Cryptocurrency scam can come in many different forms, shapes, and sizes. Some of these efforts are a lot more prolific than others. When it comes to QR code generators, it seems users should be very careful as to which service they use. The vast majority of them are not generating the correct codes, which can result in a loss of funds.
Not all QR Code Generators are Alike
When searching for a Bitcoin QR code generator online, one will see plenty of search results. It is a very easy service to provide, which explains why so many platforms are supporting it. As is usually the case when looking for something specific on Google, however, there will be some dubious results as well. A new report by Zengo confirms there are a lot of nefarious service providers out there.
More specifically, the platforms one can access all work. They provide the functionality users are looking for. By entering a Bitcoin address, a QR code will be generated. However, the code generated doesn’t always correspond to the address entered by the user. As such, sending funds to that code can result in money being lost forever. Bitcoin transactions are non-refundable, after all.
Why use Such Platforms?
It is a bit difficult to determine why anyone would use online Bitcoin QR code generators. Users who want to send funds to an address are usually provided with the code in question. Payment processors can offer this functionality, as do most cryptocurrency wallets by default. There is no real need for using third-party services whatsoever.
Even the top blockchain explorer services show an address with its corresponding QR code by default. It is always best to use these trusted block explorers, rather than having to rely on third-party services which may not be as trustworthy. For novice users, however, Googling something is a lot more convenient. They often tend to click the first few results which show up making them potential targets for scams of this nature.
How to Spot Fake Codes
To the human eye, a QR code will always look genuine, as it doesn’t include any clear signs of the address or URL it is associated with. To spot the fake codes, one has to look at the element code of the image in one’s native browser. By doing so, they will see which address is associated with this QR information. It requires a bit of technical knowledge, albeit it is in everyone’s best interest to properly verify the details.
A Successful Venture
As one would come to expect, the QR Code scam has proven to be very successful. Although that might be coincidental, one has to keep in mind there are thousands of targets out there who are unaware of this nefarious model. As such, there is a genuine chance at least one person will lose money by using the wrong service provider. Although it is not a lucrative business model, it only takes one major transaction to make a scammer some good money.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.