Do you know that 95% of cryptocurrencies are Ponzi schemes or in short, scams? There are more than 900 different cryptocurrencies that operate online, and even more, are created every week. However, not all of these currencies are legit, a huge number is a scam. In this case, you must be extra careful in choosing your BTC if you’re really fond of it and want to be part of its growing number. Researching for the bitcoin scam lists and reviews are not enough for there will be paid reviews conducted by the cryptocurrency scammers to encourage more and more people to invest in them. Here’s how you could perform your own research to be able to identify the legit cryptocurrency:
Try Being Skeptic to Avoid Bitcoin Scams
Skepticism is an important factor in avoiding bitcoin scams. It can be your best defence and do not forget to note that BTC transactions are irreversible. Once you already sent a bitcoin transaction to someone, the transaction cannot be reversed anymore. So, to assure everything will work fine, confirming the legitimacy is your key before entering any transactions. When you are not familiar with the other party, try to be skeptical in your first encounter. Being Skeptical will offend bitcoin scammers. However, if the person is legit, they will do everything to prove their legitimacy and earn the person’s trust. Check for contact details listed on the site, it may not be an indicator of bitcoin scams, but can be a red flag.
A Promise of Quick Profits and Pressure on Time Limits
If you are still not familiar with how bit coin works, DO NOT enter into any transactions immediately. Bitcoin scams are everywhere, and scammers are so talented. They can lure you with things like huge return of investments in just a short period of time. If you’re not a technical person, get help from those who understand its technical intricacies better. BTC and cryptocurrencies run in a highly volatile platform, which bitcoin scammers use to try and convince people by declaring they have discovered something like “loophole in faucets.” Do not be encouraged by these bitcoin scam techniques for small but significant exploitable forms of security flaw is always never advised because it might put you in trouble.
Bitcoin Scams Comes With Malware Downloads
A particular site has identified four main categories of bitcoin scams, and this includes fake BTC downloads. Another Bitcoin scam uses a very simple technique–to lure people. If you are not observant enough¸ you can get easily hooked in their click-through URLs. Bitcoin scammers posts these URLs in social media in an attempt of attracting people to download a malware-laden app. Aside from this, another technique which these bitcoin scammers use is through fake BTC surveys. The fake surveys are used to distribute malware, you should never trust social media too much, especially when you encounter shortened URL without HTTPS.
Bitcoin Scams Check: Phishing Impersonators
Another type of bitcoin scams is through phishing or impersonating on social media. These bitcoin scams impersonate the legit BTC brand as a tactic to gain the trust of people whom they target to be their victims. As these bitcoin scams use legit BTC brand, they are confident that they can lure people. The phishing bitcoin scam websites will offer a search service in their database wherein their victims would be enticed to enter their private Bit coin key. Once they have entered their private key, the victims would not be aware that the scammers are spending directly from their BTC wallet. So, if you do not want to be one of their victims, never trust any unofficial BTC social media account.
Flipping your BTCs for the offer of doubling the initial investment overnight or an exchange of money is another tactic of bitcoin scams called BTC-flipping. In this type of scam, the BTC is immediately stolen and can never be held back to the owner. Just like the other techniques of bitcoin scams¸ this one also uses the social media which is distributed in high volumes. Thousands of social media users are getting the broadcast unknowingly that in its low-risk tactic, they can lose every single BTC on their wallet. You can avoid this type of bitcoin scam through not being so curious to double the amount of your BTC wallet. Because the more you want BTCs in your wallet in just a short period of time, the higher the chance to lose it.
Watch Out For Fake Bitcoin Wallets
This method to track for bitcoin scams is a bit tougher, it’s because BTC wallets are primarily created to store bitcoin and not for the purpose of buying and selling. Fake bitcoin wallets are used to infect your BTC machines with malware, stealing your private keys and passwords. To avoid this tactic of bitcoin scams, go check for red flags and trust your instincts. If you think a BTC wallet is not trusted, especially when the wallet site does not come with HTTPS, do not intend to continue. Moreover, if you think the name of the bitcoin wallet resembles another name of a reputable BTC wallet by impersonating it, do entertain it. It’s really hard to tell whether a particular BTC wallet is part of bitcoin scam or not, but you can do it through asking help from peers and forums.
Bitcoin Scams in Pyramiding Schemes
Say no to pyramiding schemes! Multilevel marketing and high-yield investment programs are widespread all over the world. These schemes are not only operated online but also with actual products directly offered to customers. Meanwhile, if you are concerned on your BTC, do not entertain “any” types of these multi-level marketing which lure people invest their bit coins in low amount. These bitcoin scams will convince you to sign up and refer additional members through their links. The process will be repeated until more and more new members are encouraged. People who risked their BTCs in this type of bitcoin scams unknowingly became a bridge for the scammers to deceive more people to join the pyramid scheme. Later, the original BTC scammer walks away, leaving the people behind and collapsing the pyramid.
Cloud Mining Bitcoin Scams
This one can be very tricky because not all forms of cloud mining are bitcoin scams. However, a higher percentage of it are scams, so you better get warned before you look for cloud mining operations. Cloud mining works through sharing mining hash power, wherein the people involved have to pool their funds for renting a BTC mining machine. Take note that legit cloud mining operations are profitable, on the other hand, bitcoin scams have the low return or zero return at all. Remember to check the site first before you finally decide to be involved in cloud mining. Websites with HTTPS are safe to use and rest assured that every operation is secured.
Reviews and forums can be very helpful if you want to seek help in proving the legitimacy of a particular BTC operation, transactions and wallet. Bitcoin scams are rampant like werewolves doing everything to lure people to fall into their traps. Remember not to trust anyone who claims they can give you help to mine more BTCs. More so, social media channels are their bridges wherein they advertise URLs for shocking offers. Be skeptical and vigilant in social media accounts, especially when impersonations are involved. Never trust any transactions involving BTC and Financials via social media or direct message. More importantly, look for HTTPS in a website, to be sure that everything is secured and do not forget to report to the FBI’s Internet Crime Complaint Center upon any encounter with the BTC scammers.