Published On: Wed, Apr 11th, 2018

Crypto Marketplace Paxful Helps Nigerians Avoid Bitcoin Scams

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Bitcoin scams are common in Nigeria, but people are finding ways to avoid them. Paxful, the P2P finance platform, works overtime to help them avoid such scams.
The early days of the internet were marked with the infamous Nigerian scam. In this scam, a purported “prince” or important person would send an email to a victim, claiming that they needed help to lay claim to a fortune. In return for sending personal financial information, the victim would supposedly earn a percentage of the recovered money. Of course, the reality is that the victim would find their bank account cleaned out once they handed over their information. Now the growing popularity of Bitcoin in Africa has led to Nigerians falling prey to Bitcoin scams. Paxful, the peer-to-peer cryptocurrency exchange, knows that people are using various ways to combat such scams, and the exchange puts a lot of effort into clamping down on such Bitcoin scam attempts.

Fighting Bitcoin Scams
The rise of Bitcoin in Nigeria came about in an interesting way, which was through a scam. A Ponzi scheme by the name of Mavrodi Mondial Moneybox (MMM) became popular in the country in 2015 due to it promising returns …

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