Wednesday, 9 August 2017

A Threat for Bitcoin

     For a few days there have been reports that there is a person or a group of people that has not been identified yet that has been manipulating the price of bitcoin market. This practice is known as Spoofing.

     The user or user group was discovered by a bitcoin user who expressed in his twitter account that there is a group of anonymous people who are attacking the bitcoin network to access bitcoin prices and do what they want. They have recorded that they have placed extremely high prices or prices too low to be true. However many people have fallen into their traps and these have taken advantage of that.

     The unknown entity has been baptized with the name of Spoofy and it has registered that its operations are realized more than everything in a Bitcoin Exchange. Several people at the time of Buy Bitcoins are deceived by these false prices and end up paying considerable consequences.

     Spoofy have a modus operandis which described the user well in his twitter account. He claimed that the entity has two scenarios; First makes you believe that the price of bitcoin is very low and is falling very fast, this way it makes people Buy Bitcoins in large mass and for that reason the price of Bitcoin increases because it has more demand. The other scenario is the opposite, it shows the price of the BTC very high and that way it always keeps the same buyers of cryptocurrencies. Many times it offers the Best Bitcoin Rate of any country or sector but we must be alert not to be deceived in order not to have losses of the cryptocurrencies.

     Spoofing sends false signals about wrong bitcoin prices for the purpose of Buy Bitcoin people at those fake prices. The only purpose of spoofing is to deceive people with their false prices. That way they make many mistakes when buying cryptocurrencies.

     Bitxoxo said he has seen certain attacks of this entity but they have not been affected and continue to offer a quality service. Most of the people who operate with this cryptocurrency are located in India and many times have registered one of the Best Bitcoin Rate in that country. Bitxoxo like other Bitcoin Exchange worldwide have been kept safe from these attacks that do nothing but annoy.

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