Bitcoin Scams that you should be aware of

In the past few years, bitcoin and the entire crypto market have gone through various development activities, with its scammers. The rise in the price of Bitcoin and the rise in market capitalization have attracted new investors who have flooded the market in hopes of making quick money.

Bitcoin Scams that you should be aware of
Bitcoin Scams that you should be aware of. Photo by Aleksi Räisä

They might not understand the technology but they have gone through some stories of savvy investors who earned a huge profit and are now ‘Bitcoin Millionaires’.

Table of contents

Beware of Bitcoin Scams
Fake Bitcoin Exchange Scams
Malware within software wallets

Beware of Bitcoin Scams

Usually, people become greedy while making money online and that reveals the shortcomings of human nature. Although the cryptocurrency market is usually described as risky, full of fraud, and being used by fraudster organizations. And also, it is very true that greed is bad and brings a lot of scams. Investors can only get rid of these scams, if they can see the clear signs.by avoiding these scams investors can secure their assets.

Some of the bitcoin scams that you should get rid of are as follows:

Fake Bitcoin Exchange Scams

As the bitcoin is overhyped, many users are not aware of the presence of danger and due to this they visit fake exchanges to purchase bitcoin. These websites may look like trusted cryptocurrency exchanges like Phishing but in actual these websites steal your private information.

Many exchanges that are fraud use various interesting promotional techniques, which include giving up rewards for only a limited period of time by signing up. They will also offer you an additional bonus if you deposit a large amount and will make promises about increasing your investment within a few months. Fraud bitcoin exchanges will usually charge abnormally high transaction fees and will make it extremely hard to pull back assets or simply take all your cash and will run away.

Please also pay attention to the exchange with the exquisite smartphone app. These may be very complicated, but they may be Bitcoin scams. With the help of these apps, they can steal your private information from your cell phone. If you want to invest in bitcoins you can visit official site bitcoins-union.com

There are some of the ways listed below by which you can avoid such bitcoin exchange frauds:

  • Make use of bitcoin exchanges which are legal, renowned, and in demand, for example, Coinbase, Binance, and Bit it.
  • The exchange which you’re using, bookmark it for the later use.
  • Before making an account on any exchange, you should properly study and investigate that exchange.
  • Take seriously promotional material that sounds incredible.
  • Don’t be greedy about the special rewards offered by some exchanges because that may be a fraud. Before getting registered make sure that the exchange is genuine.

Malware within software wallets

Malware has always been the preference of online fraudsters. The software which is installed by users like bitcoin software wallet usually consists of dangerous malware which is hard to recognize. Once the PC is damaged by malware, then all your private information can be easily stolen.

There are several ways listed below by which you can avoid malware within software wallets:

  • To store all your private keys and crypto assets, buy and use a trustworthy and legitimate hardware wallet.
  • Avoid purchasing wallets from unlicensed resellers.
  • Avoid installing any bitcoin wallet application from the app store.
  • Make sure that the website you are using has a padlock and click that to check whether the organization details are matching with the website description or not.
  • Make sure that you’ve updated your virus scanner.
  • To encrypt all your traffic and to secure your identity use Express VPN or Nord VPN.

Published by Lisa Turnbull

, always been a Windows lover since her childhood days. I have always been enthusiastic about emerging technologies, especially Artificial Intelligence (AI), Data Science and Machine Learning. I am working as a freelancer on numerous technical projects.