Bitcoin works fast, knows no boundaries, and its transactions can not be undone. But, unfortunately, these qualities attract not only you and me. As cryptocurrency grows in popularity, more and more fraudsters appear around it.
Therefore, it is very important to observe all precautions and to protect yourself as much as possible from intruders. Here are the most popular ways to bitcoin fraud. Forewarned is forearmed!
Bitcoin pyramid
In this case, you can be lured by promises of incredibly high profits with extremely low investments. The principle of the classical pyramid works here: the first investors attract new and new people, from whose investments they get income. And, as in all such schemes, when the flow of new investors falls, the pyramid collapses.
You can identify a Bitcoin pyramid by several signs :
- Its organizers promise very high income / interest;
- They guarantee that "you will not lose money";
- They rush you with the words: “you need to invest as early as possible, otherwise it will be too late”;
- Few verified information about the company and owners;
- Withdrawal is difficult;
- Social networks are massively distributed links for registration with great bonuses.
Scamps with wallets and exchanges
Here we are talking about fraudulent sites. Some pretend to be bitcoin wallets , the second – cryptocurrency exchanges , and others – immediately and both.
Some time after registration, they work normally to put down your vigilance and gain confidence. You quietly deposit bitcoins or Fiat, the funds in the account accumulate – and the scammers hide with your money.
How to avoid cheating :
- Work only with reputable registered companies;
- Try to verify the identity of employees or owners;
- Learn what they write about the selected wallet / exchange in authoritative publications and forums;
- Be wary of anonymous and more recently opened exchanges, applications and browser extensions.
Where to find information about scammers?
It is impossible to collect an up-to-date list of scammers: creating a new site is very simple, so hackers can constantly change sites. Therefore, you need to learn how to independently identify suspicious sentences (as described above) and make inquiries.
Fortunately, fraud cases are often (and often) discussed in the English-speaking crypto community.
Here are some of the most popular branches, where you can read about the rocks :
Also on our website you can see a list of scam projects in the niche of cloud mining services.
In conclusion, we want to advise using only time-tested cryptocurrency services , wallets and exchanges .
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