Bitcoin, the most popular crypto available today is considered one of the most popular investments. But did you know that it has generated a lot of new bitcoin scams? Yes, that’s the truth and unfortunately, you could be a part of it if you didn’t know you were involved in these scams. This article informs you about all the different types of bitcoin scams that exist.
These are the types of bitcoin scams that exist –
Phishing Scams
Always be on the lookout for phishing scams. Phishing attacks are definitely a favorite of hackers and scammers. During a phishing attack, a concerned person often impersonates a service, business or individual simply by e-mail or other text-based communication, or by hosting on a fake and manipulative website that looks like a real one. The goal is to constantly trick a victim into disclosing their private tips or sending bitcoin to an address owned by that particular scammer.
These types of emails are often seen as legitimate but fake in nature.
Fake exchanges
Surely one of the least difficult ways to deceive investors is to pose as an internet marketer branch of a good and legitimate business. Well, that’s exactly what scammers do within the bitcoin discipline.
Many such exchanges exist and they present themselves as a place to exchange and sell bitcoin, but eventually cheat. Many exchanges thus scam people out of their money simply by posing as a new respected and legitimate cryptocurrency exchange.
Fake ICOs
With the growth of blockchain-backed companies, fake ICOs have become popular as a way to support these types of new companies. However, due to the unregulated nature of bitcoin itself, the door is very open for all kinds of fraudulent activities.
Most ICO scams occur by getting investors to commit to or through fake ICO websites using fake bitcoin wallets or other crypto wallets, or by showing real ones. cryptocurrency -based company.
Many have already been accused of such malpractices so it is better to verify such wallets before ever deciding to put your money in them.
Humongous return
If you’re in the trading industry, you should already know by now that a lot of returns aren’t possible when it comes to bitcoin trading, or crypto trading in general. So, if a broker tries to give you the promise that your money will be doubled in a certain time frame, then the best option in such cases is to stay away from such brokers as much as you can. They will just take your money and run away and you will be left with nothing but grief and guilt.