Bitcoin Exchange Scams around the World

November 1st, 2018

Bitcoin Exchange Scams around the World

Bitcoin is an amazing cryptographic achievement that took the financial world by surprise. The ability to create something that cannot be duplicated makes it highly popular in the digital world.  Since its inception Bitcoin price has increased considerably in the last few years and its market capitalization has reached billions of dollars. People from all aspects see its appeal and value. This growing demand is bringing out both bad and good in human nature because there is a rise in Bitcoin Exchange scams.

The popularity of Bitcoin is visible with the number of Bitcoin Exchanges and other places. Unfortunately some are trying to profit through nefarious means. This is mainly by targeting unprepared victims by stealing their digital currencies. Since digital currencies hit the market many Bitcoin scams have become more common thus creating a sense of fear among innocent users. Be smart enough to spot these scams and make sure you don’t become their next victim.

Fake Bitcoin Exchange

The craze for Bitcoin is increasing at a rapid rate on social media platforms. Often you can see links saying “Buy Bitcoin from Bitcoin Exchanges for 10% under market value!” These are all marketing risks which is nothing but links to fake online exchanges.

Innocent users are not aware which Bitcoin Exchanges are genuine or fake, and therefore ending up falling in the trap. The first thing that you need to make sure is secured HTTPs. This means the web traffic is secured and encrypted, if it’s simple HTTP stay away from the site.

Most of these fake exchanges are here for a few days and then disappear very fast. Always use genuine online exchanges such as Bitcoin of America to ensure you aren’t being hacked or scammed.

Phishing Scams

Phishing scams are very common where someone tries to trick you to believe they are a trusted website or company. Phishing attacks generally take place via email or through fake online advertisements. Users end up visiting a website by mistake where they get malware or lose digital currency through fake sale.

If you are receiving email from any random Bitcoin Exchanges, be careful. Users may receive email from an exchange or wallet either through previous database hacks or coincidence. Hackers can easily obtain user email address and send attractive emails claiming free deals or discounts on Bitcoin purchase.

Its always safe not to click on these hyperlinks or open attachment unless you are sure about the source. Visit the website directly if you want to verify the source. For all fake advertisements you need to be careful when you visit the site. Never visit sponsored web contents in search engines, always manually type the website address directly on the browser.

Bitcoin Ponzi Scams

Bitcoin ponzi scams are becoming quite frequent these days, where investors are falling in trap to double Bitcoin overnight. The worst part about this scam is that you can hardly spot ponzi sites. But one simple way to understand the trap is if they are asking you to send the money to double it in few days.

In most cases Ponzi Bitcoin Exchanges have referral programs. If you get others to sign up the site or exchange by visiting your affiliate link, then you make a percentage. Be careful when you see such links shared on social media. If you’re unsure about the site, visit popular Bitcoin Forums to check if others have used it before.

Cloud Mining Scams

Cloud mining scams can be tricky making it tough for common users to understand.  Cloud mining is a shared mining where users pool funds together to rent mining machines. If the cloud mining Bitcoin Exchangeservice is genuine it can be profitable, but for scams your returns may be non-existent or low. Check if the site uses HTTPs. Did you find the site from any social media reference link? These are few things to look for.

This disclaimer informs readers that the views, thoughts, and opinions expressed in the text/sponsored content belong solely to the author, and not necessarily to Bitcoin of America, organization, committee or other group or individual. All investments are at your own risk and should be done after careful research.

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