Fake Bitcoin.

[adzino]

Yeah, anyone can create a "token" call "bitcoin" and start scamming people. But people will have to be really stupid or naïve to fall for this scam. I am sure anyone would do their own research before investing in bitcoin, right? They would instantly realize they are investing in the wrong bitcoin since they will have to invest in the fake bitcoin through using DEX and that would just raise a red flag for them. And most of the newbies would just google "how to buy bitcoin easily" and I am sure they will end up in a centralized exchange with good reputation.

And what you said about exchanges might create "fake bitcoin" isn't actually creating "fake bitcoin". Probably "fake balance" that shows users have certain amount of bitcoins in their balance (only numbers no real coins) but the exchanges don't actually have those bitcoins.

[ChiNgadOr]

You must pay close attention whenever you go to change them. You will never exchange bitcoins from here on normal exchanges. Exchanges that have KYC and are very popular and widely traded are such exchanges that you will buy and sell.
Such scams we hear in the past cannot be stopped but we can avoid them ourselves. Then we never face danger and all do well and proper exchange Binance Exchange We will transact so we don't get cheated.

So many scams out there im the market and we need to be very careful of how we transaction and buy our coins because there are so many scams in the market and all we need to do I'd to make sure we keep buying our coin from reputable exchange or through peer to peer alternatives.
Yes Bitcoin is a good exchange ana we should make sure we keep using exchanges like Binance which has good peer to peer settings enabling users to buy and sell there coin with risk  free policies that prevent both buyers and sellers from scammers.

[Findingnemo]

Anyone can create a token named 'Bitcoin' on a blockchain like Ethereum or BNB using smart contracts. But that's a different kind of scam. But the fake Bitcoin that I want to talk about, is actually created by some exchanges themselves!

Let me tell you. Bitcoin has a limited supply - only 21 million. Moreover, with the rise in popularity of BTC and the fear of hacking on various exchanges, more people than ever have started keeping Bitcoins in their wallets. As a result, the amount of BTC deposited in the exchanges is decreasing every day. Everyone knows that BTC is the most popular trading pair with any other crypto. But if the exchange doesn't have bitcoins, their business will go downhill.

That's why some exchanges have created their own coins with the same value as real Bitcoins by placing stablecoin collateral with bitcoin equivalents! Since exchanges do not immediately add crypto trading on their platforms to the blockchain, this leverage is difficult or almost impossible to capture. Because, common users don't understand anything.

But what is there to worry if the daily activities of the users are not disrupted? Of course there is. Exchanges that make fake bitcoins are really weak exchanges! And, trading in such an exchange is very risky! Therefore, it is better to do most of the transactions on the top exchanges according to the exchange rating on the Coinmarketcap site!

We can't actually label them as fake bitcoin because exchanges never pretend those tokens as real BTC but knowing the fact bitcoin has the most popularity and no trader can't avoid using it then they go for such moves of creating their own tokens with same value as Bitcoin but I don't think any exchange enforced their users to convert the Bitcoin to the pseudo bitcoin tokens.

[Artem Sereda]

Expert practice shows that if a crypto exchange listed a phishing token under a similar name, it is highly likely to be a scammer's exchange.
Even so, should someone decide to buy such a coin on the DEX, you wouldn't call it a wise decision but a rather silly thing to do.

[Esther C]

Anyone can create a token named 'Bitcoin' on a blockchain like Ethereum or BNB using smart contracts. But that's a different kind of scam. But the fake Bitcoin that I want to talk about, is actually created by some exchanges themselves!

Let me tell you. Bitcoin has a limited supply - only 21 million. Moreover, with the rise in popularity of BTC and the fear of hacking on various exchanges, more people than ever have started keeping Bitcoins in their wallets. As a result, the amount of BTC deposited in the exchanges is decreasing every day. Everyone knows that BTC is the most popular trading pair with any other crypto. But if the exchange doesn't have bitcoins, their business will go downhill.

That's why some exchanges have created their own coins with the same value as real Bitcoins by placing stablecoin collateral with bitcoin equivalents! Since exchanges do not immediately add crypto trading on their platforms to the blockchain, this leverage is difficult or almost impossible to capture. Because, common users don't understand anything.

But what is there to worry if the daily activities of the users are not disrupted? Of course there is. Exchanges that make fake bitcoins are really weak exchanges! And, trading in such an exchange is very risky! Therefore, it is better to do most of the transactions on the top exchanges according to the exchange rating on the Coinmarketcap site!

Wow! This is a timely update. Never heard of it before.