Bitcoin Scams You Should Be Aware Of
Bitcoin and other cryptocurrencies are in the market for a long time now. Bitcoin has launched in the market almost a decade ago, but still, not many people know how to trade in these currencies. Investors hear about the increasing price of Bitcoin, how it is the most popular amongst others and how the future is going to use the cryptocurrencies widely. But these currencies are not yet widely used and so there is a huge possibility of people getting scammed by fake schemes and brokers. These are the most common scams occurring in this market and you should be aware of it before investing in the market.
1) Fake Digital Wallets: The digital wallets are used to store your cryptocurrency coins. There are various types of cryptocurrencies wallets in the market; almost every cryptocurrency has its own wallet. These wallets come with their individual applications that can be downloaded on your mobile. Many scammers are targeting these applications by uploading fake application; some have even reached Google Play Store. Once downloaded these applications steal important information from your phone. It is better to download applications that are trustworthy and have good reviews.
2) Fake ICO’s: The popularity of the cryptocurrencies is so huge that everyone wants to buy it. This has provided a lot of opportunities for scammers who take benefit of new investors with limited knowledge about how cryptocurrencies work. These new crypto enthusiasts are always looking for the next new thing in the market that will give them good returns. So the scammers take benefit of this by inventing new ICO’s for cryptocurrencies that do not even exist, saying they are the future.
3) Fake automated software: Another easy method to scam the investors is to tell them about new and advanced trading systems that provide you with fast and easy returns. The Gatesway software is one such system that is claimed to be using false advertising to promote the trading robot. But in reality, it is nothing but a scam.
4) Mining scams: Another way of earning Bitcoin is to mine it. It is a complicated process to mine the Bitcoins, but the new investors who are not aware of the mining process can get scammed in many fake cloud mining scams. It is important to check if the mining cloud is legit, is the website using https and is secured? Be alert if the companies are promising certain returns, as it is difficult to predict any result in the market.