Bitcoin, the most popular crypto that exists, is now considered the most popular investment. But did you know that it has given birth to many new bitcoin scams? Yeah Al that sounds pretty crap to me, Looks like BT aint for me either. This article lets you know about all kinds of bitcoin scams that exist.
This type of bitcoin scam exists –
Phishing scam
Always beware of phishing scams. Phishing attacks are certainly a favorite among hackers and scammers. In a phishing attack, a person is disguised as a service, business, or person, usually via e-mail or other text-based communication, or by hosting a fake and manipulative website that looks real. The goal is always to trick a victim into revealing their personal tips or sending bitcoin to a specific scammer-owned address.
These types of emails are often seen as legitimate but fake in nature
Counterfeit exchange
Surely one of the least difficult ways to deceive investors is to present a good and legitimate business as an internet marketer branch. Okay, this is what scammers are doing especially in the bitcoin discipline.
Many such exchanges exist and they present themselves as a place to exchange and trade bitcoin, but in the end it was deceptive. Many exchanges have thus turned people away from their money by pretending to be a new, reputable and legitimate cryptocurrency exchange.
Fake ICO
With the rise of blockchain-backed companies, fake ICOs have gained popularity as a way to support such new companies. However, due to the controlled nature of Bitcoin, the door is open for all kinds of fraudulent activities.
Most of the ICO frauds have occurred through obtaining investors or using fake Bitcoin wallets or other crypto wallets through fake ICO websites, or by appearing as genuine cryptocurrency-based companies.
Many have already been accused of such misconduct, so it is a good idea to check these wallets before deciding to keep your money.
Outstanding return
If you are in the trading industry, you must have known by now that huge returns are not possible with Bitcoin trading or crypto trading in general. So, when a broker tries to promise you that your money will be doubled within a certain period of time, the best option in such cases would be to stay away from such brokers as much as possible. They will just run away with your money and you will have nothing but sorrow and regret.