Over the last ten years, the cost and popularity of Bitcoin have been appreciating. For readers that are looking for a crash course, cryptocurrency is a type of blockchain technology that allows people to send and accept a digital currency. Bitcoin is the most popular digital currency. Unlike in traditional monetary, in digital currency, transactions are created, verified, and enforced in a decentralized ledger. People can send and receive digital currency anonymously and securely without any fees.
Instagram and other social media platforms have been accelerating the value and popularity of Bitcoin over the years. Social media affects our lives every day. Some people depend on social media platforms such as Facebook, Instagram, Twitter, and TikTok to know what is trending. Some people don’t even believe that something is trending until they see it trending on social media. That is why the internet and social media play a larger role in the success and value of Bitcoin.
Many people who are interested in holding Bitcoin (the most valuable and popular cryptocurrency) can get any information they need about it via social channels. Instagram, Facebook, Reddit, and Twitter have helped launch Bitcoin into the mainstream.
Apart from making Bitcoin popular, Instagram also impacts the Bitcoin’s market price fluctuation. The reason for this is because users can discuss cryptocurrency on a daily basis. Before Instagram and Facebook, people were using IRCs, forums, and mailing lists to share ideas about cryptocurrency. Development teams and cryptocurrency projects are also operating their platforms via social media
The positive and negative news about Bitcoin posted on Instagram and other social media platforms affect the market. Stories such as a hacked exchange downgrade the Bitcoin’s value, while positive stories and reviews make its price rise unexpectedly. It is Instagram and other social media platforms that make both positive and negative reviews accessible to the general public. Without social media, Bitcoin would not have made it to be the big coin.
How to Use Bitcoin to Earn More Money Trading
If you are a Bitcoin broker, you can use Instagram to advertise your services. For better results, your Instagram account should have above ten thousand followers. If you don’t have thousands of followers, no one will believe that you are legit. There are several ways that you can use to get free Instagram followers, but you have to make sure that these followers are real and engaging. After getting followers, you should apply for Instagram verification. Having a Bluetick after your account’s name will make many people trust your services.
Bitcoin Scams on Instagram
If you are looking for a transfer service, you should be careful. There are so many scammers in this industry. Not everyone that claims to sell and buy Bitcoins is legit. There are so many fake Bitcoin exchanges. In 2017, South Korean financial authorities and the Bitcoin community exposed the most insidious Bitcoin scam that was known as BitKRX. It was presenting itself as the largest Bitcoin trading platform in the country, but it was tricking people and taking away their money.
Recently, Swedish law enforcement officers have started issuing warnings to stop Instagram users from being scammed in the future. According to Forbes, products from high-end brands such as Louis Vuitton, Gucci, and Apple are being advertised on Instagram for spot prices to the general public. Because the prices are very low, many people are interested in these products. What they fail to understand is that these products are non-existent and the sellers are not legit or who they claim they are.
To buy these products, the scammers are tricking the interested buyers to exchange fiat currency to Bitcoin and other cryptocurrencies. After completing the currency transfer, the seller of the product disappears with all the money and fails to deliver the product to the buyer. Despite several reports to the law enforcement authorities, these scams are still at a higher rate.
Most of these scams are targeted at young people that are using Instagram. Most of the victims of these scams are under the age of 25 years. The option to remain anonymous on Instagram and other social media platforms such as Facebook and Twitter make them an enabling environment for scammers. Because there is no form of verification on Instagram, it provides a perfect platform for crypto scams.
The best way to avoid these scams is to avoid buying products in platforms that are not designed for eCommerce. Shoppers should also research to identify whether the seller is legit or not before buying any product online. Also, if the price of the product that you want to buy online is way off its retail price, that is an early sign that it is a scam or at least a counterfeit product.