Why Bitcoin Scammers are Becoming More Frequent

November 9th, 2018

Why Bitcoin Scammers are Becoming More Frequent

With passing generations, new technologies are used by scammers to fool innocent users. As a digital currency user, you should be careful with your investment and always do your research before you buy cryptocurrency. Bitcoin is every hacker’s dream; so it’s important to be well prepared against scammers. As digital currencies are making its way in the traditional market, frequent cases of Bitcoin hacks or scams are demotivating digital currency users.

Once these digital currencies are hacked or stolen, it’s nearly impossible to bring it back. But staying alert when you use online exchanges and BTM kiosks can help you avoid such scams. Increasing number of Bitcoin scams or hacks is all because of unawareness among commoners. Before trading through Bitcoin Exchanges makes sure you are aware of all aspects of digital currency and trading platform.

Be Careful of Malware or Viruses

Hackers use viruses as an easy option to steal digital wallet details. Lack of knowledge and awareness is also adding to the problem. The Internet age is no doubt bringing revolutions all over but there are lots of malware, viruses, and nasties online which create fear globally. This is paving the way for scammers and hackers to make a huge amount of money in quick time. Digital currencies are transacted online, hence make sure you transact over a safe and secure network. The Internet is filled up with dangerous links and traps so its important to be careful while using any Bitcoin Exchange randomly.

Sending malware via email or through fake websites is an age-old technique. Be careful whenever you are clicking on an unknown email attachment or dangerous links. These are nothing but bait. In today’s time, Bitcoin is getting attention everywhere so hackers use this as a trap to lure new users. Plenty of posts and articles can be found online or on social media claiming you can win Bitcoin just by downloading a link or program. Many new Bitcoin exchanges are coming up which offers freebies, all these are scams to grab your attention. Treat such links or emails with suspicion.

Using Genuine Online Trading Sites

There are plenty of legitimate, safe and secure Bitcoin Exchanges available; using these links are always recommended. Bitcoin of America is one reputed and popular online trading platform. Their services are registered and give you the assurance of buying or selling Bitcoins at best possible exchange rate. Doing detailed research is important; don’t blindly start using any trading site. Do your homework with popular search engines such as Google, all sites and reviews here are trustable.

Here are two ways of ensuring security, even if you get malware:

  • Always use two-step authentication before using every single time.
  • Hot digital wallets are popular among enthusiasts but it’s recommended to have a cold offline wallet too. A hot wallet is always linked to the internet, while a cold wallet is offline. Using cold wallet is safe and best practice when Bitcoin scams are increasing every day. This is how traders secure most valuable digital wallets.

Follow these easy security measures alongside some common sense to give yourself upper hand over viruses and malware even if you’re not tech savvy.

To steal information malware usually needs to be sophisticated and subtle, so its important you don’t allow that to happen. It’s important that you inquire thoroughly about the Bitcoin exchange or trading platform before using it. Being smart and careful is the best way to avoid such scams or hacks.


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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