Bitcoin, the most popular cryptocurrency out there, is now considered one of the most popular investments. But did you know that this has led to many new bitcoin scams? Yes, that is the truth and unfortunately you can be a part of it if you don’t know anything related to these scams. This article lets you know about all the types of bitcoin scams out there.
These are the types of bitcoin scams that exist:
Phishing scams
Always be on the lookout for phishing scams. Phishing attacks are undoubtedly a favorite among hackers and scammers. Within a phishing attack, a target person typically poses as a service, company, or individual simply through email or other text-based communication, or by hosting a fake, manipulative website that appears to be real. The goal is always to trick the victim into discovering their private tracks or send bitcoins to an address owned by the particular scammer.
These types of emails often look legitimate but are fake in nature.
fake trades
Without a doubt, one of the least difficult ways to scam investors is to impersonate an Internet marketing arm of a good, legitimate business. Well, that is specifically what scammers within the bitcoin discipline are doing.
There are many such exchanges out there and they were presented as a place to trade and trade bitcoins, but ultimately they were fraudulent. Therefore, many exchanges have scammed people out of money by simply posing as a reputable and legit new cryptocurrency exchange.
fake ICOs
Along with the rise of blockchain-backed companies, fake ICOs became popular as a way to support these types of startups. However, given the unregulated nature of bitcoin itself, the door has been open for all kinds of fraudulent activity.
Most ICO scams took place through obtaining investors to engage in or through fake ICO websites using fake bitcoin or other crypto wallets, or by appearing as real cryptocurrency-based companies.
Many have already been accused of such malpractices, so it is better to check such wallets before you decide to put your money with them.
gigantic returns
If you are in the trading industry, you must have known by now that outsized returns are simply not possible when it comes to bitcoin trading or crypto trading in general. Therefore, when a broker tries to give you the promise that his money will double within a specified period of time, then the best option in such cases would be to stay away from such brokers as much as he can. They will just take your money and run and you will be left with nothing but grievance and remorse.
