Avoid These 3 Major Bitcoin Scams

Avoid These 3 Major Bitcoin Scams

Avoid These 3 Major Bitcoin Scams

$BTCUSD

Bitcoin is currently trading at: 15,653.4551, -747.459 , or -4.56%

Bitcoin is the most popular cryptocurrency available today, recently it has seen a lot of activity.

Anything that surges warrants being in the bright lights. In Y 2009 a single Bitcoin cost about $1, and in Y 2013 it was worth about $266. At the begining of this year 1 Bitcoin was $1,000.

Wednesday night it marked $17,154+

Whether you are part of the Bitcoin community or if you’re considering getting into Bitcoin ‘dance’, you should keep an eye out for people or programs that may try to cheat you out of your money.

Below are 3 Bitcoin-related scams that you should know about, as follows:

Fake Bitcoin Wallets

bitcoin_wallet.jpg

Bitcoins are normally kept in a digital wallet, from which you can make and receive payments.

Typically, there are 4 types of wallets to store your Bitcoins:

  1. web
  2. desktop
  3. hardware and,
  4. mobile.

The most popular  is the mobile wallet. Be wary of phony wallets that have begun appearing on both Apple and Android stores.

Most of these fake wallets have logos and names that look and sound almost identical to legitimate and reliable wallets.

What most of these fake wallets do, is to allow the quantity of Bitcoins stored to reach a certain level before emptying your account.

So, only download wallets directly from a respected provider’s website.

Bitcoin Phishing

phishing_login.jpg

Phishing is an attempt to acquire sensitive and personal information like usernames, passwords, phone numbers, addresses, and even credit card details, by masquerading as a dependable entity in the digital sphere.

Bitcoin phishing scams send the user an e-Mail claiming that they won Bitcoins.

However, to collect winnings, the user needs to log into their wallet via a link provided in the e-Mail. Once you Key in your wallet’s details into the fake site from the link, the scammers will have access to your stash of Bitcoins.

Bogus Cloud Mining

cloud_mining.jpg

Cloud mining companies basically charge users a nominal fee for mining cryptocurrencies on their behalf.

The users then receive financial rewards back for their investment. However cloud mining scams do not really spend the time, effort or computing power to actually conduct any mining.

These fake cloud mining sites then pay the users lesser than the value of the contract. After a while, the bogus cloud mining company stops its payments, and the subscriber’s pledged cryptocurrency disappears.

Remember, it is your money, and your responsibility, pay attention

Have a terrific weekend.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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