The market of bitcoin is volatile; its value keeps on increasing and decreasing. In the past decade, the bitcoin’s market has taken investors and traders on a rollercoaster ride for sure. There have been many controversies, many scams, and thousands of things in the entire journey of bitcoin to date. Also, only time can tell the future of bitcoin because of its unstable market. Bitcoin was introduced back in 2009 at the time of the financial crisis, and at that people were not so impressed with digital currencies, but now bitcoin is booming.
One noticeable thing about bitcoin’s is that its rise has gained the attention of people all across the world. Some people may not know about bitcoin, it’s working, and its philosophy, but gradually, people are learning about it, which has increased user adoption. With the enhanced adoption of bitcoin, potential investors are investing in bitcoin and are turning their few bucks into billions with an increase in the value of bitcoin. Visit https://bitcoin-buyer.app to trade bitcoin and earn massive profits.
Unfortunately, many savvy investors that chased the bright future of bitcoin become the victim of hackers who tried scamming bitcoin and succeeded in it. The unique feature of bitcoin that traditional currencies lack is that digital currencies are unregulated and uncontrolled by central authorities and are entirely private. The hackers have taken advantage of this advantage of bitcoin and make it vulnerable to online fraud.
If you are a new investor or bitcoin trader, you might have read about basics and other strategies, but the most crucial thing is that you must learn about the potential scams that could occur. Let us move forward and discover some scams that a bitcoin user must be aware of that are as follows.
Fake cryptocurrencies
The fastest-growing scam in today’s time is of presenting the fake cryptocurrencies as the alternates of Bitcoin. The scammer tries to manipulate the investor’s mind by saying that bitcoin is expensive and it’s too late to invest in bitcoin. One should invest in the upcoming new cryptocurrencies.
One of the cryptocurrencies named My Big Coin was forcefully shut down because there were fraudsters behind creating these cryptocurrencies scammed around $6 million for investors who invested in My Big Coin thinking of it as a real cryptocurrency. Scammers try to scam investors’ money through fake cryptocurrencies and then transfer money into their bank accounts.
Fake crypto exchanges
Crypto exchanges are online marketplaces specially developed to provide cryptocurrency users a platform to store, buy and sell various cryptocurrencies. Nobody has even thought that there could be things like fake crypto exchanges. In 2017, financial authorities exposed one completely fake exchange and was a scam done by hackers. BitKRX was developed, which represented itself as one of the biggest crypto trading platforms and scammed investors’ money.
Investors and traders are suggested to carefully choose the crypto exchange because sometimes it may seem that the exchange is legal or genuine, but it might not. You must carefully learn and compare different crypto exchanges and then choose the right one.
Malware attacks
Malware attacks are one of the most common forms in which hackers attack the passwords of users. Earlier, hackers tried to attack users’ passwords that can be used to hack bank accounts, and now malware is used to do bitcoin scams. The bitcoin wallets connected to the internet have a high risk of malware attacks, but malware may attack your computer and access your private keys through the internet.
Sometimes, the users are not aware of malware attacks as these are sent in the form of links or attachments. Clicking on links or downloading those from social media can attack the software and your computer, and you might lose all your bitcoins. If, as a bitcoin user, you aren’t sure about the legitimacy of any email or link or website, never open it as it is a red flag, and it may attack your private keys directly.
Old school scams
Many con artists try to use old school methods by calling or email users and asking them to pay money in the form of taxes, and unfortunately, many people even transfer the money. It is advised to avoid the old school scams and be aware and check the legitimacy of the authority before sending money or providing them PIN or password.