Going to War Against the Bitcoin Scam Industry
Considered by many the most revolutionary breakthrough of the 21st century, Bitcoin continues to surprise the world with its allure and resilience.
Launched in 2009 as a way to create a decentralized method of exchanging money, Bitcoin is by far the world’s biggest and most valuable cryptocurrency. It peaked at around $20,000 per coin in 2017 and today’s value is just under half that amount.
The Bitcoin Scam Industry
The rise of Bitcoin and the cryptocurrency industry it fathered has created great interest and attention over the last ten years. Nobody is certain as to the projection Bitcoin’s value will take over the medium-to-long term. This uncertainty, however, has not deterred investors from purchasing and trading the commodity.
Such interest and attention has unfortunately given rise to a number of criminal entities that seek to take advantage of innocent and unsuspecting victims through cybertheft and cryptocurrency fraud.
Recent investigations into the darker side of the cryptocurrency world have revealed that victims have been scammed out of an estimated $16.5 billion in digital currencies since 2011.
Types of Bitcoin Scams
The variety of Bitcoin scams that have surfaced are too many to list. Hackers and rip-off artists proceed to improve new methods to defraud their victims. New scams floor nearly on a day by day basis. Below are a few of the most infamous of these:
Fake Bitcoin Exchanges
The upward shove in the reputation of Bitcoin and different cryptocurrencies has made it bigger in pretend Bitcoin exchanges. These exchanges deceive their customers via supplying brilliant market prices, giving the big impact that the consumer has made an exceptional investment. The person however, discovers later that the Bitcoin change is fake and the scammer has run off with the money.
Bitcoin Ponzi Schemes
Similar to mainstream investment scams, the scammer receives Bitcoins from new investors in order to settle accounts with previous investors. This inevitably results in the investors never receiving a return on their Bitcoin investment.
Fake Cryptocurrencies
A frequent rip-off is to launch a new cryptocurrency to the market that guarantees to rival current ones. The premise is that the time to make investments effectively in present cryptocurrencies has lapsed and that it would be an exceptional idea to buy a new up-and-coming cryptocurrency. This new cryptocurrency may additionally be featured on a fresh, expert searching website. You can wager that it will exaggerate their purchaser base. The cause is to create a ‘fear of lacking out’ phantasm forcing victims to scramble to soar on board.
Malware
Using state-of-the-art techniques, scammers can get right of entry to your pockets and expend your dollars if you no longer have the required malware protection. Malware can be downloaded by way of clicking on hyperlinks from unknown email sources, downloaded from the net and social media, and elsewhere.
How to Avoid Getting Scammed
The excellent recommendation is to have confidence in your instincts and go with the frequent knowledge that if something looks too correct to be true, it likely is.
Other pointers to shield yourself from Bitcoin fraud is to:
- Stick to popular, properly recognized Bitcoin exchanges
- Ensure you have up to date virus and malware protection
- Keep up to date on the trendy Bitcoin information and purple flags
- Research and double test your sources earlier than making a choice to purchase
- Do no longer have confidence each person that procedures you for an funding chance
What to Do if You Have Been Scammed
If you have fallen victim to a cryptocurrency scam, don’t hesitate to ship us a message. We have helped a number of victims get better thousands and thousands of bucks misplaced to scammers.