Topic: Fake Bitcoin. (Read 608 times)

Anyone can create a token named 'Bitcoin' on a blockchain like Ethereum or BNB using smart contracts. But that's a different kind of scam. But the fake Bitcoin that I want to talk about, is actually created by some exchanges themselves!

Let me tell you. Bitcoin has a limited supply - only 21 million. Moreover, with the rise in popularity of BTC and the fear of hacking on various exchanges, more people than ever have started keeping Bitcoins in their wallets. As a result, the amount of BTC deposited in the exchanges is decreasing every day. Everyone knows that BTC is the most popular trading pair with any other crypto. But if the exchange doesn't have bitcoins, their business will go downhill.

That's why some exchanges have created their own coins with the same value as real Bitcoins by placing stablecoin collateral with bitcoin equivalents! Since exchanges do not immediately add crypto trading on their platforms to the blockchain, this leverage is difficult or almost impossible to capture. Because, common users don't understand anything.

But what is there to worry if the daily activities of the users are not disrupted? Of course there is. Exchanges that make fake bitcoins are really weak exchanges! And, trading in such an exchange is very risky! Therefore, it is better to do most of the transactions on the top exchanges according to the exchange rating on the Coinmarketcap site!

Anyone can create a token named 'Bitcoin' on a blockchain like Ethereum or BNB using smart contracts. But that's a different kind of scam. But the fake Bitcoin that I want to talk about, is actually created by some exchanges themselves!

Let me tell you. Bitcoin has a limited supply - only 21 million. Moreover, with the rise in popularity of BTC and the fear of hacking on various exchanges, more people than ever have started keeping Bitcoins in their wallets. As a result, the amount of BTC deposited in the exchanges is decreasing every day. Everyone knows that BTC is the most popular trading pair with any other crypto. But if the exchange doesn't have bitcoins, their business will go downhill.

That's why some exchanges have created their own coins with the same value as real Bitcoins by placing stablecoin collateral with bitcoin equivalents! Since exchanges do not immediately add crypto trading on their platforms to the blockchain, this leverage is difficult or almost impossible to capture. Because, common users don't understand anything.

But what is there to worry if the daily activities of the users are not disrupted? Of course there is. Exchanges that make fake bitcoins are really weak exchanges! And, trading in such an exchange is very risky! Therefore, it is better to do most of the transactions on the top exchanges according to the exchange rating on the Coinmarketcap site!

You must pay close attention whenever you go to change them. You will never exchange bitcoins from here on normal exchanges. Exchanges that have KYC and are very popular and widely traded are such exchanges that you will buy and sell.
Such scams we hear in the past cannot be stopped but we can avoid them ourselves. Then we never face danger and all do well and proper exchange Binance Exchange We will transact so we don't get cheated.

Only noobs can be mislead by fake Bitcoin because Bitcoin has its own blockchain which you can check on many Bitcoin blockchain explorer while fake Bitcoin usually built on other blockchain that can’t be seen on Bitcoin explorer. Simply you can use the explorer as reference to check whether the Bitcoin you are buying is legit or not. Most of the noobs only base on the ticker name which can be easily copy by fake devs since no one regulates ticker registration.

Bitcoin has its own blockchain and all copy token that is not running on its blockchain are scam.

On that basis it is highly recommended that people have some knowledge before going any further here, Bitcoin has a pretty big difference with any coin, although many imitators try to make the distinction as close as possible, but back again as I said before, that the developers who try to cheat are not very smart for now, because many people are so familiar with bitcoin, even more and more people are aware of the introduction of bitcoin as a whole

It is the old days people getting scammed in the name of bitcoin. Nowadays there is more awareness and people are good enough to differentiate bitcoin from the ones carrying the name bitcoin. Now the common term cryptocurrency is used as a trap, and somany unknown cryptocurrencies were suggested to people in the name of giving good return within months.

Many people are starting to emulate bitcoin now, not only can it be run over the ethereum or BNB network, but many other centralized smart contracts can be used.
If you look closely, the logo they use is actually very similar to bitcoin, making it difficult for some beginners to recognize it. But in my opinion the chance to commit fraud is very small, because almost everyone knows exactly what bitcoin looks like.
And of course the imitators do all of that just to cheat and take advantage of some people, but sadly everyone is very well versed with bitcoin.

