Discover Bitcoin Practices that exist

Bitcoin, the most popular cryptocurrency in existence, is considered one of the most popular investments today. But do you know that this has spawned many new bitcoin scams? Yes, that’s the truth and unfortunately, you can be a part of it if you don’t know anything about these scams. This article tells you about all the types of bitcoin scams that exist.

These are the bitcoin scams that exist –

Phishing scams

Always be aware of phishing scams. Phishing attacks are definitely a favorite among hackers and fraudsters. In a phishing attack, a concerned person usually impersonates a service, business, or individual via email or other text-based communication, or by hosting a fake, manipulative website that looks authentic. The goal is always to trick a victim into finding their private tips or sending bitcoins to a particular scammer’s address.

These types of emails often appear to be legitimate, but are fraudulent in nature.

False exchanges

Arguably, one of the most difficult ways to scam investors is to pose as an internet marketer branch of a good, legitimate business. Well, that’s exactly what fraudsters within the bitcoin discipline are doing.

Many such exchanges exist and they presented themselves as a place to trade and exchange bitcoin, but in the end it turned out to be a scam. Many exchanges have therefore scammed people out of their money, posing as the new respectable and legitimate cryptocurrency exchange.

Fake ICOs

With the growth of blockchain-backed companies, fake ICOs gained popularity as a way to protect these new companies. However, given the unregulated nature of bitcoin itself, the door has been wide open for all kinds of fraudulent activity.

Most of the ICO scams occurred with investors pledging through fake ICO websites or using fake bitcoin wallets or other crypto wallets or pretending to be genuine cryptocurrency-based companies.

Many have already been accused of malpractices, so it’s best to check these wallets before you decide to put your money with them.

Terrible returns

If you are in the trading industry, you must know by now that huge returns are not possible when it comes to bitcoin trading or crypto trading in general. Therefore, when you try to find a broker promising to double your money in a specific period of time, then the best option would be to stay away from such brokers as much as possible. They will simply take your money and run away leaving you with nothing but grief and regret.