When you think about cryptocurrency, I bet the first thing you think of is Bitcoin or even Ethereum, but there’s a lot more in the realm of cryptocurrency that you may not even be aware of.
Welcome to the hidden and more volatile section of the crypto world, the altcoin section. You could compare altcoins to penny stocks in the way that they’re significantly cheaper than the big-name coins.
The market for altcoins is exciting and becoming popular due to the fact that you could double or triple your earnings overnight (higher volatility than Bitcoin or other more established coins), however, you could also lose it all within minutes.
We’ve heard some pretty insane success stories surrounding altcoins, with people making thousands or even millions off of them within super short periods of time, and this is what’s bringing in more attention. The cost of altcoins are so low, that people are able to buy huge sums of coins for low prices and the potential of doubling it in returns is high.
Unfortunately, we’ve also heard about a lot of losses, not only from the volatile nature of altcoins, but the many scams laid out by malicious actors. Cybercriminals are taking advantage of altcoin popularity and promoting their malicious scam coins through illegitimate websites, fake social media accounts, and deepfake videos.
Deepfakes are becoming more widely used in financial scams and cryptocurrency. This social engineering tactic allows cybercriminals to gain user trust. Typically we see the faces of trusted or well-known people explaining and promoting a certain subject to try to make things seem more legit. Some of these videos are meticulously created and are very hard for an average viewer to distinguish if it is real or not.
If you lose your money to a crypto scam, it’s nearly impossible to track down the perpetrator due to the anonymity of the users as well as the lack of regulations surrounding cryptocurrency as a whole.
With the crypto world bringing in more and more users every year, is it safe to safe that crypto will be the future? Or is this extreme growth contributing to a potential massive future downfall?