Learn about existing bitcoin malpractice

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

These are the types of bitcoin scams –

Phishing scam

Always keep an eye out for phishing scams. Phishing attacks are certainly a favorite among hackers and scammers. In a phishing attack, a person involved usually hosts a service, business or individually only via email or other text-based communication, or a fake and manipulative website that seems real. The goal is always to expose the victim to their personal tips or to send Bitcoin to an address owned by a particular scammer.

These types of emails often appear as if they are legitimate and actually fake.

Counterfeit exchange

One of the surest ways to deceive investors is to pose as an internet marketing arm of a good and legitimate business. Well, scammers within the Bitcoin discipline are doing this specifically

There are many such exchanges and they have presented 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 by posting it as a new reputable and legal cryptocurrency exchange.

Fake ICO’s

As blockchain-backed companies grow, so do fake ICOs to back up such new companies. However, due to the self-regulated nature of Bitcoin, the door is open for all kinds of fraudulent activities.

Most of the ICO frauds were committed by the investors using fake Bitcoin wallets or other crypto wallets or by appearing as genuine cryptocurrency based companies through fake ICO websites or by making promises through investments.

Many have already been accused of such abuse so it is best to check these wallets before deciding to keep them with your money.

Lots of returns

If you are in the trading industry, you know that Bitcoin trading or crypto trading in general is only possible when it is not possible to get huge returns. So, when a broker tries to promise you that your money will double within your deadline, the best option in this case is to stay away from brokers as much as possible. They will just take your money and run away and you will be given nothing but sorrow and remorse.