Updated: Oct 7, 2019
Originally posted 20 Aug 2019
Last year Australians paid scammers over $6 million in cryptocurrency to supposedly invest in cryptocurrency ventures.
Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. In other words its "decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation".
Cryptocurrency in itself is not a bad thing but it's a pain in the backside of banks and governments.
Australian Taxation Office is planning to link to all major cryptocurrency exchanges in 2019/2020 financial year to cross reference citizens that haven't been paying tax.
It’s becoming more common for cybercriminals to request payment in cryptocurrency – particularly in investment scams.
So, be wary of investment schemes that ask you to pay using unusual methods like cryptocurrency or iTunes cards.
Cyberkite recommends staying away from cryptocurrencies as they are volatile (value can drop overnight). Riskiest form of gambling in a way. But if you have some for example Bitcoins, please make sure you let your accountant know and pay the fair share of tax to whatever government you live in.
Cryptocurrency explained: https://www.staysmartonline.gov.au/news/cryptocurrency-explained
Source: Stay Smart Online