Different Types of Bitcoin Scams

October 29th, 2018

Different Types of Bitcoin Scams

Ever since the craze for cryptocurrency has increased, so have the number of Bitcoin scams. More and more people who buy Bitcoin wish to trade and quickly get a profit. However, they are unaware of all the risks. Many newbies to the cryptocurrency world often get misled or tricked into sending money and never receiving their Bitcoin. Therefore, there are many options you must consider in order to have a safe, reliable and quick Bitcoin transaction.

Malware Risk to Computers

Everyone knows that Bitcoin is completely volatile. There is a limit for the total Bitcoins mined, so the value of Bitcoin will eventually continue to increase so its easy to expect there to be hackers and scammers who want to steal your Bitcoin. Bitcoin scams are becoming more well known so its important to take proper precautions. When you buy through a trust online Bitcoin exchange, your wallet and user information is protected. When you are not using the right platform, there is a chance to download malware, which might corrupt your entire computer.

Choose the Right Wallet

In order to safely protect your Bitcoin it is wise to select the best wallet for your needs to prevent any type of Bitcoin scams. Some online exchanges hold your Bitcoin in their own wallet, however for large amounts it is not always the safest option in case there is an issue with the exchange. Even though they may offer fees, there will be a threat of hidden malware which can cause a crash, or possibly even lose all your hard earned cryptocurrency. A hard wallet is usually the best option, although some users may find it a bit more tedious. In the long run, this is the safest option to protect your coins. Nowadays, in social media, there are many lucrative options that advertise Bitcoin services but before you trust them, make sure to check they are real, not scams, and will not steal your cryptocurrency.

Phishing Problems

If you want to check the number of Bitcoin you have, its easy to check with the help of an online exchange. The Bitcoin exchanges that store your cryptocurrency make it easy to see the exact amount you have in your wallet. There will be few websites that might attract you to check whether your Bitcoins are present in the database. When you check this, you must give your private key and this allows hackers and scammers to steal your Bitcoin from your wallet. Once your Bitcoin is stolen from your wallet, there is no way to get it back. Be very cautious as scammers can spend the Bitcoin right away from your wallet.

Be Aware of Flipping Scams

It is always hard to earn Bitcoin and secure them from scammers every the craze for cryptocurrency has been gradually increasing. If you buy Bitcoin from a safe, secure and reliable source you should have no problem. However, on the internet, there are many “get rich quick” schemes. Users will offer you a option where you send them your Bitcoin and they will double it overnight! Its important to know these don’t exist. Beware of scammers who offer you “too good to be true” deals.

Don’t Fall into Pyramid Schemes

There are few companies whose intention is to take away a number of Bitcoin. In this regard, they have the clever strategy to gain the trust of many people. When you get a referral from someone who is offering you lucrative benefits, its important to completely do your research before you give them any money or Bitcoin.

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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