The global market is ever growing for Bitcoin. Canada is a great example of this. The northernmost North American country has been a nation of growth for Bitcoin; atms have been opened across the vast expanses, and trading markets are being opened as well. But with these amazing strides for the country and the currency there are some negative drawbacks.
Growing within Canada
Canada is proving itself to be a good start for Bitcoin businesses and progress for the currency. Bitflyer is being introduced in the upcoming months which will provide a stable trading market once the office grows. And Bitcoin ATMs have been sprouting up across the nation. These bitcoin ATMs achieve great success. In one instance 17,000 Canadian dollars were added which shows the citizen’s’ interest in the cryptocurrency. But with the increased potential for positives, what needs to be watched for to prevent fraud or theft?
Potential threats; Growing Awareness
As with any new up and coming product, people will want to possess Bitcoin. The value is increasing overall and the climb has not shown itself to stop in the near future. Some have owned the cryptocurrency for some time now, others are seeking to buy it; these are not what we as a potential investor need to worry about. Scammers, thieves, cheats, and crooks are those we need to be protected from. They look like you and I, the average person, but their agenda is not the same.
The potential is still present of course, even if you try your very best, something possible with all ATM types. And thankfully bitcoin companies are willing to work with authorities in order to catch these criminals and return what was lost. The nature of the blockchain can trace back to the transaction. After all, every single transaction is recorded and stored in real time and is unable to be changed without rewriting the entire blockchain itself.
A case of thievery has already occurred in Hamilton. An older lady was scammed by a person claiming to be from the police department. The criminal used a CRA legal notice to influence the victim into depositing money to a Bitcoin ATM by using a number very similar to the police department number. Thankfully a bystander saw this and contacted the police who then came onto the scene. An investigation is ongoing into this matter
One main thing to keep in mind is that no government will ask for Bitcoin transactions to pay fees or fines at this moment in time.