Why Not to Buy Bitcoin !
As Bitcoin is unregulated it can often be used for purposes that are illegal (i.e. purchasing of illegal items, money laundering, scams). Before you buy Bitcoin you need to understand that purchasing and using it for illegal uses such as illegal purchases or money laundering can result in serious consequences. Across the world countries are putting in regulation for Bitcoin and breaches of these regulations can result in jail time.
Scammers have also now moved onto using Bitcoin in the same way they previously used Western Union and Bank transfers and they are asking for bitcoin as a method of receiving payment from people they are scamming.
If you (someone in Vanuatu) are being asked by someone from Nigeria, Latvia, Egypt Cameroon or other like fraud hot spots for payment using Bitcoin, it is almost 100% that you are being scammed.
Always remember the following:
- If you did not participate in a lotto and you have been advised that you have won, but need to send bitcoin…. It’s a scam
- If you have been be-friended by someone online who you have never met in person and believe yourself to be in a relationship with this person and they ask for bitcoin as a sign of your love for them…. It’s a scam
- If you or a family member or friend are sick and someone proclaims to have a miracle cure that cannot be verified by searching on google and want to be paid in bitcoin… it’s a scam
- If you suspect you are the target of a scam, go through the below check list:
- Someone you do not know is asking you to send them bitcoin
- You have received an email, social media message or phone call from someone overseas who you do not know.
- You are being asked to handle payments – people asking you to accept payment (in bitcoin or cash) and then forward it on.
- You are being threatened, i.e. you’ll lose your job, go to jail etc.
- You are being asked to provide your information and send Bitcoin to an unsecured website, i.e. one that does not have https:// in front of it.
If any of the above apply to you, then you are being scammed and we implore you to not buy bitcoin and sent it for the above purposes.