Bitcoin like any other form of currency is filled with discrepancies. Since this is an online-virtual currency, the odds of being scammed are much higher than with physical currency. There is also a lack of customer support and less education among users about the exchange of bitcoins. The greed factor is the bases of all scams. The moment we find an alternative to make more money, as humans we tend to neglect the finer details. The problem with bitcoin scams like the USI Tech Scam, or the BitKRK is that even the bureau is new to this technology to solve them easily.
If you are looking to trade or mine bitcoins, here are a few scams you should keep a check on.
Have you ever been handed a cash note only at its next exchange you learn that it’s a fake, well, with Bitcoins, you will never even know until its payday. There are many imposters out there who pretend to be a bitcoin-like cryptocurrency. There is no way to check the authenticity of these which is why it’s recommended to stay away from them. ‘My Big Coin’ was one such establishment that conned many. They absconded with over $6 million with a promise of valid crypto-currency. Users later found out the money was never invested in crypto but into personal coffers.
Fake Exchange and Sale Platforms
The popular USI Tech Scam drew the spotlight on the vulnerability of Bitcoin. Companies like USI tech promised users a platform to keep a check on the rise and fall of Bitcoin prices. Their platform enabled users to automatically sell crypto when the prices hit desired peaks. Many found this a means to make sure-profits from crypto and invested their Bitcoins. In a few months, the platform refused to sales and all the invested currency was lost. There is no watt to keep a check on such platforms, so it’s best to do this the old-school-stock market-way.
Who knew Malware could be a worry even in 2019. With many years of technological advancements, the unethical malware IOS still one of the biggest worries for all tech ventures. The malware injects via the internet can allow hackers to access your bitcoin data and drain your funds. This can happen from using unsafe servers or websites. Much of this malware is lurking around pages on the internet that are around the theme of crypto-investments.
The only to avoid falling for scams is to be as ethical as you can. Buy and sell only on renowned aggregators and don’t be greedy for more. You would rather make money slow than lose it all.