The number of cryptocurrency scams in existence remains very problematic. It seems unlikely that this situation will improve in the near future.
When looking on YouTube for crypto videos, it is especially advised to be extremely cautious these days.
Another Fake Bitcoin YouTube Livestream Appears
There have been a fair few fake livestreams aimed at defrauding crypto holders.
Depending on one’s region, these fake streams could easily pop up among the top search results.
One such video pertaining to the bitcoin price is making the rounds right now.
This is very problematic for a wide variety of reasons.
First of all, it gives bitcoin an incredibly bad reputation.
Secondly, it makes people distrust any YouTube content creator tapping into the cryptocurrency industry these days.
Third, this particular stream claims to be organized by the Binance team.
Going after the biggest crypto trading platform in the world to promote a scam is certainly clever, but also troublesome.
For novice users, it is difficult enough to distinguish between real and fake livestreams.
As such, one has to wonder how many people will lose money because YouTube can’t crack down on these illicit streams.
Instead, the company has been too busy demonetizing honest YouTube creations related to cryptocurrencies in the past few weeks.
Thankfully, that hurdle has been overcome without major problems.