Whenever you are dealing with Bitcoins or any cryptocurrency you need be very attentive and alert while you are using different portals for Social Media, Emails, SMS and many more.
The Big banks say that virtual currency being in digital form are deposited in digital-electronic media that are called electric wallets. Therefore, they are prone to victims arising out of hacking, loss of password, the concession of access credentials, malware attack etc. Since they are not formed by or traded through any approved central office or agency, the loss of the e-wallet could result in the permanent loss of the VCs held in them.
Transactions which is through virtual currency take place on a peer-to-peer source without an authorized central agency which sets such payments. As such, there is no well-known framework for recourse to customer problems/disputes/chargebacks.
There is no basis or backing of any asset for virtual currency. As such, their worth seems to be a matter of speculation. Huge volatility in the value of such currency -in this case, bitcoin-has been noticed in the recent past. Thus, the users are exposed to possible losses on account of such instability in value.
Emails, SMS and Social Media
The person needs to be aware and careful of fake text messages that can pop-up any time just read them before opening, emails or social media accounts that claim to be BTC Monk and carry similar branding.
These messages can ask you for sensitive and confidential information such as missing account information, verification details, PINs or passwords. These kind of acts are fake and stay away from these type of spams.
Till date, cryptocurrencies are being traded on exchange platforms set up in various jurisdictions whose legal status is also unclear. Hence, the traders of virtual currency on such platforms are exposed to legal as well as financial risks.
It has been reported that use of digital currencies is largely for illicit and illegal activities. The lack of data of counterparties in such peer-to-peer anonymous/ pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combat the financing of terrorism laws.
Apps, Plugins, and Extensions
Ganesh Godse and Pritesh Saitwal say that be always sure that you download the app from authorized sources only. You can create your digital currency wallet from our app available on Play Store and App Store.
Our company does not support any plugins or extra time. Downloading or usage of any other products from the third-party source will lead your investments to be in danger.