Fake Bitcoin: Are You Being Deceived by Exchanges?

Did you know some exchanges create their own "Bitcoin"? While Bitcoin’s supply is capped at 21 million, many users now store their BTC in private wallets due to security concerns, leaving exchanges with fewer Bitcoins to operate.

To address this, some exchanges create fake Bitcoin, backed by stablecoins, and peg it to the real Bitcoin value. Since trades on these platforms aren’t always recorded on the blockchain immediately, detecting this fraud is nearly impossible for regular users.

Why does this matter?
Exchanges engaging in such practices are often financially unstable. Trading on them is risky and could lead to significant losses.

Stay Safe: Stick to top-rated exchanges listed on platforms like CoinMarketCap to avoid falling victim to such scams!