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Published on September 17th, 2018 | by Guest

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All You Need To Know About Bitcoin Scams

Humans have upgraded themselves to various evolutional progressions. It is not that you will upgrade yourself only if you feel comfortable with the evolution; you upgrade yourself whether you feel comfortable with it or not, you do not have an option. Same way the future of currency is the cryptocurrency and people, as usual, are already in line to upgrade to it.

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Why Are Crypto Currencies Always In News For Scams?

With only a few years into the market and with people in line for the currency has opened up the way to many crooked minded people a chance to cheat people. The demand for the currency has made things very simple for the fraud companies to cheat many people. Even, Bitcoin scam news surfaces on the news nearly on regular bases, which have brought concerns to the central banks of many countries.

What Is A Bitcoin?

Bitcoin is a form of digital currency or a type of cryptocurrency which works on the encryption technique. The biggest drawback of purchasing bitcoin is, it does not have any legal backing from the central bank.

Few Popular Ways Of Bitcoin Scams

  • Day to day scam attempts, if Dubai’s prince or an American tax collecting officer mails you about endorsing bitcoin and how they have made a fortune with the bitcoin and in turn asks you to invest in bitcoin, then it is a scam. Keep in mind that a prince or a tax collecting officer has better businesses to do than to endorse bitcoins.
  • Malware downloads; this malware have been the major weapon of the scammers ever since the dawn of the internet. The value, anonymity and the entirely digital nature of the bitcoin are making things easier for the scammers than ever before. So, as usual, the mantra for safe internet usage, “do not click on unknown links or spam email links” do apply to avoid bitcoin scams.
  • Initial coin offerings, you must be able to judge whether a new coin can take off. If you are new and struggling to come to a decision, then it is secure for you to avoid that purchase.
  • Get rich schemes, like few finance companies that run away with people’s money few bitcoin companies promises some mammoth returns on the investor’s money and after a considerable amount of purchases the company disappears with all the money. Majority of the get rich schemes are scams for nobody in this world offers their money for free.
  • Fake wallets; try to avoid purchasing new wallets if you do not recognize any credibility in them. Use the biggest and well established one and let the early birds take a risk with the new wallets.

In the world of cryptocurrencies, it is a must that you know exactly what you expect and what you are doing. Do your study, it may take some time for you to understand but it is the secure way to carry out digital transactions.

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