There are so many things that make Bitcoin special, that it would take many pages to explain these benefits. But, just like in the case of other great things, there are some scammers that are trying to take advantage of the popularity of this great cryptocurrency. Fortunately, people that have experience in this field were able to identify the most common scams which makes it easier for Bitcoin buyers to avoid them.
Bitcoin wallet scams
Let’s be honest – it’s not easy to identify a Bitcoin wallet scam. These specially designed wallets are here to store your digital currency. You can’t use them to buy or sell bitcoins. In most cases, fake wallets like this are used to transfer malware to users’ computers. This is how hackers are stealing passwords and private information. It’s worth mentioning that there are a few different Bitcoin wallets that have proven to be reliable like CoinsBank for example.
Bitcoin exchange scams
People are always looking for Bitcoin exchanges that promise good prices and low fees. But, that’s exactly what many scammers are using as a trick to lure unsuspecting victims. In case you want to use a Bitcoin or cryptocurrency exchange website, you should always look for a secure website (HTTPS). Generally speaking, you should stay away from plain HTTP websites for this purpose. Additionally, there are many websites that are focused on selling Bitcoin for PayPal money. In most cases, these websites are fake sites looking for an easy way to steal your bitcoins. CoinDesk and HitBTC are just two examples of legit Bitcoin exchanges.
You may have heard about phishing scams before. The concept is simple – the scammer is trying to convince you that you are using a well-established website while you are redirected to a fake website. In most cases, they are using emails or ads to attract Bitcoin buyers or sellers. The final result is always the same – you will infect your computer/mobile device or lose your bitcoins. Avoid using the hyperlinks especially if they look weird and always check the sender’s email address.
If you are looking for an offer that promises to multiply your bitcoins by two or three times overnight, then you are probably looking at a Ponzi scheme. They act as referral programs that promise people a small amount of money just to attract them. In the end, you will lose both your money and your bitcoins.