Crypto Scams: Can You Get Scammed Through Bitcoin?

Crypto Scams

Bitcoin is a considerable cryptographic achievement in that it is unique and not prone to duplication. That the ledgers and general architecture of Bitcoin cannot be replicated is a truly thumping accomplishment. Bitcoin has reached billions of dollars in market capitalisation. The leading cryptocurrency is experiencing universal appeal. The increasingly ubiquitous nature of Bitcoin discourse brings out questionable traits in human nature. Then we have scammers, who also want to profit somehow from Bitcoin, but through nefarious means. This involves targeting unsuspecting victims. Here, we aim to draw your attention to crypto scams that followers are confronted with, with caveats and hints about avoiding the same. Can you get scammed through Bitcoin? Only if you do not observe simple caution.

Bogus Bitcoin Exchanges

Often on social media, you will come upon a link claiming, “Buy bitcoin for 5% under market value. Save big!” It is only a marketing trick to get you to visit and use their fake exchange. If you visit any exchange site, the very first thing you want to do is make sure it’s HTTPS secured. The web traffic has to be encrypted and secured. If it’s just HTTP sans the “S”, that is a big red flag. Another red flag to look out for is fake exchanges that offer to sell BTC for PayPal.

You’ll see a web form to enter your PayPal email and amount to sell on these sites. After submitting, you will be presented with a QR code to send your BTC to. But the money never arrives. Most of these fake exchanges are fly-by-night. You can visit the official bitcoin site and make sure you are dealing with the real McCoy. 

Ersatz Bitcoin Wallets

Spotting fake Bitcoin wallets is a bit tougher because wallets primarily store bitcoin and not buy or sell it. Therefore, it has less to do with money than it does with the software you may use. Generally, fake Bitcoin wallets are just crypto scams for malware to infect your machine to steal your passwords or private keys. To guarantee security, you ought to get your genuine wallet right from Bitcoin’s official website itself. 

Just like with fake Bitcoin exchange sites, you should trust your instincts and look for red flags. For example, does the wallet site use HTTPS? Is the name of the wallet site trying to impersonate another reputable Bitcoin wallet? Aside from the obvious, it may be hard to tell if a wallet is fake. A good approach is to ask your peers if someone has used the wallet before. You may be able to connect with others on the Bitcoin Forum, or Bitcoin Reddit.  

Phishing Scams

A phishing scam is a widespread sort of scam. Phishing is when someone tries to trick you into thinking they are a trusted company or website by inveigling you onto a fake site. Generally, phishers get in touch with you via email or through a fake web advertisement. The result is you go to their website by mistake and either get malware or lose your bitcoin through a fake sale. With emails, you have to be careful not to take the bait.

You may receive an email from a wallet or exchange you already use, either by coincidence or through past database hacks. Maybe hackers obtained your email address on the black market, for instance from a Yahoo! or another service hack.

The best practice is to not click on any hyperlinks in an email or open attachments. Instead, go directly to the website if you have to do business there. A common tactic is to make a hyperlink look natural, but you will see the fake website URL if you hover over it. Always check the sender email to see where it’s coming from (although this is not 100% reliable as emails can be spoofed).

With fake web advertisements, you have to be careful about the site you are visiting. This usually happens when searching on the web for things like “blockchain.” The top result could be an advert via Google, for instance, but it may end up being a fake Bitcoin wallet. The best practice is not to visit sponsored ad content in search results and manually type the actual website address directly into your browser. 

Ponzi Scams

Ponzi scams are assurances from websites that you will “double your bitcoin” overnight or some similar outlandish claim. Ponzi sites may be harder to identify, but they’re easy to unravel once you understand this: you double your money by sending it to them first. Ponzi sites also typically have referral programs, so you may make a few cents if you get others to sign up for the site by visiting your affiliate link. As many times you will see on social media shared links with referrals within the URL, this is another red flag. Usually, it will look something like this (referral link is in bold): domain.com/ponzi/?ref=12345. 

Cloud Mining

Not all cloud mining operations are scams, which makes the quest for the scammer like finding a needle in a haystack. Some are entirely legitimate, but scammers lurk in the shadows nevertheless. Cloud mining is shared mining hash power for the uninformed, where people pool their funds together to rent Bitcoin mining machines. For legitimate operations, this works and can be profitable. For scams, returns may be low or non-existent.

As we’ve previously established, it’s best to trust your instincts and look for red flags. Does the site use HTTPS? Did you find the site from a referral link on social media? Does the cloud mining operation not give any insight into what pool they use to mine or let you select the collection you want to direct your hash rate to?

We recommend the Bitcoin Mining Pool, a legitimate cloud mining pool that offers the highest block rewards in the space with 0% fees. The pool also has very affordable hash rate plans that you can buy. The pool is entirely transparent on how it’s run, by whom, and how much return on your investment you will gain. Additionally, you will see charts and information on your account dashboard with exact details on any mining contract you purchase.

Conclusion

The best approach to avoid getting scammed through crypto scams is making savvy use of the official Bitcoin website itself. It is possible to get scammed through Bitcoin if you do not take relevant precautions. Phishers can be trusted by following simple observations. Ponzi schemes attract only those who are looking to strike it rich blitz-quick. All Bitcoin related services and associated ideas are best provenance from the official site, thus allowing you the most optimum use of Bitcoin. Best Bitcoin Trading Platforms

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