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Bitcoin For Beginners: How To Avoid Being Scammed By Knowing The Basics

 How To Avoid Being Scammed By Knowing The Basics | 

How To Avoid Being Scammed By Knowing The Basics 

In this ongoing series, I have touched on many aspects of bitcoin and why there is such growing interest in it. We will continue with that journey but for this instalment, I address a question many enthusiastic readers are asking.
I have refrained from focusing on the trading or investment aspect of bitcoin because there is really more to this digital asset. There is no doubt people are looking for easy ways to make money and it seems bitcoin is the latest avenue that allows them to achieve just that.

Growing Bitcoin related scams
However, there is a caveat, those that want to dabble into the buying and selling of bitcoin or those that want to try advanced trading techniques like margin trading, need to gain the requisite knowledge.
Without this knowledge, there is a good chance you will get burnt because there is a high likelihood that you will make the wrong decisions. Equally, trusting an unknown third party to do this on your behalf will have disastrous consequences. There are countless investment opportunities floating around promising out of this world returns and many are falling victim.
This scourge of bitcoin-related scams is a global phenomenon which has even forced the United States’ Federal Bureau of Investigation (FBI) to issue a warning. Criminals quickly understood that as normal business activity slowed down due to the global pandemic, many people would be open to trying out new ideas. Bitcoin trading or mining looks the part.
By just throwing in a few lines about how bitcoin creator, Satoshi Nakamoto made fabulous money mining bitcoin, criminals know they have a good pitch. Sadly, criminals are also using the current cryptocurrency bull-run to help to keep potential investors interested.
It seems very normal that many people want to double their returns in a very short time without having to sweat it out. Criminals are designing fraudulent schemes occasionally tap into this undying need for effortless earnings or a passive income.
However, there is an old saying which goes something like this, “You should only invest in what you understand.” This adage is particularly true in the case of bitcoin trading or mining.
Avoid Being Scammed
Avoid Being Scammed

The story of bitcoin mining
For instance, if someone approaches you with an offer to participate in a very profitable bitcoin mining what must you do? If you have an understanding of current bitcoin mining requirements you will not be persuaded. So what exactly is this current understanding of bitcoin mining?
When the bitcoin creator launched the project there was only one way to acquire bitcoin and this was through the process of mining.
Bitcoin mining is performed by high-powered computers that solve complex computational math problems. The problems are so complex that they cannot be solved by hand, and indeed complicated enough to put a strain on even incredibly powerful computers.
This mining is necessary because it helps to keep the Bitcoin network secure and those involved in this process are rewarded in the form of bitcoins. Now at the very beginning of this process miners got 50 bitcoins for every block completed.
This release of rewards happens every 10 minutes but this reward system is programmed to reduce the number of bitcoins offered as a reward. Rewards started at 50 but were reduced to 25 bitcoins in 2012. This same thing happened in 2016 when the rewards went down to 12.5 bitcoins. In May the block reward was further reduced to the current 6.25 bitcoins.
And throughout the same period, the mining difficulty increased meaning it became less profitable for less powerful computers to mine bitcoin. In addition, the number of miners grew exponentially such that it became unprofitable to mine as an individual. Miners have long realised that they need to combine their mining power in order to increase their chances of getting bitcoin rewards.
However, since 2009, a lot has changed with respect to bitcoin mining. It is now not at almost impossible to profitably mine bitcoins with less powerful computers. Only very expensive machines that are specifically built for mining get the job done nowadays. Furthermore, the cost of electricity is another factor that determines if the mining is going to be profitable. Bitcoin mining is now mainly lucrative in countries with cheap and reliable electricity.

