There are lots of Bitcoin scams and frauds online! Follow the ultimate guide and learn how to protect yourself and avoid trouble!
If you follow the Bitcoin news and trends, you probably know that Bitcoin price significantly increased over the past couple of years and reached billions and billions of dollars in market capitalization. This has attracted so many people as they finally understood the value of Bitcoin and its appeal. However, this brought out the good and the bad in human nature, meaning lots of Bitcoin scams and frauds were soon created online.
There are a lot of scammers online and people who will try to lie to you to just to take your money. The bottom line is that these people also want to profit in a way from Bitcoin as they don’t have the money to buy Bitcoins on their own. Yes, they are using the easy way, and sometimes it includes unprepared victims who end up losing their investment or their bitcoins.
In this article, we will talk about how to avoid Bitcoin scams and frauds and protect yourself. We will show you how to spot the scams and ensure you don’t become the next victim.
- Fake Bitcoin wallets – Yes, there are fake Bitcoin wallets and spotting them is not so simple as wallets are about storing Bitcoins and not about buying Bitcoins or selling them. This scam has less to do with your money or your investment than it does with the software you currently use. Usually, these types of scams infect your device in order to steal your personal information and your passwords.
- Fake Bitcoin exchanges – You probably have seen links on social media saying something like Save big and buy Bitcoins for under 5% of the market value. Don’t click anything as this is a marketing trick to visit their website and user their fake Bitcoin exchange. When visiting a Bitcoin exchange website, the first thing you should do is check whether or not the website is HTTPS secured. If you notice HTTPS it means that the web traffic is secured and encrypted.
- Phishing Scams – This is a very common scam online. Phishing is a method when someone tries to scam you into thinking they are reputable and trusted website or company by having you visit a website that is also fake. Usually, the phishers contact potential victims via fake advertisement or via email.
If you are not sure whether a specific Bitcoin website is a scam or not, it is better to leave the site and find a website you are 100% safe.