Related to the growing number of Bitcoin (BTC) and other cryptocurrency scams using fake advertising, it becomes obvious that the industry needs regulation. Advertising influences people's purchasing decisions, therefore, good social engineering can turn it into a great instrument for luring customers into various digital currency-related scams.
As the community was astounded by the bold hack of prominent Twitter accounts, it revealed the general vulnerability of centralised social media, where all information is kept at one place. It would not be possible to break a decentralized platform that easily.
Australians seem to be very vulnerable to fraudulent money-stealing schemes. In 2019 alone, the continent citizens lost over $634 million to cryptocurrency scams, with over $2 billion stolen during the past decade.
The increase of fake news raises alarms over the role of media, Internet and social media platforms in contemporary egalitarian societies. The community and the media industry can move to transparent information flow by restoring the role of the media with blockchain technology.
The cryptocurrency industry has faced a lot of puzzling and mixed reactions, especially on social media platforms including Twitter and Facebook, and this has forced the CEO of SpaceX, Elon Reeve Musk to share his personal position on some digital currencies especially Bitcoin (BTC) – during a podcast on January 20, 2020.