Information Asymmetry still real challenge
Ideally, when you have this background it is not easy for a criminal to sell you the idea of bitcoin mining. Unfortunately, we live in a world that is far from ideal and many are falling for such types of scams. Sometimes the fraud schemes are not so sophisticated but in other cases, even smart people have been conned.
For example, one major platform which turned out to be a pyramid scheme, Bitclub Network finally collapsed after senior directors of the outfit were charged for various crimes. However, by the time of their arrest and arraignment, an estimated $700 million had been stolen from investors who did not fully understand what they were investing in.
Many of the victims are in Africa where the scheme had preyed on the ignorance that is widespread. There are a lot more similar scams floating around and beginners to bitcoin need to be wary of anything that offers returns that are too good to be true. That is why the focus of these articles is to impart interested readers with knowledge that will help them going forward.
However, before you start investing in bitcoin in one way or the other, you need to remember that bitcoin has a real utility. So what can you buy or pay for using bitcoin?


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 Tatcoin could be crypto’s next big thing. Here’s what this digital asset’s all about

Digital currencies such as Bitcoin have caused frenzy in the finance world. They have made headlines for mind-boggling returns, promised revolutionary technologies like blockchain and are expected to redefine wealth and investment for the new generations.

 As many countries around the world, including Nigeria, increasing adopt bellwether cryptocurrency Bitcoin, homegrown solutions like Tatcoin are enjoying patronage and expanding the class of investable assets in the country.

Since the inception of Tatcoin through its Public seed round and subsequent listing on several exchanges in Nigeria and on the continent, the tradable token which would be used as the official transactional currency of the ABiTnetwork, has continued to prove its worth as Africa’s finest utility token.

Notably, there has been over 10% surge in both its value, adoption and utility. At seed stage one Tatcoin unit was worth $0.07 but currently it is valued at $0.2 per unit.

Gaius Chibueze, founder and CMO of ABiTnetwork, which owns Tatcoin, says missing the bitcoin boom of the 2017 is not an issue if one has Tatcoin tokens stacked up.

Tatas, holders of the cryptocurrency, are mostly millennial Nigerians seeking to create new wealth from the increasing digitalization waves spreading across the country.

Cryptocurrency also provides an hedge against currency volatility and high inflation in the domestic economy since unlike fait cash which is steadily printed and loses a lot of value per year, cryptocurrencies have risen in value over the years.

In context, Nigeria’s inflation has risen to over 12% this year, stock market is down nearly 7% while the bonds market yields have been beaten low by high demand.

So far, putting  money in crypto has seemed a better than parking cash the bank for many young Nigerians.

Tatcoin could be crypto?s next big thing. Here?s what this digital asset?s all about



Cryptocurrency adoption is inevitable; policymakers and big banks' body language have shifted from widespread skepticism to curiosity and an onset of adoption in recent months.

The expansion of internet reach is aiding digitalization goals across emerging markets and the rest of the world.

 In 1995, user adoption of the internet had only reached 10% of the world households,  five years after the very first web browser was launched. Yet half-a-decade later, in 2000, half of the United States had adopted the internet.
Imagining today’s world without internet is simply unfathomable and, in the future, the same will be said about cryptocurrency. Nigeria is at the forefront of this crypto adoption especially in Africa.

Total Tatcoin is currently being used by Nigerians as a store of Value and medium of exchange. This will in fact lead to growth as more and more people come into the eco system and use it as a means of payment.

Nigeria's young population of 18 years median age hold significant promise for that future especially given projections that the country's size could double in coming decades.


Tatcoin could be crypto?s next big thing. Here?s what this digital asset?s all about

Bidesk Exchange recently praised the CEO/ CMO of ABiT for a huge growth of the price of the token since it was listed on the exchange .

The exchange added that the token has already done 7x since it was listed, showing that the coin has a good use case and value as the push might not stop till the $1 mark.


ABiT Network team have continued to innovate and release new products. Just recently the quick swap saw a transaction rate worth about N80M and the ecosystem is booming with the release of new products on a daily basis.

The cryptocurrency revolution is moving fast, but to help this happen, we need to increase the number of businesses around the world that accept cryptocurrencies as a means of payment.

 From online shopping to traveling around, we have seen how a lot of businesses are adapting to the crypto revolution.This is what Tatcoin is already doing as ABiT Go, ABit skills mart, ABiTrader and more businesses will use bitcoin as a means of payment in the coming future which will increase it’s value .