Bitcoin counterfeiting is very famous now and there are also some people who forge Tokens by naming Bitcoin, it looks like this will not work. Actually, this Bitcoin cannot be printed, it is not the same as fiat because Bitcoin cannot be printed, but we have heard a lot about Bitcoin imitators now, but for experienced users they will not be wrong about this.

But what is there to worry if the daily activities of the users are not disrupted? Of course there is. Exchanges that make fake bitcoins are really weak exchanges! And, trading in such an exchange is very risky! Therefore, it is better to do most of the transactions on the top exchanges according to the exchange rating on the Coinmarketcap site!

There is no way you can create such kind of token and named it Bitcoin and people value it. So that is what token cannot do 2 bitcoin even though you have four different token but is there in the name of Bitcoin people still know that it will be fake and the volatility of Bitcoin and the fake one cannot be the same and the market cap of Bitcoin and the fake bitcoin cannot be the same so there will be a very evidence to show that the fake bitcoin as enter the market

That's why some exchanges have created their own coins with the same value as real Bitcoins by placing stablecoin collateral with bitcoin equivalents! Since exchanges do not immediately add crypto trading on their platforms to the blockchain, this leverage is difficult or almost impossible to capture. Because, common users don't understand anything.

Anyone can create a token named 'Bitcoin' on a blockchain like Ethereum or BNB using smart contracts. But that's a different kind of scam. But the fake Bitcoin that I want to talk about, is actually created by some exchanges themselves!

Let me tell you. Bitcoin has a limited supply - only 21 million. Moreover, with the rise in popularity of BTC and the fear of hacking on various exchanges, more people than ever have started keeping Bitcoins in their wallets. As a result, the amount of BTC deposited in the exchanges is decreasing every day. Everyone knows that BTC is the most popular trading pair with any other crypto. But if the exchange doesn't have bitcoins, their business will go downhill.

That's why some exchanges have created their own coins with the same value as real Bitcoins by placing stablecoin collateral with bitcoin equivalents! Since exchanges do not immediately add crypto trading on their platforms to the blockchain, this leverage is difficult or almost impossible to capture. Because, common users don't understand anything.

But what is there to worry if the daily activities of the users are not disrupted? Of course there is. Exchanges that make fake bitcoins are really weak exchanges! And, trading in such an exchange is very risky! Therefore, it is better to do most of the transactions on the top exchanges according to the exchange rating on the Coinmarketcap site!

I really do not understand how people fall for it though? I mean bitcoin is bitcoin and it is at the top of the list of every place which means that it is just bitcoin and I do not think that it would matter that much. On the other hand, we are talking about stuff like bitcoin cash or bitcoin gold or whatever it is named and they are not going to be that much of a big thing on volume and not going to be listed everywhere.

If people fall for it and buy it because it is cheap and they think they are buying the real bitcoin for such a cheap amount so they can sell it somewhere else then they are doing the wrong deal, I personally wouldn't want that to happen, which is why I believe that it is a mistake of their own and they should fix it, we have no obligation at all.

He should have corrected what he wrote in the thread he made so that everyone would not misunderstand the statement he made, because the context of the writing and its meaning are very different. In my opinion, if something like this is only to attract newbies, on the contrary, it will make all newbies who are new to cryptocurrencies very confused between coins and Bitcoin. So basically this thing needs to be fixed to convince them.

I always avoid crypto that is traded privately and is always closed in the Paramida system, in my opinion it is fake crypto and fake crypto or bitcoin, while legitimate crypto or bitcoin is crypto that is always traded openly, if there are parties claiming to be cryptocurrency developers, but there's a Pyramid scheme behind it all, so you can be sure it's all fake, the main purpose of which is to steal other people's property.

Yes, I believe op have mentioned about the coins that have got the term bitcoin along. Everything is based on some form of backing, when it comes to altcoins with the term bitcoin. It is a way to get the attention of people who are new to cryptocurrency. They just fall for it considering the low price, and later understand the reality.

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Because this is very difficult to prove, unless some insider information comes out. As there is no public ledger of internal transactions on the exchange, it is impossible to determine the actual volume on the exchange.
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