The Bitcoin halving will take place today and statistics indicate a significant increase in the number of scams associated with cryptocurrency trading during the halving period. Here are the steps you should take to protect your assets from fraud.
Be careful! Halving does not mean dividing the price of Bitcoin in half
First of all, “halving” does not mean halving the price of Bitcoin (dividing it in half). On the contrary, the halving could help increase the price of Bitcoin. Here, halving means cutting miner rewards in half. Currently, the reward for validating a full block (mining) is 6.25 BTC. But after the halving, the reward will be 3,125 Bitcoins.
The concept of halving may seem intuitive to many, but believe it or not, some scammers have convinced some Bitcoin users that the price of Bitcoin will halve by April 19 and that they should get rid of it quickly !
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One of the most well-known scams involves a supposedly well-meaning scammer offering to buy Bitcoin at half price. The scammer manipulates the term "Bisection» He claims to indicate that the price is “halved”.
Unfortunately, these false claims aren't just coming from scammers; some major media outlets are also not the most reliable source of information on this topic. The channel has been specified BFMTV The French recently confidently stated that “halving means halving the value of Bitcoin to stimulate demand”! This statement is clearly not true at all and reflects the author's lack of knowledge on the subject.
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Be careful. Fraud attacks increase during halving.
Additionally, some recent reports have revealed that the digital currency market has seen an increase in the number of... Phishing attacks During the halving process.
To arm yourself against the expected wave of scammers during this historic Bitcoin reward halving, you need to get back to security basics when it comes to protecting your cryptocurrencies. Of course, whether you like it or not, education is essential to anticipate the risks of scams.
Cryptocurrencies, and Bitcoin in particular, were originally created so that we wouldn't have to trust anyone. If the exchanges represent a paradox and are the subject of debate within the community, it is worth remembering that lack of trust is the foundation of Bitcoin. In line with the values Satoshi Nakamoto, it is better not to trust anyone, especially when halving Bitcoin. In general, it's best to stick to a few simple principles:
- Keep your private key in a safe place and never reveal it to anyone. Don't let yourself be tempted by someone who was a friend!
- Do not link your wallet to untrustworthy sites.
- Keep Bitcoin in a cold wallet.
- Read our articles on scams and how to protect yourself from them.
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