If you love to play with Bitcoin at online casinos but you’re not totally sure about how Bitcoin works, then the latest Twitter scandal might have you confused.
Last week, several big Twitter accounts were “hacked” and posted Tweets that promoted a Bitcoin scam.
However, the mainstream media in true fashion used it as a prime opportunity to bash Bitcoin and make people think Bitcoin was hacked and is a scam.
Bitcoin is Safe, Twitter Got “Hacked”
In what turned out to be a major smear campaign against Bitcoin and the crypto space, mainstream media commented on the Twitter “hack”.
Big accounts belonging to Elon Musk, Bill Gates, Changpeng Zhou and even Kanye West were all “hacked” and posted Tweets supporting a Bitcoin scam.
Scammers used these accounts to dupe followers into sending Bitcoin to an address and would get double back in return.
However, the “hackers” never returned any funds and are currently washing the Bitcoin as you read this.
But, it’s important to remember that Bitcoin was not hacked, nor was it anything to do with the hack – it was simply the currency requested.
Instead, a high-level Twitter employee sold their credentials to a “hacker” who then could gain access to any account they wish.
Blaming Bitcoin for Archaic Centralization
Instead of pointing out the flaws of Twitter’s centralization and access levels for certain employees, the media focused on Bitcoin’s role in the scam.
The media claimed that Bitcoin is the currency of scammers, thieves and dodgy people on the dark web – something we all know is false.
Bitcoin at best is pseudonymous, making it a terrible currency for scams and ransom money. Instead, cash is usually best.
When people get scammed in Euros, Dollar, Pounds or any other fiat currency, the media don’t call it the great dollar scam, so why do it to Bitcoin?
The answer is simple. The mainstream media thrives on fear, especially fear of the unknown.
Eventually through deep chain analysis, the Bitcoin will be found and the scammers true identity will be uncovered.
It was not Bitcoin that let the world down, it was in fact the archaic centralization Twitter uses.
Is My Bitcoin Safe?
People from all walks of life that don’t fully understand Bitcoin have been asking if their Bitcoin is safe – and there’s two answers.
If you sent your Bitcoin to the scammers, then there’s a good chance you won’t ever see it again. So, no. your Bitcoin isn’t safe.
On the other hand, if you didn’t send scammers your Bitcoin and you secure your private keys somewhere safe, then yes, your Bitcoin is safe.
There’s nothing to worry about at all with this “hack” for all you Bitcoin casino players. Simply carry on like normal.
Bitcoin is still strong as ever and was at no point compromised by a hacker – you’re totally safe.
However, if you use Twitter it might be worth resetting your password – just to be on the safe side as it’s still not clear how much data was taken.