Arguably the single most sought after form of digital currency, Bitcoin has been making headlines, but for reasons aside from its high valuations.March saw an unprecedented feat when the price of the cryptocurrency rose above that of an ounce of gold.Given that it is the first time to achieve such a feat, the demand for this valuable commodity expectedly surged almost immediately.Hot on the heels of the Bitcoin gains was a concurrent rise in Bitcoin scams, though.In fact, well into the tail end of March, the spike is worrying to say the least.This is according to ZeroFOX, a cybersecurity watchdog that uncovered a disturbing 12,360 scams touching across websites and social media sites.As it turns out, the ever-ingenious cybercriminals are out on the loose and are taking advantage of the popularity of Bitcoin to rob unsuspecting netizens.This is purely motivated by the fact that Bitcoin will soon become an invaluable commodity and that there is limited savviness amongst those who are subject to the hype.

As a matter of fact, by the 3rd week of March, reported Bitcoin scams had reached a staggering high, with over 125 million malicious links shared across three major social media sites.It goes without say that Facebook, Twitter, and Instagram played a pivotal role in executing the whole activity.ZeroFOX’s report showed that social media massively helped promote the scam, reaching thousands, or perhaps millions of people.According to the cybersecurity firm, the malicious proponents use malware, phishing, flipping, and pyramid schemes alongside social media.What’s bizarre about it is that the posts containing the URLs go viral with an average 24.53 shares every single day.The scams target social media because in the midst of the massive population are many people who might see the tricks and lures as a swift way of making quick cash.The second way of spreading the vice, according to the report, was phishing Bitcoin private keys with “Bitcoin flipping scheme” ranking third.Through the flipping, a prospective investor is promised ridiculously high profits upon parting with the initial upfront fee.

According to Phil Tully, ZeroFOX’s senior data scientist, the fact that the price of Bitcoin is hitting all-time highs makes the idea of investing on them attractive, and thus the scams.He adds that it further coincides with the seemingly widespread acceptance of Bitcoin in populous countries whose national currency is volatile.The vice seems to be thriving in India due to her tight monetary policies and China who is experiencing a massive cash outflow problem.“Ultimately, cybercriminals thrive on buzz,” Phil Tully.Sadly enough, the scams wreaking havoc tend to appear somewhat unsophisticated, coming as installable malicious programs and apps for quick bucks.Given that Bitcoinis both pseudonymous and irreversible makes it easy to make a quick kill.These traits, along with how powerful social media has been, has triggered a massive loss within the last few weeks.Precisely because cryptocurrency is the mode of business in illegal dealings (most notably on the dark web), decentralization, anonymity, and irreversibility makes the vices spread quickly.

No information is needed to transact, much like the absence of authorities in how the funds are exchanged.khan academy bitcoinAll of these, as well as how Bitcoin price is rising, contributes to how valuable people perceive them – leading to the birth of successful scams.remove bitcoin-qtIf your Bitcoin safe is still intact, be sure to practice smart ways of keeping hold of them.bbc bitcoin founderZeroFOX recommends simple actions including never trusting anyone with regards to mining them.bitcoin mining luckMoreover, don’t visit any email links or suspicious websites, and by all means do not agree to transact via social sites and messaging apps.bitcoin mining hardware london

Meanwhile, users should strive to report any scams to FBI’s Internet Crime Complaint Centre, even though you know that you won’t get your precious Bitcoin back.bitcoin vodkaCanadian police advised those living in Ontario to be extra vigilant in the wake of the schemes while using the local Bitcoin ATMs.Concerning social media, Tully sounded a word of caution; they are the most powerful and anonymous vehicles through which domestic and foreign netizens are quickly nabbed and robbed.As such, everyone ought to remain vigilant.About Latest Posts Latest posts by Richard (see all) Demand for Bitcoin Continues to Soar in Venezuela New Mac Malware Spotted on the Dark Web Couple Accused of Smuggling Fentanyl via Dark Web general information purposes onlynot intendedconstitute legal advice ★ ★ ★ ★ ★ Scams Spike As Bitcoin Price Rises, / 5 ( votes)A few years ago, I had missed the Bitcoin boat.

In late 2012 or early 2013, I remember trying to get my account verified on a number of virtual currency exchanges.Due to some complications with account creation, I decided it was too much of a hassle and I gave up not thinking too much of it.A year or so later, Bitcoin exploded, and I was bummed that I had missed the boat.The spike went up, then it went down.On December 4, 2013, the price of Bitcoin reached an all time high of $1314 CAD.Had I bought even $100 of Bitcoin when I had originally wanted to, that would have returned in over $800 in late 2013.Never did I think that would ever happen again.One day in July 2015, I was at a bar in Ottawa that had a Bitcoin ATM machine where you could deposit cash and send it to your Bitcoin wallet.So on my way to the bathroom, I thought “what the hell” and deposited $60 Canadian into my BTC wallet for the fun of it.At the time, I thought nothing of it and Bitcoin was worth $323 CAD.I mostly forgot about it, checking it only every once in a while.

All of a sudden, a few weeks ago, I saw all the headlines about BTC being at an all time high.Like a kid at Christmas, I popped over to my Bitcoin wallet only to find that my measly 0.17415 Bitcoin was now worth $412.98 CAD.Woah cool!Seeing a big spike like this, I thought it was unlikely that it would go up too much more before dipping again, so I decided to sell and instead find a way to convert my Bitcoin into the newer and less inflated Ethereum.I quickly found out that selling my Bitcoin was trickier than I would have thought so I asked for some advice on Twitter!After asking around, a friend recommended I try a site called Quadriga, where I’d be able to sell my BTC and buy ETH.After opening an account on Quadriga, I happily sold my 0.17415 BTC (worth $412) for 3.36558 ETH (same price, less a small fee).I was excited to sell the over-inflated Bitcoin for my exciting newer Ethereum.Ethereum was initially created under 2 years ago in July 2015.So I reasoned that prices are still comparatively much much lower than Bitcoin and I thought there would be a much higher potential for me to start lower and sell higher than if I bought more of an already-expensive Bitcoin.What happened to the price of Bitcoin you ask?