Beware of Bitcoin Scams

Since it was introduced, Bitcoin has continued to rise exponentially

beyond what enthusiasts predicted at that time. As much as it is highly

volatile and unpredictable, it is fast becoming a globally-adopted digital

currency, and unlike normal currencies, there are no central authorities

overseeing Bitcoin transactions. Once a Bitcoin transaction has been

carried out, it cannot be reversed or recovered which makes it a huge

focus for fraudsters.

Because of this, it’s important for you to be able to differentiate between

a legit Bitcoin program and a scam to prevent you from incurring a huge

loss on a valuable investment. In this article, we will be discussing the

three major Bitcoin scams and ways to avoid them.

1. High-yield investment programs (HYIP)

These programs are also known as Ponzi schemes where people are

convinced to invest with a promise of high returns. Here, old investors

are paid from the investments of new ones, and this usually goes on for a

short time before it crashes. These programs never work out since new

entrants do not get anything from their investments.

2. Fake Bitcoin Exchange

These kinds of scams usually take place on social media where you may

run into an ad saying you can buy Bitcoin for below market price. This is

just to lure you to visit their website, and once you do, if you are not

careful, you can be scammed.

3. Bitcoin phishing scam

This is when you receive an email that a particular amount of Bitcoin has

been awarded to you, but in reality, the link in the mail to claim the

award is actually to give the phisher the power to take control of the

user's wallet.

Avoiding Bitcoin scams

- The first major thing you need to do is to carry out investigations on

the company you intend to do business with. Simply visit blogs, read

reviews, and check forums to learn more about the credibility of

the company.

- Make sure any website you visit has “HTTPS” in its web link and not

“HTTP.”

- Always trust your instincts, and if a deal sounds too good to be real,

simply opt out. Don't go into a deal because of the high rate of

return promised.

- Make sure you verify facts listed in the advert. Take the time to

learn everything that there is to know before you get involved.

- Invest in publicly-audited companies since they are the only ones

that give you the access to read their proof of reserve cryptographic

audit. This will make it easier for you to verify their Bitcoin

holdings.

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