Learn about existing Bitcoin malpractices


Bitcoin, the most popular crypto that exists, is now considered one of the most popular investments. But did you know that it has given birth to many new bitcoin scandals? Yes, that’s right and sadly, you can be a part of it if you don’t know anything about these scams. This article lets you know about all the types of bitcoin scams that exist.

This type of bitcoin scam exists –

Phishing scam

Always beware of phishing scams Phishing attacks are certainly a favorite among hackers and scammers. In a phishing attack, a person disguises a service, business, or person, usually via e-mail or other text-based communication, or by hosting a fake and manipulative website that looks like a real one. The goal is always to trick a victim into revealing their personal tips or sending bitcoin to a specific scammer-owned address.

These types of emails are often seen as legitimate but fake in nature

Counterfeit exchange

Surely one of the least difficult ways to deceive investors is to pose as an internet marketer branch of a good and legitimate business. Okay, this is what scammers are doing especially in the bitcoin discipline.

Many such exchanges exist and they present themselves as a place to exchange and trade bitcoin, but in the end it was deceptive. Many exchanges have thus turned people away from their money simply by pretending to be a new respectable and legitimate cryptocurrency exchange.

Fake ICO

With the rise of blockchain-backed companies, fake ICOs have gained popularity as a way to support these types of new companies. However, due to the controlled nature of Bitcoin, the door is open for all kinds of fraudulent activities.

Most of the ICO frauds have occurred by obtaining investors or using fake Bitcoin wallets or other crypto wallets through fake ICO websites, or by appearing as real cryptocurrency-based companies.

Many have already been accused of such misconduct, so it’s best to check these wallets before deciding to keep your money with them.

Outstanding return

If you are in the trading industry, you must have known by now that huge returns are not possible with bitcoin trading or crypto trading in general. So, when a broker tries to promise you that your money will be doubled in a certain period of time, the best option in such cases would be to stay away from such brokers as much as possible. They will just run away with your money and you will have nothing but sorrow and regret.