What is actually Cryptocurrency? Cryptocurrency is a Digital currency which is the collection of lines of computer codes. These lines of code are created by electricity and high-performance computers. As it holds monetary value, it is used by all people for different purposes like online shopping and in money transactions. This uses Encrypted cryptographic technology and runs based on the principle of Blockchain technology. Bitcoin is the first and best cryptocurrency as of now.

It possesses many good features like easy access, quick payments, cost less, no boundaries etc. Although it has various advantages it has some drawbacks which bring high risks involved while investing in cryptocurrency. There is a high possibility of losing your wallet and no reverse payment options are there.

 A relationship between Cryptocurrency and Social media:

Social media networks play a vital role in the enhancement of cryptocurrencies. Also, it communicates users about the operation of cryptocurrency. Social media like Facebook, Reddit and Twitter are the popular platforms that share Bitcoin information, the first cryptocurrency.

As cryptocurrency users increases, the scammers also increased. Who are scammers? Scammers are the one who makes money by undergoing illegal methods, especially by tricking people. They started stealing millions of coins from the investors. So to avoid this, Before investing, we must study thoroughly about the product/service and then we should invest. Because Cryptocurrencies are not re-payable.We can invest our digital currency with trusted exchanges like Coinbase, Cryptopia, and Kraken.

In order to identify Scams, Facebook has already taken steps towards identifying scammers and preventing it. As an initial step, Facebook started banning ads that promoting financial products and services which are tied to cryptocurrencies and initial coin offerings.

Recently on March 7 Twitter associates have mentioned that Twitter takes steps to prevent cryptocurrency-related accounts from running scams on its platform.

Twitter also added to their statement that “We’re aware of this form of manipulation and are proactively implementing a number of signals to prevent these types of scam accounts from engaging with others in a deceptive manner.”

In Last week, Twitter also helps users to improve the quality of conversations on its platform. In order to address the rising criticism against social media companies that are failing to protect users from online abuse and political administration.

We’ll wait for the scheme that would completely help us to get rid of Crypto scams.

 

 

 

 

 

 

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