New cryptocurrency scams tied to COVID Business – Elizabethtown News Enterprise

If you invest in cryptocurrency, the Better Business Bureau warns, beware of scams.

Cryptocurrency is an electronic money which operates outside governments and central banks. Owners keep cryptocurrencies, such as Bitcoin, in electronic wallets, which are password protected. You can transfer money between wallets anonymously to buy a pizza, sell a car or even pay a ransom, provided the other party in the transaction accepts Bitcoins.

Bitcoins can be bought and sold on exchanges using U.S. dollars and other traditional currencies. And new Bitcoins are created by using a computer to solve complex mathematical problems, a process called “mining,” which requires huge computing power and lots of electricity. The value of cryptocurrency can change daily, according to market conditions.

Because the trades are conducted anonymously online, cryptocurrency can be ideal for fraud. You interact with people you never meet.

Some scams involve the creation of new cryptocurrency, in which
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